Top 5 Cashback Credit Cards
If you are looking for ways to save money on your everyday purchases, you might want to consider getting a cashback credit card. Cashback credit cards are cards that offer you a percentage of your spending as a reward. This means that you can earn money while you shop, pay bills, or fill up your gas tank. In this blog post, we will review the top 5 cashback credit cards that are available in the market right now. We will compare their features, and benefits and help you choose the best one for your needs. Whether you want a flat-rate cashback card, a category-based cashback card, or a rotating cashback card, we have got you covered. Read on to find out more about these amazing offers and how you can apply for them.
Amazon Pay ICICI Bank Credit Card:
The Amazon Pay ICICI Bank credit card is a co-branded card that offers cashback rewards on various transactions. The card has no joining fee or annual fee, and the rewards have no limit or expiry date. The cardholders can earn 5% cashback on purchases made at Amazon India if they are Prime members, or 3% cashback if they are not. They can also earn 2% cashback on payments made to over 100 partner merchants using Amazon Pay, and 1% cashback on all other expenses, except fuel. The cashback rewards are credited to the cardholders' Amazon Pay balance at the end of the payment cycle and can be used to buy over 10 crore products at Amazon India or the partner merchants. The card also offers exclusive privileges such as 15% savings on dining bills at over 2,500 restaurants across India and a 1% waiver on fuel surcharge payments.
Joining Fees, Annual Fees and Supplementary Card Fees: There is no joining fee for the Amazon Pay ICICI Bank Credit Card.
Interest Rate: 3.5% - 3.8%p.m. or 42% - 45.6%p.a.
Reward System: 5% cashback: Prime members earn 5% cashback on all Amazon purchases except specific categories like flights, ebooks, gift cards, etc. 3% cashback: Non-Prime members still get 3% cashback on all Amazon purchases except the same excluded categories. 2% cashback: Earn 2% cashback on payments at over 100 Amazon Pay partner merchants like Swiggy, Zomato, Cleartrip, etc.
Special Feature: There is no maximum cap for the rewards earned on Amazon Pay ICICI Bank credit card.
Tata Neu Infinity HDFC Credit Card:
Tata Neu Infinity HDFC Credit Card is a premium credit card that offers exclusive benefits and rewards to its customers. With this card, you can enjoy unlimited access to airport lounges, fuel surcharge waiver, air accident cover, and concierge services. You can also earn reward points on every spend and redeem them for a variety of products and services. Moreover, you can get cashback of up to 5% on online shopping, dining, travel, and entertainment. Tata Neu Infinity HDFC Credit Card is the perfect choice for those who want to experience the best of both worlds: luxury and savings.
Joining/Renewal Membership Fee:₹1,499/- + Applicable Taxes
Interest Rate: 3.49% per month i.e. 41.88% annually
Reward System: 5% back as NeuCoins: Earn 5 NeuCoins for every ₹100 spent on non-EMI spends across Tata Neu and partner Tata brands like Croma, Westside, BigBasket, Tata 1mg, IHCL Hotels, AirAsia India, and Qmin. 1.5% back as NeuCoins: Get 1.5% NeuCoins on non-Tata brand spends and any merchant EMI spends. 1.5% back as NeuCoins on UPI: Earn 1.5% NeuCoins on all UPI spends (including spends on partner Tata brands), with a maximum cap of 500 NeuCoins per calendar month.
Special Feature: When NeuCoins are redeemed on Tata products and services, you can achieve an effective cashback rate of up to 7.5%.
Flipkart Axis Bank Credit Card:
Flipkart Axis Bank Credit Card is a co-branded credit card that offers you a range of benefits and rewards on your online shopping. With this card, you can earn up to 5% cashback on Flipkart, Myntra, and 2GUD, and up to 4% cashback on partner merchants like Uber, Swiggy, PVR, and more. You also get unlimited access to Flipkart Plus membership, which gives you free and fast delivery, early access to sales, and priority customer support. Flipkart Axis Bank Credit Card is a smart choice for anyone who loves online shopping and wants to save more on every purchase.
Joining Fees: INR 500
Interest Rate: 3.6% per month (52.86% per annum)
Reward System: 5% cashback on Flipkart & Myntra. 4% cashback on preferred merchants. 4 complimentary lounge access. 1.5% cash back on all other categories.
Special Feature: 15% off at partner restaurants through EasyDiner.
HDFC Swiggy Credit Card:
HDFC Swiggy Credit Card is a co-branded credit card that offers exclusive benefits for food lovers. With this card, you can enjoy up to 20% cashback on Swiggy orders, 5% cashback on dining and grocery spending, and 1% cashback on all other spends. You also get a complimentary Swiggy Super membership for one year, which gives you free delivery, no surge fee, and other perks. This card is ideal for those who order food frequently and want to save money on their dining expenses.
