HDFC Millennia vs Axis ACE vs SBI Cashback: The Honest 2026 Comparison
Net rupees per year, not headline 5%. We ran three real monthly budgets through HDFC Millennia, Axis ACE and SBI Cashback after the 2026 cap changes. Each card wins one.
We picked a winner (honest math)
Everyone asks which of these three is “the best cashback card”. Honest answer: they are not fighting for the same wallet. Each one pays 5% on a different slice of your life, and each one stops paying 5% surprisingly early. So instead of comparing headline rates, we compared what is left in your account after a year.
The three cards on one screen
| HDFC Millennia | Axis ACE | SBI Cashback | |
|---|---|---|---|
| 5% on | 10 apps: Amazon, Flipkart, Myntra, Swiggy, Zomato, Uber and 4 more | Bills and recharges paid via Google Pay (4% on Swiggy, Zomato, Ola) | Almost any online shopping |
| 5% stops after | ₹1,000 a month | ₹500 a cycle (shared with the 4%) | ₹2,000 a cycle |
| Spend that fills it | ~₹20,000 on those apps | ~₹10,000 of bills | ~₹40,000 online |
| Everything else | 1% | 1.5%, no cap | 1% offline. Online after the cap: zero |
| Paid as | CashPoints (1 = ₹1 on your statement) | Cash on your statement | Cash on your statement |
| Annual fee | ₹1,000 + GST, waived at ₹1 lakh spend | ₹499 + GST, waived at ₹2 lakh | ₹999 + GST, waived at ₹2 lakh |
Terms checked against issuer pages in November 2026. SBI’s caps are the post-April 2026 structure. None of the three earns on UPI QR scans.
Net value on three real months
Here is the part nobody else does. Same three budgets, run through all three cards, caps and exclusions applied. Fees are waived in every case below, so the number is what you actually keep.
| Your month | Millennia | ACE | SBI Cashback |
|---|---|---|---|
| Online shopper — ₹30,000: ₹15k Amazon/Flipkart/Myntra, ₹3k Swiggy/Zomato, ₹4k bills, ₹8k offline | ₹12,240 ✓ | ₹7,980 | ₹11,760 |
| Bills & food — ₹25,000: ₹6k bills, ₹5k Swiggy/Zomato/Ola, ₹4k online, ₹10k offline | ₹6,840 | ₹8,520 ✓ | ₹6,600 |
| Heavy online — ₹60,000: ₹40k online (₹15k outside Millennia’s 10 apps), ₹4k food, ₹5k bills, ₹11k offline | ₹15,720 | ₹14,100 | ₹25,320 ✓ |
What we assumed
- Bills = electricity, broadband, mobile, DTH. On ACE they are paid through Google Pay on Android. SBI Cashback pays nothing on them.
- Millennia partner spend above its ₹1,000 cap earns nothing extra. SBI online spend above its ₹2,000 cap earns nothing.
- Millennia CashPoints valued at ₹1 each, redeemed against the statement.
- No rent, fuel, wallet loads or EMI — all three exclude or punish those.
Notice two things. In the first month, Millennia beats SBI by only ₹480 a year — and SBI pays real cash while Millennia pays points you have to redeem. Call it a tie. And in the heavy month, Millennia is basically a 1% card after ₹20,000, which is why ACE’s plain 1.5% almost catches it.
The catch on each card
HDFC Millennia
- You get CashPoints, not cash. Redeem them against your bill (minimum 500) before they expire, or the 5% was never real.
- The ₹1,000 cap arrives fast. One festive-sale order can use it up for the month.
- Hardest of the three to get: the highest income bar (₹35,000 a month salaried in our catalog).
Axis ACE
- The 5% is only for bills paid with the card inside Google Pay on Android. Scanning a shop’s UPI QR does not count, and iPhone users get 1.5%.
- ₹500 a cycle is shared between the 5% and the 4%. ₹10,000 of bills alone fills it.
- Online shopping earns just 1.5%. It is a bills card, not a shopping card.
