The best rewards credit card on the cards we track, by value per rupee spent, is the Axis Bank Atlas at about 4.5%, followed by the HDFC Bank Infinia at about 3.3%. Both figures assume you redeem in the single best channel the issuer offers, every time, and almost nobody does.
That is what this category hides. A points card pays its headline rate only through one narrow redemption route. Miss it and the same card returns a fraction of that. The SBI Cashback card returns about 4.2% with no redemption decision at all, and for most people that is the better outcome.
Which reward point cards return the most per ₹100 spent?
| Card | Annual fee | Rewards | Fee waiver | Best for | |
|---|---|---|---|---|---|
| Axis Atlas Credit Card | ₹5,000 | 4.5% in miles | None | Frequent flyers | |
Read moreWhat it is good at
The rest of the record Joining fee₹5,000 Forex markup3.50% Domestic lounge visits / year8 International lounge visits / year4 | |||||
| HDFC Infinia Credit Card | ₹12,500 | 3.3% in points | Waived off on spending Rs. 10 Lakh in a year | Very high spenders | |
Read moreWhat it is good at
The rest of the record Joining fee₹12,500 Forex markup2.00% Domestic lounge visits / yearUnlimited International lounge visits / yearUnlimited | |||||
| HDFC Regalia Gold Credit Card | ₹2,500 | 2.6% in points | Waived off on spending Rs. 4 lakh in a year | Mid-premium travel | |
Read moreWhat it is good at
The rest of the record Joining fee₹2,500 Forex markup2.00% Domestic lounge visits / year12 International lounge visits / year6 | |||||
| American Express Membership Rewards Credit Card | ₹4,500 | 2.5% | None | Point transfers, as a second card | |
Read moreThe rest of the record Forex markup3.50% Domestic lounge visits / year0 International lounge visits / year0 | |||||
| BPCL SBI Card Octane | ₹1,499 | 2.5% in points | Reversed on spending Rs. 2 lakh in a year | Heavy fuel spending | |
Read moreWhat it is good at
The rest of the record Joining fee₹1,499 Forex markup3.50% Domestic lounge visits / year4 International lounge visits / year0 | |||||
| IDFC FIRST Select Credit Card | ₹0 | ≈1.8% | None | Occasional foreign spend | |
Read moreThe rest of the record Forex markup0.00% Domestic lounge visits / year4 International lounge visits / yearnone | |||||
| IndusInd Bank Tiger Credit Card | ₹0 | 1.2% in points | None | Lounge access without a fee | |
Read moreWhat it is good at
The rest of the record Joining fee₹0 Forex markup1.50% Domestic lounge visits / year8 International lounge visits / year2 | |||||
| SBI Unnati Credit Card | ₹499 | ≈0.5% | Free for the first 4 years; ₹499 + taxes from the 5th year | A first card | |
Read moreThe rest of the record Forex markup3.50% Domestic lounge visits / year0 International lounge visits / year0 | |||||
Value back is our own computed effective reward rate from the card data we hold, dated 15 August 2026, sourced from issuer pages. It is an estimate of rupees returned per ₹100 spent at the card’s best redemption route. Fees are the published figures. Issuers add 18% GST, so a ₹5,000 fee is debited as ₹5,900.
Why is the headline rate not the decision?
Because the rate is conditional and the fee is not. The Infinia charges ₹12,500 plus GST, which is ₹14,750 debited. To break even at 3.3% you must spend about ₹4,50,000 a year, and redeem it properly. The fee waiver needs ₹10,00,000 of spend.
Now compare the Atlas. It charges ₹5,000 a year and lists no spend-based fee waiver. So the fee is permanent. Axis Bank’s page lists a ₹5,000 joining fee and ₹5,000 annual fee, with 2 EDGE Miles per ₹100 as the base earn and 5 per ₹100 on travel booked through Travel EDGE, airlines and hotels directly. It earns its place only if you actually transfer EDGE Miles to an airline partner and fly on them. If you redeem for vouchers, the rate collapses and you are paying ₹5,900 a year for a worse card.