Joining Fee / Renewal Membership Fee: ₹500 /- + Applicable Charges
Interest Rate: 3.6% per month (i.e., 43.2% per annum)
Reward System: 10% Cashback: On Food ordering, Instamart, Dineout & Genie on the spendingSwiggy app. 5% Cashback: On online spends across eligible MCCs (list available on HDFC website). 1% Cashback: On all other categories, excluding certain exclusions (list available on HDFC website).
Special Feature: Cashback earned on Swiggy HDFC Bank Credit Card is redeemable as Swiggy Money only on Swiggy application on following Swiggy platforms -
Food ordering
Instamart
Dineout
Genie
SBI Cashback Credit Card:
If you are looking for a credit card that offers you cashback on your everyday spending, you might want to consider the SBI Cashback Credit Card. This card gives you up to 5% cashback on various categories such as groceries, fuel, dining, and online shopping. You can also earn reward points on all your other purchases, which can be redeemed for vouchers, merchandise, or cash credit. You also get benefits such as complimentary lounge access, fuel surcharge waiver, and zero liability on lost card. The SBI Cashback Credit Card is a great option for anyone who wants to save money and earn rewards on their spending habits.
Annual Fee (one time): INR 999 + Taxes
Interest Rate: 3.50% per month (42% per annum)
Reward System: 5 percent cashback on online spends without any kind of merchant restriction, and 1 percent cashback on all offline spending.
Special Feature: 5 percent cashback on online spends without any kind of merchant restriction (maximum cashback of INR 5,000 per month).
Conclusion:
To sum up, cashback credit cards are a great way to earn rewards for your everyday spending. They can help you save money, pay off debt, or fund your next vacation. However, not all cashback cards are created equal. Some offer higher rates, more categories, or better perks than others. That's why we've compiled this list of the top 5 cashback credit cards for 2024. Whether you're looking for a flat-rate card, a rotating category card, or a tiered card, we've got you covered. These cards offer the best value, flexibility, and benefits for different types of spenders. So, what are you waiting for? Apply for one of these cards today and start earning cash back on every purchase!
FAQs:
Q: What are cashback credit cards?
A: Cashback credit cards reward you with a percentage of your spending back in the form of cash. This cash can be credited to your statement, deposited into your bank account, or used towards travel or gift cards.
Q: How do cashback credit cards work?
A: Every time you use your cashback card for a purchase, you earn a small percentage (usually between 1-5%) back on the amount spent. This cashback accumulates over time and can be redeemed according to the card's terms and conditions.
Q: What are the different types of cashback credit cards?
A: Different types of Cashback Credits are as follows:
Flat-rate cashback cards: Offer a single cashback rate on all purchases.
Category-specific cashback cards: Offer higher cashback rates on specific categories like groceries, dining, or travel.
Rotating category cashback cards: Offer bonus cashback in different categories that change quarterly or monthly.
Q: What factors should I consider when choosing a cashback credit card?
A: Factors to be considered:
Cashback rate: Consider the overall cashback rate as well as category-specific bonuses if applicable.
Annual fee: Some cashback cards have annual fees, so weigh the fee against the potential rewards.
Welcome bonus: Many cards offer a one-time welcome bonus for meeting spending requirements.
Foreign transaction fees: If you travel internationally, choose a card with no or low foreign transaction fees.
Interest rate: Ensure you can pay your balance in full each month to avoid high interest charges.
Q: What are the other cashback credit cards available in India?
A: Other Credit Cards:
· HDFC Bank Millennia Credit Card
· Axis Bank Magnus Credit Card
· SBI SimplyClick SBI Card
· ICICI Cashback Credit Card
· Kotak Bank IndiCard Silk
Q: Do I need a good credit score to get a cashback credit card?
A: Generally, yes. Most cashback cards require a good credit score (around 750 or above). However, some cards are available for those with lower scores or limited credit history.
Q: Are there any downsides to using cashback credit cards?
A: It's crucial to use your card responsibly and avoid carrying a balance due to high interest rates. Additionally, some cards have reward program limitations or inactivity fees.
Q: How can I maximize my cashback rewards?
A: Rewards:
Choose a card that aligns with your spending habits.
Utilize category bonuses and welcome offers strategically.
Pay your balance in full each month to avoid interest charges.
Consider using multiple cards for different categories if beneficial.
Q: Where can I find more information about cashback credit cards?
A: Financial comparison websites, bank websites, and credit card review blogs offer detailed information and comparisons.
Q: Is it worth getting a cashback credit card?
A: If you spend regularly on credit cards and can pay your balance in full each month, cashback cards can be a great way to earn rewards on your everyday purchases. However, responsible credit card usage is crucial to avoid potential downsides.