SBI Cashback
- Bills, fuel, rent, insurance and wallet loads earn zero.
- After ₹2,000 of online cashback in a cycle, more online spend earns nothing — not even 1%.
- ₹1,179 a year (with GST) if you miss the ₹2 lakh waiver. Light users lose money on it.
Which one should you get?
- Online spend above ~₹20,000 a month, spread over many sites → SBI Cashback. Nothing else here comes close.
- Online spend under ₹20,000, mostly on Amazon, Flipkart, Swiggy and Zomato → HDFC Millennia. Lowest fee waiver too.
- Bills and food delivery are bigger than your shopping, and you use Android → Axis ACE.
- Can hold two? ACE + SBI Cashback covers almost everything: bills on ACE, shopping on SBI. Just make sure you can waive both fees.
Open the three cards
Axis Bank ACE Credit Card
Axis Bank
Net / yr
₹5,759
Fee
₹499
Top
5%
- ✓Best net value on this list — about ₹5,759/yr in your pocket after fees on typical spends.
- ✓Best for gpay utilities & recharge — 5%, up to ₹500/mo combined with 4% tier.
SBI Cashback Credit Card
SBI Card
Net / yr
₹5,520
Fee
₹999
Top
5%
- ✓Strong runner-up at ₹5,520/yr net — roughly ₹239 behind #1 on the same spend mix.
- ✓Best for online spends — 5%, up to ₹2,000/statement cycle.
HDFC Millennia Credit Card
HDFC Bank
Net / yr
₹3,612
Fee
₹1,000
Top
5%
- ✓Worth a look — ₹3,612/yr net among the eligible cards on this list.
- ✓Best for 10 named online merchants — 5%, up to ₹1,000/mo.
SBI Cashback Credit Card
SBI Card
Net / yr
₹5,520
Fee
₹999
Top
5%
- ✓Strong runner-up at ₹5,520/yr net — roughly ₹239 behind #1 on the same spend mix.
- ✓Best for online spends — 5%, up to ₹2,000/statement cycle.
Axis Bank ACE Credit Card
Axis Bank
Net / yr
₹5,759
Fee
₹499
Top
5%
- ✓Best net value on this list — about ₹5,759/yr in your pocket after fees on typical spends.
- ✓Best for gpay utilities & recharge — 5%, up to ₹500/mo combined with 4% tier.
HDFC Millennia Credit Card
HDFC Bank
Net / yr
₹3,612
Fee
₹1,000
Top
5%
- ✓Worth a look — ₹3,612/yr net among the eligible cards on this list.
- ✓Best for 10 named online merchants — 5%, up to ₹1,000/mo.
Net value snapshot
Rewards minus annual fee on your spend profile
- #1Axis Bank ACE Credit Card₹5,759#1Axis Bank ACE Credit Card₹5,759
- #2SBI Cashback Credit Card₹5,520#2SBI Cashback Credit Card₹5,520
- #3HDFC Millennia Credit Card₹3,612#3HDFC Millennia Credit Card₹3,612
Estimated net value on a shared spend profile — not marketing headline rates.
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Frequently asked questions
Which is better for Amazon: Millennia, ACE or SBI Cashback?+
Under ₹20,000 a month on Amazon, Millennia and SBI Cashback both pay 5%. Above that, SBI wins because its cap is double. If Amazon is most of your spending and you have Prime, Amazon Pay ICICI beats all three — 5% with no annual fee.
Do any of these cards earn on UPI?+
No. All three are Visa or Mastercard and cannot be linked for UPI QR payments. ACE’s 5% on Google Pay is for paying bills with the card inside the app, not for scanning QR codes.
Is HDFC Millennia cashback real cash?+
It comes as CashPoints. Redeemed against your statement, 1 CashPoint is worth ₹1, with a minimum of 500. Points left unused eventually expire, so redeem regularly.
Which of the three is easiest to get approved for?+
Axis ACE has the lowest published income bar, then SBI Cashback, then HDFC Millennia. Approval still depends on your CIBIL score and existing loans, not just income.
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