Top 5 Best Cashback Credit Cards in India 2024
In today's world, credit cards are more than just a tool for convenience—they're a way to earn rewards and save money. Cashback credit cards are particularly popular because they offer a straightforward benefit: a percentage of your spending returned to you as cash. Here’s a look at the top 5 best cashback credit cards in India, ranked from best to worst, to help you choose the right one for your needs.
1. SBI Cashback Credit Card
Why It's the Best:
- High Cashback Rates: Earn 5% cashback on all online spends without any merchant restrictions.
- Wide Coverage: 1% cashback on all offline spends, making it versatile for any purchase.
- Annual Fee Waiver: Annual fee of ₹999 waived on annual spends of ₹2,00,000.
Pros:
- Unrestricted cashback on online spends
- Broad applicability for both online and offline purchases
- Simple fee waiver criteria
Cons:
- Cashback capped at ₹10,000 per monthly billing cycle
- Annual fee of ₹999
2. HDFC Bank Millennia Credit Card
Why It's Great:
- High Cashback Rates: Earn up to 5% cashback on online spends via popular platforms like Amazon, Flipkart, Myntra, and more.
- Easy Redemption: Cashback is automatically credited to your statement, making it easy to redeem without any hassle.
- Additional Benefits: Enjoy airport lounge access, fuel surcharge waiver, and attractive discounts on dining.
Pros:
- Great for online shopping
- Complimentary lounge access
- Simple cashback redemption process
Cons:
- Cashback capped at ₹1,000 per month for online spends
- Annual fee of ₹1,000, waived if you spend ₹1,00,000 in a year
3. Axis Bank Ace Credit Card
Why It's Beneficial:
- High Cashback: 5% cashback on bill payments and recharges via Google Pay, 4% on Swiggy, Zomato, and Ola, and 2% on all other spends.
- Unlimited Cashback: No cap on the amount of cashback you can earn.
- Low Annual Fee: ₹499 annual fee, waived on spending ₹2,00,000 in a year.
Pros:
- High cashback on specific categories
- Unlimited cashback
- Affordable annual fee
Cons:
- Cashback restricted to certain platforms
- Lesser benefits on offline spends
4. Amazon Pay ICICI Bank Credit Card
Why It's Worth Considering:
- Amazon Rewards: Up to 5% cashback on Amazon purchases for Prime members, 3% for non-Prime members.
- Universal Cashback: 2% cashback on 100+ Amazon Pay partner merchants, 1% on other spends.
- No Annual Fee: Completely free to own with no joining or annual fees.
Pros:
- Great for frequent Amazon shoppers
- No annual fee
- Decent cashback on all purchases
Cons:
- Best suited for Amazon Prime members
- Limited additional benefits compared to other cards
5. HSBC Cashback Credit Card
Why It's Reliable:
- Direct Cashback: 1.5% cashback on all online spends and 1% on all offline spends.
- Automatic Credit: Cashback is automatically credited to your account.
- Annual Fee Waiver: Annual fee of ₹750 is waived off on spends of ₹1,00,000 in a year.
Pros:
- Simple and straightforward cashback
- Automatic credit of cashback
- Easy fee waiver criteria
Cons:
- Lower cashback rate compared to some other cards
- ₹750 annual fee
Conclusion
Choosing the right cashback credit card can significantly enhance your savings on everyday expenses. The SBI Cashback Credit Card tops our list for its unrestricted online cashback benefits, while the HDFC Bank Millennia Credit Card remains a strong contender for online shopping enthusiasts. The HSBC Cashback Credit Card offers straightforward cashback across all spends. Consider your spending habits and lifestyle needs to pick the card that offers the most value to you.
Note: Always check the latest terms and conditions on the official bank websites before applying, as benefits and fees can change.