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THE
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2 mins Read | 2 Months Ago

5 important points while spending on a Cashback Credit Card

5 important points while spending on a Cashback Credit Card

What’s better than a Credit Card that makes purchases convenient and gets you discounts? It’s a Credit Card with cashbacks that guarantees money back after every purchase. Read on to know more about a Cashback Credit Card:

1. Understand a Cashback Credit Card

With Cashback Credit Cards each time you swipe, tap, or pay offline an amount is credited back to your Account either as cash or as Reward Points. Among several other variants, ICICI Bank’s Amazon Pay Credit Card provides up to 5% cashback on Amazon India spends if you are a Prime member.

2. How a Cashback Credit Card works

Each time you use the Card, your spent amount gets credited to the Account as a cashback offer. For example, if the Card promises you 1% cashback, you will get Rs 10/Rs 1000 spent. Cashbacks are paid annually or monthly based on your Card type. A Cashback Card credits the cash onto the Credit Card balance reducing your monthly Credit Card bill. Some cards let you redeem Reward Points and use them to pay for other purchases. ICICI Bank’s Travel Credit Cards offer miles and travel points that can be redeemed later on a trip.

3. Transactions that qualify for a cashback

Most Cashback Credit Cards focus on offering cashbacks on specific expenditures such as fuel, travel, dining, in-store purchases, utility bills, online shopping or lifestyle purchases. Go through all the terms and conditions of such a Card to know the entire list of transactions qualified for a cashback.

4. Realise the need for Cashback Credit Cards

If you clear your monthly Credit Card bills on time, a Cashback Credit Cardis perfect for you as it offers rewards on your daily purchases. In case you do not pay your Credit Card bills timely, the interest charged on the outstanding debt overshoots all the cashback earned on expenditure.

5. Consider your spending habits before applying

If you are in the habit of choosing a Debit Card or cash over Credit Card, Cashback Credit Cardsmight not be suitable for you or fetch any additional benefits. All said, remember to resist the temptation spend more than your limit only to secure a cashback and in the process end up with Credit Card debt.

With ICICI Bank, you get assured cashback on every Credit Card purchase. So hurry up and apply for a Credit Card today.

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