Best NRI Credit Cards 2023 – Part 2

Best NRI Credit Cards 2023 – Part 2

Introduction

In the previous article, I covered some of the best NRI credit cards, which is a continuation of that article.

Several Indian banks offer credit cards tailored to meet the financial requirements of Non-Resident Indians (NRIs).

These NRI Credit Cards are designed to facilitate convenient transactions, whether NRIs reside abroad or in India.

They are intended explicitly for Indians who have settled overseas and hold the status of NRI.

NRI Credit Cards function like regular credit cards, allowing NRIs to make travel bookings, purchases, online payments, and settle bills.

What sets them apart is the hassle-free avoidance of currency conversion, enabling payments in Indian rupees.

Steps for Online NRI Credit Card Application

Step 1:

Visit your preferred bank’s official website and initiate the credit card application process.

This can be done by providing essential details like your name, email ID, contact number, income, and address.

Step 2:

Expect a call from a bank representative who will guide you through the application procedure.

Step 3:

A bank representative will visit your location to collect the required documents.

Steps for Offline NRI Credit Card Application

Step 1:

Visit the bank’s nearest branch and inquire about the available NRI credit card options.

Step 2:

A bank representative will assist you in choosing a card that aligns with your requirements.

Step 3:

Fill out the application form and submit the necessary documents.

To apply for any NRI credit card, you will typically need to provide KYC documents (including PAN, address proof, and ID proof), a photograph, and a salary slip or Form 16. Additional documents may be required based on the bank’s specific criteria.

When selecting the right credit card as a Non-Resident Indian (NRI), the abundance of options can be overwhelming.

Key Considerations

Here are key factors to help you make an informed decision:

– Determine whether you prefer lifestyle rewards, travel benefits, or cashback incentives.

– Explore the various perks and benefits that align with your preferences and spending patterns.

– This will enhance your travel experience or provide savings through local cashback offers.

– Pay close attention to the interest rate, especially if you carry a balance on your card.

– Ensure you are comfortable with the interest rate terms, which can significantly impact your finances.

– Be aware that most NRI credit cards come with annual or joining fees, although these fees are often waived with sufficient spending.

– Take note of additional charges, such as processing, ATM withdrawal, and overseas transaction fees.

– Most fees are typically outlined in the terms and conditions, so review them carefully.

– Since international transactions may be a part of your spending as an NRI, evaluate the impact of currency conversion on your expenses.

– Many cards apply a currency conversion markup, which deducts a portion of each transaction when converted to your home currency.

Now, let us look at some of the best NRI credit cards available.

Standard Chartered Priority Visa Infinite

Below are the exclusive benefits and features of the Standard Chartered Priority Visa Infinite Credit Card.

Complimentary for Priority Clients

The benefits of the Priority Visa Infinite credit card come at no cost for our Priority Banking customers.

Unique Rewards Program

You can earn five reward points if you spend Rs. 150 on international transactions or retail fashion.

Gain 2x reward points for all other expenditures.

Airport Lounge Access

Revel in the luxury of four complimentary visits to domestic airport lounges every quarter, courtesy of your credit card.

Priority Pass Membership

Access international airport lounges globally at a nominal fee with your Priority Pass membership.

Complimentary Overseas Insurance

Safeguard yourself with complimentary overseas air accident coverage worth INR 1 Crore and medical insurance valued at USD 25,000.

Fees

This credit card has no joining or annual charges (as listed on the website), and the APR is 45% (3.75% per month).

ATM withdrawals cost around Rs. 100 to Rs. 800 based on the outstanding balance.

SBI Card Elite

Below are some of the exclusive benefits and features of the SBI Card Elite.

Welcome Gift

This card offers a generous e-gift Voucher valued at Rs. 5,000 as a welcome benefit.

Choose from a selection of travel and lifestyle brands, including:
⁃ Yatra
⁃ Hush Puppies
⁃ Bata
⁃ Pantaloons
⁃ Aditya Birla Fashion
⁃ Shoppers Stop

Complimentary Movie Tickets

Enjoy Free Movie Tickets worth Rs. 6,000 annually.

This offer is valid for at least two tickets per booking per month, with a maximum discount of Rs. 250 per ticket for two tickets.

Convenience Fee may apply.

Milestone Privileges

Earn up to 50,000 Bonus Reward Points, equivalent to Rs. 12,500 annually.

Obtain 10,000 bonus Reward Points upon achieving annual spending milestones of Rs. three lakhs and four lakhs.

