Cashback credit cards compared
Worked out on ₹20,000 of spending a month: ₹5,000 at each card's best category (online for Cashback SBI Card, Swiggy for Swiggy HDFC, Flipkart for Flipkart Axis and so on) and ₹15,000 everywhere else. "Net a year" takes off the annual fee with GST where ₹2.4 lakh a year does not reach the card's waiver.
| Card | Joining / annual fee | Fee waived at | Top rate | Value a month | Net a year |
|---|---|---|---|---|---|
| Swiggy HDFC Bank Credit CardHDFC Bank | ₹500 / ₹500 | ₹2,00,000 a year | 10%Swiggy | ₹6503.25% overall | ₹7,800no fee to pay |
| Airtel Axis Bank Credit CardAxis Bank | ₹500 / ₹500 | ₹2,00,000 a year | 25%Airtel bills | ₹4502.25% overall | ₹5,400no fee to pay |
| Cashback SBI CardSBI Card | ₹999 / ₹999 | ₹2,00,000 a year | 5%Online | ₹4002% overall | ₹4,800no fee to pay |
| Millennia Credit CardHDFC Bank | ₹1,000 / ₹1,000 | ₹1,00,000 a year | 5%10 partner apps | ₹4002% overall | ₹4,800no fee to pay |
| Amazon Pay ICICI Bank Credit CardICICI Bank | Lifetime free | – | 5%Amazon (Prime) | ₹4002% overall | ₹4,800no fee to pay |
| Flipkart Axis Bank Credit CardAxis Bank | ₹0 / ₹500 | ₹3,50,000 a year | 5%Flipkart | ₹4002% overall | ₹4,210after ₹590 fee |
Each card in detail
Swiggy HDFC Bank Credit Card · HDFC Bank
10% back on Swiggy and Instamart
- Rewards
- 10% on Swiggy food, Instamart, Dineout and Genie (up to ₹1,500 a statement), 5% on online apparel, electronics, pharmacy, cabs and similar categories (up to ₹1,500) and 1% elsewhere (up to ₹500); nothing on fuel, rent, EMI, wallet, jewellery or government spends.
- Fees
- Joining ₹500, annual ₹500 + GST; next year's fee waived on ₹2,00,000 of spends a year
- Best for
- Regular Swiggy and Instamart users
Checked on the HDFC Bank page on 6 October 2026.
Airtel Axis Bank Credit Card · Axis Bank
25% back on Airtel bills
- Rewards
- 25% on Airtel mobile, broadband, Wi-Fi and DTH bills paid in the Airtel Thanks app (capped each month at twice the 1% cashback earned that month), 10% on gas and electricity bills in the app (capped at the 1% cashback earned), 10% on Zomato, Blinkit and District (up to ₹200 per partner a month) and 1% elsewhere.
- Fees
- Joining ₹500, annual ₹500 + GST; next year's fee waived on ₹2,00,000 of spends a year
- Best for
- Airtel households that also spend on the card every month
Checked on the Axis Bank page on 6 October 2026.
Cashback SBI Card · SBI Card
5% on almost any online merchant, not a short partner list
- Rewards
- 5% on online spends (up to ₹2,000 cashback a statement) and 1% offline (up to ₹2,000); nothing on fuel, rent, utilities, insurance, wallets, education, jewellery or railways, and since 1 April 2026 nothing on gaming, tolls or government payments.
- Fees
- Joining ₹999, annual ₹999 + GST; next year's fee waived on ₹2,00,000 of spends a year
- Best for
- People who shop online across many sites
Checked on the SBI Card page on 6 October 2026.
Millennia Credit Card · HDFC Bank
₹1,000 voucher or a domestic lounge visit on ₹1 lakh spent in a quarter
- Rewards
- 5% on Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber and Zomato (up to 1,000 points a month) and 1% elsewhere (up to 1,000 a month); 1 point = ₹1 against the bill. Nothing on fuel, rent, government, wallet or EMI spends.
- Fees
- Joining ₹1,000, annual ₹1,000 + GST; next year's fee waived on ₹1,00,000 of spends a year
- Lounges
- 1 domestic visit (or a ₹1,000 voucher) for each quarter with ₹1 lakh of spends
- Who can apply
- Salaried: 21–40 years, net income above ₹35,000 a month
- Best for
- Spending spread across the big shopping and food apps
Checked on the HDFC Bank page on 6 October 2026.
Amazon Pay ICICI Bank Credit Card · ICICI Bank
No fee at all and no cap on the Amazon rewards
- Rewards
- 5% on Amazon.in for Prime members (3% without Prime), 2% at Amazon Pay partner merchants and 1% elsewhere, all unlimited; points are worth ₹1 each on Amazon.
- Fees
- No joining or annual feeLifetime free
- Forex markup
- 1.99% on foreign currency spends
- Who can apply
- 21 or older with income of at least ₹30,000 a month
- Best for
- Amazon Prime members
Checked on the ICICI Bank page on 6 October 2026.
