In a world where financial choices can be overwhelming, cashback credit cards offer a rewarding and straightforward way to maximize your spending. The concept is simple: earn back a percentage of the money you spend on your card. These cards have gained immense popularity in India, and for good reason. They provide a hassle-free, quick, and convenient way to get something back for your everyday purchases.
Cashback credit cards are designed to put money back into your pocket, and with the right card, you can save on everything from dining and groceries to online shopping. In this article, we’ll explore the benefits of cashback credit cards, and we’ll introduce you to the top options available in 2023 to help you make informed financial decisions.
Benefits Of Getting a Cashback Credit Card
The advantages of owning a cashback credit card are compelling. Here are some key benefits that make these cards an attractive choice:
- Rewarding Your Spending: Cashback credit cards offer a percentage of your spending back to you. The more you use your card for everyday expenses, the more cashback you can accumulate.
- Flexibility in Redemption: You can redeem your cashback points just like liquid cash, making it easy to use them for various purposes, from paying your bills to shopping online.
- Worldwide Acceptance: Cashback credit cards are widely accepted, allowing you to enjoy the benefits wherever you are in the world.
Now, let’s take a closer look at some of the top cashback credit cards available in India for 2023:
1. HSBC Cashback Credit Card
- Annual fees: INR 999 (waived if annual spending exceeds INR 200,000)
- Cashback features: Enjoy 10% accelerated cashback on dining, food delivery, and grocery spends (up to INR 1000 per billing cycle). Additionally, you’ll earn 1.5% unlimited cashback on other purchases.
- Other benefits: Receive four complimentary domestic lounge visits per year (one visit per quarter).
2. SimplyCLICK SBI Credit Card
- Annual Fee: INR 499+ taxes
- Welcome Benefit: Receive an Amazon gift card.
- Key Feature: Earn reward points on your spending.
3. Standard Chartered Rewards Credit Card
- Rewards: Get 4 reward points for every INR 150 spent on all retail purchases (excluding government, insurance, and fuel expenses).
- Joining Fees: None (annual fees will be waived from the second year onwards for spends exceeding INR 3,00,000 in the previous year).
- Fuel Surcharge Waiver: Enjoy up to a 1% fuel surcharge waiver (terms and conditions apply).
4. Kotak Bank Mojo Platinum Credit Card
- Rewards on spending: Earn 2.5 points for every INR 100 spent on e-commerce and 1 point on other purchases.
- Milestone Gift: Accumulate 2500 Mojo points quarterly by spending INR 75,000.
- Fuel Surcharge Waiver: Benefit from a 1% fuel surcharge waiver for transactions ranging from INR 500 to 3,000.
5. ICICI Platinum Chip Credit Card
- Annual Fee: None
- Welcome Benefits: No specific welcome benefits.
- Key Feature: Earn 2 reward points per Rs. 100 spent on retail purchases, enjoy fuel surcharge waiver, and save up to 15% on dining bills at partner restaurants across India.
How to Apply for a Cashback Credit Card
Applying for a cashback credit card is a straightforward process. Here are some ways to get started:
- Apply Online: You can visit the official website of the bank and follow the application process. Many banks also have links on partner websites for online applications. If you are an existing customer, you’ll need to provide your customer ID; if you are a new applicant, you’ll need to provide details like your phone number and PAN card.
- Apply Offline: You can also apply for a cashback credit card by contacting the bank via phone. They will guide you through the application process, which may involve sending a representative to your residence or conducting the KYC process over the phone.
- Visit a Branch: If you prefer a face-to-face interaction, you can visit a bank branch with the necessary KYC documents. This way, you can open an account with the assistance of a bank representative.
It’s essential to select a cashback credit card that aligns with your spending habits and financial goals. These cards offer an excellent way to maximize your savings while making everyday purchases, making them a valuable addition to your financial toolkit.
