Best rewards credit cards in India

Reward-point cards are where banks hide the best value and the worst. The same "4 points per ₹150" can be worth 0.5% or 3.3% depending on how you redeem, so this category rewards people who are willing to spend ten minutes learning the rules.

How to value a point

Every issuer publishes a redemption rate somewhere in the MITC or the rewards catalogue. HDFC points are worth ₹1 on SmartBuy flights and hotels for Infinia and Regalia Gold, but ₹0.30 for products. SBI points are ₹0.25. Axis EDGE points are ₹0.20 on the catalogue but can be worth ₹0.80 or more when transferred to airline partners. Multiply the earn rate by the real redemption value and you get the number we show as "effective value" in our comparisons.

Points versus cashback

Points win when you can redeem for travel at 1:1 or better, or when monthly bonuses (the Amex MRCC's 1,000-point bonuses are the classic example) push the effective rate above what any cashback card pays. Points lose when they expire before you use them, when redemption needs a minimum balance you never reach, or when the catalogue is full of overpriced merchandise.

Watch for devaluations

Banks change reward rules without much notice. HDFC capped SmartBuy accelerations in 2024 and again in 2025; Axis cut several EDGE multipliers. A card that was excellent two years ago may be ordinary today. We re-check every card's redemption table at least quarterly and record the date on the card page; if the rules have changed since, tell us.

Who these cards suit

People who spend ₹50,000 or more a month on a card, pay in full, and are prepared to redeem through the bank's travel portal. If that is not you, a flat cashback card will almost always be simpler and better.