Cashback Credit Cards in 2023 – Features, Benefits & How to Apply?
Credit cards come with a range of enticing perks, including rewards and cash back. Cashback is a popular and lucrative benefit that many credit cards offer. It works by returning a portion of the amount spent back to the cardholder, usually in the form of a credit or direct deposit. With so many options available, finding a cash back credit card that suits your spending habits and rewards you for your purchases may be challenging. Let us delve into the details of the best cashback credit cards so that you can choose the best option for yourself.
Best Cashback Credit Cards in 2023
| Credit Card | Key Features |
| HDFC Millennia Credit Card | 1. Receive ~5% cashback on Amazon, Flipkart, and Flight & Hotel bookings (through PayZapp and Smartbuy). 2. Receive 2.5% cashback on all online purchases and 1% on offline spending. 3. Access to complimentary domestic and international lounges (subject to T&C). |
| Axis Bank ACE Credit Card | 1. Receive ~5% cashback on bill payments through Google Pay. 2. Receive 4% cashback on food delivery and on Ola. 3. Receive 2% cashback on other purchases. 4. Access to complimentary domestic lounges (subject to T&C). |
| Citibank Cashback Credit Card | 1. Receive ~5% cashback on movie tickets and utilities. 2. Receive 0.5% cashback on all other purchases. 3. ~20% discount on participating restaurants, with 1 reward point per Rs. 150 spend. |
| Standard Chartered Super Value Titanium Credit Card | 1. Receive ~5% cashback on fuel and phone bill payments. 2. Get one reward point per Rs. 150 spent. 3. Receive Priority Pass Membership. |
| Indusind Bank Pinnacle World Credit Card | 1. Receive 2.5%/1.5%/1% credit card cash back on e-commerce transactions and airline spends. 2. Avail a Priority Pass Membership. 3. Buy 1 movie ticket and get 1 free offer. |
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Detailed Overview of Best Cashback Credit Cards in 2023
1. HDFC Bank Millennia Credit Card
Issued by HDFC bank, HDFC Bank Millennia Credit Card is a popular cashback credit card offering many offers and exclusive rewards on online shopping, flight, and hotel booking. You must be at least 21 years of age to avail this card, with a monthly income of more than Rs. 35,000.
Key Features
- Benefits: It offers lounge access, spend-based joining/annual fee waiver, an interest-free credit period of up to 50 days, and fuel surcharge waiver of 1% at all petrol pumps.
- Welcome benefits: 1,000 cash points
- Joining fee: Rs. 1000 + taxes
- Annual/Renewal fee: Rs. 1000
- Ideal For: Shopping on e-commerce and flight and hotel bookings
2. Axis Bank ACE Credit Card
With no cap on cashback, the Axis Bank ACE Credit Card is a great fit for individuals looking to make the most of their online spending and payment apps. To apply for this card, the applicant must be 21 years of age and a resident of India.
Key Features
- Benefits: This card brings dining offers, complimentary lounge access, spend waiver, and the option to convert your payments into EMIs.
- Welcome benefits: Not applicable
- Joining fee: Rs. 499 + taxes
- Annual/Renewal fee: Rs. 499
- Ideal For: Bill payments and discounts on food delivery
3. Citibank Cashback Credit Card
With a promise of exciting rewards and offers, Citibank Cashback Credit Card offers individuals great benefits and support on payments and other spends. The credit card cash back is automatically redeemed and credited in multiples of Rs. 500.
Key Features
- Benefits: Discounts are offered on offline/online purchases. Moreover, cash backs are extended on dining, paying utility and telephone bills, buying movie tickets, and other spendings.
- Welcome benefits: Not applicable
- Joining fee: Rs. 500+ taxes
- Annual/Renewal fee: Rs. 500
- Ideal For: Offers on movie tickets and utility payments
4. Standard Chartered Super Value Titanium Credit Card
If you are a heavy spender on fuel, utility, and food, the Standard Chartered Super Value Titanium Credit Card can be the perfect fit for you. Apart from cashback, it offers a way to make secure payments online. You can also get all details of your spending online, without having to visit the bank.
Key Features
- Benefits: The card extends the benefits of cashbacks on utility payments, phone bills, and a spend-based waiver.
- Welcome benefits: For the first 3 months, cashback up to Rs. 1500 is given on fuel transactions.
- Joining fee: Rs. 750 + taxes
- Annual/Renewal fee: Rs. 750
- Ideal For: Utility payments and digital payments.
5. IndusInd Bank Pinnacle World Credit Card
The IndusInd Bank Pinnacle World Credit Card can be the perfect fit for individuals looking for assistance and offers on e-commerce transactions. Apart from this, it offers excellent deals on luxury and premium bookings for travel, one can enjoy the offers as well as receive credit card cash backs.
Key Features
- Benefits: Access to select airport lounge and offers on online spending, along with discounts on movie tickets, hotel bookings, and golf privileges.
