Ranked by real value back, not headline reward points. Points are converted at each programme's realistic redemption value, so a card earning ten points per hundred rupees at ₹0.25 a point loses to one earning three at ₹1.
On utilities, the ICICI Emeralde currently leads at 4% value back.
| # | Card | Value back | Detail |
|---|---|---|---|
| 1 | ICICI Emeralde | 4% | |
| 2 | HDFC Infinia Metal | 3.33% | |
| 3 | HDFC BizBlack Metal | 3.33% | |
| 4 | HSBC Premier | 3% | |
| 5 | ICICI Emeralde Private Metal | 3% | earns, capped 1,000 RP/cycle |
| 6 | HDFC Regalia Gold | 2.67% | |
| 7 | HDFC BizPower | 2.67% | |
| 8 | HDFC Biz Grow | 2.67% | 4 CP/₹150 on business essentials |
| 9 | ICICI Times Black | 2% | earns, capped 5,000 RP/cycle across utility/insurance/edu/govt |
| 10 | HDFC Marriott Bonvoy | 1.33% |
Most accelerated rates stop at a monthly or annual spend cap and drop to a base rate afterwards. A card that looks best on paper can lose over a full year of spending. The calculator handles that automatically once you enter your amount.
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