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In these inflationary times, small discounts on bills matter a lot. Bankers realise this and take the opportunity to push a credit card in your hands – a credit card that gives you cash back. The proposition is very simple, every time you pay a bill, say your electricity bill, using the cash back credit card, you are eligible for a cash back. Assume you have paid . 2,000 towards electricity bill and the bank offers you a 5% cash back. In that case, your monthly credit card statement will ask you to pay . 1,900 only. Though the opportunity to save on your bills using a credit card is rather attractive, it's better to know the details:

Cash Back Item List

Some banks offer cash back on utility bills whereas some offer cash back only on discretionary spends such as — three-star rated and above restaurant bills. Always check if the service provider is empanelled with the bank for the cash back credit card programme. Even under utility bills, check if the banks have empanelled the utility service providers you are paying to. For example, your internet service provider or DTH service provider need not necessarily be a 'utility service provider' for your bank as far as the cash back credit card is concerned.

Limits And Sub Limits

Many banks introduce a limit in rupee terms, say . 2,500, as to how much cash back one can get in a month. Then there are sub limits like no single transaction can get cash back of more than a particular amount, say . 500.

Eligibility Of Transactions

Banks can also prescribe a minimum transaction value, say . 500, to get cash back. If you pay a bill of . 350, you won't be eligible for cash back on that transaction. Some banks can introduce varying minimum transaction value for different categories, such as utility bills and bills at retail outlets.

Charges

Cash back credit cards may have a joining fee and an annual fee. Some banks waive such fees, subject to conditions such as using the card at regular intervals or spending a minimum amount in a year, say . 25,000. Also check the interest rate at which the banks are offering you credit, if in case you cannot pay on due date, that should not be a burden.


Though the idea of saving on your bills is good, never over spend to ensure that you remain in good financial health.

 

 

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

 

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These Application Forms can be used for buying regular mutual funds also

 

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. HDFC TaxSaver
  2. ICICI Prudential Tax Plan
  3. DSP BlackRock Tax Saver Fund
  4. Birla Sun Life Tax Relief '96
  5. Reliance Tax Saver (ELSS) Fund
  6. IDFC Tax Advantage (ELSS) Fund
  7. SBI Magnum Tax Gain Scheme 1993
  8. Sundaram Tax Saver

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