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    Rewards Credit Cards in India

    rewards credit card India

    Reward Points programme is one of the interesting feature offered by most of the credit cards. The feature allows the credit cardholders to earn reward points when they spend a specified amount or more on their credit cards. These reward points can be redeemed for rewards, gifts or other benefits listed in bank specific reward catalogues.

    Benefits Of Rewards Credit Cards

    Reward points programmes available on credit cards vary from one credit card to another. However, there are certain common benefits offered by most of the reward points programmes.

    Listed below are a few benefits offered by rewards credit cards.

    • Rewards on every transaction: You can earn reward points on most of the transactions done with your credit cards. Only a few transactions such as gold, fuel, cash advances, fees and charges are not eligible for reward points. A minimum amount should be spent on each transaction to become eligible for reward points. The same points, after reaching a cut off, can be redeemed for rewards and other gifts from the bank’s rewards catalogue.
    • Accelerated rewards: Not only can cardholders earn reward points for minimum spends, they can also earn accelerated reward points on selected categories of spends. The categories eligible for accelerated reward points differ from one card to another and are mostly based on the credit card type. In co-branded credit cards, more rewards points will be offered on purchases related to credit card partner’s product or services. For instance, a co-branded fuel credit card will offer more reward points on fuel transactions compared to regular transactions.
    • Milestone rewards: For reaching certain milestones with respect to credit card transactions or spends, the bank will offer a bundle of reward points as milestone bonus. Cardholders can earn a huge lot of reward points by achieving such milestones.
    • Exciting rewards: After accruing a certain number of reward points, cardholders will be eligible to redeem the same for various category of products listed in the company’s rewards catalogue. Each bank has its own rewards catalogue that features products including electronics, home appliances, apparels, etc. Some cards will also provide an option to redeem rewards points for cash against the outstanding on the card.

    Types of Rewards Credit Cards in India

    Some of the common Reward Credit cards types that are available are as follows –
    • Travel Rewards Credit Cards
    • Dining/Shopping Rewards Credit Cards
    • Entertainment Rewards Credit Card

    Travel Rewards Credit Cards

    These cards are specifically made for those who love to travel the world and are self-confessed wanderlust addicts. These cards provide deals on domestic and international trip fares that are charged to the specific credit card along with offers such as AirMiles. These offers can be in the form of discounted tickets, complimentary lounge stays, lower hotel prices and so on. Sometimes Reward Points can also be converted to AirMiles once a certain number of points have been accumulated. These cards are therefore, highly advantageous to all those individuals who travel frequently. A number of credit card providers come up with credit cards that are designed specifically to cater to the needs of frequent travellers. Some of the popular ones include -

    HDFC JetPrivilege Diners Credit Card

    This card comes with a whole host of benefits and features that are perfect for every frequent traveller.The annual fee for this card is Rs.10,000 for the first year and the renewal fee is Rs.5.000. Customers on procuring this card receive a welcome benefit of a maximum of 30,000 bonus JPMiles along with 15 JetPrivilege Tier points within a period of the first 90 days. Additionally, cardholders can avail 8 JPMiles for every Rs.150 that they charge to their card and 24 JPMiles every time they charge Rs.150 to their credit card by booking a flight ticket on the Jet Airways website. Cardholders can also procure a waiver of their base fare and discount voucher for the return flight ticket on the Jet Airways website once membership fee has been paid. Cardholders can also procure a discount of 5% on the base fare on revenue tickets that are booked on the Jet Airways website. In addition to the above, there are a number of other perks available as well making this one of the top travel credit cards available.

    SBI Air India Visa Signature Credit Card

    The annual fee for this credit card is Rs.4,999 for the first year and for subsequent years as well. There are a number of rewards that can be procured through this card. 1 Air India Mile equals 1 Reward Point. When customers avail this card, they stand to receive 20,000 Reward Points as a Welcome Bonus. For every Rs.100 spent on tickets from Air India, cardholders will receive 20 Reward points.

    In addition to the above, customers can procure complimentary membership of Air India Frequent Flyer program along with access to more than 600 luxury lounges in International airports thanks to the complimentary Priority Pass Program. Cardholders can also avail complimentary access to the Visa Lounge Access Program in India at major domestic airports.

