The most popular reward where customers receive a certain amount of cash back as a credit on the card based on their usage. The qualification and the reward rates may vary from card to card. This is very popular because it can be deemed to be a discount on the purchase. How does one go about identifying which is the best one?

It is important to understand that cash back rates can be different across different spend categories, there may be maximum usage caps to avail cash back, the methods of redemption may vary from fee waivers to automated statement credits and so on. Hence, it is not necessary that a credit card which offers a 2% cash back is better than one which offers 1.5%. You need to consider the following as well:

a. Does the credit card offer you the maximum rewards from a cash back perspective for ‘Your Customized’ spend, i.e. for the specific categories that YOU typically spend on?

b. How does the cash back redemption happen – is it automatic or does this need a call back or request has to be raised for fulfilment? Which credit card provides the most easy and convenient option?

c. Small print: Are there any usage caps? Are there any exclusions? Are there any specific merchant criteria? Are there any timelines? These are points to consider while choosing the best cash back credit card for you.

d. Other benefits: Does the card have the benefits that you might want -complimentary airport lounge access, movie tickets, golf offers, valet parking etc? Explore!

SoulWallet’s “Saving Simulator” tool uses a smart algorithm which can give you an excellent indication on which credit card gives you the maximum savings based on your individual customized spend.

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