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Cashback is the simplest form of benefit a credit card can offer. You spend money and you get real value back, instead of earning rewards and later redeeming them for cash, vouchers or other items. There are several cashback credit cards in India, most of them offering extra cashback on select spending categories. There is no single cashback card to match everyone’s needs so you should pick the right credit card based on how you spend your money.
Also Read: Best Rewards Credit Cards in India
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Suggested: Best Credit Cards for Shopping | Check Eligibility for Similar Credit Cards
SBI Cashback Credit Card offers the highest cashback rate on online spends in comparison to other cashback credit cards in the market, at 5%. Additionally, what makes this card stand out is that there are no merchant restrictions. Thereby, you earn cashback, irrespective of the website you spend on. This is unlikely since many cards offering high cashback usually restrict it to selected platforms. Also, the cashback redemption process with this card is comparatively easier, as the cashback is directly credited to the card account.
Suggested: Best Credit Cards for Shopping | Check Eligibility for Similar Credit Cards
Annual Fee: Rs. 499
Axis Bank Ace Credit Card comes with a 2% flat-rate cashback implying that you can earn good value back on all your purchases. This card offers up to 5% cashback on bill payments, DTH, and mobile recharges done via Google Pay, and 4% cashback on specific merchants such as Swiggy, Zomato & Ola. All of these categories are quite practical for everyone. Also, there is no upper limit on the maximum cashback that can be earned which becomes a very good deal for those who spend across all these categories frequently. With a low annual fee, this is one of the best entry-level cards for high overall value back, especially for people who have just started their careers.
Annual Fee: Rs. 500
Suggested: Best Online Shopping Credit Cards in India | Check Eligibility for Similar Credit Cards
Flipkart Axis Bank Credit Card is one of the best co-branded credit cards in India. It is best suited for people who are active users of Flipkart and Myntra as it gives 5% cashback every time you shop on the given platforms. Besides, 4% cashback on other merchants like ClearTrip, PVR, Uber, and Cure.fit can also be availed. So, basically, this card covers the three very popular categories – shopping, travel, and lifestyle. Similar cards like Amazon Pay and Paytm SBI Card offer great benefits on their own respective platforms and some partner merchants. However, the partner merchants on Flipkart Card are among the most popular ones in their categories, making the card more practical. Hence, if you are someone who is seeking a credit card for discounts and offers on online shopping across multiple categories, this is the card for you.
Suggested: Best Online Shopping Credit Cards in India | Check Eligibility for Similar Credit Cards
Suggested: Amazon Pay ICICI Credit Card Review | Check Eligibility for Similar Credit Cards
Amazon Pay ICICI Credit Card is a co-branded credit card that offers the highest benefits for your purchases at Amazon. Amazon Prime members can avail 5% cashback on their transactions at Amazon, without any joining or annual fee. On the other hand, non-prime members can get 3% cashback on Amazon transactions. Apart from cashback, you can also get other privileges, like dining benefits, a fuel surcharge waiver and no cost EMI facility with this credit card. This is a decent option if you frequently shop online from Amazon and are looking for a card that offers benefits on online shopping.
Suggested: Amazon Pay ICICI Credit Card Review | Check Eligibility for Similar Credit Cards
Annual Fee: Rs. 1,000
Suggested: HDFC Millennia Credit Card Review | Check Eligibility for Similar Credit Cards
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HDFC Millenia offers lucrative cashback on not just one, but multiple categories say online shopping, travel, wallet loading, and other offline transactions. You will get 5% cashback on popular websites like Amazon and Flipkart. You will also get cashback on EMIs and wallet loading with this card, which is not so common among cashback credit cards. At an annual fee of Rs.1,000, the multi-faceted features that this card offers is a pretty good deal for cashback & discount seekers. The only drawback of this card is that cashback is offered only if you exceed a pre-set transaction amount on that particular category. So, this card will be the perfect choice for those who usually make high-spending on the card.
Suggested: HDFC Millennia Credit Card Review | Check Eligibility for Similar Credit Cards
Suggested: HSBC Cashback Credit Card Review | Check Eligibility for Similar Credit Cards
HSBC Cashback Credit Card offers unlimited 1.5% cashback on online purchases and 1% cashback on all other purchases. Hence, the bigger your spendings, the bigger cashback you can fetch. This works very well for those who like to shop online but do not want to be limited to a particular website. Since the card rewards you for ‘online’ expenses, it covers almost all the popular categories such as travel, food, shopping, lifestyle, etc. as long as you pay for them online. 1% flat cashback on offline expenses is also a good deal but not a great one as other cards like Axis Ace and Flipkart Axis give you better rates at lower annual fee.
Suggested: HSBC Cashback Credit Card Review | Check Eligibility for Similar Credit Cards
Annual Fee: Rs.1,499
Suggested: Paytm SBI Card SELECT | Check Eligibility for Similar Credit Cards
Paytm SBI Select Credit Card holds great value for Paytm users not only in the form of cashback across different categories but also in the form of Paytm First Membership. It offers instant cashback and more savings upon using the card on Paytm Mall and other offline/online platforms. Users of Paytm SBI Select card can get up to 5% cashback exclusively on booking travel or movie tickets, the minimum cashback offered is 1% on all other transactions done on offline and/or online platforms. Though the card is also available in a regular variant, we would suggest the ‘Select’ variant (if you are eligible) as it gives higher cashback on Paytm purchases. The base rate, however, is the same with both cards.
