Best Cashback Credit Cards in India

Start with the cap, not the rate. A card that advertises a high cashback percentage but caps it at a low monthly amount will pay less than a modest card with a higher cap once your spending crosses the limit. Check the cap against your real monthly spend in the top category, because that is where the headline rate usually stops applying.

Next, run the fee maths. Every paid card needs to earn back its annual fee plus 18% GST before it makes you a single rupee. Divide the fee (with GST) by the cashback rate you will realistically earn after caps. If the result is more than you spend in a year on that category, the card loses money for you, however attractive the banner looks.

Finally, see how the cashback is paid. Statement credit is worth its full face value. Points or coins that convert into vouchers can be worth less, and balances locked inside one app only help if you already spend there. When two cards look close, use our Compare tool on the real numbers, or run your monthly spends through the Spend and Rewards Optimizer before applying.