ELITE Rewards

Receive 5X Reward Points on Dining, Departmental store purchases, and Grocery spending.

Earn two Reward Points for every Rs. 100 spent on all other transactions, excluding fuel.

International Lounge Program

You can enjoy a complimentary membership to the Priority Pass Program valued at $99.

Receive six complimentary Airport Lounge visits per calendar year outside India (maximum of 2 visits per quarter).

Access over 1000 Airport Lounges worldwide.

Domestic Lounge Program

Benefit from 2 complimentary Domestic Airport Lounge visits every quarter in India.

You must use your SBI Card ELITE at the respective lounges to avail of this offer.

Club Vistara Membership

Delight in a complimentary Club Vistara Silver membership.

Receive one complimentary upgrade voucher. You can also earn 9 Club Vistara Points if you spend Rs. 100 on Vistara flights.

Trident Privilege Membership

Enjoy a complimentary Trident Privilege Red Tier membership.

Receive an exclusive 1,000 Welcome Points upon registration.

Get 1,500 Bonus Points on your first stay and an additional Rs. 1,000 hotel credit for extended night stays.

Lowest Forex Markup

Experience the privilege of the lowest Foreign Currency Mark-up Charge, at just 1.99% on International usage.

You can earn 2 Reward Points if you spend Rs. 100 on International transactions.

Exclusive Concierge Service

Access dedicated assistance for Flower Delivery, Gift Delivery, and Online Doctor Consultation.

Fees

Annual Fee: Rs. 4,999 + Taxes

Renewal Fee: Rs. 4,999 + Taxes (per year)

American Express Platinum Travel

The exclusive benefits and features of the American Express Platinum Travel Credit Card are given below.

Welcome Offer

Receive a Welcome Gift of 10,000 Membership Rewards points.

You can redeem for either a Flipkart voucher or utilize it through the Pay with Points option in Amex Travel Online, valued at Rs. 3,000.

This offer has been effective since January 22, 2021.

Reward Earn Rate

You can earn 1 Membership Rewards® Point for every Rs. 50 spent.

This excludes transactions related to Fuel, Insurance, Utilities, Cash Transactions, and EMI conversions at the Point of Sale.

Travel Vouchers

Spend Rs. 1.90 Lacs within a Cardmembership year to receive a Flipkart voucher or Travel benefits valued at Rs. 4,500.

This offer has been effective since January 22, 2021.

Additional Travel Vouchers

By spending Rs. 4 Lacs in a Cardmembership year, you can also earn an additional Flipkart voucher or Travel benefits worth Rs. 7,500.

This offer has been effective since January 22, 2021.

Airport Lounge Access

Enjoy eight complimentary visits per year to airport lounges across India, with a limit of two complimentary visits per quarter.

Taj Experiences E-Gift Card

Receive a Taj Experiences E-Gift Card valued at Rs. 10,000, valid for use at the Taj, SeleQtions, and Vivanta Hotels.

Fees

First Year Fee: Rs. 3,500 plus applicable taxes

Second Year Onwards: Rs. 5,000 plus applicable taxes

HDFC Moneyback Card

The exclusive benefits and features of the HDFC Moneyback Card are provided below.

Earning Reward Points

Acquire 2 Reward Points for every Rs. 150 spent, except for fuel transactions, wallet loads, prepaid card loads, and voucher purchases.

Earn 2X Reward Points, which equals 4 Reward Points for every Rs. 150 spent online.

Receive a gift voucher worth Rs. 500 every quarter for spends totaling Rs. 50,000.

You can accumulate up to Rs. 2,000 in gift vouchers annually.

(Starting from July 15, 2020, customers can earn a maximum of 500 Reward Points per statement cycle for online spending under the 2X RP feature.)

As of January 1, 2023, Reward Points will not be earned for rent payments and government-related transactions.

Also, effective from January 1, 2023, points on grocery transactions will be capped at 1,000 monthly reward points.

Zero Lost Card Liability

In the unfortunate event of losing your card, you are not liable for fraudulent transactions when immediately reported.

Interest-Free Credit Period

Enjoy an interest-free period of up to 50 days from the date of purchase.

This is subject to the submission of the charge by the Merchant.

Exclusive Dining Privileges

Delight in exceptional dining benefits with the Good Food Trail program.

Receive up to 20% savings on all your restaurant bill payments via Swiggy Dineout (20k + restaurants).

This offer includes Restaurant and Swiggy Discount, valid only for payments made via the Swiggy App.

