Best Cashback Credit Card: Which One Should You Choose? -2024
Best Cashback Credit Card: In a world where every penny counts, finding the right financial tools to optimize your spending is crucial. Cashback credit cards offer a convenient way to earn rewards on your everyday purchases, allowing you to stretch your budget further. If you're in India and looking to make the most out of your spending, here are the top 10 cashback credit cards worth considering:
10 Best Cashback Credit Cards in India
3. ICICI Bank Amazon Pay Credit Card
4. Citibank Cashback Credit Card
8. Kotak Delight Platinum Credit Card
10. RBL Bank Platinum Maxima Credit Card
Exploring The Best 10 Cashback Credit Cards in India Details
1. HDFC Bank MoneyBack Credit Card
The HDFC Bank MoneyBack Credit Card is designed for individuals seeking a versatile rewards program with everyday spending. Cardholders earn 2 reward points for every ?150 spent, with 2X reward points on online purchases. These points can be redeemed for cashback or other rewards, providing flexibility and value. With no specific categories, this card is suitable for a wide range of expenses.
Joining Fee: ?500
Renewal Fee: ?500 (Waived on spending ?50,000 or more in the previous year)
Best Suited For: Individuals looking for a general-purpose cashback card with rewards on all spending categories.
Welcome Benefits: Enjoy ?500 worth of welcome vouchers from leading brands upon card activation.
2. SBI SimplySAVE Credit Card
The SBI SimplySAVE Credit Card is tailored for individuals who frequently spend on dining, groceries, and movies. Cardholders earn cashback on these categories, along with milestone rewards and fuel surcharge waivers, enhancing the value of everyday purchases.
Joining Fee: ?499
Renewal Fee: ?499
Best Suited For: Those who regularly dine out, shop for groceries, or watch movies and want to earn rewards on these expenses.
Welcome Benefits: Get ?100 cashback on your first ATM withdrawal within 30 days of card issuance.
3. ICICI Bank Amazon Pay Credit Card
In collaboration with Amazon, the ICICI Bank Amazon Pay Credit Card offers cashback rewards on Amazon purchases, along with no-cost EMI options and fuel surcharge waivers. This card is perfect for avid online shoppers who frequent the Amazon platform.
Joining Fee: Nil
Renewal Fee: Nil
Best Suited For: Online shoppers who make frequent purchases on Amazon.
Welcome Benefits: Enjoy a ?750 Amazon Pay Gift Card upon card activation.
4. Citibank Cashback Credit Card
The Citibank Cashback Credit Card provides cashback on all spending, with higher rewards for categories like movies and utility bill payments. Cardholders also benefit from dining privileges and exclusive offers with partner merchants.
Joining Fee: ?500
Renewal Fee: ?500
Best Suited For: Individuals seeking cashback on all types of spending, with additional rewards for specific categories.
Welcome Benefits: Receive ?500 cashback as a welcome gift on spending ?5,000 within 60 days of card issuance.
5. Axis Bank Flipkart Credit Card
The Axis Bank Flipkart Credit Card offers attractive cashback rewards on Flipkart and partner platform purchases. Cardholders can also benefit from welcome vouchers and milestone bonuses, making it a valuable choice for frequent Flipkart shoppers.
Joining Fee: Nil
Renewal Fee: Nil
Best Suited For: Those who regularly shop on Flipkart and want to maximize rewards on their purchases.
Welcome Benefits: Enjoy a Flipkart gift voucher worth ?500 upon card activation.
6. Standard Chartered Super Value Titanium Credit Card
The Standard Chartered Super Value Titanium Credit Card offers cashback on fuel, utility bill payments, and dining expenses. Cardholders can also enjoy discounts on dining and fuel surcharge waivers, making it a comprehensive choice for everyday spending.
Joining Fee: ?750
Renewal Fee: ?750
Best Suited For: Individuals looking for cashback on fuel and utility bill payments, with additional dining benefits.
Welcome Benefits: Avail of a BookMyShow voucher worth ?500 upon card activation.
7. HSBC Cashback Credit Card
The HSBC Cashback Credit Card rewards cardholders with cashback on all spending, with higher rewards for dining and telecom expenses. Additionally, cardholders can benefit from milestone bonuses and fuel surcharge waivers, enhancing the value of their purchases.
Joining Fee: ?750
Renewal Fee: ?750
Best Suited For: Those who want cashback on all types of spending, with additional rewards for dining and telecom expenses.