Flipkart Axis Bank Credit Card · Axis Bank
7.5% on Myntra, 5% on Flipkart, with quarterly rather than monthly caps
- Rewards
- 7.5% on Myntra and 5% on Flipkart and Cleartrip (each up to ₹4,000 a statement quarter), 4% unlimited at preferred merchants and 1% unlimited elsewhere.
- Fees
- Joining ₹0, annual ₹500 + GST; next year's fee waived on ₹3,50,000 of spends a yearNo joining fee as a limited-period offer; ₹500 a year from the second year
- Best for
- Flipkart and Myntra shoppers
Checked on the Axis Bank page on 6 October 2026.
Why the caps matter more than the headline rate
A 5% card is only a 5% card up to its cap. Cashback SBI Card pays 5% online but stops at ₹2,000 a statement, so ₹50,000 of online spending in a month earns ₹2,000, not ₹2,500. Airtel Axis advertises 25% on Airtel bills, but the cap is twice the 1% cashback you earn elsewhere that month: with a ₹1,000 Airtel bill and ₹5,000 of other spends it pays ₹150 in all. HDFC's caps run by calendar month, SBI's and Swiggy HDFC's by statement, and Flipkart Axis's by statement quarter, which is kinder to a big one-off purchase.
Which cashback card suits you
- You shop online across many sites: Cashback SBI Card, because its 5% is not limited to a partner list.
- You have Amazon Prime: Amazon Pay ICICI, with no fee and no cap on the 5%.
- You order from Swiggy every week: Swiggy HDFC, at 10% up to ₹1,500 a statement.
- You buy clothes on Myntra and gadgets on Flipkart: Flipkart Axis, at 7.5% and 5%.
- Your spending is spread over the big apps: HDFC Millennia, at 5% on ten of them.
Two cards that cover different categories often beat one: pair a no-fee card with one whose fee your spending waives.
Fees, waivers and hidden costs
Every annual fee attracts 18% GST, so a ₹999 fee costs ₹1,179. Cashback is never worth paying interest for: Axis Bank and ICICI Bank charge 3.75% a month on an unpaid balance, so carrying a balance for one month costs more than three months of 1% cashback on the same amount. Pay the full bill by the due date, and use the EMI calculator to see what converting a purchase into instalments really costs.
How we compared these cards
Every fee, reward rate and cap here was read on the issuing bank's own website on 6 October 2026; each card links to the page we checked. Where a figure could not be confirmed on the bank's site, the card is left out. Points are converted to rupees at the value the bank itself states, and the "value a month" and "net a year" columns apply each card's caps to the spending described above the table. Surcharge waivers, welcome vouchers and milestone gifts are left out of those columns.
SmartFigure earns nothing from these cards. There are no affiliate links and no paid placements, and the order comes only from the arithmetic. This is not a recommendation: banks revise card terms often, so read the current terms on the bank's site before you apply.
Frequently asked questions
Which is the best cashback credit card in India in October 2026?
On ₹20,000 a month, with ₹5,000 of it at each card's best category, Swiggy HDFC Bank Credit Card comes out on top at about ₹7,800 a year after fees. The right card still depends on where you spend: a Swiggy-heavy month, an Amazon Prime household and a shopper who uses many sites each favour a different card.
Is cashback better than reward points?
Cashback credited to the bill is worth exactly what it says, while points depend on how you redeem them and can lose value when a bank changes its catalogue. A 1.5% points card can be worth less than a 1% cashback card if you only ever redeem points against the bill.
Do cashback cards pay on rent, fuel and utility bills?
Mostly not. All the cards here exclude fuel and rent, and most exclude wallet loads, government payments and EMIs. Cashback SBI Card also excludes utilities, insurance, education and railways, and since 1 April 2026 gaming, tolls and government payments.
Is cashback on a credit card taxable?
Cashback on your own spending is generally treated as a discount on the purchase, not income. Keep the card statements in case you need to show it.
How do I avoid paying the annual fee?
Most cashback cards waive the next year’s fee once you spend a set amount in a year: ₹1 lakh on HDFC Millennia, ₹2 lakh on Cashback SBI Card, Swiggy HDFC and Airtel Axis, ₹3.5 lakh on Flipkart Axis. Amazon Pay ICICI has no fee at all.
Can I close a card that I no longer use?
Yes. Under RBI’s card directions a bank must close your card within seven working days of your request, once dues are paid, or pay you ₹500 for each day of delay.
Sources
- SBI Card – Cashback SBI Card
- HDFC Bank – Millennia Credit Card
- HDFC Bank – Swiggy HDFC Bank Credit Card
- Axis Bank – Flipkart Axis Bank Credit Card
- Axis Bank – Airtel Axis Bank Credit Card
- ICICI Bank – Amazon Pay ICICI Bank Credit Card
- RBI – Master Direction on Credit Card and Debit Card Issuance and Conduct, 2022
Last checked on 6 October 2026. Not a recommendation. Card terms change often; read the current terms on the bank's website before applying. SmartFigure earns nothing from any card.