When looking for a credit card, one of the most sought after things are the rewards that are on offer. A popular way in which credit card companies offer rewards to its customers is in the form of cash backs. A cash back credit card does not mean that you get a stash of cash from your bank every month. Such cards can however help you earn back a certain percentage of money that you spend on purchases.
In a country like ours that is riding high on consumerism, cash backs on credit cards are indeed very popular with those who love shopping, traveling, or dining out. Here is a comprehensive list of the best credit cards on cash back available in India today.
Annual Fee: ₹ 1,000 for the first year; ₹. 4,500 (exclusive of service tax) from the second year onwards
American Express grants you to 4,000 Membership Reward (MR) points if you use the American Express Gold Card three times within the first 60 days after activation and paying your first annual fee. You will also get a bonus of 1,000 MR points for using your card in at least four transactions amounting to at least ₹ 1,000 each monthly. On your first renewal, you will get a bonus of 5,000 MR points. You can get an MR point for every₹. 0.50 you spend on utilities, insurance, and fuel and up to 20% discount at select restaurants.
Annual Fee: ₹ 1,000
Annual Fee Waiver: The annual fee is waived if you spend at least ₹ 30,000 during the membership year.
With the Citibank Visa Rewards Card, you are entitled to a sign-up bonus of 2,500 reward points that will automatically be loaded to your account upon credit card activation. You can get a bonus of 1,500 reward points once you use your credit card within the first 30 days of issuance. If you use your card for a transaction amounting to ₹1,000 within the first 60 days of issuance, you can also get a bonus of 1,000 reward points. Moreover, you can get 10 X reward points for every₹ 125 you spend at department stores and other partner retailers. You are also eligible for a 20% discount at select restaurants.
The reward points can be converted into cash for ₹ 0.35 each or into air miles on Air India and Jet Airways for 0.75 miles each.
Annual Fee: None
When you sign up for an HSBC Visa Platinum Credit Card, you can get a 10% cashback or a maximum of ₹ 3,000— for a minimum spending of ₹ 10,000 within the first 90 days after account activation. For the first 12 months, you are also entitled to 3X reward points on transactions made for telecommunication companies, restaurants, and hotels. Once you have surpassed the threshold of ₹.-400,000-mark in annual spending, you will automatically be entitled to 5X reward points for all transactions that will follow.
And that’s not all! Every time your monthly spending reaches at least ₹. 50,000, you will receive a movie voucher worth Rs. 500. You can redeem a maximum of six movie vouchers every year.
Besides you will earn two reward points for every ₹. 150 you spend. Every set of 100 reward points is equivalent to ₹ 40. Each point is valid for three years after issuance.
Annual Fee: ₹ 1,000 for the first year and ₹ 500 (exclusive of service tax) from the second year onwards
Annual Fee Waiver: The annual fee is waived if you spend at least ₹1,25,000 during the year you take membership.
With the ICICI Visa Coral Credit Card, you are entitled to the following perks:
What is more interesting is that ICICI is also part of the PAYBACK rewards program. Consequently, carrying this credit card entitles you to four PAYBACK reward points for every ₹ 100 you spend at grocery stores, department stores, and other retailers; and two PAYBACK reward points for every ₹ 100 you spend at other merchants.
With such attractive cash backs on offer, you as the customer are indeed spoil for choice. However, it is prudent to go through other factors such as fees and the likes and a pick a card that you think is best suited to your purposes.
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