Suggested: Paytm SBI Card SELECT | Check Eligibility for Similar Credit Cards
Annual Fee: Rs. 499
Suggested: Standard Chartered Smart Credit Card Review | Check Eligibility for Similar Credit Cards
Standard Chartered Smart Credit Card rewards you with 2% cashback for online transactions and 1% cashback for all other transactions. This credit card also offers an extended interest-free period of up to 90 days along with other benefits such as EMI conversion, contactless payments, OTP verification and more. The good thing is you can also get a loan against your Standard Chartered Smart Credit Card of up to Rs. 5 lakh with the flexible repayment option. Overall, you can apply for this credit card if you frequently shop online and are looking for a low-annual fee credit card that offers decent cashback on online transactions.
Suggested: Standard Chartered Smart Credit Card Review | Check Eligibility for Similar Credit Cards
Annual Fee: Rs .1,499
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Suggested: YES Prosperity Cashback Plus Credit Card | Check Eligibility for Similar Credit Cards
YES Prosperity Cashback Plus Credit Card offers 5% cashback on bills including rent payments, mobile recharge, telephone bill payment, gas and electricity bill payment via YES Bank’s PayNow service. Besides, there is 5% cashback on groceries. These two categories are quite sensible for a larger customer segment as utilities and groceries are non-discretionary expenses and getting such generous rewards for these categories is actually quite beneficial. .
Another card with similar benefits is Axis Ace and it comes with a higher universal cashback rate of 2%, thus beating YES Prosperity Cashback. However, if you are not eligible for Axis Bank Ace Credit Card but specifically looking for a card that rewards you for heavy utility bill payments every month, YES Prosperity Cashback can be a great alternative. Its cashback rate for utility bills and groceries is the same as Axis Ace (5%). The platforms, however, are different.
Suggested: YES Prosperity Cashback Plus Credit Card | Check Eligibility for Similar Credit Cards
Suggested: HDFC MoneyBack+ Credit Card Review | Check Eligibility for Similar Credit Cards
HDFC MoneyBack+ Credit Card is an upgraded version of HDFC MoneyBack Credit Card. With this card, you can earn CashPoints on your transactions and later redeem them as per your requirements. Not only this, you can avail bonus CashPoints after the payment of joining fee. This credit card also rewards you with a gift voucher worth Rs. 500 on achieving a specific milestone. Besides this, you can also avail other benefits, including complimentary Dineout membership, an interest-free credit period, a fuel surcharge waiver and much more with this credit card. Overall, this is an ideal option if you want to start your credit journey and are looking for a card that offers discounts on your purchases.
Suggested: HDFC MoneyBack+ Credit Card Review | Check Eligibility for Similar Credit Cards
The main criterion for us has been the value back that each of these cards offer. We have also covered different spending categories from supermarket spends, fuel and groceries to those with comprehensive cashback benefits across multiple categories. Most of the cards in our list are from ‘low to moderate’ fee range and thus suited to the needs of many. You can read our reviews of the listed cards to get an unbiased opinion on each of them.
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The choice of best credit card for cashback depends on how you plan to use the card. Since credit card benefits are usually inclined towards one or two specific categories, understanding your need is very important while choosing any type of card. For example, if you plan to use the card mainly for groceries, the Standard Chartered Manhattan Platinum Credit Card would be good for you. However, if you wish to be rewarded for fuel expenses, their Super Value Titanium Credit Card would be better.
Once you have narrowed down your options, you should compare the cards on the basis of annual fee, cashback rate, bonus categories, etc.
| Travel Credit Cards | Shopping Credit Cards | Lounge Access Credit Cards |
| Dining Credit Cards | Rewards Credit Cards | Premium Credit Cards |
Which is better- cashback or rewards?
The idea behind cashback and rewards is the same- they are simply an incentive for using your card. While cashback is simple to understand and manage, reward points are a bit complicated because of the extra step of first accumulating them and then redeeming them at a later stage. Some cards allow you to convert the reward points into cash but the rate may not be the same. At the same time, there are rewards credit cards that allow conversion into miles which could be better than cashback, especially if you travel often. So, you must make a choice depending on your needs.
Is a cashback credit card worth it?
Any credit card would be worth only if you manage to get benefits at least equivalent to the annual fee charged. Most cashback cards charge a low annual fee so it is likely that you would be able to make the most of it even if you do not put every expense on the card. However, you should always pay your bills on time so that the extra charges do not eat into your benefits.
How to maximize cashback on your credit card?
The easiest way to maximize the benefits on your cashback credit card is to use it for the bonus category of expenses. For example, if your cashback credit card offers fuel benefits, you must put your fuel expenses on this card to make the most of it.
I already have a rewards credit card. Should I get a cashback credit card too?
You should consider getting a cashback credit card if your rewards card does not cover a particular spending category. Even if you are happy with your rewards credit card, getting a low or no annual fee cashback credit card does not hurt.
Is 2% cashback good?
Yes. This is because rewards may look like a lot but their actual value back is low. Mostly, the monetary value of 1 reward point ranges from Re. 0.25 to Re. 0.50. But when you get real and direct cashback, even 2% is better.
