Credit Cards · Guide
Best cashback credit cards in India
Cashback cards are the simplest reward mechanic — no points to redeem, no partner conversions. But the marketed "5% cashback" is often subject to caps, exclusions, and category limits. Below is a ranked list of cards that genuinely give useful cashback on real spending patterns.
By FinancePaisa Editorial Team · Research & editorialUpdated · 2 min read
On this page (4 sections)
Ranked shortlist
| Rank | Card | Annual fee | Headline cashback | Effective earn |
|---|---|---|---|---|
| 1 | SBI Cashback | ₹999 (waived on ₹2L) | 5% online, all spends | ~4-5% online (up to ₹5k/mo cap) |
| 2 | HDFC Millennia | ₹1,000 (waived on ₹1L) | 5% on Amazon, Flipkart, Swiggy | ~3-4% blended |
| 3 | Axis ACE | ₹499 (waived on ₹2L) | 5% via Google Pay bills | ~3-4% blended |
| 4 | Amazon Pay ICICI | Lifetime free | 5% for Prime, 3% others | ~2-3% blended (Amazon-heavy) |
| 5 | Flipkart Axis Bank | ₹500 | 5% on Flipkart & Cleartrip | ~3% blended |
1
- Card
- SBI Cashback
- Annual fee
- ₹999 (waived on ₹2L)
- Headline cashback
- 5% online, all spends
- Effective earn
- ~4-5% online (up to ₹5k/mo cap)
2
- Card
- HDFC Millennia
- Annual fee
- ₹1,000 (waived on ₹1L)
- Headline cashback
- 5% on Amazon, Flipkart, Swiggy
- Effective earn
- ~3-4% blended
3
- Card
- Axis ACE
- Annual fee
- ₹499 (waived on ₹2L)
- Headline cashback
- 5% via Google Pay bills
- Effective earn
- ~3-4% blended
4
- Card
- Amazon Pay ICICI
- Annual fee
- Lifetime free
- Headline cashback
- 5% for Prime, 3% others
- Effective earn
- ~2-3% blended (Amazon-heavy)
5
- Card
- Flipkart Axis Bank
- Annual fee
- ₹500
- Headline cashback
- 5% on Flipkart & Cleartrip
- Effective earn
- ~3% blended
How to read the earn rate
The headline % is worst-case marketing. The "effective earn" is what real users report after category caps and category exclusions. If you spend ₹1.5 lakh a month with 40% online, the SBI Cashback card returns roughly ₹3,000 per month; the Amazon Pay ICICI returns ₹1,500-2,000 if you're not a Prime member.
Advertisement
Which card for which spender
- High online spender — SBI Cashback
- Mixed online + Amazon/Flipkart — HDFC Millennia
- Utility + bill payments — Axis ACE (via Google Pay)
- Amazon Prime member — Amazon Pay ICICI (lifetime free)
- Frequent Flipkart shopper — Flipkart Axis Bank