Credit card rewards can give you a reason to turn spending into benefits. By using your credit card for regular purchases you earn cash back. And with the best reward credit cards, you get travel miles, gift cards, better shopping and dining experience or other benefits.
This also gives you a discount on your purchases, helping you realise that you are gaining something with every expense or payment made via credit card.
Yet, it's crucial to pay your balance in full each month to avoid high interest charges that can clear out or reduce your reward gains. Responsible credit card holders can use rewards programs to their advantage, making your purchases more rewarding.
Important Features in Best Rewards Credit Cards
Best rewarding credit cards offer a variety of features that can profit credit card holders in different ways. There are some important features to consider when choosing a credit card based on its rewards:
Rewards programs:
The most important feature of a rewards credit card is its rewards program. These programs generally offer cash back, travel miles or travel points, discounts on shopping and dining, etc for your spending.
Bonus offers:
Best rewards credit cards offer bonus rewards for subscribing or meeting expenses within a time frame. These bonuses are a fantastic way to begin earning your rewards with credit cards.
Higher reward rates:
Some cards offer higher reward rates for certain categories of spending, such as groceries, gas, or travel. These credit cards are good option for you if you have regular expenses in those categories.
No foreign transaction fees:
If you travel internationally, you'll want to look for a credit card that doesn't charge foreign transaction fees. These fees can add up quickly and can eat into your rewards earnings.
Annual fees:
Many rewards credit cards have annual fees. The annual fee must be compensated by the value of the rewards you earn. Be sure you compare the annual fee to the value of the rewards before you apply for a credit card.
Introductory APR:
Some rewards credit cards offer an introductory 0% APR on purchases for a limited amount of time. With this reward, you can finance a huge purchase without paying much interest. But remember to pay off your balance before the introductory period ends, or you'll start accumulating high interest charges.
Travel benefits:
Some rewards credit cards offer travel benefits, such as airport lounge access, travel insurance, and car rental insurance, travel miles. These benefits can be valuable if you travel frequently. And it would be a great addition to the travel reward of your credit card.
Purchase protection:
Some rewards credit cards give you the option of purchase item protection, which can help you get reimbursed if an item you purchase is damaged or stolen.
By considering these important features for the best credit card payment, you can choose a rewards credit card that offers the most benefits for you.
5 most rewarding credit cards in 2024
5 best rewards credit cards include-
Axis Ace Credit Card-
The Axis Ace Credit Card is a good fit for you if you're looking for the best credit cards 2024 for cashback rewards, a low annual fee and rewards in all spending categories. This best rewards credit card only amounts to an annual of rs. 499, if you spend more than Rs. 2 Lakh annually, then this fee is waived off.
You can pay credit card bills like recharge, online shopping, cabs, food deliveries, and more, leading you to cashback on bill payments and recharges done via Google Pay, Zomato & Ola rides/orders, 4% cashback on Swiggy, and a flat 1.5% cashback on all other purchases. As the best credit card for cashback, it allows new users to be credit card holders too.
HDFC Regalia Gold Credit Card-
HDFC Regalia Gold Credit Card is the best reward credit card for travel as it offers complimentary airport lounge access, travel insurance, and flight vouchers as you spend, which reduces your travel costs.
It offers the best rewards on credit cards like reward points on everyday purchases, bonus points on select brands, travel rewards, or products from its exclusively available product/service list.
SBI Card PRIME-
SBI Card PRIME offers you the best reward credit cards with comprehensive benefits across various spending categories and travel perks, without paying high annual fees. If your regular expenditures include groceries, dining, travel, and value lounge access and hotel benefits then, SBI Card PRIME is the best reward credit card.
BPCL SBI Card Octane-
If you are someone who travels a lot by road, then BPCL SBI Card Octane is the best reward credit card. This credit card offers High rewards on fuel like 7.25% value back (or 25 reward points per Rs. 100) on fuel purchases at BPCL pumps, also get a waive off on surcharge by 6.25%, and an additional 1% value back on limited transaction upto rs. 4000.
Plus, it offers minimal rewards in categories like 10 reward points per Rs. 100 spent on groceries, departmental stores, movies, and dining. This best reward credit card offers you bonus reward points on paying the annual fee.
Amazon Pay ICICI Credit Card-
If you are an Amazon Prime member, you will be happy with this best reward credit card. Amazon Pay ICICI Credit Card is the best reward credit card for frequent Amazon customers, as you get 5% cashback if you're a Prime member and 3% if you're a non-prime user. If you are a merchant, it offers 2% cashback, and it keeps offering cashback on bill payments, waives fuel surcharge and more.
Depending on your need, opt for the best rewards credit card. If you shop often, go for a credit card that gives you more rewards on shopping. If you travel frequently, then you should apply for a credit card that gives you more rewards on travel miles, travel points, etc.
Conclusion
Here are the best reward credit cards in 2024. Credit cards do not only make payment convenient but also offer you cashback on the same making few brands the best credit cards for cashback. It can help you get rewards on every expense made, which makes you feel you are getting benefits on spending too!
With GimBooks Pay, you can transfer vendor payments, directly into the vendor's bank account with your credit card. From cashback on every purchase to travel miles for your next trip, the right credit card can be a good value addition to regular expenditures.
This blog explored key features to consider when choosing a rewards credit card, including annual fees, bonus offers, and reward programs.
Frequently Asked Questions-
- Which credit card is best for business use?
The best business credit card depends on your specific business needs. Bust most commonly used best business cards include:
HDFC Business Platinum Credit Card: Known for its global acceptance, cashback rewards, and lounge access.
SBI Platinum Corporate Credit Card: Offers fuel surcharge waivers, reward points, and supplementary cards for employees.
IndusInd Bank Corporate Card: Provides cashback on various spends, fuel surcharge waivers, and airport lounge access.
2. Who is eligible for small business credit card?
Generally, small business owners who meet the following criteria are eligible for a business credit card:
Legal Business Entity: You must operate a registered business, such as a sole proprietorship, partnership, LLC, or corporation.
Good Credit History: A strong personal credit score can positively impact your business credit card application, but it's not always mandatory.
Sufficient Income: Your business should have a stable income to demonstrate its ability to repay the credit card balance.
Age Restrictions: Most issuers require the primary cardholder to be at least 18 years old.
3. Can business owners get a credit card?
Yes, business owners can get a credit card. Business credit cards are specifically designed to cater to the financial needs of businesses. Business credit card offer features like higher credit limits, expense management tools, and supplementary cards for employees.
4. Does the 5/24 rule apply to business credit cards?
No, the 5/24 rule does not apply to business credit cards.
5. What are the future prospects of the credit card business in India?
The future of the credit card business in India looks promising because of the following factors-
Increasing digital payments: As more people adopt digital payments, the use of credit cards is expected to increase.
Growing middle class: A larger middle class with higher disposable income will contribute to increased credit card spending.
Government initiatives: The government's push for digital India is creating a favorable environment for the credit card industry.
Overall, the credit card industry in India will grow in the coming years.
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Noorleen Kaur Bhatia
Noorleen Kaur Bhatia