This is the uncomfortable part. A points card is a commitment to do admin every year. A cashback card is not. If you will not track transfer partners and devaluations, take the cashback route and accept 4.2% with zero effort.
What actually erodes a reward point?
Four things, and issuers change all of them without asking. Capping, which limits how many points a category earns each cycle. Exclusions, where rent, fuel, wallet loads, insurance and government payments earn nothing. Devaluation, where the same point buys less next year. And expiry, where unredeemed points lapse.
Redemption fees are the quiet one. Several issuers charge a flat handling fee for each redemption request. On a small redemption that fee can take a double-digit share of the value. We cover the per-issuer mechanics in reward points and redemption.
RBI’s Credit Cards and Debit Cards: Issuance and Conduct Directions, 2025 require a closure request to be honoured within seven working days, or the issuer pays you ₹500 for each calendar day of delay. The same directions require reward points to be offered transparently, with details on the issuer’s website, but they say nothing about keeping unredeemed points after closure. Redeem before you close, not after.
Which card suits which spender?
If your spend is mostly online retail, a points card is the wrong tool. Flat cashback wins on both rate and effort.
If you fly two or more international trips a year and will transfer points to an airline, the Atlas or the Amex Membership Rewards card make sense. That is the only case where a transfer programme beats cash.
If you spend heavily on fuel, the BPCL SBI Card Octane is category-specific and pays well inside it. Outside BPCL pumps, it does not. If you are building a credit file for the first time, ignore reward rates entirely and start at first credit cards.
Frequently asked questions
Which is the best rewards credit card in India?
On the cards we track as of 5 September 2026, the Axis Bank Atlas returns the most at about 4.5% in EDGE Miles, followed by the HDFC Bank Infinia at about 3.3%. Both figures assume best-case redemption. The SBI Cashback card returns about 4.2% as statement credit, with no redemption step, which for most people is the better real-world outcome.
Is an annual fee credit card worth it?
Only if your spend clears the break-even. Take the fee, add 18% GST, and divide by the card’s value-back rate. A ₹2,500 fee at 2.6% needs roughly ₹1,13,000 of eligible annual spend to break even. Check the fee waiver threshold too, because clearing it makes the maths trivial.
Do reward points expire?
On most Indian cards, yes. Expiry periods vary by issuer and are set in the card terms, not by regulation. RBI’s 2025 card directions require the reward terms to be disclosed on the issuer’s website, but do not require issuers to keep unredeemed points when you close the card. Redeem before closure.
Why did my card earn no points on rent or fuel?
Because those categories are usually excluded or capped. Rent payments, wallet loads, fuel, insurance premiums, EMI conversions and government payments are the common exclusions. They are listed in the card’s terms, and issuers revise the list without individual notice.
Are reward points better than cashback?
Only if you redeem them well. A points card like the Atlas beats flat cashback when you transfer miles to airline partners; redeemed for vouchers, it usually does worse. If you will not track transfer partners, a cashback card is simpler.
Which credit card gives the highest reward points?
Point counts are not comparable across issuers because a point is worth different amounts. Compare the rupee value per ₹100 spent instead, which is what the table above shows. You can work out your own figure with the reward value calculator.
Sources
- Card fees, features and effective reward rates — our credit card dataset as of 5 September 2026, compiled from issuer pages including axis.bank.in, hdfc.bank.in and sbicard.com.
- Atlas Credit Card: features, fees and charges — Axis Bank (checked 17 Sep 2026)
- INFINIA Metal Edition fees and charges — HDFC Bank (checked 17 Sep 2026)
- Reserve Bank of India (Commercial Banks – Credit Cards and Debit Cards: Issuance and Conduct) Directions, 2025 — Reserve Bank of India (checked 17 Sep 2026)
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