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Best Rewards Credit Cards in India 2026
How reward points really work — earn rates, what a point is worth, redemption options, airline and hotel transfer partners, caps and expiry.
Updated 30 September 2026 · 107 cards from 17 issuers trackedCards in this category
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researched with fees & rewardsWhat you need to know
A rewards card pays you in points, not rupees, so the headline “10X points” means little until you know what one point is worth. SBI Card points are worth ₹0.25 each, HDFC Infinia points ₹1 on SmartBuy travel but ₹0.30 as cashback, and Axis EDGE Miles turn into two airline points each. The same card can return 0.5% or 3%+ depending on how you redeem.
- Reward value = points earned per ₹100 × value per point. SBI Card PRIME: 2 points per ₹100 × ₹0.25 = 0.5% on ordinary spends.
- Accelerated rates are almost always capped (SBI ELITE 5X: 10,000 points a month; HDFC Infinia SmartBuy: 15,000 points a month).
- Rewards on personal spending are generally not taxed; rewards from business expenses may be treated as business income.
Rewards cards compared
| Card | Issuer | Joining / annual fee | Reward rate | Best for | Net value on ₹3 lakh/yr spend* |
|---|---|---|---|---|---|
| Standard Chartered Ultimate | Standard Chartered | ₹5,000 / ₹5,000 | 3.33% base value | High flat reward rate on all spends | ₹4,090 |
| HDFC Bank Diners Club Black Metal Edition | HDFC Bank | ₹10,000 / ₹10,000 | 3.33% base value | High spenders wanting uncapped-lounge premium card below Infinia | -₹1,810 |
| HDFC Bank Infinia Credit Card Metal Edition | HDFC Bank | ₹12,500 / ₹12,500 | 3.33% base value | Super-premium, high-spend travellers (invite-only) | -₹4,760 |
| ICICI Bank Emeralde Private Metal | ICICI Bank | ₹12,499 / ₹12,499 | 3.00% base value | Super-premium spenders wanting unlimited lounges and hotel memberships | -₹5,749 |
| HSBC Premier | HSBC India | ₹12,000 / ₹20,000 | 3.00% base value | HSBC Premier banking customers | -₹14,600 |
| YES Bank Marquee | YES Bank | ₹9,999 / ₹4,999 | 2.25% base value | High online spenders | ₹851 |
| Kotak Air+ | Kotak Mahindra Bank | Free / ₹3,000 | 2.00% base value | Travellers booking through Kotak Unbox | ₹2,460 |
| Axis Bank Atlas | Axis Bank | ₹5,000 / ₹5,000 | 2.00% base value | Travellers transferring miles to airline/hotel partners | ₹100 |
| IndusInd Bank Pinnacle World | IndusInd Bank | ₹15,000 / Free | 1.88% base value | Online shoppers wanting 1.875% value with a one-time fee | ₹5,625 |
| HDFC Bank Biz Power | HDFC Bank | ₹2,500 / ₹2,500 | 1.73% base value | Growing businesses with large digital/utility spends | ₹2,240 |
| Tata Neu Infinity HDFC Bank | HDFC Bank | ₹1,499 / ₹1,499 | 1.50% base value | Tata ecosystem shoppers (BigBasket, Croma, Tata CLiQ, Air India via N… | ₹4,500 |
| HDFC Bank Regalia Gold | HDFC Bank | ₹2,500 / ₹2,500 | 1.33% base value | Mid-premium travellers wanting lounge access and brand accelerators | ₹1,040 |
| Union Bank RuPay Select | Union Bank of India | Free / ₹550 | 1.00% base value | Low-fee RuPay card with lounge and UPI | ₹3,000 |
| Axis Bank Privilege | Axis Bank | ₹1,500 / ₹1,500 | 1.00% base value | Mid-tier rewards with milestone (10,000 points at Rs 2.5 lakh/yr) | ₹1,230 |
| Union Bank VISA Signature | Union Bank of India | Free / ₹1,999 | 1.00% base value | Flat 1% value rewards | ₹3,000 |
| IRCTC SBI Card (Platinum) | SBI Card | ₹500 / ₹500 | 0.80% base value | Frequent IRCTC train bookers | ₹1,810 |
| BOBCARD Eterna | Bank of Baroda (BOBCARD) | ₹2,499 / ₹2,499 | 0.75% base value | Online shopping, dining and travel spenders | ₹2,250 |
| BOBCARD Tiara | Bank of Baroda (BOBCARD) | ₹2,499 / ₹2,499 | 0.75% base value | Women seeking lifestyle memberships + travel rewards | ₹2,250 |
| Standard Chartered Rewards | Standard Chartered | Free / ₹1,000 | 0.67% base value | Basic rewards with domestic lounge | ₹2,010 |
| Kotak Zen Signature | Kotak Mahindra Bank | ₹1,500 / ₹1,500 | 0.67% base value | Lifestyle and apparel shoppers | ₹2,010 |
