Cashback Credit Cards

Everybody has a different pattern of spending. While one may want to splurge on shopping, another may enjoy good eating, while the third may spend on necessities and save the remainder. Over time, credit cards have grown to fulfill the many expectations of its customers. There is a credit card for you, whatever your spending habits are. There are different types of credit cards that you can choose from, including travel, fuel, business, and more. If you are trying to maximize your savings with a purchase, it is best to use money-back or cashback credit cards. A cashback credit card usually gives a certain amount back to you, typically 5% to 20% of your spending.

This cashback can, however, come with a catch. As specified by the issuer, you can only make use of such cashback on authorized transactions. In addition, certain credit cards with a cashback incentive have a minimum spending requirement to be eligible. Watch out for these drawbacks and also for the common misconception that you end up spending more in order to get more cashback. This can lead to a hefty bill that you can't entirely pay off, attracting high interest charges that negate all the benefits you receive.

Why Should one Choose a Cashback Credit Card?

  • They're easy to use -

One of the most basic and simple credit cards out there is a cash-back credit card. You get paid on a percentage basis by using the card. For example, for every 1000 rupees you spend, you'd receive 15 rupees in rewards with a cash-back credit card that earns 1.5 percent back.

  • You have a wide range of choices -

There are different kinds of cards to be approved depending on your credit score, in addition to major types of cash-back cards. These include standard cash-back cards, student credit cards, and cash-back cards intended for individuals with a lower credit score.

  • They have no Annual Fee -

The most crucial reason for most people why a cash-back card makes a good first credit card.. It saves you money, for one thing. No one likes fees, and you'll keep more money in your wallet by eliminating fees. Second, it ensures that when it comes to building your credit score, you don't have to think about cancelling the credit card, which is massive.

Features & Benefits of a Money Back Credit Card

  • Cash Rewards:

Every cash-back credit card has its own earning mechanism, but all of them give the same basic, easy-to-use advantage: cash back for every rupee you spend. At a flat rate, some cards offer incentives, such as 1.5 percent back on all transactions.

  • Most have no Annual Fee:

Many of the market's top cash-back credit cards don't charge an annual fee. That means you would not lose any of your rewards for a fee, and even if you plan to use a new one in the future, you can keep the card open free of charge. That's worth it, since your credit score can be improved with a longer credit history.

  • Many offer Sign-Up Bonuses:

Like credit cards with travel rewards, if you reach a minimum spending threshold during the first few months, several cash-back credit cards offer a sign-up bonus. There could be thousands of rupees worth of these incentives.

  • Shopping Perks:

Some cash-back credit cards have incentives that can cover your purchases or save you cash. These benefits include the lowest advertised price match, extended warranties, return guarantees or a refund if a store does not allow a return, security for mobile phones, and more.

How to Choose the Best Cashback Credit Card?

  • Be sure cash back is right for you.

  • Decide which type of cash-back card you want.

  • Flat-rate: Lowest hassle, lower cash-back rate.

Fixed bonus categories: Medium hassle, higher cash-back rate on some purchases.

Changing bonus categories: High hassle, highest cash-back rate on some purchases.

  • Complexity - Consider how complicated one card is versus another.

What is the Eligibility for Applying for a Cashback Credit Card?

The ideal eligibility criteria for the credit card is:

  • The primary applicant must be a citizen of India.

  • The age of the applicant must be between 18 and 70 years old.

You will need to submit several documents during the application procedure. Here are some of the documents which are required:

Proof of Identity

  1. Aadhaar card

  2. Passport

  3. Driving License

Address Proof

  1. Ration Card

  2. Voter ID

  3. Passport

  4. Aadhaar card 

Proof of Income 

  1. Salary Slip

  2. IT Returns

How to Apply for a Cashback Credit Card?

Apply for the Bajaj Finserv RBL Bank credit card online at Finserv MARKETS, and experience the power of four cards in one. This SuperCard is a credit card, cash card, loan card and an EMI card, all rolled into one. You can avail several industry-first benefits and innovative features.

Process to apply for credit card:

Step 1: Fill up the online credit card application form to apply with appropriate information.

Step 2: Submit the necessary required documents to apply for a credit card.

Look for one that provides money-saving features in your quest to find the best cashback credit cards to make your transactions and payments more affordable. The Bajaj Finserv RBL Bank SuperCard, for example, is one of the best credit card rewards that combines the strength of four cards in one and thus provides incomparable benefits, like cashback!

FAQs

  • ✔️Is it worth buying a money back credit card?

    A rewards credit card is a good choice only if you are already sticking to your budget and truly paying your balance off in full each month. Otherwise, you are not getting the deal that you think you are. So, If you pay off your balance in full each month, then a cashback or a rewards credit card may be a wise choice.

  • ✔️What is the difference between cashback credit card and reward credit card?

    With a cash-back card, rewards come in rupees, not points or miles. You can redeem rewards for a credit on your statement and may also be able to redeem for gift cards, a check or a direct deposit to a bank account.

  • ✔️Is it possible to maximise cashback on credit card?

    Yes, it is possible to maximize cash back on a credit card. Make sure you read the fine print before buying the card. For instance, some cards may offer high cashback only if you shop at participating outlets. If you don't shop at those outlets, the card won't have any value for you, no matter how big the rewards are.

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