Lowest Credit Card Interest Rate in India – 2023

Lowest Credit Cards Interest Rate in India for year 2022 where interest rate on Credit Card Loan is as low as 1% per month and 12% per annum to 18%. Few of them are American Express Smart earn or Canara Rupay Select or Citi Rewards to Yes Bank Premia Credit Cards. Check out the best of credit cards with current offering. 

Top 8 Best Credit Cards For EMI in India for 2022

* Excluding GST at 18%

1. Canara Rupay Select Credit Card

Canara Bank, public sector bank is offering the Credit Card of different variants with comparable lower rate of Interest on EMI conversion. The processing fees charged on the EMI conversion is also lowest.

Pros : 

1. Lowest EMI Interest Rate of 14% plus GST
2. Processing charges are flat Rs 200, irrespective of the amount
3. The repayment period are flexible in 3,6,9,12,18 months
4. There is no Annual Fees on the Credit Cards
5. Easy EMI conversion through the Canara Saathi app or Customer Care

Cons :

1. There are very less offers and reward point on the cards
2. Canara Bank is charging the inactivity fees on non usage of credit card for minimum amount of Rs 12000 in a year.

2. Amex Smart Earn Credit Card

American Express Credit Card with Cheapest Annual Fees and nice reward. The best feature of AMEX Smart Earn credit card is EMI conversion at flat 12% rate of interest. Additionally there is an annual fees waiver option on total billing of Rs 40,000 per year.

Pros : 

1. Lowest Credit Cards Interest Rate of 12% plus GST
2. Processing charge is 2% of purchase amount
3. The repayment period are flexible in 3,6,9,12,18 months
4. Annual Fees waiver on Credit Card with total billing of Rs 40,000 in a year
5. Easy EMI conversion through AMEX App or Customer Care
6. No pre closure charges on pre payment of loan

Cons :

1. The physical acceptance at merchant location is very less, Majorly in the Metros or tier I cities. 
2. As compare to AMEX MRCC, the reward rate is not that good

3. Citi Rewards Credit Card

Citibank is offering their most popular credit card with low annual fees, which can be waived after the total shopping of Rs 30,000 in a year. The most rewarding credit card with very high level of acceptance at any merchant location in India. I have been using this Card for past 13 years and it never failed. 

Pros : 

1. EMI Interest Rate of 14% to 16% plus GST
2. Citibank is offering Credit Card Loan against the limit at lower interest rate
3. Credit Card loan is offered through Citi mobile app and it is instant
4. Processing charge is 2% of purchase amount
5. The repayment period are flexible in 3,6,9,12,18 months
6. Annual Fees waiver on Credit Card with total billing of Rs 30,000 in a year 
7. Easy EMI conversion through Citi App or Customer Care

Cons :

1. The Rate of interest charged on the EMI is little higher as compare to other cards
2. Earlier the Citi rewards was NIL annual fees credit card
3. There is no Cashback type of reward point with this card
4. They are conservative in increasing the Card limit over the period of time.
5. Pre closure charge of 3% of outstanding amount

4. Yes Premia Credit Card

Yes bank is very aggressive on credit card offering and they are having credit card variants to suit every income level. The Yes Premia is the popular variant of Yes Bank with smart reward rate. They are also offering comparatively lower rate of interest on EMI conversion. 

The Yes Premia credit card are generally offered with NIL annual fees with good bargain during the time of issuance. This card is superb with if offered with NIL joining fees and annual fees. 

Pros : 

1. EMI Interest Rate of 14% plus GST
2. Getting Credit Card loan is easier through app
3. Rate of Interest on Credit Card loan is low
4. Processing charge is Nil to 2% of purchase amount based on type of transactions
5. The repayment period are flexible in 3,6,9,12,18 months
6. Generally offered with Annual Fees waiver 
7. Easy EMI conversion through Yes App or Customer Care

Cons :

1. Yes Bank is generally offers the lower credit limit and gradually increase based on the transaction volume.
2. The customer care services need improvement.
3. There is no cashback reward option. 
4. Pre closure charge of 2% of outstanding amount

5. SBI Simply Click Credit Card

Whatever the case may be but I suggest to keep at least a variant of SBI Credit Card in your wallet. This bank is offering a great reward and cashback offers equally in offline as well online shopping. SBI is superb in offering the Credit Card loan at easiest rate of interest as low as 13% per year. They are also offering the credit card loan without blocking the Credit Card limit.

