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ToggleWho doesn’t love receiving some cashback or reward points every time they make a transaction on their credit card? There are so many credit card rewards available in the financial market nowadays. But what are credit card rewards? What are the best reward credit cards in India?
Credit card rewards are incentives credit card issuers offer to encourage card usage. These rewards typically come in the form of points, miles, or cashback, which accumulate as you make purchases with the card. The value of the rewards varies depending on the type of card and the specific rewards program. For instance, cashback cards return a percentage of your spending as cash, while travel cards offer miles that can be redeemed for flights or hotel stays. Some cards also provide bonuses for spending in certain categories like dining, groceries, or fuel.
Additionally, many rewards programs offer sign-up bonuses, where you can earn points or cashback after spending a certain amount within a specified time frame. These rewards can be redeemed in various ways, such as statement credits, travel bookings, gift cards, or even merchandise, making them a popular feature for consumers looking to maximise the value of their spending.
We have gathered a list of the credit cards with the best rewards in the form of points and cashback in India, along with their joining and annual fees:
Best Credit Card for Rewards | Joining Fee | Annual Fee | Reward Type |
Jupiter Edge RuPay Credit Card | NIL | NIL | Cashback |
RBL Bank Savemax Credit Card | NIL | NIL | Reward Points |
Axis Bank Neo Credit Card | NIL | NIL | Reward Points & Discounts |
IDFC FIRST Bank Select | NIL | NIL | Reward Points |
HDFC Regalia Gold Credit Card | 2500 | 2500 | Reward Points |
SBI Card PRIME | 2999 + Taxes | 2999 + Taxes | Reward Points |
Indusind Platinum Aura Credit Card | 500 | NIL | Reward Points |
Yes Bank Finbooster Credit Card | NIL | NIL | Reward Points |
Amazon Pay ICICI Bank Credit Card | NIL | NIL | Cashback |
American Express SmartEarn™ Credit Card | 495 | 495 | Reward Points |
BOB Select Credit Card | NIL | NIL | Reward Points |
HSBC Platinum Credit Card | NIL | NIL | Reward Points |
Tata Neu Infinity HDFC Bank | 1499 | 1499 | Reward Points |
HDFC MoneyBack+ Credit Card | 500 | 500 | Cashback |
Standard Chartered Rewards Credit Card | NIL | 1000 + GST | Reward Points |
Below is a list of the Top features and benefits of the credit card with the best rewards:
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Get Edge CSB Bank RuPay Credit Card on Jupiter
These cards provide cash rewards for every purchase, usually giving back 1-2% of the total spent. Certain cards may boost these rewards for specific categories, like fuel, groceries, or dining out, offering even more cashback for those types of expenses.
These cards earn you points for every purchase, which can be exchanged for a range of rewards like travel, merchandise, or gift cards. Some cards also provide extra points for spending in particular categories or at selected retailers.
Miles cards provide rewards such as miles or travel points, which you can use for flights, hotel accommodations, and other travel expenses. Additionally, some cards grant extra miles for purchases in specific categories, like airfare or hotel bookings.
These cards are designed through collaborations with particular retailers, airlines, or hotel chains, providing perks and rewards tailored to that brand. Holders of co-branded cards can enjoy benefits like complimentary hotel accommodations, airline miles, or special discounts on purchases with the associated brand.
These cards provide the highest level of flexibility for rewards, enabling cardholders to use their points or miles for a wide range of options, including travel, merchandise, or statement credits.
It’s important to consider your spending habits when getting a credit card for rewards and cashback. Further, it’s also essential to check whether the credit card has any joining or annual fees so you can manage your financial plan accordingly.
If you want to stay clear from joining and annual fees on credit cards, consider switching to Jupiter’s Edge CSB Bank RuPay Credit Card. This 3-in-1 credit card is perfect for collecting reward points for dining, shopping, and travelling.
Rewards on credit cards vary, giving you different benefits. Below are some common benefits of rewards credit cards:
You can accumulate reward points on nearly all transactions with your credit card. However, certain transactions, including purchases of gold, fuel, cash advances, and various fees, typically do not qualify for reward points. You must meet a minimum spending threshold for each transaction to earn these points. Once your points reach a specific limit, you can exchange them for rewards and other items available in the bank’s rewards catalogue.
You can earn reward points not just by meeting minimum spending requirements but also through accelerated points on specific spending categories. These accelerated rewards vary depending on the credit card type and its benefits. For co-branded credit cards, additional reward points are typically offered for purchases related to the partner’s products or services.
When you hit specific milestones related to your credit card transactions or spending, the bank rewards you with a bundle of bonus points. By reaching these targets, cardholders can accumulate a substantial number of reward points.
Once you’ve accumulated a specific number of reward points, you can redeem them for a range of products featured in the bank’s rewards catalogue. These catalogues typically include items like electronics, home appliances, and clothing. Additionally, some credit cards offer the option to convert reward points into cash, which can be used to offset your card balance.
The criteria for qualifying for a rewards credit card can differ but typically include requirements such as being at least 18 or 21 years old, having a stable income, maintaining a good credit score, and demonstrating responsible credit behaviour. Additionally, some cards might have specific job-related requirements, so it’s wise to review these details before submitting your application.
Rewards credit cards provide benefits like points or cash back for every purchase you make. These rewards can be redeemed for various perks, including travel, products, or statement credits. However, be mindful that these cards can have associated fees and restrictions. Using them responsibly is essential to avoid accruing interest charges.
Once you’ve weighed all your options and picked the ideal rewards credit card, applying for it is straightforward and swift, thanks to modern online conveniences.
Here’s a simple guide to applying for a rewards credit card online:
Want a credit card that fits all your needs?
Get Edge CSB Bank RuPay Credit Card on Jupiter
If you use your credit card frequently, be it for shopping, fuel, travelling, or any other activities, having a rewards credit card is beneficial as it can add value to your purchases.
To start, you need to figure out why you want a credit card. Each card is tailored to offer specific rewards, so identifying your goal will help you choose the right one.
When selecting a reward credit card, it’s crucial to evaluate aspects like the rewards program, annual fees, interest rates, and your spending habits.
Although some credit card rewards don’t expire, most issuers set a limit on their validity, typically up to a few years.
No, reward credit cards are not taxable.
Absolutely, yes, you can! Some credit card companies allow you to exchange your reward points for cash.
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