| IndusInd Bank Legend | IndusInd Bank | Free / Free | 0.50% base value | Weekend spenders wanting a lifetime-free card with low forex | ₹1,500 |
| Canara Bank RuPay Select | Canara Bank | Free / Free | 0.50% base value | Lifetime-free RuPay card with lounge access for Canara customers; UPI… | ₹1,500 |
| ICICI Bank Coral | ICICI Bank | ₹500 / ₹500 | 0.50% base value | Entry-level users wanting movie and dining discounts | ₹1,500 |
| Kotak NRI Royale Signature | Kotak Mahindra Bank | Free / ₹1,000 | 0.50% base value | NRIs wanting an INR card backed by NRE/NRO FD | ₹320 |
| BOBCARD Premier | Bank of Baroda (BOBCARD) | ₹1,000 / ₹1,000 | 0.50% base value | Mid-tier travel & dining rewards | ₹1,500 |
| ICICI Bank Rubyx | ICICI Bank | ₹3,000 / ₹2,000 | 0.50% base value | Mid-tier users wanting welcome vouchers and dual-card options | ₹1,500 |
| RBL Bank Platinum Maxima Plus | RBL Bank | ₹2,500 / ₹2,500 | 0.50% base value | Dining & entertainment rewards | -₹1,450 |
| SBI Card PRIME | SBI Card | ₹2,999 / ₹2,999 | 0.50% base value | Everyday category spenders who can hit milestones | ₹1,500 |
| ICICI Bank Sapphiro | ICICI Bank | ₹6,500 / ₹3,500 | 0.50% base value | Premium-lite users wanting welcome vouchers, lounges and golf | -₹2,630 |
| SBI Card ELITE | SBI Card | ₹4,999 / ₹4,999 | 0.50% base value | Mid-premium users wanting lounge access and low forex markup | -₹4,399 |
| IndusInd Bank Tiger | IndusInd Bank | Free / Free | 0.40% base value | High spenders wanting a lifetime-free travel card with Air India tran… | ₹1,200 |
| HPCL BOBCARD ENERGIE | Bank of Baroda (BOBCARD) | ₹499 / ₹499 | 0.33% base value | HPCL fuel spenders | ₹990 |
| HDFC Bank MoneyBack+ | HDFC Bank | ₹500 / ₹500 | 0.33% base value | First-time card users who shop on Amazon/Flipkart/Swiggy | ₹990 |
| IndusInd Bank Platinum Aura Edge | IndusInd Bank | Free / Free | 0.25% base value | Entry-level users who want to pick an accelerated category | ₹750 |
| SBI SimplyCLICK | SBI Card | ₹499 / ₹499 | 0.25% base value | Online shoppers on a budget | ₹750 |
| HDFC Bank Biz Grow | HDFC Bank | ₹500 / ₹500 | 0.25% base value | Small business owners paying GST/tax and software bills | ₹750 |
| RBL Bank ShopRite | RBL Bank | ₹500 / ₹500 | 0.25% base value | Grocery spends | ₹750 |
| BPCL SBI Card Octane | SBI Card | ₹1,499 / ₹1,499 | 0.25% base value | High fuel spenders at BPCL pumps | ₹750 |
| BOBCARD Easy | Bank of Baroda (BOBCARD) | ₹500 / ₹500 | 0.20% base value | First credit card / entry level | ₹600 |
| SBI SimplySAVE | SBI Card | ₹499 / ₹499 | 0.17% base value | Entry-level users spending on groceries, dining and movies | ₹510 |
| Kotak League Platinum | Kotak Mahindra Bank | Free / Free | See card page | Entry-level free card | — |
| HSBC Visa Platinum | HSBC India | Free / Free | See card page | Lifetime-free starter card | — |
| Federal Bank Imperio | Federal Bank | Free / Free | See card page | Family spends on groceries, health and bills | — |
| Canara Bank Visa Platinum | Canara Bank | Free / Free | See card page | No-fee Visa card for Canara customers with lounge access | — |
| IDBI Bank Aspire Platinum | IDBI Bank | Free / Free | See card page | No-fee everyday card | — |
| YES Bank POP-CLUB | YES Bank | Free / ₹399 | See card page | POP app shoppers using UPI | — |
| YES Prosperity Rewards | YES Bank | ₹499 / ₹499 | See card page | DISCONTINUED per Paisabazaar - reference only | — |
| ICICI Bank NRI Coral | ICICI Bank | ₹1,000 / ₹500 | See card page | NRIs wanting an everyday INR card | — |
| PNB RuPay Platinum | Punjab National Bank | Free / ₹500 | See card page | Entry-level RuPay card for UPI spends | — |
| PNB RuPay Select | Punjab National Bank | ₹500 / ₹750 | See card page | PNB customers wanting a RuPay card with lounge + UPI | — |
| BOI RuPay Select | Bank of India | Free / ₹800 | See card page | BOI customers wanting lounge + OTT/food memberships | — |
| IDBI Bank Winnings RuPay Select | IDBI Bank | Free / ₹899 | See card page | RuPay card with lounge access and UPI | — |
| IDBI Bank Euphoria World | IDBI Bank | ₹1,499 / ₹1,499 | See card page | Top-tier IDBI card for travel spends | — |
