A cash back credit card is designed to maximise your savings by returning a certain percentage of your spending back to you. This is unlike a rewards credit card, where you get the chance to accumulate rewards points for each transaction and redeem them later for cash, discounts, or vouchers.
However, the cash back in a money back credit card is usually only applicable for certain specific transactions. Additionally, certain credit cards with this cash back incentive also come with a minimum spending requirement as well.
Wish to apply for a cash back credit card? Then Bajaj Markets is the right place to start the process. Follow these steps to complete the application procedure for a cash back credit card!
That’s it! You have now successfully applied for a cash back card.
At Bajaj Markets, the eligibility and documents needed to apply for a cash back credit card are simple as well as minimal. Let’s take a look!
Nationality: You must be an Indian citizen
Age: Your age must range between 18 and 70 years
Employment Status: You must be a salaried or a self-employed individual
Proof of Address: Ration card, Aadhaar card, passport, or Voter’s ID (one copy)
Proof of Identity: Aadhaar card, PAN card, passport, or driving licence (one copy
Proof of Income: Latest IT returns or salary slip (one copy)
Note: The above-mentioned eligibility criteria and list of documents is indicative. Depending on the money back credit card you choose, you might have to fulfil specific eligibility criteria or submit additional documents.
There are a few factors that you should consider to ensure that you opt for the best cashback credit card in India. Here’s a quick look at a few of them.
The benefits offered by a credit card should align with your requirements. For instance, there are cards that offer great rewards for groceries and departmental store purchases. Similarly, there are others that reward you for fuel transactions. You should choose a card whose benefits match what you’re going to be using it for.
Not all cash back credit cards come with the same annual fee. There are lifetime-free credit cards as well as cards that have an annual fee ranging from ₹499 to ₹1,499 and more. It is important to choose one whose annual fee you’re comfortable paying.
Rate of Cash back
The rate of cash back that you’re eligible for varies depending on the card that you choose. The higher the rate, the more the savings. So, when shopping for the best cashback credit card, make sure to get one that offers a high rate.
Some of the best cashback credit cards offer accelerated cash backs on certain specific transactions. It is advisable to opt for the ones that offer such bonus rewards since they can help you maximise the cash back that you get to receive.
The cash back credit cards segment is over-beaming with numerous options. Take a look at some of the top cashback cards that you can currently apply for, in India.
If you are looking for a credit card that offers attractive cashback on utility bill payments and food orders, then the Axis Bank ACE credit card is the right cash back credit card for you. With an annual fee of just ₹499, you can get a plethora of cashback benefits. Check out some of the key benefits:
5% cashback on bill payments and recharges on Google Pay
4% cashback on booking rides on Ola and ordering food on Swiggy and Zomato
2% cashback on all other spending
The Flipkart Axis Bank credit card is a co-branded card that is designed to offer cashback on all purchases at Flipkart. With an annual fee of ₹500, you can unlock the following benefits:
5% cashback on all purchases placed on Flipkart and Myntra
4% cashback at preferred merchants
1.5% cashback on spending across all other categories
Save on telephone or utility bills and movie ticket booking with the Citibank cash back credit card. Simply pay the annual fee of ₹500 and grab the benefits. Let’s take a quick look at the benefits:
Flat 5% cashback on movie ticket booking, telephone and utility bill payments on money back credit card
0.5% cashback on all other transactions
Enjoy automatic cashback redemption
Worry less about unredeemed cash back because the cash back benefits available on Citibank Cash Back credit card never expire
Both the cashback and rewards program follow the same concept, which is to incentivise you for using the credit card. You can come across certain cards that will allow you to convert the reward points into cash. On the other hand, you can find some rewards credit cards that will allow you to convert the same into miles. The latter type of cards can prove to be beneficial if you travel frequently. Therefore, you must select a card based on your needs.
Any credit card would be worthy if you at least get the advantages that are equal to the annual fees paid. Since the majority of cashback cards come with a low annual fee, you can assuredly secure benefits by spending wisely on eligible products. You should always pay your bills on time so that you can realise the benefits instead of losing them on finance charges or late payment fees.
You can consider adding a cashback credit card to your wallet if your rewards card does not cover a particular spending category. Since cashback credit cards come with low or no annual fee, availing one will not burden your pocket.
Yes, the received cashback will be credited to your credit card.
A rewards credit card is a good choice only if you stick to your budget and pay off the outstanding balance in full each month. Otherwise, you will not get the deal. So, if you pay off your balance in full each month, then a cash back or a money back credit card may be a wise choice.
With a cashback 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 it for gift cards, a cheque, or a direct bank deposit.
Yes, it is possible to maximise cash back on a credit card. Make sure you read the terms and conditions thoroughly before buying the card. For instance, some cards may offer high cashback only if you shop at participating merchant outlets. If you don't shop at those outlets, the card won't have any value to you, no matter how big the rewards are.
It is up to you to decide which one is the best cashback card for you. That said, Axis Bank ACE credit card and the Citibank Cashback Credit Card offer maximum benefits.
Rewards credit cards and cash back credit cards provide entirely different benefits. For instance, when you use a rewards credit card to make purchases, you get reward points. Once you’ve accumulated enough of them, you can choose to redeem the points in favour of discount coupons and e-vouchers. On the other hand, when you use a cash back credit card, a percentage of your transaction value is credited back to you.
So, even if you already have a rewards credit card with you, you may still choose to apply for a cash back credit card as well.
Although a cash back of 2% may not sound enough, the amount of savings that you would get to enjoy will add up in the long run. As a matter of fact, in many cases, cash back credit cards offer higher savings than other kinds of cards.
Many cash back credit cards tend to offer a higher rate of cash back for certain specific transactions. So, to maximise the amount of cash back, make sure to use your credit card to pay for transactions that are eligible for bonus or accelerated rewards.