Best Rewards Cards
Highest earning cards with Value for Money weighting. Cashback gets 35% bonus over points for guaranteed value.
307 cards ranked | Updated December 2025
Key Ranking Factors
Earning per ₹100
Cashback vs points
Accelerated earning
Monthly limits
AU SPONT Credit Card
₹1.0-500.0/₹100
₹100.0-300.0/₹100
Federal Bank Scapia
₹10.0-20.0/₹100
₹0.5-25.0/₹100
₹2.0-20.0/₹100
₹0.8-10.0/₹100
HDFC Diners Club Black
₹3.3-33.3/₹100
₹1.6-8.0/₹100
₹1.0-5.0/₹100
₹1.0-5.0/₹100
HDFC Diners Club Black Metal Edition
₹3.3-33.3/₹100
₹2.5-10.0/₹100
IDFC FIRST Private
₹6.7-40.0/₹100
₹0.5-10.0/₹100
₹1.0-5.0/₹100
₹1.0-5.0/₹100
₹1.0-7.5/₹100
Zomato Edition Black
₹1.0-10.0/₹100
₹1.0-5.0/₹100
AU Ixigo Credit Card
₹1.3-5.0/₹100
₹1.0-7.5/₹100
₹1.5-7.5/₹100
FIRST WOW! Black
₹0.7-9.0/₹100
₹1.0-7.0/₹100
₹0.8-10.0/₹100
₹0.5-5.0/₹100
₹2.0-5.0/₹100
₹1.0-10.0/₹100
₹1.5-5.0/₹100
₹1.0-5.0/₹100
₹1.0-5.0/₹100
HDFC Infinia Metal Edition
₹3.3-33.3/₹100
PhonePe SBI Card SELECT BLACK
₹1.0-10.0/₹100
₹1.3-3.8/₹100
₹0.3-5.0/₹100
₹1.0-5.0/₹100
₹0.3-5.0/₹100
₹1.0-6.0/₹100
₹1.0-5.0/₹100
HDFC BizBlack
₹3.3-16.7/₹100
₹0.5-5.0/₹100
₹0.5-5.0/₹100
Tata Neu Infinity HDFC Bank
₹1.5-10.0/₹100
HDFC Millennia
₹1.0-5.0/₹100
BOBCARD Eterna Credit Card
₹0.8-3.8/₹100
₹0.5-10.0/₹100
About Rewards Rankings
This leaderboard ranks cards by pure earning potential, Value for Money adjusted. Cards offering high rewards at low fees rank higher than expensive cards with similar rates.
We give cashback a 35% bonus because it's guaranteed value—points can be devalued and have uncertain redemption rates.
How We Rank Rewards
- Normalized reward rate: Points/cashback per ₹100 spent
- Cashback multiplier: 1.35x for cashback cards
- Point value bonus: Higher redemption value = better score
- Cap penalty: Low monthly caps reduce the score
- VFM adjustment: Same rewards on cheaper card ranks higher
Base Rate
Higher is betterType
Cashback preferredWhat Makes Great Rewards
- Base rate 1%+: Anything under 1% is below average
- Accelerated categories: 5-10% on categories you use frequently
- No or high caps: Monthly caps can severely limit earnings
- Clear redemption: Know exactly what your points are worth
Who Should Prioritize Rewards
- Those who pay balances in full monthly
- Users with predictable spending patterns
- Anyone who prefers tangible returns over perks
Maximizing Rewards
- Match card to spending: Use the right card for each category
- Avoid interest: 40% APR destroys any reward value
- Redeem strategically: Some redemptions offer better value than others
Rewards FAQ
Cashback or points—which is better?
Cashback is guaranteed value. Points offer flexibility but uncertain value. We recommend cashback unless you have specific redemption goals (travel, etc.) where points offer premium value.
Bottom Line
The best rewards card maximizes returns on your actual spending. High earners benefit from uncapped premium cards; average spenders often do better with no-fee cashback options.