SBI Simply Click credit card is a good option with lower annual fees and higher reward rate especially in online shopping. The overall reward rate comes near to 1.25% annually. 

Pros : 

1. Lower Credit Cards Interest Rate of 14% plus GST
2. Credit Card loan is provided without blocking the credit card limit.
3. Processing charge is 2% of purchase amount
4. The repayment period are flexible in 3,6,9,12,18,24, 36 months
5. Annual Fees waiver on Credit Card is possible with Rs 1,00,000 transactions in a year
6. Easy EMI conversion through SBI Card app or Customer Care
7. They are offering the offers through out a year.

Cons :

1. A basic variant Credit Card with limited reward
2. This card is good only for Credit Card loan or EMI conversion and nothing else.
3. Pre closure charge of 3% of outstanding amount

6. BoB Select Credit Card

Bank of Baroda Select Credit Card is a good option for EMI conversion on transaction with considerably lower rate of interest. A good entry level credit with same features as similar to AMEX MRCC. The overall reward rate comes to approx 1.35%.

Only backdrop with the Bank of Baroda Credit Card is worst customer service. They need to work a lot on their customer care to make them efficient if they want to be in the most competitive market for the longer period.

Pros : 

1. EMI Interest Rate of 18% plus GST
2. Processing charge is 2% of purchase amount
3. The repayment period are flexible in 3,6,9,12,18 months
4. Annual Fees waiver on Credit Card with total billing of Rs 70,000 in a year
5. Reward rate is attractive if you have minimum Rs 5000 transactions a month
6. Reward rate can be converted in to cash.

Cons :

1. Comparatively higher Annual Fees of Rs 750
2. EMI conversion is only through Customer Care which is very pathetic
3. Their Online portal is not impressive and very confusing
4. They don’t have any mobile app.
5. Pre closure charge of 3% of outstanding amount

7. AMEX MRCC Credit Card

American Express Membership Rewards Credit Card (MRCC) is the easiest credit card to get in if your are a regular salary holder. They are offering Credit Card with higher annual fees of Rs 4500 plus GST but waived with the annual transactions of Rs 1,50,000.

AMEX MRCC is very good for EMI conversion because they don’t have any pre closure charges. They are offering the EMI on transaction with interest rate between 12-14% with 2% processing charge. 

Pros : 

1. Lower Credit Cards Interest Rate of 14% plus GST
2. No pre closure charges on pre payment of EMI loan
3. Processing charge is 2% of purchase amount
4. The repayment period are flexible in 3,6,9,12,18 months
5. Annual Fees waiver on Credit Card with total billing of Rs 1,50,000 in a year
6. Easy EMI conversion through AMEX App or Customer Care

Cons :

1. The physical acceptance at merchant location is very less, Majorly in the Metros or tier I cities. 
2. As compare to AMEX MRCC, the reward rate is not that good

8. HDFC Regalia First Credit Card

HDFC is the largest credit card issuer in India. They are damn good in providing offers almost through out a year for both offline or online merchants. HDFC Regalia first is the premium offering by HDFC with no Annual Fees. But they are having the higher rate of interest on Credit Card loan. They are also having little higher rate of interest on EMI conversions with higher processing fees and pre closure charges.

If you are a first time user, I would prefer not to go with this variant of HDFC credit card rather go with HDFC Moneyback.

Pros : 

1. Easy to give Credit Card loan with higher amount
2. They are good in offering the higher Credit Limit

Cons :

1. Higher EMI Conversion
2. Higher Pre closure charges
3. Higher processing fees, other than offer period or festival time
4. Lower reward rate
5. No separate Credit Card App
6. Limitation of single variant of Credit Card, you can’t have two credit cards from HDFC bank

How to choose lowest Credit Cards Interest Rate?

Also Know – Best Credit Card Loan with Lowest Interest Rate 2022

Getting a credit card is easier for someone who is in job and getting the regular salary in his bank account. He/she may get the credit card easily from any of the bank but you should always look for a credit card that matches your spending habits and requirement. There are some one who wants to get a credit card for EMI conversion or online shopping. Check out the ways to choose the right Credit card for you.

1. Know the purpose of the Credit Card
2. Check your eligibility and Credit Limit requirement
3. Check out the best suited credit card
4. Whether you really need to pay the Annual Fees of Credit Card
5. Compare the features of the Individual card on CardFinder@askbanking and apply.