10 Best Credit Cards in India for Cashback (2020)

Are you looking for the best credit cards for cashback in India for 2020? Or are you looking for a simplified credit card rewards program without too much hassle? If the answer to any of these questions is yes, then you have landed at the correct article.

Most of the time credit cards provide reward points which can be redeemed for flight tickets or hotel stay. Those who don’t travel a lot, these redemption options don’t make any sense to them. Hence to cater their needs, there are some credit cards in Indian market which provide rewards in form of statement cashback. In this article, I am listing down 10 such credit cards explaining their benefits and nuances. So let’s dive right in!

1. American Express Membership Rewards Credit Card

Cashback Rate 0.5% if points are converted to statement credit

9% if redeemed for statement credit using 18 Karat Gold Collection
10% if redeemed for statement credit using 24 Karat Gold Collection
Joining Fee: Nil if applied via referral link, Rs. 1,000 + GST otherwise

Renewal Fee: Amex generally waives off the charges if your spend on card is substantial. Via referral: Nil if total spends greater than Rs. 1,50,000, Rs. 750 + GST if total spends greater than Rs. 90,000, Rs. 1,500 otherwise

Regular: Nil if total spends greater than Rs. 1,50,000, Rs. 2,250 + GST if total spends greater than Rs. 90,000, Rs. 4,500 otherwise

Other benefits Fuel Convenience Fee Waiver

Discounts of up to 20% on participating restaurants
Emergency Card Replacement

Though the reward rate looks paltry on American Express Membership Rewards Credit Card, this card shines when you redeem the Membership Rewards Points from 18 Karat or 24 Karat Gold collection. Let’s do a sample math to calculate the reward rate when you just do 4 transactions of Rs. 1,000 every month and redeem from 18 Karat Gold Collection.

Only catch with this card is to get the maximum cashback rate, you need to limit your spends to 4 transactions of Rs. 1,000 (total Rs. 4,000) per month.

2. IndusInd Bank Pinnacle Credit Card

Cashback Rate 2.5% on online e-commerce transactions

1.5% on travel and airline transactions
1% on others
0.7% on Utility Bill Payments, Insurance Premium Payments, Government Services/Charges/Payments & Education Institute Fees

Joining Fee: Rs. 12,999 + GST without vouchers

Rs. 50,000 + GST with vouchers
Annual Fee: Nil

Other benefits Complimentary Airport Lounge Access Domestic: 1 per quarter

International: 2 per quarter
Golf privilege
Concierge

IndusInd Bank Pinnacle Credit Card is a premium product from IndusInd Bank. This card provides a reward rate of 2.5% on online e-commerce transactions which is great. You need to explicitly redeem the reward points for statement cash via online portal and only Rs. 25,000 can be redeemed per statement cycle as cashback.

3. IndusInd Bank Iconia Amex Credit Card

Cashback Rate 2% on weekends (Saturday & Sunday)

1.5% on weekdays
0.7% on Utility Bill Payments, Insurance Premium Payments, Government Services/Charges/Payments & Education Institute Fees

Joining Fee: Rs. 3,500 + GST without vouchers

Rs. 10,000 + GST with vouchers
Annual Fee: Nil

Other benefits Complimentary Airport Lounge Access: 2 domestic airport lounge access per quarter

Golf privilege
Concierge

IndusInd Bank Iconia Amex Credit Card is the most popular credit card from IndusInd Bank. With a default reward rate of 1.5% on weekdays and 2% on weekends, this card can easily become your primary driver.

4. Flipkart Axis Bank Credit Card

Cashback Rate 5% cashback on Flipkart, Myntra and 2GUD

4% cashback on Preferred Partners (MakeMyTrip, Goibibo, Uber, PVR, Curefit and UrbanClap)
1.5% cashback on all other merchants
Joining Fee: Rs. 500 + GST, Flipkart voucher worth Rs. 500 provided
Annual Fee: Rs. 500 + GST, waived off on annual spends greater than Rs. 2 Lakhs

Other benefits Complimentary Airport Lounge Access: 1 domestic airport lounge access per quarter

1% fuel surcharge waiver on transactions between Rs. 400 and Rs. 4000

Flipkart Axis Bank Credit Card is one of most rewarding co-branded credit cards currently. 5% cashback on Flipkart and 1.5% cashback on other transactions is really amazing. And the best part is you don’t need to redeem the cashback manually, it’s automatically posted to next month statement.