| Union Bank UNICORN | Union Bank of India | ₹2,400 / ₹2,400 | See card page | Mid-premium rewards | — |
| YES Bank RESERV | YES Bank | ₹2,499 / ₹2,499 | See card page | Online shoppers wanting lounge access | — |
| EazyDiner IndusInd Bank Credit Card (Signature) | IndusInd Bank | ₹2,999 / ₹2,999 | See card page | Frequent diners | — |
| HSBC TravelOne | HSBC India | ₹4,999 / ₹4,999 | See card page | Miles transfers | — |
| Axis Bank Magnus | Axis Bank | ₹12,500 / ₹12,500 | See card page | Very high monthly spenders (Rs 1.5 lakh+) redeeming via airline trans… | — |
| Axis Magnus for Burgundy | Axis Bank | — / — | See card page | Axis Burgundy wealth clients | — |
| IDBI Bank Royale Signature | IDBI Bank | Free / — | See card page | Mid-tier rewards | — |
* Base reward value on ₹3 lakh of yearly spends minus annual fee + 18% GST (fee treated as waived when the published waiver threshold is ₹3 lakh or less). Accelerated categories, caps and exclusions change the real value — see each card page.
What a point is worth
| Card | Points earned | Value per point | Effective return |
|---|---|---|---|
| HDFC Infinia / Diners Black | 5 per ₹150 | ₹1 on SmartBuy flights/hotels; ₹0.30 as cashback | 3.33% vs 1% |
| SBI Card PRIME / ELITE | 2 per ₹100 (10 on bonus categories) | ₹0.25 | 0.5% (2.5% on bonus) |
| Axis Atlas | 2 EDGE Miles per ₹100 (5 on travel) | 2 partner miles/points per EDGE Mile | Depends on the airline redemption |
| IndusInd Tiger | 1–6 per ₹100 by yearly spend tier | ₹0.40 cash; 1:1 Air India Maharaja Points | 0.4% cash; more via airline |
| YES Marquee | 36 per ₹200 online | ₹0.25 | 4.5% online |
Ways to redeem — best to worst
- Airline and hotel transfersUsually the highest value for travellers. Check the transfer ratio, annual transfer caps (Axis Magnus: 1 lakh / 4 lakh points a year by partner group) and whether award seats are available.
- Issuer travel portalFlights and hotels via portals such as HDFC SmartBuy often give the best fixed value (₹1 per point on Infinia).
- Statement credit / cashbackSimple and predictable but usually a lower value per point.
- Vouchers and catalogue productsConvenient; value varies widely — compare the points needed with the voucher’s face value before redeeming.
Watch-outs
- Devaluations: issuers regularly cut earn rates, add exclusions or reduce transfer ratios; don’t hoard large balances.
- Exclusions: rent, fuel, wallet loads, utilities, insurance and government payments are commonly excluded or earn lower rates (IndusInd Legend: 0.70 points per ₹100 on utilities, rent, insurance, education).
- Expiry: some programmes expire points after a fixed period; check your statement for points due to expire.
- Redemption fees: several issuers charge a small fee per redemption, which hurts small redemptions most.
- Manufactured spend to farm points may be examined as unexplained expenditure by the tax department.
Reward value calculator
Frequently asked questions
How do I calculate the value of my reward points?
Find the rupee value per point for the redemption you plan (cashback, voucher, airline transfer) and multiply by your points. Divide by the spend that earned them to get your effective reward rate.
Are cashback cards better than rewards cards?
For most people spending under about ₹50,000 a month, yes — cashback is simple and has no redemption friction. Rewards cards win when you redeem into flights and hotels at high value and spend enough to justify the fee.
What are transfer partners?
Airline and hotel loyalty programmes to which you can convert card points, e.g. Axis EDGE Miles to 2 partner points each, IndusInd Tiger 1:1 to Air India Maharaja Points. The value depends on the award you book.
Do reward points expire?
It depends on the issuer and card. Some points never expire while the card is active; others lapse after a set period. Your monthly statement shows the balance and any points about to expire.
Card features, fees and reward rates are compiled from issuers’ published terms and reputable card-review sites (source and date on each card page). Issuers change benefits often — confirm the latest MITC before applying.