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Get the best cashback credit card in India for your expenses

Key Takeaways

Cashback credit cards can turn your everyday spending into purchase rewards.
When choosing the best cashback credit card, consider factors like the limits, annual and joining fees, purchase categories, and interest rates.
Explore the features and benefits of the FIRST EA₹N Credit Card, a great option for earning cashback on purchases.

07 Oct 2024 by Team FinFIRST

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Want to get rewarded for your everyday spending? It's time to unlock the power of the best cashback credit card. Imagine turning your regular expenses into savings - that's the magic of cashback rewards. With so many credit card options in India, finding the perfect one to maximise your rewards can feel overwhelming. But don't worry - this guide is for you.

Let's break down everything you need to know about choosing the best cashback credit card, from how they work to the key factors you can consider. Get ready to transform your spending habits and watch your savings grow.

credit card rewards, cashbacks and redeemable rewards

Do you know the difference between rewards and cashbacks?

Cashback on Credit Cards: A beginners guide

What are cashback credit cards?

Cashback credit cards are your ticket to earning purchase rewards on your everyday spending. Imagine getting a little something back every time you swipe your card – that's cashback. These cards work like regular credit cards, allowing you to make purchases and pay them off later. The difference is, they reward you with a percentage of your spending back in your pocket.

Here's how it works -

You use your cashback credit card for purchases (groceries, fuel, bills, etc.)
With each purchase, you automatically earn a percentage back as cashback
Your cashback accumulates over time
You can then redeem your cashback as a statement credit to reduce your bill, deposit it into your bank account, or use it for other purchase rewards like gift cards or merchandise

Factors to consider when choosing the best cashback credit card

With so many options available, choosing the best cashback credit cardthat aligns with your spending habits and financial goals is crucial. Here are the key factors to consider -

Cashback offers -

- Percentage - This is the most obvious factor – the higher the cashback percentage, the more you earn back on your spending. Look for cards that offer a higher percentage on the categories where you spend most frequently.

- Categories - Some cards offer higher cashback on specific categories, such as groceries, fuel, or online shopping. Analyse your typical spending and opt for maximising credit card rewards in those areas.

- Maximum limit - Pay attention to monthly or annual cashback limits. Some cards might limit the maximum amount of cashback you can earn, so choose a card that aligns with your spending level.

Annual fees and charges -

- Annual fee - Many cashback credit cards come with an annual fee. Evaluate if the potential cashback rewards outweigh this cost. Some cards waive the annual fee for the first year or based on spending thresholds.

- Other charges - Be aware of potential charges like late payment fees, cash advance fees, and foreign transaction fees. If they are relevant to your usage, factor these into your decision.

Additional benefits -

- Welcome offers - Some cards offer attractive welcome benefits, such as a credit card joining bonus, upon reaching a spending target within a certain timeframe.

- Other perks - Depending on your lifestyle and needs, look for additional benefits like airport lounge access, travel insurance, or purchase protection.

Other factors -

- Interest rates - While cashback is the primary focus, be mindful of the interest rate charged on outstanding balances. If you tend to carry a balance, a lower interest rate can save you money in the long run.

- Customer service - Ensure the card issuer provides reliable customer service in case of queries or issues.

Introducing the FIRST EA₹N Credit Card - The best cashback credit card

Are you ready to experience the perfect blend of cashback rewards and financial security? Look no further than the FIRST EA₹N Credit Card – a virtual, UPI-enabled card designed to empower you with savings and peace of mind.

Here are some features and benefits that make it the best cashback credit card for you -

Welcome cashback offers – Get cashback of upto ₹200 for the first 4 transactions or ₹50 each.
Assured approval - Unlike traditional credit cards, the FIRST EA₹N Credit Card is secured against a fixed deposit (FD). This means you are assured approval, even if you have no prior credit history or a limited credit score. Your FD acts as collateral, giving you a reliable way to build your credit profile.
Cashback on UPI spends – Love the convenience of UPI payments? That’s why the FIRST EA₹N Credit Card rewards you with 1% cashback on all UPI transactions made through the IDFC FIRST Bank app. You also earn 0.5% cashback on UPI payments made through other apps. It's a win-win for your wallet.
Cashback on online payments: Use your credit card to shop online? Get rewarded for it. With the FIRST EA₹N Credit Card, you also earn 0.5% cashback on all online spends, utility, insurance, and wallet load payments.
Entertainment delights - Planning a movie night? Get 25% discount(up to ₹100) on Paytm movie tickets, making your entertainment more affordable.
Earn interest of 7% p.a.: Your fixed deposit with the Bank grows, while you enjoy interest-free credit for up to 45 days with the FIRST EA₹N Credit Card.
Stay secured - The FIRST EA₹N Credit Card comes with complimentary roadside assistance, lost card liability cover, and personal accident cover, ensuring you're protected in various situations.

Here’s how you can maximise rewards with the FIRST EA₹N Credit Card -

Link to UPI - To supercharge your cashback earnings, link your FIRST EA₹N Credit Card to your UPI ID on the IDFC FIRST Bank app and enjoy the highest cashback rate on your everyday UPI transactions.
Movie mania - Treat yourself to frequent movie outings without breaking the bank, thanks to the generous cashback offer on Paytm movie tickets.

The FIRST EA₹N Credit Card advantage

This card isn't just about cashback; it's about financial empowerment. By combining the security of a fixed deposit with the convenience and credit card rewards, the FIRST EA₹N Credit Card is the best cashback credit card for -

First-time credit users -

Build your credit history with confidence and ease.

Those with limited credit -

Get access to credit and start enjoying its benefits.

Savvy spenders -

Maximise your credit card rewards on everyday spending and enjoy the added perks.

Are you ready to earn with the best cashback credit card?

Want to turn your spending into savings? The best cashback credit card is your key to unlocking rewards on everyday purchases. The FIRST EA₹N Credit Card offers an even greater advantage, combining assured approval with cashback on UPI spends, and movie ticket discounts.

Whether new to credit or a seasoned spender, this card helps you build your credit profile while enjoying the benefits of cashback rewards. Don't miss out – apply today and start maximising your earnings.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.