Best NRI Credit Cards for Global Transactions and Benefits

Features OF NRI Royale Signature Credit Card are as follows:

1. Freedom to Purchase and Pay in INR: Save mark-up fees on credit card transactions outside India. Customized for NRIs, providing tailored benefits for Indians abroad.
2. Joining Fees: Nil
3. Annual Fees: Rs.1000.
4. Add-on Card Fees: Rs.599 per Add-on card
5. Interest Charges on Outstanding Balances: 3.10% (Annualized 37.2%)
6. Rewards on International and Domestic Spending: Earn 2 rewards points for every Rs.200 spent outside India. Earn 1 reward point for every Rs.200 spent within India. Accumulate reward points for redemption options like movie tickets, air tickets, cash, and more. 1 Reward Point equals Rs.1. Conduct transactions in Indian Rupees while enjoying purchases, travel, and dining.
7. Fuel Surcharge Waiver: Applicable on transactions between Rs.500 and Rs.3000. Maximum fuel surcharge waiver in a calendar year is Rs.3500.
8. Railway Surcharge Waiver: Save on railway surcharge for transactions on www.irctc.co.in and Indian Railways Booking Counters. The maximum railway surcharge waiver in a calendar year is Rs.500.
9. Gift an Add-on Card: Extend benefits to family members (spouse, parents, and children above 18 years) with an add-on card. Add-on cards are issued irrespective of location or citizenship status.
10. One-time fee of Rs.599 per add-on card.
11. Airport Lounge Access: 2 complimentary visits every quarter to Dream Folks Lounges in India. Enjoy amenities such as gourmet meals, comfortable seating, widescreen TVs, newspapers, magazines, and free Wi-Fi.

IDFC FIRST WOW! Credit Card

The IDFC FIRST WOW! Credit Card is a fixed-deposit-backed premium credit card that distinguishes itself by not charging any forex markup fees on international transactions. Boasting VISA Infinite Premium benefits, this card ensures global acceptance and reliable customer support, providing a stress-free experience for travel and expenditures abroad. Notably, the card's fixed deposit backing makes it easily obtainable with minimal documentation. To qualify for this credit card, applicants must hold an IDFC FIRST Bank NRE savings account, further streamlining the application process and catering to the specific financial needs of Non-Resident Indians. It is not available for NRIs with only NRO savings accounts.You will need a new NRE Savings Account if you want this credit card.

The key features of the IDFC FIRST WOW! Credit Card are as follows:

1. Earn reward points for every transaction. Redeem points for discounts and attractive offers.
2. Automatic debit setup from NRE savings account for clearing outstanding balances.
3. Payments in foreign currencies converted to INR by IDFC FIRST Bank.
4. Explore exclusive deals and discounts from partnered brands.
5. NoAnnual membership fees.Monthly Finance charges range from0.75% to 3.5%.The cash advance transaction fee isRs.199. There is a late payment fee of 15% of the total amount due (minimum Rs.100, maximum Rs.1250).
6. There is an Auto debit return fee of Rs.250 per returned auto-debit.There is no Markup fee on international currency transactions
7. The EMI Processing fee is 1% of the transaction value (minimum Rs.99).
8. Completely online and paperless application. Register and verify details, complete the KYC process and fund your Fixed Deposit.
9. NRI applicants with an NRE Savings account, aged 18 or above, with a minimum Rs.25,000 balance in a fixed deposit on auto-renew mode.

Features of NRI Credit Cards

NRI credit cards come with a range of features and benefits tailored to meet the unique needs of Non-Resident Indians (NRIs). Here are some prominent features and advantages:

