We ranked India's credit cards by the real cash value of their reward points — not what banks claim, but what you actually get when you sell, transfer, or redeem. Rankings are based on: earn rate, per-point value, flexibility, and Cashard sell rate.
The Top 10 Rankings
HDFC Infinia / Diners Club Black
The undisputed king of Indian credit card rewards. Highest per-point value in the market.
Axis Magnus
Premium card with exceptional earn rates on select merchants (10x multiplier).
AMEX Platinum / Gold
Best airline transfer partner options. Premium lounge and travel benefits.
ICICI Sapphiro
Underrated gem with best value-for-fee ratio in the premium segment.
SBI Elite
Best value in SBI's lineup with milestone rewards boosting returns.
HDFC Regalia / Regalia Gold
The most popular Indian premium credit card. Solid all-around performer.
Axis Atlas
Travel-focused card with strong airline transfer rates and milestone benefits.
ICICI Rubyx
Best mid-tier ICICI card with decent rewards and low annual fee.
HSBC Smart Value
Best for international spenders with low forex markup and global acceptance.
SBI SimplyCLICK
Best no-fee card for online spenders. 10x rewards on partner merchants.
* On partner merchants only (Amazon, BookMyShow, etc.)
All per-point values above assume selling on Cashard. Bank catalogue redemptions give 40-60% less value. If you're not selling points for cash, your effective return from any card drops by almost half. See our points vs cashback comparison →
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