Fuel Surcharge Waiver

You get a 1% fuel surcharge waiver on fuel transactions.

The minimum transaction is ₹400, the maximum transaction is ₹5,000, and the complete waiver of ₹250 per statement cycle.

Welcome Benefit

Receive 500 Cash Points (applicable only upon membership fee payment).

Annual Spend-based Benefit

If you spend ₹50,000 and above each calendar quarter, you receive ₹500 gift coupons.

Renewal Offer

Spend ₹50,000 and above in the first year and have the renewal membership fee waived.

Smart EMI

The HDFC Bank MoneyBack Credit Card converts significant expenses into EMIs after purchase.

Reward Points Accrual

Reward Points accumulated on the HDFC Bank MoneyBack Credit Card can be redeemed against your statement balance at 1 RP = ₹0.20.

To redeem against the statement balance, Cardholders must have a minimum of 2,500 Reward Points.

Fees

Joining Fee/Annual Fee: Rs. 500/- + Applicable Taxes

The fees and interest rates are subject to change; therefore, it is better to check the bank’s website for details.

HDFC Bank Regalia Gold

The HDFC Bank Regalia Gold Credit Card provides the following benefits and features.

Welcome Benefits

You can receive a complimentary Club Vistara Silver Tier and MMT Black Elite membership.

Obtain vouchers worth ₹1,500 upon quarterly spending of ₹1.5 lakh.

Earn flight vouchers valued at ₹5,000 for annual spends of ₹5 lakh, with an additional coupon of ₹5,000 for spends of ₹7.5 lakhs.

Earn 5X Reward Points on purchases at Marks & Spencer, Myntra, Nykaa & Reliance Digital.

Enjoy complimentary lounge access at over 1,000 airports.

4 Reward Points for every Rs. 150 on retail purchases.

Additional Features

Zero Lost Card Liability

You won’t be held responsible for fraudulent transactions if you lose your HDFC Bank Regalia Gold Credit Card.

Foreign Currency Markup

A 2% charge is applied to all foreign currency expenditures.

Revolving Credit

Benefit from Revolving Credit on your HDFC Bank Regalia Gold Credit Card at a nominal interest rate.

Concierge

Access exclusive 24/7 Concierge Services by calling toll-free at 1860 425 1188 (India) or emailing regaliagold.support@smartbuyoffers.co.

Lounge Access

Enjoy 12 complimentary visits within India (domestic and international terminals) using the HDFC Bank Regalia Gold Credit Card.

Simply swipe your card at the lounge to access it.

Priority Pass

Utilize Priority Pass to avail yourself of up to 6 Complimentary Lounge Access visits per calendar year outside India.

This is available for both yourself as well as add-on members.

You get access to a priority pass for yourself and add-on members after completing a minimum of 4 retail transactions on your card.

Exceeding the 6 Complimentary visits will result in a charge of US $27 + GST per visit.

Using your Priority Pass for lounge access within India will also be charged US $27 + GST per visit.

Please note that Priority Pass usage in India incurs charges to your Credit Card.

Visit www.prioritypass.com for a complete list of lounge details.

Welcome Benefit

Pay the Joining Membership Fee and receive a Gift Voucher equivalent to the Fee Amount of Rs. 2,500.

Complimentary Club Vistara Silver Tier and MMT Black Elite Membership

Earn these memberships when you spend Rs. 1 lakh and above within 90 days of card issuance.

Good Food Trail Program

Enjoy dining benefits with the Good Food Trail program.

Save up to 20% on all restaurant bill payments via Swiggy Dineout (20k+ restaurants).

This offer covers Restaurant and Swiggy Discounts and is valid only for payments made via the Swiggy App.

Milestone Benefit

Obtain ₹1,500 vouchers from Marriott, Myntra, Marks & Spencer, or Reliance Digital when you spend Rs. 1.5 lakhs in every calendar quarter.

Earn ₹5,000 flight vouchers when you spend Rs. 5 lakhs in an anniversary year.

Get an additional ₹5,000 worth of flight vouchers when you spend Rs. 7.5 lakhs in an anniversary year.

Annual Spend-based Benefit

Spend Rs. 4 lakhs in an anniversary year (12 billing cycles) to have the Renewal Fee waived for the next renewal year.

Terms & Conditions Apply.

Smart EMI

The HDFC Bank Regalia Gold Credit Card allows you to convert significant expenses into EMIs after purchase.

