Planning a trip to India or managing expenses for loved ones back home? Which NRI-friendly credit cards offer the best value and rewards? Let’s explore.
With global integration comes the need for financial inclusion and accessibility. India, over the years, has played a significant role in shaping the global growth trajectory. NRI or Non-resident Indians also significantly contribute to this trajectory.
Many Indians are living abroad for different reasons. These NRIs need access to financial instruments such as credit cards, bank accounts, digital payment accounts, etc to facilitate payments made in India. Especially if they visit their home country quite often. However, finding a suitable credit card for these needs may be tough.
This blog aims to simplify this challenge by describing the benefits of using credit cards for NRIs, key considerations to contemplate while choosing a credit card, and the three top credit cards in India suitable for NRIs. Before we dive in, let us define who an NRI is.
Who is an NRI?
An Indian or a person of Indian origin who is living abroad due to reasons such as employment, business, vocation, etc, and has an uncertain stay duration.
Why do NRIs need Indian Credit Cards?
Despite living abroad, NRIs may have financial commitments in India. This may include financial obligations to be made for family members who are still residing in India. Additionally, there could be other personal investments, travel expenses, gifts and charities, etc.
Using their resident credit cards or financial accounts may lead to excessive charges and markups, which can cause unnecessary financial burden. This is where Indian credit cards come into the picture. It may be far more convenient to use credit cards originating from India.
So, let’s look at some features of credit cards in India for NRIs.
Features of Credit Cards in India for NRIs
Some of the key features of credit cards in India for NRIs are:
Image of credit card being used to make hassle-free payments
1.Hassle-free online payments: NRIs can make hassle-free online payments using Indian credit cards. These are especially beneficial for people who need to make payments in India frequently.
2.Accumulation of rewards:hich can be redeemed in different ways.
Image of credit card being used to make international payments
3.International ATM access: NRI credit cards are accepted outside India and can be used to withdraw money in the local currency.
4.Low foreign transaction fees: These cards typically have little to no foreign transaction charges, helping users reduce costs.
5.Priority customer service: NRI Credit card holders avail exclusive customer service for assistance that is given as priority.
6.Flexible repayment options: NRI Credit cards allow customers to make repayments, in autopay mode, managing finances, hassle-free.
While NRI credit cards provide several benefits, there are key factors to evaluate.
Key considerations before picking a credit card for NRIs
- Fees and finances: Each NRI credit card levies its fees. There could be joining fees, annual renewal fees, processing fees, etc. You must understand these before enrolling for an NRI credit card. Also, consider the credit card interest rates on the amounts due charged by the issuer.
- Acceptability of the card globally: You should consider whether the credit card is accepted internationally, not just in India.
- ATM usage: You should check the international ATM usage of the credit card, the levied charges, and transaction fees.
- Card protection: You also need to check with the issuer of the credit card whether they replace the card in case of theft, emergency, or lost case.
- Foreign currency markup fee: It is also crucial to consider the foreign currency markup fee charged by the issuer on foreign transactions.
Keeping all these factors in mind, we can now draw a comparison of NRI credit card features and benefits.
TOP 3 Credit cards for NRIs in India
Lets take a look at top credit cards in India suitable for NRIs.
Image of NRIs availing credit card in India
1.ICICI Bank NRI Coral Credit Card
| Features and Benefits | Get access to select airport lounges in India, once per quarter.Get 25% off up to Rs. 100 on a minimum of 2 movie tickets, twice per month.Get 2 Reward Points on Rs. 100 spent on most retail transactions.Get 1 Reward Points on Rs. 100 spent on utilities & insurance. |
| Fees and Charges | Joining fee – 500+GSTAnnual Renewal fee- 500+GST |
2.Kotak NRI Royale Signature Credit Card
| Features and Benefits | Get 2 Rewards on International Spending for every Rs. 200/- spentAlso get 1 reward point for every Rs. 200/- spent in IndiaSave on the mark-up fee charged on your credit card issued outside India or the problems of currency exchangeFuel Surcharge Waiver Applicable within Rs. 500 and Rs. 3000. |
| Fees | Joining fee – NilAnnual Renewal Fee- Rs. 1000+GST |
3.ICICI Bank NRI Sapphiro Credit Card
| Features and Benefits | Get 2 Reward points on domestic spends for every Rs. 100/- spentGet 4 Reward points on international spends for every Rs. 100/- spentGet 1 reward point on the amount of Rs 100/- paid for utilities and insurance.Avail discount on fuel surcharge.Welcome vouchers worth Rs. 9000 once you pay the joining fee. |
| Fees | Joining fee – Rs 6500Annual Renewal fee- Rs. 3500 |
Conclusion
As an NRI, choosing the right credit card for payment obligations in India is essential. Some banks specifically offer these NRI credit cards in India. There may, however, be eligibility criteria for NRIs applying for Indian credit cards. Therefore, it is crucial to research and go through the application process for NRIs seeking Indian credit cards. Additionally, ensure you understand the benefits and perks that comes with each card too.
