Rewards Credit Card Guide for India

Category cards need a second calculation, because the cap decides the ceiling rather than the rate. A card paying 10% on food delivery capped at Rs 1,500 a month is worth at most Rs 18,000 a year, and only if you spend Rs 15,000 monthly in that category. The headline rate is meaningless above the cap.

The things to check before applying, in order: the annual fee and its spend-based waiver, the base reward rate rather than the accelerated categories, the monthly or cycle cap, what the points are actually worth on redemption - many programmes are worth far less on statement credit than on travel transfers - and whether lounge access carries a spend condition, which is now common.

One rule overrides all of the above. If you carry a balance, reward cards are the wrong product entirely. Indian credit card interest runs roughly 3% to 3.75% a month, which is 42% to 45% a year. No reward rate on the market survives contact with that. Clear the balance first, then optimise rewards.

Before applying: 1. Work out your realistic annual spend and compare it to the break-even. 2. Check the base rate, not the accelerated one. 3. Find the cap, and calculate the maximum annual value it allows. 4. Confirm whether lounge access is spend-gated. 5. Verify current terms directly with the issuer - several cards were revised during 2026.