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
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.
- Rewards on every transaction: You can earn reward points on most of the transactions done with your credit card. 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, but 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 a 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 categories 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.
Features and Benefits of Top Rewards Credit Cards
FinBooster: YES Bank - BankBazaar Co-branded Credit Card
Key Highlights: With this FinBooster: YES Bank-BankBazaar Co-branded Credit Card get credit fitness reports on a monthly basis, earn reward points for online and retail spends and enjoy 1% waiver on fuel surcharge for transactions between Rs.400 and Rs.5,000.
Joining Fee: Nil
Annual Fee: Nil
Features and benefits:
- Get 5x reward points on online dining spends
- Earn 3 reward points for every online grocery or apparel shopping.
YES Prosperity Reward Plus Credit Card
Key Highlights: With this YES Prosperity Reward Plus Credit Card, you can earn reward points on popular and diverse categories like international transactions, shopping, dining, etc. This is one of the best options for people looking for premium privileges on their credit card.
Joining Fee: Rs.399
Renewal Fee: Rs.399
Joining Bonus: On spending Rs.5,000 within 30 days of the card issuance
Rate of Interest: Interest rates for revolving credit, cash advances, and past due amounts on credit cards issued against fixed deposits are 2.49% per month (29.88% annually) and 3.80% per month (45.6% annually).
Transaction Fee: On all Rental and Wallet transactions over Rs 1, a minimum fee of 0.50% of the transaction value or Rs.1 will be applied. Please be aware that there is a limit of 3 rental transactions every 30-day period.
Features and benefits:
- Accelerated reward points on birthday spends and international POS and e-commerce transactions.
- Attractive offers on categories like dining, wellness, shopping, etc.
- Insurance cover in the unfortunate event of the primary cardholder's accidental death.
- Fuel surcharge waiver on fuel transactions of Rs.400 to Rs.5,000 anywhere in India.
| Regular reward points |
4 reward points for every Rs.2,000 spent across select categories |
| Accelerated reward points |
8 reward points on each Rs.200 spend on meals and travel up to a maximum of 1500 Rewards every statement cycle |
| Redemption options |
10 Reward Points = 1 InterMile/1 Club Vistara Point. |
HSBC Smart Value Credit Card
Key Highlights: Save your hard-earned money by availing the 10% cashback that this card offers.
Joining Fee: Nil
Renewal Fee: Nil
Introductory offers:
- Get Amazon and Swiggy Vouchers worth Rs.500 and Rs.250 respectively on spending a minimum of Rs.2,500 within 30 days of the issuance of the card.
- 10% cashback up to Rs.1,000 on spending Rs.2,500 within 30 days of the issuance of the card.
- 3 complimentary access to domestic and international airport lounges or avail 3 meal vouchers.
Features and benefits:
- 3X reward points on online, telecom and dining spends.
- Voucher worth Rs.500 and Rs.250 respectively for Amazon and Swiggy within 30 days of the issuance of the card.
- On doing transactions with a minimum total value of Rs.1,000 within 30 days of issuance of the card, you get 10% cashback.
- EMI purchases at an attractive interest rate of 10.99% p.a. within 90 days of the issuance of the card.
| Regular reward points |
1 reward point for every Rs.100 spent on any category |
| Accelerated reward points |
3X reward points for telecom, dining, and hotel spends |
| Redemption options |
Vouchers and gift listed on the HSBC rewards catalogue. |
HDFC Freedom Credit Card
Key Highlights: Enjoy unmatched reward points and gift vouchers with the HDFC Freedom Credit Card. You also get free accidental death insurance, fire and burglary protection, etc.
Joining fee: Rs.500
Renewal fee: Rs.500. Waived off if the total spending in the previous year is over Rs.50,000.
Joining bonus: 500 reward points when the joining fee is paid.
Features & benefits:
- Big Basket, BookMyShow, OYO, Swiggy, and Uber are among the businesses offering 10X CashPoints (a maximum of 2,500 CashPoints can be earned in a calendar month).
- 5X CashPoints on EMI purchases made at participating merchant locations (the monthly cap for CashPoints earned is 2,500)
- Excluding petrol, wallet/prepaid card loading, and voucher purchases, 1 CashPoint for every Rs.150 spent on other purchases
| Regular reward points |
1 reward point for every Rs.150 spent |
| Accelerated reward points |
5X RP for popular lifestyle spends |
| Redemption options |
Cashback and gifts from the HDFC rewards catalogue. |
Standard Chartered Platinum Rewards Credit Card
Key Highlights: It comes with a host of offers and discounts across popular categories like dining, shopping, travel, etc. alongside an excellent reward points program. Also, there are the other regular benefits of Standard Chartered Platinum Rewards credit card.
Joining Fee: Rs.250
Renewal Fee: Rs.250 (2nd year onwards)
Features and benefits:
- Up to 5X reward points on fine dining outlets.
- Up to 5X reward points for every Rs.150 spent on fuel.
- 1 reward points for every Rs.150 spent on other categories.
- Contactless facility for safer and faster payments at merchant points.
| Regular reward points |
1 reward point for every Rs.150 on retail spends. |
| Accelerated reward points |
5 RP for every Rs.150 spent on fuel and dining. |
AU Bank Zenith Credit Card
Key Highlights: The AU Bank Zenith Credit Card allows you to earn reward points every time you swipe the credit card for shopping, dining, and international spends.
