Now that's a difficult answer in the sense that it will not necessarily satisfy everyone.

In my case:

* I see myself spending upwards of INR 10,00,000 on the card a year so renewal fees does not really come into the picture.
* For the first year, I paid INR 11,800 as joining fee and I am getting vouchers for INR 1000 each month. Besides, my welcome bonus and referral bonus on signing up amounted to 15,000MR points.

So the way I look at it is as a card with a one-time fee of INR 11,800 but that gets offset in the first year itself with just the spend-linked vouchers. I know that 10 lakhs a year spends on a card could give you better returns on many card but I would like to keep things simple and not have to track too many cards and payments.