    Citibank Premier Miles Credit Card

    This credit card by Citibank is available in both Visa as well as MasterCard variant and has an annual fee of Rs.3,000. Customers can procure 10,000 Miles on their first spend of Rs.1,000 or over and 3,000 Miles when they renew their credit card. Each time customers charge Rs.100 to their credit card for flight ticket booking, car rentals or hotel stays at the dedicated PremierMiles website, they stand to receive 10 Miles. On airline transactions charged to their credit card, customers can earn 10 Miles for every Rs.100 spent.Customers can also earn 10 Miles for every Rs,100 spent through their card with merchant partners such as Flipkart and MakeMyTrip. Cardholders have the option to convert every 2 Miles of theirs to 1 Frequent Flyer Air Mile. Additionally, Air Accident Insurance Cover of upto Rs.1 crore is also available.

    Dining / Shopping Rewards Credit Cards

    With the popping up of restaurants every 2 kilometers, every second individual is either a food connoisseur or a gourmet grazer. Armed with smartphones to share the details of their dining extravagances, these individuals are willing to spend a lot more than what is accepted as the norm, on dining experiences. Whether it is street food or fine dining, a number of individuals today are splurging on experiences related to food today. Credit cards have jumped on the food bandwagon and a number of companies provide credit cards that make these dining experiences a lot more fulfilling.

    Additionally there are also those shopaholics who love to purchase not just food and clothes but even groceries and splurge on departmental stores. These days customers are also moving towards online shopping a lot more due to the sheer number of choices that are available and frequent sales. A number of credit cards also cater to this section. Some of these include -

    Standard Chartered Manhattan Credit Card

    One of the best credit cards for rookies and experiences cardholders alike, this card by Standard Chartered Manhattan credit card offers a cashback of 5% on all grocery spends. This credit card is apt for those who have annual spends of Rs. 1 lakh to Rs.2 lakhs. Customers procure a 5 times Rewards when they use their credit card to pay for dining expenses at restaurants and hotels, air line tickets and even fuel. Additionally customers can also earn cashback of upto Rs.500 per month and Rs.150 per transaction.

    SBI Signature Elite Credit Card

    This credit card comes with a whole host of benefits and Rewards. Customers will have to pay an annual fee of Rs.4,999 as the annual fee. Once they procure this card they will receive Welcome gifts worth the same amount. Benefits worth Rs.30,000 can be procured every year along with 2 free movie tickets every month when booked on Bookmyshow.com.

    On every Rs.100 spent through the SBI Signature Elite credit card on purchases at Departmental stores groceries, international purchases or dining, customers can procure 10 Reward points. On other purchases, every Rs.100 will result in cardholders receiving 2 points. Cardholders also can use the benefit of the Signature Contactless Advantage.

    Once customers achieve an annual spend of Rs.2 lakhs or Rs.3 lakhs or Rs.4 lakhs they can earn Bonus Reward Points of 10,000. Once annual spends exceed Rs.5 lakhs, cardholders an avail 20,000 Bonus Reward Points. Customers should note that each Reward Point is equal Rs.0.25.

    HDFC Regalia Credit Card

    This credit card can be procured only by those who enjoy a good relationship with HDFC and is quite hard to procure. The annual fee will depend on the individual’s credit score and their spending habits. Through this card, customers can avail 8 Reward points on every purchase made at the HDFC Regalia website. Customers can also procure 6 Reward Points for every Rs.150 spent on dining and 4 Reward Points for the same amount spend on other purchases. Against exclusive lifestyle choices, customers can redeem their Reward Points wherein 1 Reward Point is equal to Rs.0.75. Cardholders can also procure a complimentary Taj Epicure Plus Membership Card and a Priority Pass Membership. Additionally, customers can also procure an air accident cover of upto Rs.1 crore and an overseas emergency hospitalisation cover worth Rs.12 lakhs.

    Entertainment Rewards Credit Card

    What is life without the right kind of entertainment. Movies, games, travelling, shopping, etc., each one of these activities are something that most individuals enjoy. In order to ensure that this entertainment is not curtailed by the lack of funds, a number of banks and financial companies provide credit cards that allow individuals to enjoy a whirlwind of activities without causing too deep a dent in their wallet. These credit cards offer not just deals and discounts but also Reward Points which can be exchanged for other benefits and features.

    Some of the credit cards that offer entertainment related benefits are as follows -

    SBI Simply Click Credit Card

    The Simply Click Credit card is perfect for those who love to shop online and go to movies. This credit card comes with a very low annual fee of Rs.499 which will be waived if they spend over Rs.1 lakh per year on their card. Additionally, cardholders also get a bonus gift voucher of Rs.500 from Amazon upon procuring this card.