Welcome Benefits: Enjoy 10% cashback on all spends during the first 90 days, up to ?3,000.
8. Kotak Delight Platinum Credit Card
The Kotak Delight Platinum Credit Card offers cashback on dining and movie purchases, along with fuel surcharge waivers and milestone bonuses. Cardholders can also enjoy discounts on dining and movie tickets, enhancing the value of their entertainment expenses.
Joining Fee: ?1,499
Renewal Fee: ?299
Best Suited For: Individuals who frequently dine out and watch movies, seeking cashback and discounts on these expenses.
Welcome Benefits: Get 10% cashback on all dining and movie spends in the first 6 months, up to ?600.
9. IndusInd Bank Platinum Aura Credit Card
The IndusInd Bank Platinum Aura Credit Card provides cashback on groceries, fuel, and utility bill payments, along with dining discounts and complimentary airport lounge access. This card is suitable for individuals seeking comprehensive rewards and benefits across various spending categories.
Joining Fee: ?1,499
Renewal Fee: ?1,499
Best Suited For: Those looking for cashback on groceries, fuel, and utility bill payments, with additional dining benefits and lounge access.
Welcome Benefits: Enjoy ?1,500 worth of Amazon Gift Card upon payment of the joining fee.
10. RBL Bank Platinum Maxima Credit Card
With the RBL Bank Platinum Maxima Credit Card, cardholders can earn cashback on all spending, along with additional rewards for dining and entertainment expenses. This card also offers milestone bonuses and fuel surcharge waivers, enhancing the value of everyday purchases.
Joining Fee: ?2,000
Renewal Fee: ?2,000
Best Suited For: Individuals seeking cashback on all types of spending, with additional rewards for dining and entertainment.
Welcome Benefits: Get 8,000 reward points upon payment of the joining fee, which can be redeemed for cashback or other rewards.
Cashback Credit Card Features and Benefits?
1. Earn Cashback on Every Purchase: Cashback credit cards offer the benefit of earning a percentage of your spending back as cash rewards. This allows cardholders to save money on their everyday purchases, effectively reducing the overall cost of goods and services.
2. Reward Categories: Many cashback credit cards come with specific reward categories, such as dining, groceries, fuel, or online shopping. By strategically using the card for purchases within these categories, cardholders can maximize their cashback earnings and stretch their budget further.
3. No Cap on Cashback: Unlike some rewards programs that impose limits on the amount of points or miles you can earn, cashback credit cards often come with no cap on cashback earnings. This means that the more you spend, the more cashback you can earn, providing unlimited potential for savings.
4. Flexible Redemption Options: Cashback rewards can typically be redeemed in various ways, such as statement credits, bank deposits, gift cards, or merchandise. This flexibility allows cardholders to choose the redemption option that best suits their needs and preferences, providing added convenience and value.
5. Additional Benefits and Perks: In addition to cashback rewards, many cashback credit cards offer a range of additional benefits and perks, such as travel insurance, purchase protection, extended warranties, and access to exclusive events or discounts. These extra features enhance the overall value proposition of the card and provide cardholders with additional peace of mind and savings opportunities.
Cashback Credit Cards Rewards and Cashback?
1. HDFC Bank MoneyBack Credit Card:
Rewards: Earn 2 reward points for every ?150 spent, with 2X reward points on online spending.
Cashback: Redeem accumulated reward points for cashback on your statement or other rewards.
2. SBI SimplySAVE Credit Card:
Rewards: Earn cashback on dining, groceries, and movies, with milestone rewards for reaching spending thresholds.
Cashback: Receive cashback directly on your statement for eligible transactions.
3. ICICI Bank Amazon Pay Credit Card:
Rewards: Earn cashback on Amazon purchases, with additional benefits like no-cost EMI options and fuel surcharge waivers.
Cashback: Receive cashback as Amazon Pay balance, usable for future purchases on the Amazon platform.
4. Citibank Cashback Credit Card:
Rewards: Earn cashback on all spending, with higher rewards for specific categories such as movies and utility bill payments.
Cashback: Redeem earned cashback as statement credits or for other rewards offered by Citibank.
5. Axis Bank Flipkart Credit Card:
Rewards: Earn cashback on Flipkart and partner platform purchases, along with welcome vouchers and milestone bonuses.
