Non-Resident Indians (NRIs) who frequently travel to India or maintain financial connections with their home country need seamless access to their finances. Credit cards designed for NRIs’ unique needs can be quite useful here. We all know the benefits of using NRI credit cards:
- Reduced necessity of carrying cash while in India
- Global usage of the card
- Attractive rewards and offers
- Easy payment of utility bills and other regular transactions
Check:How to Apply For NRI Credit Cards in India
Best NRI Credit Cards
Let us look at some credit cards available for NRIs and find out their features, benefits and terms and conditions to help you decide on the best card to apply for.
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NRI Royale Signature Credit Card
It is a VISA Signature card issued by Kotak Mahindra Bank
Key features and benefits
- 2 reward points for every ₹ 200 spent outside India
- 1 reward point for every ₹ 200 spent in India
- No joining fee
- Two complimentary visits every quarter to Dream Folks Lounges in Indian airports
- Convenience in financial transactions in India without the hassle of foreign exchange charges.
Terms and conditions
- NRE/NRO account holders are eligible for the credit card
- The primary credit card holder should be between 18 and 75 years old
- A term deposit of at least ₹ 1,00,000 should be maintained with the bank
- The credit limit would usually be 80% of the term deposit amount
Charges
- Annual fee of ₹ 1,000
- Interest on the outstanding balance is 3.10% which comes to an annualized rate of 37.2%
- A charge of ₹ 500 in the corresponding billing cycle if the cardholder exceeds the credit limit
How to apply
The website does not have any link to apply for it. Interested parties need to connect with Kotak Mahindra Bank.
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IDFC First WOW! Credit Card
It is a VISA Signature card issued by IDFC First Bank
Key features and benefits
- No joining fee or annual fee
- 4x Rewards on every spend (1 reward point for every spend of ₹ 150 (except on Fuel, EMI transactions & Cash withdrawals)
- 1x reward Insurance premium payments and Utility bill payments
- First WOW! Credit card holders are eligible to get the digital Rupay credit card as well (at a cost), which can be used for UPI transactions
- 2 complimentary domestic airport lounge visits per quarter
- Complimentary Priority Pass Membership
Terms and conditions
- NRE account holders are eligible for the credit card. NRIs with an NRO account cannot get this card.
- Payment against credit card bills can be done only via autopay through the IDFC FIRST Bank account
- The credit limit of the FIRST WOW! Credit Card depends on the amount of the fixed deposit. The FIRST WOW! Credit Card from IDFC FIRST Bank offers a credit limit equal to 100% of the FD value, which can be between ₹ 25,000 and ₹ 10,00,000
Charges
- No annual fees
- Monthly Finance charges range from 0.75% to 3.65%
- No interest on ATM cash withdrawals
How to apply
Customers with a pre-approved FIRST WOW! Credit Card offer can apply through the IDFC FIRST Bank mobile app or connect with the bank. Other customers need to contact the bank.
Must Read: How can NRIs Building & Maintaining a Good Credit Score
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HDFC Regalia Gold
It is a VISA Signature card issued by HDFC Bank and is available only by invitation.
Key features and benefits
- Complimentary Club Vistara Silver Tier and MakeMyTrip Black Gold membership as welcome benefits.
- ₹ 1,500 worth of vouchers on quarterly spends of ₹ 1,50,000
- ₹ 5,000 worth of flight vouchers on annual spends of ₹ 5,00,000 and an additional voucher of ₹ 5,000 on spends of ₹ 7,50,000
- Complimentary lounge access at over 1,000 airports
- 2 complimentary lounge access visits per calendar quarter within India (both at domestic and international terminals) on a minimum spend of ₹ 1,00,000 in that calendar quarter
- Using Priority Pass, the card holder and one add-on member can together avail up to 6 complimentary lounge access visits per calendar year, outside India, provided there are at least four billed transactions in the last 60 days
- 4 Reward Points on every retail spend of ₹ 150
Terms and conditions
- Access to airport lounges is based on spends
- Reward points are valid only for two years from the date of accumulation.
- Payment against credit card bills can be done only via auto debit from an HDFC NRE account
Charges
- The joining fees and the annual membership fees are ₹ 2,500. If there is a minimum annual spend of ₹ 4,00,000, the annual fees will be waived
- Finance charges for both revolving credit and cash advances are 1.99% per month which comes to 23.88% annually (excluding GST)
How to apply
It is an invite-based card, meaning the bank must allow an interested individual to apply for it.
Read – NRI Home Loan Guide
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Sapphiro Credit Card
It is a Mastercard-based credit card issued by ICICI.
Key features and benefits
- Tata CliQ voucher worth ₹ 3,000, EaseMyTrip vouchers worth ₹ 4,000 (four vouchers worth ₹ 1,000 each), Uber vouchers worth ₹ 1,000 (four vouchers worth ₹ 250 each) and Croma voucher worth ₹ 1,500 on availing the Sapphiro credit card.
- 2 complimentary airport lounge accesses per quarter by spending a minimum of Rs 5,000 or above in a calendar quarter on the card to avail this facility in the next calendar quarter
- A complimentary round of Golf every month at listed golf courses for every ₹50,000 retail spend in the previous calendar month, maximum of up to 4 rounds every month
- ₹ 500 off on the second movie ticket when one ticket is purchased. This is applicable twice every month through BookMyShow.
- A 24×7 concierge service handling services like gifting, making restaurant reservations, travel and hotel reservations, and delivering movie tickets. It also takes care of medical concierge and emergency auto assistance services.
Terms and conditions
- A minimum amount of money has to be invested in Fixed Deposits (FDs), and 90% of the FD amount will be the credit limit on the credit card.
Charges
- Joining fee of ₹ 6,500 + GST
- Annual fees of ₹ 3,500 + GST, which is waived off if annual spend is greater than ₹ 6,00,000 in the previous year
- Finance charges are 3.40% per month / 40.80% p.a.
- A redemption handling fee plus GST will be charged towards handling and delivery on every redemption request for reward points ranging from ₹ 25 to ₹ 99
How to apply
To apply for a credit card, an NRI needs to call ICICI’s customer care or email [email protected]. Do note that the bank has stopped issuing the domestic version of this card.
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Choosing the most suitable credit card takes time and effort. You need to look at the benefits, charges, interest rate, etc. to choose the best one. For instance, if you are not a regular user of credit cards but want access to one for its convenience, IDFC First WOW! credit card is a good choice. On the other hand, if you are a heavy credit card user, HDFC’s Regalia Gold might be suitable for you.
Credit card offers are not as attractive as earlier with banks facing challenges of improving margins, adjusting to competition, and countering inflation while meeting their customers’ expectations. It is important to be aware of the kind of rewards and benefits your card offers, to derive maximum value from your card. Remember to use your reward points regularly and stay informed of changes on your credit card that can impact card usage.
If you are using or have used any Indian credit card as an NRI, I would love to hear about your experience. Specifically, it would be helpful to know:
- Which card are you using?
- Why did you choose this card?
- What benefits or features have you found particularly valuable?