- Welcome benefits: Not applicable
- Joining fee: Nil
- Annual/Renewal fee: Nil
- Ideal For: E-commerce transactions, travel bookings, and luxurious spendings.
Benefits of Cashback Credit Cards
Cashback can be a great way to maximise your savings and get the best out of your credit cards. Here are some benefits of the best cashback credit cards:
1. Earn on Every Purchase
Typically, most credit cards with money back offer cashback on every purchase or spending. In this sense, every time you use your cashback credit card, you are returned a certain percentage of your spending amount.
2. No Restrictions on Redemption
Unlike rewards points, which may have restrictions or expiration dates, cashback rewards can be redeemed whenever you want without any limitations.
3. Opportunity to Compare
Since cashback credit cards have a straightforward rewards structure, it is easier to compare different offers and choose the one that offers the best rewards for your spending habits.
4. No Need to Keep Track of Points
With credit cards with money back option, there’s no need to keep track of points or remember to redeem them before they expire, making it a more hassle-free option.
5. Other Benefits
Credit cards with money back offer more than just cashback. Cardholders can also enjoy welcome benefits such as accelerated cashback, premium subscriptions, and other perks. These cards also offer milestone benefits for those who reach a certain spending threshold and exclusive perks for travel bookings, including discounts on flights and hotels, complimentary airport lounge access, and exclusive dining deals.
How to Apply for a Cashback Credit Card?
Best cashback credit cards usually offer exciting rewards cashback on every eligible purchase. If you want to get one, you could either apply for one online or offline.
Online Mode
Step 1: You can visit the card issuer’s official website.
Step 2: Next, select the option of credit card or ‘Apply Now’.
Step 3: Once done, you can choose your specific card type.
Step 4: Then, fill out the application form with the required information and necessary documents.
Offline Mode
Step 1: Visit the nearest bank branch.
Step 2: Fill in the offline application form.
Step 3: Submit the required documents in person and close the application.
Whichever method you choose, it’s important to carefully consider your options and choose the cashback card that best fits your spending habits and financial goals.
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How to Choose the Right Cashback Credit Card?
Choosing the right credit card with money back can seem challenging, but it doesn’t have to be. Start by assessing your spending habits. Do you frequently dine out? Or travel? Or do you make a lot of online purchases? Knowing where you typically spend your money will help you determine which card offers the best value on those purchases.
Next, consider the cashback percentage and any restrictions or limits on earning rewards. A card with a higher cash back rate is more valuable, but if it’s capped at a low amount, it may not be worth it. Additionally, pay attention to any annual fees and foreign transaction fees, as these can eat into your overall savings. Finally, compare a few options and choose the one that aligns with your spending habits and offers the best value.
With a little bit of research, you can find the perfect cashback credit card that rewards you for your everyday purchases.
Difference Between Rewards and Cashback Credit Cards
Rewards and cashback might seem similar but they have different purposes.
Here are some notable differences:
- Rewards credit cards offer points, miles, or other incentives for purchases, which can then be redeemed for things like flights, dining, hotels, or merchandise. On the other hand, cashback credit cards give you a percentage of your purchases back in the form of cash, which is usually credited to your account or given as a statement credit.
- Rewards may also be considered as a way to show appreciation to loyal customers, whereas credit card offers cash back to incentivise all customers to spend more.
- Another difference is the redeeming process. Rewards usually need to be redeemed through a specific program or platform, whereas cashback is credited directly to the customer’s account. In that sense, rewards may come with certain restrictions, whereas cashback may be more straightforward.
Ultimately, the right choice between rewards and cashback credit cards will depend on your spending habits and goals. Whether you want to earn travel and other rewards or simply get money back on your purchases, both incentives have something to offer.
Final Word
In conclusion, cashback credit cards are a financial tool for anyone seeking to optimise their spending. With a variety of options available, individuals can find a card that aligns with their spending patterns and offers rewards for their purchases. They not only offer convenience but also provide an effortless way to earn money through your spending. So, whether you are a frequent traveller or just looking to save on everyday expenses, the best cashback credit cards can offer significant advantages. Research the various cashback credit cards available and choose the one that suits you best.
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A cashback credit card is a type of credit card specially designed for heavy spenders, where a percentage of the amount spent is returned in the form of cash.
Yes, you can use your cashback credit card abroad, but there may be foreign transaction fees. It’s important to check the terms and conditions of the card to understand the fees associated with using it abroad.
The credit score required for a cashback credit card can vary, but most cards are available for those with good to excellent scores. It’s important to compare the terms and conditions of different cards to determine the best option for you.
The amount of cashback you can earn with a cashback credit card depends on the card and the amount you spend. Some cards offer higher cashback rates in specific categories, like dining or gas, while others offer a flat rate on all purchases.
Yes, some cashback credit cards may have restrictions on the maximum amount of cashback you can earn per quarter or per year. It’s important to check all the terms and conditions of the card to understand the restrictions and limitations.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