Other Features

Accidental air death cover worth INR 1 Crore is offered with this card.

Emergency overseas hospitalization coverage of up to Rs. 15 lakhs.

A credit liability cover of up to Rs. 9 Lakhs.

Earn four reward points for every Rs. 150 spent on retail purchases, including Insurance, Utilities, and Education​.

Earn 20 Reward Points for every Rs. 150 spent on retail purchases at Marks & Spencer, Myntra, Reliance Digital, and Nykaa.

Redeem your points on Smartbuy or Netbanking.

Reward Points can be redeemed for:
⁃ Exclusive Gold Catalogue on select Premium Brands via Smartbuy at 1 RP = Rs 0.65.
⁃ Flights and hotel bookings via Smartbuy at 1 RP = Rs. 0.5.
⁃ Airmiles conversion through Netbanking or SmartBuy at 1 RP = up to 0.5 air miles.
⁃ Products and Vouchers via Netbanking or SmartBuy at a value of 1 RP = up to Rs. 0.35.
⁃ Redemption against the statement balance at the rate of 1 RP = Rs. 0.20.

Fees

Joining Fees/Renewal Fees: Rs. 2,500 + Taxes

The fees and interest rates are subject to change; therefore, it is better to check the bank’s website for details.

HDFC Bank Diners Club Black

Below are some of the features and benefits the HDFC Bank Diners Club Black card offers.

You get complimentary annual memberships of Club Marriott, Forbes, Amazon Prime, Swiggy One (3 months), and MMT BLACK.

You can get these by spending 1.5 lakhs within the first 90 days or upon paying the first-year fee on card

Additionally, you get complimentary Ola cabs, cult.fit Live, BookMyShow, and TataCliQ vouchers when you spend over Rs. 80,000 monthly.

5 Reward Points for every INR 150 spent.

Gain up to 10X Rewards Points via SmartBuy and 2X on weekend dining.

Enjoy complimentary golf at the finest courses globally, with six games per quarter.

Additional Features

Access travel benefits for booking flight tickets and hotels across 150+ airlines and hotels (Domestic and international) at https://offers.smartbuy.hdfcbank.com/diners.

Exclusive discounts are available at spas, salons, gyms, and wellness retreats.

2X Reward Points on weekend dining.

Benefit from an interest-free credit period of up to 50 days from the date of purchase (subject to charge submission by the Merchant).

Credit liability cover of Rs. 9 lakh.

Foreign currency markup of 2% on all foreign currency spends.

Revolving credit is available at a nominal interest rate.

Enjoy exclusive 24/7 Concierge Services on your HDFC Bank Diners Club Black Credit Card.

Unlimited airport lounge access with 1000+ lounges in India as well as other countries (for primary and add-on card members).

Avail of a 1% fuel surcharge waiver at all fuel stations across India (on a minimum transaction of ₹400, with a maximum cashback of ₹1000 per statement cycle).

The HDFC Bank Diners Club Black Credit Card allows you to convert significant expenses into EMI after purchase.

Air accident insurance cover worth INR 2 crore.

Emergency overseas hospitalization coverage of Rs. 50 lakhs.

Travel insurance covering up to INR 55,000 is available on baggage delay (capped at $10 per hour, restricted to 8 hours).

Redeem reward points for flight tickets and hotels across airlines and hotels (Domestic and international) at https://offers.smartbuy.hdfcbank.com/diners (1 Reward Point = 1 Rupee).

Redeem Reward Points for AirMiles across InterMiles, Singapore Airlines (KrisFlyer Miles), Club Vistara (1 Reward Point = 1 Airmile).

Please complete frequent flyer registration before attempting Airmiles redemption in Net Banking.

Redeem Reward Points on an exclusive HDFC Bank Diners Club Black Credit Cards redemption catalog.

For flight and hotel bookings, card members can redeem up to 70% of the booking value through Reward Points.

The rest must be paid via Credit Card.

Fees

This card’s joining fees and renewal fees are incredibly high, set at Rs. 10,000 + Taxes.

If you spend Rs. 5 lakhs within 12 months, the renewal fees in the following year are waived.

Bottom Line

Disclaimer

You should note that the article is strictly provided for informational purposes and should be treated that way.

I am not affiliated with any of these credit cards, and neither do I endorse them.

You have come to the right place if you require investment or wealth management services targeted at expats.

I concentrate on providing best-in-class financial solutions to my clients so that they can achieve financial freedom.

That being said, I strongly hope the information provided in this article was helpful.

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Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.