Cashback: Receive cashback as Flipkart vouchers, usable for future purchases on the Flipkart platform.
6. Standard Chartered Super Value Titanium Credit Card:
Rewards: Earn cashback on fuel, utility bill payments, and dining expenses, with additional discounts and benefits.
Cashback: Receive cashback as statement credits, reducing your outstanding balance.
7. HSBC Cashback Credit Card:
Rewards: Earn cashback on all spending, with higher rewards for dining and telecom expenses, along with milestone bonuses.
Cashback: Receive cashback as statement credits, directly reducing your outstanding balance.
8. Kotak Delight Platinum Credit Card:
Rewards: Earn cashback on dining and movie purchases, along with discounts and benefits on entertainment expenses.
Cashback: Receive cashback as statement credits, reducing your outstanding balance.
9. IndusInd Bank Platinum Aura Credit Card:
Rewards: Earn cashback on groceries, fuel, and utility bill payments, along with dining discounts and airport lounge access.
Cashback: Redeem earned cashback as statement credits or for other rewards offered by IndusInd Bank.
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10. RBL Bank Platinum Maxima Credit Card:
Rewards: Earn cashback on all spending, with additional rewards for dining and entertainment expenses, along with milestone bonuses.
Cashback: Receive cashback as statement credits, directly reducing your outstanding balance.
How To Earn and Redeem Credit Card Cashback Reward Points??
How to Earn Credit Card Cashback Reward Points:
1. Make purchases using your credit card.
2. Earn reward points based on your spending.
3. Some cards offer bonus points for specific categories like dining or groceries.
4. Take advantage of promotional offers to earn extra points.
How to Redeem Credit Card Cashback Reward Points:
1. Log in to your credit card account.
2. Navigate to the rewards section.
3. Choose your redemption option, such as cashback, statement credits, or gift cards.
4. Follow the instructions to complete the redemption process.
5. Enjoy the benefits of your redeemed rewards.
Cashback Credit Card Eligibility Criteria?
To be eligible for a cashback credit card, applicants typically need to meet certain criteria set by the issuing bank or financial institution. These criteria may include:
Age requirement: Applicants must be at least 18 years old.
Income criteria: Banks may specify a minimum income threshold for applicants.
Employment status: Applicants should have a stable source of income, either through employment or self-employment.
Credit history: A good credit score is usually required, demonstrating responsible credit behavior.
Residency: Applicants must be residents of India with valid address proof.
Other documents: Additional documents such as identity proof, address proof, and income documents may be required during the application process. Meeting these eligibility criteria increases the chances of approval for a cashback credit card.
Documents Required
When applying for a cashback credit card, applicants typically need to submit several documents to the issuing bank or financial institution. These documents may include:
Identity proof: Such as an Aadhaar card, passport, or driver's license.
Address proof: Such as utility bills, rental agreement, or Aadhaar card.
Income proof: Such as salary slips, income tax returns, or bank statements.
Passport-size photographs: Usually, two to three recent photographs are required.
PAN card: A Permanent Account Number (PAN) card serves as proof of taxation and is mandatory for credit card applications. Providing these documents helps verify the applicant's identity, address, and financial stability, facilitating the credit card approval process.
Cashback Credit Card Annual Fees and Charges
1. HDFC Bank MoneyBack Credit Card:
Annual Fee: ?500
Renewal Fee: ?500 (Waived on spending ?50,000 or more in the previous year)
2. SBI SimplySAVE Credit Card:
Annual Fee: ?499
Renewal Fee: ?499
3. ICICI Bank Amazon Pay Credit Card:
Annual Fee: Nil
Renewal Fee: Nil
4. Citibank Cashback Credit Card:
Annual Fee: ?500
Renewal Fee: ?500
5. Axis Bank Flipkart Credit Card:
Annual Fee: Nil
Renewal Fee: Nil
6. Standard Chartered Super Value Titanium Credit Card:
Annual Fee: ?750
Renewal Fee: ?750
7. HSBC Cashback Credit Card:
Annual Fee: ?750
Renewal Fee: ?750
8. Kotak Delight Platinum Credit Card:
Annual Fee: ?1,499
Renewal Fee: ?299
9. IndusInd Bank Platinum Aura Credit Card:
Annual Fee: ?1,499
Renewal Fee: ?1,499
10. RBL Bank Platinum Maxima Credit Card:
Annual Fee: ?2,000
Renewal Fee: ?2,000
Other Fees & Charges
In addition to the annual fees and renewal fee waivers, cashback credit cards may also have other fees and charges, which can include:
Interest charges: Applied on outstanding balances if the full amount is not paid by the due date.