1. Currency Convenience: NRI credit cards allow users to make transactions in Indian Rupees, eliminating the need for currency conversion. This feature is particularly beneficial for NRIs who frequently travel to India or have financial ties with their home country. NRIs will be allowed to spend on travel, and luxury, as well as buy items when they are in India or abroad.
2. Global Acceptance: NRI credit cards are widely accepted internationally, enabling users to make purchases and payments seamlessly across borders. This global acceptance makes these cards suitable for NRIs with diverse travel and financial requirements.
3. Zero Foreign Transaction Fees: Many NRI credit cards come with the advantage of zero foreign transaction fees. This feature saves users from incurring additional charges when making purchases or transactions in foreign currencies.
4. Reward Programs: NRI credit cards often offer attractive reward programs, including cashback, discounts, and loyalty points. These rewards can be earned on various transactions and subsequently redeemed for benefits such as discounts on travel, shopping, or other exclusive perks. Certain NRI Credit Cards provide double the rewards points for any transactions made abroad. Reward points are provided for transactions made in India as well. However, depending on the bank, a minimum amount of money will need to be spent to earn reward points.
5. Exclusive Discounts: Some NRI credit cards provide exclusive discounts on a range of services, including travel bookings, dining, and online shopping. These perks enhance the overall value of the credit card for users.
6. Insurance Coverage: Certain NRI credit cards come with complimentary travel insurance, offering coverage for travel-related emergencies, medical expenses, and other unforeseen events. This feature adds an extra layer of security for NRIs during their travels.
7. Flexible Repayment Options: NRI credit cards often offer flexible repayment options, allowing users to manage their finances according to their preferences. This can include options for minimum payments, full payments, or customizable payment plans.
8. Online Account Management: NRI credit cards provide convenient online account management facilities, enabling users to monitor their transactions, track expenses, and make payments securely through online platforms.
9. Priority Customer Service: Many NRI credit cards come with dedicated customer service for priority assistance. This ensures that NRIs have access to responsive and specialized support to address their queries and concerns.
10. Access to Airport Lounges: Some premium NRI credit cards offer complimentary access to airport lounges, providing a comfortable and relaxing environment for travellers.
11. Charges and fees: NRI Credit Cards come with basic charges and fees such as a tax fee, withdrawal fees, annual fee, joining fee, etc. Depending on the bank, the fee may vary. NRI Credit Cards cannot be used to buy racing tickets, sweepstakes ticket purchases, lottery ticket purchases, etc. The rules of the credit card will be provided by the bank at the time of issuance of the card. Individuals must also have an NRE/NRO account in order to be eligible to opt for the NRI Credit Card. Few banks will also need a minimum balance to be maintained in the account to opt for an NRI Credit Card.
12. Rate of interest: Since credit cards are more like loans that are offered by banks, interest will be charged for any transactions that are made. Depending on the bank, the interest that is being levied will vary. The interest charges are calculated from the date the withdrawal has been made.

Eligibility Criteria for NRI Credit Cards

The eligibility criteria to opt for an NRI Credit Card are mentioned below:

1. NRIs must have a Non-Resident Ordinary (NRO) or Non-Resident External Rupee (NRE) account. This is the most important eligibility criteria that are requested by most banks.
2. Few banks require a minimum balance to be maintained in the account. This is mainly done to determine whether the individual can repay the money.

Documents Required for NRI Credit Cards

The process to apply for an NRI Credit Card is simple. Individuals can apply for the card on the bank's official website or by visiting the bank. The documents that must be submitted to apply for an NRI Credit Card are mentioned below:

1. Photocopy of the passport
2. Any official document with a signature present on it must be submitted.
3. The application form which contains details such as the income, bank account, office address, residential address must be filled and submitted.
4. In case the individual cannot visit the bank, he/she must upload the documents online.

How to Apply for NRI an Credit Card

To initiate the application process for an NRI Credit Card, it is essential to possess a Non-Resident Ordinary (NRO) or Non-Resident External Rupee (NRE) account. These accounts can take various forms, including term deposits, current accounts, savings accounts, or fixed deposit accounts with the respective bank.

For those opting for online application

You can follow the instructions given below to apply for a NRI Credit Card online:

1. Step 1: Visit the Official Website: Access the official website of the chosen bank to commence the application process.
2. Step 2: Complete Application Form: Fill out the online application form, providing necessary details such as name, email ID, contact number, income, and address.
3. Step 3: Expect a Representative Call: Following the application submission, anticipate a call from a bank representative. This representative will guide you through the remaining steps of the process.
4. Step 4: Document Collection: A bank representative will arrange to collect the required documents at your doorstep, streamlining the process for your convenience.

For those preferring offline application

Follow the steps below if you want to apply for a NRI Credit Card offline:

1. Step 1: Visit Nearest Bank Branch: Head to the nearest bank branch and inquire about the available NRI Credit Card variants.
2. Step 2: Receive Guidance: Speak with a bank representative who will provide information on the different card options tailored to meet your specific needs.
3. Step 3: Fill Application Form: Complete the physical application form provided by the bank and submit the necessary documents, including identity proof, address proof, and any other required paperwork.
4. Step 4: Provide Additional Documentation: Along with the application form, furnish proof of income and passport-sized photographs as part of the application process.

Important points to consider when choosing an NRI Credit Cards

Some of the important points that must be considered when choosing an NRI Credit Card are mentioned below:

1. Joining fees
2. Rate of interest
3. Whether the card is accepted in different countries
4. If card protection is provided in case of loss of card
5. In case protection is provided against fraud in case the card is stolen or lost
6. The charges that are levied in case of late payments
7. The various types of payment options that are available. Payment options can be in the form of IMPS/NEFT/Cheque/Cash.
8. If 24/7 Customer Service is provided
9. Annual fees
10. Processing fees
11. If cash can be withdrawn at different banks
12. The custom duty that is charged in case the card is used in a different country
13. If the process to make payments is easy in case it is made from another bank
14. Cancellation charges that will be levied

Banks that offer NRI Credit Card

The list of banks that offer NRI Credit Cards are mentioned below:

1. HDFC Credit Card
2. Kotak Bank Credit Card
3. Yes Bank Credit Card
4. Axis Bank Credit Card
5. SBI Credit Card

Credit cards make payments easy for all expenses online and offline while offering various benefits

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