    Cardholders can avail 10X Rewards on online spends made at websites such as BookMyShow, Amazon, FoodPanda, FabFurnish, ClearTrip, Ola, Lenskart and Zoomcar. On online shopping at other websites, cardholders can avail 5X Rewards. When customers spend over Rs.500 on fuel through their credit card, a waiver of 2.5% fuel surcharge can be availed. In case annual online spends crosses Rs.1 lakh, cardholders receive a Cleartrip e-voucher that is worth Rs.2,000.

    ICICI Bank Coral American Express Credit Card

    This credit card combines the best of both ICICI Bank and American Express. Boasting of a unique transparent design, this credit card is distinctive. Through this card, customers can enjoy a number of benefits with respect to shopping, dining and entertainment.

    Other benefits include a complimentary Provogue tie when customers procure this card. 50% more Reward points when individuals use this credit card to shop online. 2X cash rewards can be availed on groceries, dining and purchases at supermarkets. Under the Buy 1 get 1 offer that is provided by BookMyShow, cardholders can avail 2 complimentary movie tickets every month. Thanks to the Culinary Treats Programme, customers an avail savings of a minimum of 15% on dining bills at numerous restaurants. Cardholders can also avail complimentary access to certain airport lounges in India as courtesy of American Express.

    Given above are some of the commonly procured credit cards for the sheer number of Rewards and benefits provided by them. Customers need to understand their needs and requirements prior to opting for a credit card.

    How To Apply For Rewards Credit Cards Online?

    One way to apply for rewards credit cards is through the bank’s official website as most banks these days are allowing online application for credit cards. Another way is to apply through a third party service provider who is authorised to accept credit card applications online. Let’s look at both the processes in detail.

    Apply through bank’s website: Before applying for a credit card, make sure to choose one based on your needs. The bank’s website will list most of the reward credit cards along with their features and benefits. Once you have shortlisted the card, you can follow the below steps to apply for a credit card online.  

    • Steps to apply for a rewards credit cards online
      • Go to the specific bank’s website
      • Visit the page on which your preferred rewards credit card is featured
      • Find ‘Apply’ button and click on the same to visit the online application page
      • Fill the online application page with required details before clicking on ‘Submit’

    Once the application is submitted, you will receive a reference number. Make a note of the same and use it to track your application status online.

    Once the bank receives the application and if your profile meets the eligibility criteria, the bank will give you a call in 3-4 working days and will let you know further application process.

    Upon receiving the call and submitting the required documents, the bank will process you credit card application process in 7-10 working days, provided you clear the verification process. Meanwhile, you can track the status of your application using the application number on the bank’s website.

    Apply Through Bankbazaar Website:

    Another way to apply for a credit card online is approaching an authorised third party financial service provider like BankBazaar. By partnering with more than 50 banks, BankBazaar is one of the leading fintech companies in India. The company provides an online platform to shop, compare and apply for mot financial products including credit cards online. While the bank specific websites feature their own products, BankBazaar lists credit cards offered by all its partners, hence provides the visitor an opportunity to choose the best product in the market. Mentioned below is the process to apply for a rewards credit card through BankBazaar website.

    Steps To Apply For A Rewards Credit Card On Bankbazaar

    • Visit the company website at www.bankbazaar.com
    • Select ‘Credit Cards’ from the main menu
    • Choose a rewards credit card based on your requirements
    • Check your eligibility for the card by providing some basic details such as your name, location, income details, etc.
    • Upon becoming eligible for the card, you will be redirected to online application page, where you need to fill the application form with all the required details before submitting the same
    • The screen will display an ‘Application ID’, which should be retained for all future queries

    Through BankBazaar’s ‘Track Application’ facility you can check the status of your credit card application online.

    Eligibility For Rewards Credit Cards

    Though the eligibility criteria to apply for rewards credit cards is different for different banks, mentioned below is the basic eligibility required to apply for a rewards credit card.

    • Applicant should be a citizen of India
    • Salaried or self-employed professional or self-employed businessman
    • Should have a good credit history (Not applicable for first time borrowers)
    • Minimum age of the applicant should be 21 years and maximum age is 60 years

    Documents Required To Apply For Rewards Credit Cards

    The required documents to apply for rewards credit cards is provided below. However, for bank specific documents list, you need to check respective bank’s website.

    • Copy of identity proof such as Aadhaar card, passport, etc.
    • Copy of address proof document such as Voter’s ID, Aadhaar, driving licence, electricity bill, passport, etc., whichever holds your current address
    • PAN card copy
    • Two months salary slips or IT Returns
    • Duly signed in application
    • 1 passport size photograph
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