Late payment fees: Incurred for missing the monthly payment deadline.
Overlimit fees: Charged when the cardholder exceeds their credit limit.
Cash advance fees: Applied when cash is withdrawn using the credit card.
Foreign transaction fees: Levied on transactions made in a foreign currency.
Card replacement fees: Charged for issuing a new card in case of loss, theft, or damage.
GST: Goods and Services Tax may be applicable on certain fees and charges as per government regulations. It's essential for cardholders to be aware of these additional fees and charges to effectively manage their credit card usage and avoid any unexpected expenses.
How To Activate Cashback Credit Cards??
Activating a cashback credit card can typically be done through net banking, a mobile app, or an activation page provided by the issuing bank. Here are the steps for each method:
Activation through Net Banking:
1. Log in to your net banking account using your credentials.
2. Navigate to the credit cards section or card management tab.
3. Locate the option to activate a new credit card.
4. Enter the required details, such as the card number, expiry date, and CVV.
5. Follow the on-screen prompts to verify your identity and complete the activation process.
Activation through Mobile App:
1. Open the mobile banking app provided by your bank.
2. Log in to your account using your credentials.
3. Find the credit cards section or card management feature.
4. Look for the option to activate a new credit card.
5. Enter the necessary card details, including the card number, expiry date, and CVV.
6. Follow the instructions to verify your identity and activate the card.
Activation through the Activation Page:
1. Visit the activation page provided by the issuing bank.
2. Enter the required information, such as the card number, expiry date, and CVV.
3. Provide any additional details as requested.
4. Verify your identity through the authentication process.
5. Complete the activation process as directed on the page.
Cashback Credit Cards Login/Net Banking
Accessing your cashback credit card account through net banking allows you to manage your card, view transactions, and redeem rewards online. Here's how to log in:
1. Visit the website of your bank or financial institution.
2. Locate the "Login" or "Net Banking" section on the homepage.
3. Enter your username and password in the designated fields.
4. Select "Credit Cards" or navigate to the credit card management section.
5. Choose your cashback credit card from the list of linked cards.
6. Once logged in, you can view your card details, check your balance, view recent transactions, and access reward redemption options.
7. Ensure to log out after completing your transactions for security purposes.
How To Compare Cashback Credit Cards & Choose The Best One?
When comparing cashback credit cards to choose the best one for your needs, several factors should be considered. Begin by evaluating the cashback structure, including the percentage of cashback offered and the categories eligible for rewards. Next, assess any additional benefits such as welcome offers, milestone bonuses, and complimentary perks like lounge access or concierge services.?
Pay attention to the annual fees, renewal fee waivers, and other charges associated with each card to ensure they align with your budget and spending habits. Additionally, consider the issuer's reputation for customer service and the ease of redeeming cashback rewards.?
Lastly, review the eligibility criteria to ensure you qualify for the card you're interested in. By carefully comparing these factors, you can choose the cashback credit card that offers the most value and benefits tailored to your lifestyle and financial goals.
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Conclusion:
In conclusion, selecting the best cashback credit card requires thorough consideration of various factors, including cashback structure, additional benefits, fees and charges, issuer reputation, and eligibility criteria. By comparing these aspects, individuals can make an informed decision that maximizes rewards and aligns with their financial preferences and lifestyle.
FAQs:
Q1: How do I know which cashback credit card is right for me?
A1: Consider your spending habits, preferred reward categories, and the additional benefits offered by each card to find the one that best fits your needs.
Q2: Can I redeem cashback rewards for something other than statement credits?
A2: Yes, many cashback credit cards offer various redemption options, including statement credits, gift cards, merchandise, or direct deposits to a bank account.
Q3: Are there any hidden fees associated with cashback credit cards?
While most fees and charges are disclosed in the terms and conditions, it's essential to review them carefully to avoid any surprises. Common fees include annual fees, late payment fees, and foreign transaction fees.
Q4: What if I don't meet the spending requirements for a renewal fee waiver?
A4: If you're unable to meet the spending requirements for a renewal fee waiver, you may still find value in the card's benefits and rewards. Consider whether the rewards outweigh the annual fee before making a decision