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My preferred choice of credit cards is a cashback card rather than a reward point card.
When you use a cashback credit card to make payments, you get liquid money straight to your account as a reward.
Unlike credit point, which isn’t real money because you can’t really spend it on anything you want. You can turn the points into coupons, vouchers, buy something from a sponsored store, and that’s it.
Which is way too restricting for me. Especially when I have an option to earn cash rewards.
Here are the 7 best credit cards that offer cashback rewards in India.
1. ICICI Sapphiro Credit Card
The ICICI Sapphiro is a premium credit card that offers you a higher credit limit and extra Payback points depending on whether you spend via a MasterCard or the American Express card.
If you use MasterCard then for domestic transactions (minimum of RS. 100), you get 2 payback points and 4 payback points on international transactions.
If you use AmaricanExpress, you get 4 payback points for each RS. 100 spent on domestic transactions and 6 points on all international transactions. Except for fuel purchases.
In terms of earning payback points, ICICI Sapphiro is as high as it gets in the market right now.
You can also use the payback points to pay your credit card bill. Each payback point is worth RS. 0.25, and you can redeem all your points back into cash. The redemption amount goes directly to your ICICI credit card account.
ICICI Sapphiro cardholders get 2000 payback points for every RS. 1,00,000 spent and 4000 points for every RS. 4,00,000 spent.
There are cash rewards for spending any money over 5,00,000 in a year.
Benefits of ICICI Sapphiro card:
- 2 international lounge access every quarter & 2 free spa sessions at airports
- 4 domestic lounge access every quarter
- Access to complimentary golf rounds at premier golf courses across the world
- Cash rewards on spending above RS. 5,00,000 and 10,00,000 (domestic and international)
Who should choose the ICICI Sapphiro card:
ICICI Sapphiro is a premium credit card with a higher limit, exclusive benefits, which means a higher joining and annual fee.
If your annual expenditure is over RS. 6,00,000, then this is the best credit card in terms of exclusive offering and savings. Read the ICICI Sapphiro full review here.
2. Citibank Cashback Card
Citibank Cashback card is a highly popular credit card, and people enjoy using it on everyday transactions.
It’s also one of the easiest to get approval for. If you’re a salaried employee, there’s a very high chance of you getting approved for the Citibank cashback card if even you have a below-average credit score.
Citibank Cashback card offers a flat 0.5% of the transaction value as a cashback. For every 1,00,000 spent, you get 500 cashback.
You also earn 5% more cashback on movie ticket purchases and on the payment on utilities and bills.
The cashback amount is automatically credited to your credit card account every time you accumulate RS—500 in cashback.
Benefits of Citibank Cashback card:
- Low joining fee – RS. 500 (No fee waiver)
- Cashback auto credits
- Easy approval – ideal for beginners
Who should choose the Citibank Cashback card:
Citibank Cashback card is ideal for anyone, but beginners can benefit the most. Low joining fees, auto cashback-credit and easy approval are the key reason that makes it a good choice.
3. ICICI Coral Credit Card
ICICI Coral card was my first credit card.
It is a rather inexpensive credit card compared to others on the list. ICICI Coral card is a perfect fit for getting started for beginners.
You get 2 payback points for every Rs. 100 spent. Except for fuel purchases.
In the case of fuel purchase, you get a 1% surcharge waived for transactions below RS. 5000.
The best part is you can use payback points to pay your ICICI credit card bill.
Benefits of ICIC Coral card:
- Annual fee – RS. 500 + GST. The annual fee is waived off if you spend RS. 1,50,000 or above in a year.
- Access to VISA/MasterCard airport lounge once every quarter.
- Access to railway lounge once every quarter.
- Cash rewards on an annual spend of over RS. 3,00,000.
Who should choose the ICICI Coral card:
ICICI Coral is best for average consumers who use a credit card to spend money on everyday expenses.
If you don’t travel much and willing to save money on annual fees, this one is the right choice. Read the ICICI Coral full review here.
4. HDFC Bank MoneyBack Credit Card
Another good cashback card option comes from the HDFC bank – the MoneyBack credit card.
This is an entry-level credit card. HDFC MoneyBack card is one of the easiest to get approved for. All you need is an HDFC bank account, and if you don’t have a poor credit score, you’ll get one for free.
You earn 2 reward points on each transaction of RS. 150 for swipes and other offline transactions.