5. HDFC Bank Millennia Credit Card

Cashback Rate 5% CashBack on all spends/shopping via PayZapp and SmartBuy Maximum Cashback: Rs. 750 per month

Launch Offer: Maximum Cashback Rs. 1,000 per month for the first six months post issuance of the card
Minimum Transaction: Rs. 2,000
2.5% CashBack on all online spends Maximum Cashback: Rs. Rs. 750
Minimum Transaction: Rs. 2,000
1% CashBack on all offline spends Maximum Cashback: Rs. Rs. 750
Minimum Transaction: Rs. 100
Joining Fee: Rs. 1,000 + GST, 1,000 Cash Points worth Rs. 1,000 provided
Annual Fee: Rs. 1,000 + GST, waived off on annual spends of more than Rs. 1 Lakh

Other benefits Complimentary Airport Lounge Access: 2 domestic airport lounge access per quarter

1% fuel surcharge waiver on transactions more Rs. 400 limited to Rs. 250 per statement cycle

HDFC Bank Millennia Credit Card is an entry level lifestyle credit card from HDFC Bank. The cashback on this card is given in the form of CashPoints where each CashPoint is equivalent to Re. 1. The CashPoints expire after a year and a minimum 2,500 CashPoints required for redemption.

6. HSBC Cashback Credit Card

Cashback Rate 1.5% cashback on online spends, excluding wallet load

1% cashback on offline spends
Joining Fee: Nil
Renewal Fee: Rs. 750, reversed on annual spends on Rs. 1 Lakh

Other benefits

15% off on dining at over 1,000 restaurants across major cities

HSBC Cashback Credit Card is a simple and straightforward credit card from HSBC Bank. 1.5% unlimited cashback on online and 1% unlimited cashback on offline spends is decent.

7. Paytm First Credit Card

Cashback Rate: 1% cashback on all transactions
Joining Fee: Rs. 500
Renewal Fee: Rs. 500, reversed on annual spends on Rs. 50,000

Other benefits Complimentary one Year Paytm First Membership

Buy 1 Get 1 movie ticket every Friday on Paytm movies
Rs. 1,000 cashback on spending Rs. 5,000 within 30 days of card issuance
Upto 20% discount at Partner Restaurants

Paytm First Credit Card is an entry level co-branded card from CitiBank. This card provides a decent cashback of 1% on all transactions. The cashback is directly posted to statement credit without any manual intervention which is quite convenient.

8. Amazon Pay ICICI Bank Credit Card

Cashback Rate 5% for Amazon Prime customers and 3% for others on Amazon

2% on paying through Amazon Pay
1% on other spends
Joining Fee: Nil
Renewal Fee: Nil

Amazon Pay ICICI Bank Credit Card is one the best entry level cards in the Indian market right now. This card doesn’t provide direct statement credit, rather the cashback is credited to Amazon Pay balance which is as good as cash. Given that this card is issued life time free and provides a handsome cashback rate, this card is favorite of many and you should definitely consider getting this card.

9. SBI SimplyCLICK Credit Card

Cashback Rate 2.5% back on online spends with exclusive partners - Amazon, BookMyShow, Cleartrip, Lenskart, Netmeds & UrbanClap

1.25% on other online spends
0.25% on offline spends
Joining Fee: Rs. 499, get equivalent amount of Amazon voucher
Renewal Fee: Rs. 499, reversed if annual spends for last year >= Rs. 1,00,000

Other benefits 1% fuel surcharge waiver for each transaction between Rs. 500 & Rs. 3,000

Cleartrip e-voucher worth Rs.2,000 on annual online spends of Rs. 1 Lakh
Cleartrip e-voucher worth Rs.2,000 on annual online spends of Rs. 2 Lakhs

SBI SimplyCLICK Credit Card is a great card if you spend online a lot. Though this card doesn’t provide direct cashback, you can redeem reward points for Amazon vouchers which is as good as cash. Also on spending Rs. 2 Lakhs online in a year, the reward rate is enhanced by 2% due to Cleartrip voucher further pushing the reward rate between 4.5% and 2.25%. You may look at its counterpart, SBI SimplySAVE Credit Card, if the majority of your spends are offline.

10. Ola Money SBI Credit Card

Cashback Rate 15% cashback on Ola rides for first year (limited period offer), limited to Rs. 1,000 per month

7% cashback on Ola rides from second year onwards, limited to Rs. 500 per month
1% cashback on all spends
5% cashback on flight tickets at Cleartrip
20% cashback on payment via Dineout, limited to Rs. 200 per month
Joining Fee: Nil
Annual Fee: Rs. 499, reversed on annual spends of Rs. 1 Lakh

Other benefits

1% fuel surcharge waiver

Ola Money SBI Credit Card, instead of statement cash, provides cashback in Ola Money wallet within 3 days of transaction. Ola Money wallet can be used at 1500+ other merchants online.

  Settling Ola Postpaid bills using Ola Money SBI Credit Card also gives a cashback of 15% up to Rs. 1,000 per month. Use Ola Money Postpaid at partner merchants to maximize the benefit.

Thanks Rishabh Mangal for sharing above tip.

Bottomline

Cashback credit cards simplify the reward redemption and are a good option to many. The only caveat of these credit cards is low reward rate. While credit cards which allow redemption for air tickets and hotel stay can offer a reward rate between 5% and 7%, cashback credit cards provide an average reward rate of around 2%. If you are an occasional traveler, consider going for cashback credit cards, otherwise look at other better credit cards to maximize your return.

Which is your favorite cashback credit card? Did I miss any credit card which should be part of this list? Let me know by leaving a quick comment below.