Best Rewards Credit Cards | Choose the Right One

Credit cards have become a key part of modern life. They’ve transformed the way we manage our finances. Earlier we had to wait and save for our dreams, but now we can buy anything and pay later in instalments. With a simple swipe or tap, we can shop online, dine out, and travel without worrying about carrying cash. These cards also act as a safety net during emergencies. They can also be the best credit card for reward points if you use it wisely. In our cashless society, credit cards have become a sign of empowerment.

However, there are many banks and credit cards to choose from. Which one is beneficial? This can often be hard to decide, but we’ve made it easy and efficient for you. Get all the information about the highest rewards credit card of the year. How do they function, what are the charges, and lastly, tips to manage and maintain the goodness of credit cards?  

Types of Rewards Credit Cards

Best credit cards for reward points come in various types—each catering to different spending habits and preferences. Choose the one that aligns with your spending patterns and financial goals for maximum benefits.

• Cashback credit cards provide cash rebates on purchases. Resulting in making them straightforward for savings. 
• Travel rewards cards earn points and perks for travel-related expenses.  
• Points rewards cards grant flexibility in point redemption for various items. 
• Co-branded cards tied to specific brands or stores, giving rewards related to those affiliations. 
• Gas and grocery rewards cards offer extra benefits. 
• Dining rewards cards focus on earning rewards for dining expenses. 
• Retail rewards cards are linked to specific stores and offer discounts or rewards when shopping there. 
• Entertainment rewards cards are made for those who enjoy entertainment activities. 
• Business rewards cards target business owners, providing rewards for business expenses and management tools. 
• No annual fee rewards cards have no yearly cost but may offer lower rewards, while premium rewards cards cater to big spenders and travelers, offering luxury perks. 
• Balance transfer rewards cards assist in moving and paying off existing debt with potential 0% interest periods, aiding in debt management. 

List of Best Rewards Credit Cards

Before selecting the best reward points credit card in India, carefully evaluate your spending habits and financial goals to determine which features align with your needs. Here is a list of some of the best rewards credit cards along with their key features:

Eligibility for Rewards Credit Cards

Rewards credit card eligibility is based on the bank’s rules and card availability when you apply. However, below mentioned factors will help your application to shine:

• Credit Score shows how well you managed credit before. Higher is better, above 700 is good.
• Banks want to know you can pay back what you spend. Your application will bump up if you meet the income criteria of the top rewards credit cards. 
• Credit History checks check if you paid on time before. Good history helps.
• Banks see if you have too much debt compared to your income. Less debt, more chances. 
• Having a stable job helps a lot. It shows you can pay bills.
• They look at other debts you have. Too many can be bad for your credit card application.
• Usually, you must be 18+ and live in India to attain any credit card.
• If you have a bank account in the bank you want to have a credit card, it could help.
• Different cards need different scores and income levels. Look for the ones that you are going for and make sure you work accordingly. 

Documents Required to Apply for Rewards Credit Cards

Here is the list of rewards credit card documents that you may need to fill out the application form for your new credit card. Note, that this is a generic list, make sure to talk to your service provider or visit the website to see the requirements. 

• Identity Proof  
• Address Proof 
• Income Proof  
• Passport-size Photographs
• Application Form  
• PAN Card  
• Credit Score Report
• Employment Details  
• Bank Statements  
• KYC Documents  

Eligibility for Rewards Credit Card

Regarding credit card eligibility in India, you generally need to fulfil the below-mentioned criteria. Remember, eligibility criteria can vary between different banks and credit card offers. It’s recommended to check with the specific bank issuing the card for the most accurate and up-to-date eligibility requirements before applying.

• You should be in the age range specified by the bank, usually between 18 to 65 years.
• Most banks require you to have a regular source of income. The minimum income requirement varies among banks and specific rewards credit card offers.
• A good credit score is often essential. Generally, a score above 750 is considered favorable, but specific requirements might vary.
•  Having a stable job, whether salaried or self-employed, can give your application an extra edge.
•  You usually need to be a resident of India to apply for a rewards credit card.
• You’ll need identity, address, income proof, and other necessary documents.
• Some banks may give preference to existing customers who have a savings account or other financial products with them.
• A good credit history, including responsible credit card usage and on-time payments, can enhance your eligibility.