Joining Fee: Nil
Renewal Fee: Rs.7,999
Features and benefits:
- Get 10 reward points for every Rs.100 you swipe on the credit card for grocery spends and at departmental stores.
- Earn 10 reward points for every Rs.100 you spend internationally.
- Get 5 reward points for every Rs.100 you swipe on the card for other merchant categories.
- Earn 20 reward points for every Rs.100 spent on dining (standalone restaurants).
| Welcome Reward Points |
Rs.1000 worth of vouchers with the first retail POS transaction. Choose your gift cards from a variety of popular manufacturers.
10,000 Bonus Reward Points when you spend Rs.1 lakh in retail.
|
| Accelerated reward points |
20 reward points are awarded for every Rs.100 spent in retail on meals at independent eateries.
10 Reward Points for every Rs.100 spent at grocery and department stores, as well as on international purchases.
5 Reward Points for every Rs.100 spent on retail across all other merchant categories.
|
| Redemption options |
Movie tickets, travel vouchers, lifestyle products, appliances, mobiles, and appliances. |
| Milestone rewards |
Rs.1,000 voucher on yearly spends of Rs.2 lakh.
Free Epicure Membership on at least Rs.8 lakh in retail purchases during a card anniversary year.
|
Eligibility To Apply For Rewards Credit Cards
| YES Prosperity Reward Plus Credit Card |
21 years to 60 years
Salaried or self-employed
Minimum net salary - Rs.25,000 per month or min. Income Tax Return of Rs.5 lakhs.
Also available against Fixed Deposit.
|
| HSBC Smart Value Credit Card |
18 to 65 years
Salaried or Self Employed
Minimum salary Rs.3 lakh p.a.
Available in Chennai, Bangalore, Hyderabad, Gurgaon, New Delhi, Mumbai, Kolkata, Noida, and Pune.
|
| HDFC Freedom Credit Card |
21 years to 60 years (salaried individuals)
21 years to 65 years (self-employed individuals)
Monthly income - Rs.12,000 or Income Tax Return of Rs.2 lakhs.
|
| Standard Chartered Platinum Rewards Credit Card |
21 years to 65 years
The individual belongs to credit cards sourcing cities or locations of the bank.
|
Check Eligibility for Rewards Credit Cards Online
You can use the BankBazaar website and check your eligibility for your desired rewards credit card.
- Just visit bankbazaar.com and decide on the card that you want to apply for.
- Click the 'Check Eligibility' button placed next to it and answer the set of questions that appear.
Documents Required to Apply for Rewards Credit Cards
The exact list of documents depends on the issuer of the card and it also varies from card to card. However, there are certain documents which are common to most of the cards.
These common documents have been listed below. In addition to these, the bank may also ask for additional documents when you apply for the card.
| Proof of Identity |
Any one of the following
Aadhaar card
PAN Card
Ration Card
Passport
Voter's ID card
Driving license
|
| Address proof |
Any one of the following
Ration card
Electricity bill
Passport
Electricity bill
Rental agreement
Aadhaar card
|
| Income proof (salaried individuals) |
Recent salary slip/s
Salary certificate
Employment letter
|
| Income proof (For self-employed) |
Certified financials
Audited profit and loss statement or balance sheet
Recent ITR (Income Tax Returns)
|
| Others |
Form 60 or PAN card copy
Photograph
|
How to Apply for Rewards Credit Cards?
BankBazaar is an official partner for some of the cards listed above. You can apply for these cards directly from the BankBazaar website. It also saves your precious time by allowing you to upload the documents in a fast and safe way.
Some of the other prominent advantages of applying for credit cards on BankBazaar are a chance to check your credit score for free, instant eligibility check for the card, instant approval for eligible individuals, free gift, and rapid processing of your application.
To apply on BankBazaar, do the following:
- Click the 'Check Eligibility' button next to your desired card.
- Next, verify your eligibility for the card by answering the questions that you are asked.
- As you are now redirected to the application page of the card, enter the information asked for and click 'Submit'.
- Upload the documents and select 'Submit'.
You will receive your Application ID on successfully submitting the application and the documents. Use this ID to track your application by visiting ' Track Application '.
To apply for the non-partner credit cards, you need to visit the bank's official website for credit card application.
FAQs on Rewards Credit Cards in India
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How can I pay my reward credit card billing amount?
You can pay your credit card billing amount online by visiting the bank’s official website and logging in to your net banking account and pay your credit card. You can also pay your bill through debit card, credit card, or UPI as well. If you wish to pay offline, then the most common mode of payment is through cheque, demand draft, or cash.
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How can I determine which reward credit card is the best for me?
You will have to determine the reason for which you would like to avail a credit card in the first place. Different cards are designed to offer rewards for different purposes.
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How can I apply for a reward credit card?
You can apply for a reward credit card online by visiting the bank’s official website and filling in the application form and submitting it along with the necessary documents.
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Will I get insurance cover if I apply for a reward credit card?
Whether you will get insurance cover on applying for a reward credit card will differ from bank to bank. While some banks may offer protection to protect you from fraud or in case of accident, it is important you check the benefits including whether insurance will be provided before applying for a reward credit card.
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Will I have to pay any charges while paying my credit card bill?
If you are paying your credit card bill on time, then you will not be required to pay any fees or charges whatsoever. If you do not pay your bill on time, then the bank will levy a late fee penalty on the outstanding amount.
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