Credit cards are widely being used as a convenient financial tool to support financial needs. Applying for a credit card is easier, with credit card lenders switching to a completely digital application process. There are almost 77 million credit card users in India and this number is expected to go up in 2023.

Measures by Credit Card Lenders to make Credit Cards more Accessible

  1. Making the application process simple, quick, and completely digital.
  2. Multiple credit card offers for travel, grocery, shopping, movies, etc. that lets you choose the type of credit card according to your lifestyle.
  3. Providing options to control credit card limits, payments, and expenditures.
  4. Reward and cashback programs that are lucrative for the customers.
  5. Increased accessibility to credit cards in Tier1, Tier2, Tier3, and Tier4 cities.
  6. Introducing prepaid credit cards
  7. Introducing collateral-backed credit cards
  8. Introducing customer-friendly eligibility criteria and documentation.
  9. Approval of credit cards without any credit history.

Credit card lenders are providing credit cards with less rigid eligibility criteria and documentation. Credit cards are offered to applicants with no credit score too. All the applicant needs to do is deposit an amount as collateral in your preferred bank or NBFC. The credit card limit will be set based on the collateral amount. 

This initiative has opened the doors to credit cards for a lot of applicants especially the ones from the unorganized sector.

Benefits of a Credit Card

  1. Access to credit – With a credit card, you have extra financial support when you are falling short of finance. Very helpful in case of emergencies.
  2. Convenience – A credit card eliminates the need to carry and take care of cash always. Credit cards are accepted nationally and internationally by most merchants across the globe. It makes cashless transactions very easy.
  3. Easy tracking of expenses and budget – With a credit card you can always keep a track of your expenses and budget. You can also note where you get the maximum rewards, cashback, and discounts.
  4. Cash advances – You can also avail of cash advances on your credit card. However, the charges for cash advances are very high hence it should be used with caution.
  5. Credit card perks – Credit cards offer rewards and benefits that can be redeemed at good brands. Be it travel, grocery, movies, fuel surcharge waiver, etc., credit cards offer something for everyone.
  6. Access to low-cost loans – If you pay your credit card bills on time and in full, lenders will be willing to approve loans at a low-interest rate. 
  7. Build your credit score – Credit cards can be used to build your credit profile. If you pay your credit card dues regularly, your credit score will improve gradually. A high credit score will benefit in the future when additional loans are needed.

Top Credit Card Lenders in India

  1. HDFC Credit Card
    1. HDFC Moneyback + Credit Card
    2. HDFC Regalia Credit Card
    3. HDFC Millenia Credit Card
    4. HDFC Infinia Credit Card
  2. ICICI Bank Credit Card
    1. ICICI Platinum Credit Card
    2. ICICI Sapphiro Credit Card
    3. ICICI Coral Credit Card
    4. Amazon Pay ICICI Credit Card
  3. SBI Credit Card
    1. SBI Card Elite
    2. SBI Card Pulse
    3. SBI Card Elite Advantage
    4. Doctor’s SBI Card
  4. Axis Bank Credit Card
    1. IndianOil Axis Bank Credit Card
    2. Axis Bank Magnus Credit Card
    3. Axis bank My Zone Credit Card
    4. Axis Bank Privilege Credit Card
  5. IDFC Credit Card
    1. IDFC First Wealth Credit Card
    2. IDFC First Millenia Credit Card
    3. IDFC First Select Credit Card
    4. IDFC First Classic Credit Card

Top 5 Credit Cards in India 


Joining fee

Interest rate

HDFC Bank Infinia credit card

Rs. 12,500 + taxes


HDFC Diners Club Black credit card

Rs. 10,000 + taxes


Citibank Rewards Credit card



SBI Prime advantage credit card



HDFC Regalia Credit card




Eligibility criteria for Top 5 credit cards



Income level

HDFC Millenia credit card

Between 21-40 years

Salaried - Rs. 35,000 monthly; Self-employed - Rs. 6 lakhs annually

IDFC First Wealth credit card

21 years +

Minimum monthly income of Rs. 25,000

Axis Bank Select credit card

Between 18-70 years

A minimum annual income of Rs. 9 lakhs

HDFC Business Moneyback credit card

Between 21-65 years

A minimum annual income of Rs. 6 lakhs

HDFC Diners Club Black credit card

Salaried - 21 - 60 years

Minimum Rs. 1.75 lakhs per month

Self-employed - 21-65 years

Minimum Rs. 21lakhs per annum



The credit card business in India is booming because of the convenience of cashless transactions anywhere around the world. Credit card lenders are making efforts to provide credit cards with minimal documentation and eligibility criteria which will help in increasing the number of credit card users, especially in the unorganized sector. Such credit cards are backed by collateral and can be approved for an applicant with no credit score too. The credit card business is expected to rise significantly in 2023.

FAQ of How Credit Card Businesses in India are Stepping up to Make Credit Cards More Accessible

1:What is the future of the credit card industry in India?

The credit card industry is rapidly growing in India because of the ease of transactions it offers. Credit card lenders are also coming up with customer-friendly eligibility criteria and documentation to facilitate a quick credit card approval process.

2:How big is the credit card industry in India?

Currently, there are almost 77 million active credit cards in India. This number is estimated to go up considerably in 2023.

3:Who regulates the credit card industry in India?

RBI or the Reserve Bank of India regulates the credit card industry in India.