Can I Apply for Rewards Credit Cards Online?

You can easily apply for rewards credit cards online in India through the official websites of various banks. The process typically involves visiting the bank’s website and selecting your chosen highest rewards credit card that aligns with your preferences. After choosing the card, you can check your eligibility by filling up your income, employment status, and age. If you meet the criteria, you can fill out the online application form. This form will require you to give personal information, contact details, employment details, income specifics, and more.

As part of the application, you will be asked to upload scanned copies of essential documents, such as identity proof, address proof, income proof, and occasionally a passport-sized photograph. Once you’ve accurately filled out the form and uploaded the necessary documents, you can review the application before submitting it.

The bank will then review your application and documents for verification. Once your application is approved, the bank will send you confirmation of the approval, and the process of card issuance will be initiated. Your rewards credit card will be sent to your registered address.

Can I Get Rewards Credit Cards Offline?

You can also acquire rewards credit cards through offline methods. Many banks and financial institutions in India offer rewards credit cards at their physical branches. To apply offline, simply visit the nearest branch of the bank that offers the best reward points credit card in India you’re interested in. The allowed service provider will hand you the necessary forms and guide you through the application process. They’ll assist you to ensure you have all the required documents.

During the offline application process, you’ll still need to submit documents for verification, including identity proof, address proof, income proof, and other relevant details. The bank’s staff will be there to help you complete the application form correctly and make sure all essential documents are attached. Opting for an offline application provides the benefit of direct interaction with bank representatives, allowing you to get answers to your questions in person. However, it’s worth noting that the processing time might be a bit longer compared to applying online.

Comparing and Choosing the Right Credit Card 

When choosing the best credit card for reward points, it’s important to follow these tips for effective comparison. 

• First, assess your spending habits and financial goals to determine what type of rewards—whether it’s travel perks, cashback, or discounts—would benefit you most. 
• Then, thoroughly review the rewards program, keeping in mind your preferences. 
• Check if the card has an annual fee and evaluate whether the potential rewards justify the cost. 
• Understand the interest rates, especially if you plan to carry a balance, and consider any introductory offers provided. 
• Be aware of credit limits, fees, and penalties associated with the best credit card for reward points. 
• Also, check benefits like insurance coverage or concierge services before making a purchase. 
• Ensure the card is widely accepted both locally and internationally. 
• Match your credit score with the card’s requirements to increase your approval chances. 
• Seek user reviews and expert recommendations to gain insights into the card’s practical usage. 

Maximizing Benefits: Tips for Cardholders

Owning a top rewards credit card grants you flexible financial power, but with this power comes responsibility. To effectively manage your credit card, consider these valuable tips: 

• Research and compare various credit card options to align with your financial objectives. 
• Craft a monthly budget encompassing your income, expenses, and a dedicated amount for credit card payments. 
• Paying your credit card bill promptly is essential to evade late fees and maintain your credit score. 
• Whenever feasible, settle the entire credit card balance each month to avoid hefty interest charges. 
• Regularly review your credit card statements for inaccuracies or unauthorized transactions. 
• Keep your card balance comfortably below the credit limit to uphold a healthy credit utilisation ratio. 
• Maintain an emergency fund to handle unexpected expenses without relying solely on credit cards. 
• Steer clear of cash advances due to their high interest rates and immediate charges. 
• Utilise your credit card for daily expenses to earn rewards, but only if you can pay the full balance on time. 
• Leverage mobile apps to track your spending patterns and tweak your budget as required. 
• Apply for new top rewards credit cards selectively to prevent adverse impacts on your credit score. 
• Safeguard your credit card details and ensure secure online transactions. 
• Promptly inform your credit card provider about any changes to your contact details or address. 
• Set up automated payments for at least the minimum due amount each month. 
• Regularly monitor your credit score and review reports to track your credit health and identify errors.