Best Reward Credit Cards Of 2021

    As India has entered the digitalization era. People have started using reward credit cards. There are many benefits of using it. This article will talk about what a reward credit card is and also about some of the best reward credit cards.

    What is a Reward Credit Card?

    Any credit card that carries rewards or incentives for use, which includes discount coupons, cashback, travel points, or any other kind of points is known as a reward credit card.

    There are different types of reward programs for credit cards that include:

    • Cashback

    The benefit of a cash-back card is that based on the amount spend, it allows getting cashback which can further be spent in different ways. There are cashback cards that allot points based on every spending which can later be converted to cash.

    • Points

    There are reward credit cards that store points that can be used in the future for discounts or redemption or maybe for buying a product from the respected bank shop.

    • Miles

    It is the travel reward credit card that gives us certain miles on spending or buying a ticket through it. With a collection of certain miles rewards, one can book a ticket.

    Merits and Demerits of Reward MasterCard

    There are many advantages as well as disadvantages of using a top reward credit card, that includes:

    • The most important of having a reward credit card is that we get rewards in form of points, cashback, or miles.
    • A welcome bonus is provided by a maximum of the reward cards which can be stocked for further use.
    • Most of these types of cards provide travel insurance in case of delayed or cancelled flights, theft, loss of luggage, or illness. 
    • There are many benefits like an extra discount, offer, or cash back when buying a product online using these reward cards. This offer might not be there always but when it is it can offer options such as a warranty and guarantee as well.
    • The interest charged on such credit cards is higher than the basic ones.
    • If even in case of some problem one misses the payment, it immediately affects the credit score which would further lead to late fee charge and interest.
    • Debit cards are better than these because one tends to overspend with the provision of cash advances
    • There might be an additional transaction fee on such cards when travelling abroad.
    • Not all, but some cards charge an annual fee which makes no sense.

     Top Reward Credit Cards To Opt For

    • Indian oil Citi card

    Provided by Citi Bank, this card helps to earn rewards and save money spent on fuel. If one spends more than 30,000 INR per year, they can get the annual fee waived off and the fuel cost is not charged in the Indian oil station. Moreover, on using the card for buying groceries or any other turbo points are earned that can further be redeemed in select stores and brands. While shopping and dining, one even gets offers and concierge services personally.

    • HDFC Freedom Credit card

    On this earn, the customers get 5x points of what they spent on taxi bookings, railways, movies, dining, and grocery.  The reward point is 25x when spent on birthday. PayZapp and SmartBuy purchases let one gain 10x reward points. The bank provides a voucher of INR 1000 when the customer spends 90,000 a year. The renewal fee is not charged if one spends 50k a year. There is no interest charged for 50 days. 500 reward points are stored as a welcome gift and further after every renewal.

    Related Article: CRED App & the Savings You Can Make With It

    • Yatra SBI Credit Card

    There is a partnership between Yatra and the State Bank of India for this reward card and was one of the travel reward credit cards. even on this card, the fee is waived off on spending one lakh per annum. One get welcome vouchers worth 8250 which has to be availed in the next 30 days for further cashback. A 6x reward point is earned on spending in the supermarket and departmental store with a 6x bonus point on using it to book air tickets. The customer gets free access to the airport lounges as well.

    • HSBC Visa Platinum Card

    This card has many benefits and is offered by HSBC. It gives an option to earn points as well as EXTRA points. One can earn 5x of the amount spent if in a year they have already made a transaction of 4 lakhs. There are many other facilities which let one get a movie ticket every month, discounts on dining out, etc.

    • Citi Cashback Card

    This reward card is offered by CITI bank. One gets a 5% cashback on the amount spent on a phone bill, movie tickets, and utility bills. Further discounts can be availed on restaurants, dine out and shopping.

    • Axis Bank Neo Credit Card

    On spending on movie tickets, online shopping, or mobile recharge, this card offered by axis Bank gives a discount of 10%. When an amount above 2500 is spent, one can make the payment through EMI. It does not have an annual fee and on losing it there is zero liability.

    • Kotak PVR Gold Credit Card

    This card which is offered by Kotak Bank has partnered with PVR and is most beneficial for someone who loves watching movies. There is a provision to add on a card in the name of the immediate family. Many other offers can be availed which would be beneficial who goes to the cinema regularly.

    Apart from the above 7 cards, there are many others which one can opt for. Every Bank offers some other reward credit card. It is best if the person interested goes to the respective bank to find out about the details else visit their website or call their customer care.

    Also Read: Insurance Policy Loans: All The Necessary Information In One

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    Daniyel Chatterjee
    Daniyel Chatterjee is a Young Researcher in the field of Data Science & Analytics having research experience of more than 8 years. He has a Masters in Computer Engineering and currently serves as an Editorial Assistant in IGI Global, United States of America. Daniyel also holds honorary positions in the Associate Member of Institute of Research Engineers and Doctors, International Association of Computer Science and Information Technology, International Association of Engineers, Society of Digital Information and Wireless Communications.

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