When you spend online, you earn 4 reward points for each RS. 150 spent. There is a milestone bonus of RS. 500 E-voucher on spending RS. 50,000 per quarter.
Benefits of HDFC MoneyBack Card:
- 1st-year membership is free (Waived on spending RS. 50,000 annually)
- Guaranteed approval for salaried employees
- Once you accumulate RS. 500 worth of reward points it automatically redeems earned money into the credit card account
Who should choose HDFC MoneyBack Card:
It is an entry-level and super basic credit card.
However, HDFC doesn’t offer any complimentary services or free perks on the MoneyBack card. Anyone who needs to fix their credit score or want a free credit card as a backup option can choose it. Read the HDFC Moneyback card full review here.
5. IndusInd Iconia Amex Credit Card
IndusInd is one of the best banks for credit card enthusiasts.
The IndusInd Iconia card is made for weekend lovers. If you like to outside for dinners, movies, and parties, you should definitely check it out.
For every RS. 100 you spent, you’ll earn 2 reward points on weekends and 1.5 on weekdays.
Here’s something you’ll love:
The value of 1 reward point is RS. 1. Which means you earn 500 cash credits every time you spent RS. 10,000. That’s insane value.
Benefits of The IndusInd Iconia card:
- Unlimited airport lounge visits (Only on AMEX card)
- Complimentary golf rounds and lessons
- 1+1 free movie tickets per month
- Concierge services
- One time joining fee – no annual fee
Who should choose InsudInd Iconia Card:
The IndusInd Iconia is a credit card perfect for anyone. Although it has major benefits for diners & weekend spenders, the reward scheme offered by IndusInd bank is one of the best in the market.
It is has a moderate approval rate, but you should be able to get approval with a good credit score and proper income documents.
6. American Express Platinum Travel Credit Card
The AMEX Platinum Travel Card is an ideal combination of exclusive offers and cashback for travelers. It is an amazing credit card that offers massive benefits to traveling enthusiasts.
It is a premium credit card that offers exclusive vouchers and milestone bonuses on moderate use.
You earn 1 reward point on every RS. 50 spent (other than fuel and bill payments). You can use these reward points to shop online, get travel vouchers, and convert them into gift cards as well as to pay bills.
AMEX Platinum also offers multiple milestone benefits such as:
- Travel vouchers worth Rs. 9,440 on spending Rs. 4 lakhs in a year
- Earn 7,500 reward points and travel vouchers worth Rs. 5000 on spending Rs. 1.90 lakhs in a year
- Get a Taj Experience E-Gift card worth Rs. 10000 on spending Rs. 4 lakhs
The joining fee for this card is Rs. 3500 and Rs. 5000 from the second year onwards.
Benefits of American Express Platinum Travel Card:
- Extra milestone benefits than other cards
- Extra reward points compared to the competition
- Zero card loss liability (if reported under 3 days)
- Great perks and exclusive offers for travelers
Who should choose American Express Platinum Travel Card:
If you travel a lot and looking for a premium travel credit card, the AMEZ Express platinum is perfect for you.
7. Standard Chartered Super Value Titanium Credit Card
Finally, a credit card that saves money on everyday transactions and rewards you for spending money on utility and fuel.
The SC Super Value Titanium is one credit card that checks all the boxes for the average consumer who wishes to save money on essential costs such as home bills and fuel.
You earn 1 reward point for every Rs. 105 spent. Then you get 5% cashback on fuel bills per transaction if it doesn’t exceed Rs. 2000.
There’s 5% cashback on all telephone bills and utility bills.
Benefits of Standard Chartered Super Value Titanium Card:
- One of the free credit cards to give cashback on utility spends and one of the highest with 5%.
- Low joining and annual feel of Rs. 750 (waived off on spending Rs. 90,000 per year)
- Easy approval for self-employed
Who Should Choose Standard Chartered Super Value Titanium Credit Card:
Anyone who’s willing to have an inexpensive credit card and wishes to save money on essential bills and fuel should choose SC Super Value Titanium Card. Read the Standard Chartered Super Value card full review here.
The best credit card for you is the one that suits your spending needs & habits. There are a variety of options and a unique card for everyone.
You just discovered some of the best credit cards in the market. Each of these cards provides a special offer and benefit for a particular kind of user. Choose the one you think suits your lifestyle.
Of course, keep your credit score high to get fast and assure approvals from major banks.
Questions? Any new card you’d like to suggest? Comment below.