Best Credit Card for Cashback in India (2026)
Find the best credit card for cashback. Personalized matching based on your spends and approval profile. 6 cashback cards compared on fees, caps, and net returns for 2026.
Updated 21 June 2026·6 cards · 5 min scan·CardHungry
Top pick · HSBC Live+ Credit Card
Net / yr
₹7,470
Annual fee
Free
Return
2.0%
Top picks
Net annual value · moderate spend
Number one pick: HSBC Live+ Credit Card, ₹7,470 per year net
HSBC Live+ Credit Card
HSBC
Net / yr
₹7,470
Fee
₹999
Top
10%
- ✓Best net value on this list — about ₹7,470/yr in your pocket after fees on typical spends.
- ✓Best for dining (incl. delivery) — 10%, up to ₹1,000/mo cashback.
HSBC Cashback Credit Card
HSBC
Net / yr
₹6,291
Fee
₹999
Top
10%
- ✓Strong runner-up at ₹6,291/yr net — roughly ₹1,179 behind #1 on the same spend mix.
- ✓Best for dining (first year) — 10%, up to ₹1,000/mo.
HSBC Live+ Credit Card
HSBC
Net / yr
₹7,470
Fee
₹999
Top
10%
- ✓Best net value on this list — about ₹7,470/yr in your pocket after fees on typical spends.
- ✓Best for dining (incl. delivery) — 10%, up to ₹1,000/mo cashback.
American Express SmartEarn Credit Card
American Express
Net / yr
₹5,880
Fee
₹495
Top
10X Membership Rewards
- ✓Worth a look — ₹5,880/yr net, still ahead of 3 other eligible cards.
- ✓Best for partner merchants — 10X Membership Rewards, up to 500 pts/mo.
Why #2–#6 rank here
Ranked by net annual value on a moderate spend profile. Each line ties to issuer T&Cs, fees, caps, and your eligibility band. How we calculate NAV
- Strong runner-up at ₹6,291/yr net — roughly ₹1,179 behind #1 on the same spend mix.
- Best for dining (first year) — 10%, up to ₹1,000/mo.
- Rewards (₹7,890/yr) still beat the ₹1,179 fee on this profile.
2HSBC Cashback Credit CardHSBC
- Strong runner-up at ₹6,291/yr net — roughly ₹1,179 behind #1 on the same spend mix.
- Best for dining (first year) — 10%, up to ₹1,000/mo.
- Rewards (₹7,890/yr) still beat the ₹1,179 fee on this profile.
Full review →Net / yr
₹6,291
- Worth a look — ₹5,880/yr net, still ahead of 3 other eligible cards.
- Best for partner merchants — 10X Membership Rewards, up to 500 pts/mo.
- Fee likely waived if you spend ₹40,000/yr — worth it on moderate usage.
3American Express SmartEarn Credit CardAmerican Express
- Worth a look — ₹5,880/yr net, still ahead of 3 other eligible cards.
- Best for partner merchants — 10X Membership Rewards, up to 500 pts/mo.
- Fee likely waived if you spend ₹40,000/yr — worth it on moderate usage.
Full review →Net / yr
₹5,880
- #4 here with ₹5,520/yr net (~1.48% back on your spends).
- Best for online spends — 5%, up to ₹2,000/statement cycle.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
4SBI Cashback Credit CardSBI Card
- #4 here with ₹5,520/yr net (~1.48% back on your spends).
- Best for online spends — 5%, up to ₹2,000/statement cycle.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
Full review →Net / yr
₹5,520
- #5 here with ₹5,475/yr net (~1.47% back on your spends).
- Best for gpay utilities & recharge — 5%, up to ₹500/mo combined with 4% tier.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
5Axis Bank ACE Credit CardAxis Bank
- #5 here with ₹5,475/yr net (~1.47% back on your spends).
- Best for gpay utilities & recharge — 5%, up to ₹500/mo combined with 4% tier.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
Full review →Net / yr
₹5,475
- #6 here with ₹5,040/yr net (~1.35% back on your spends).
- Best for airtel bills (thanks app) — 25%, up to ₹250/mo.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
6Axis Bank Airtel Credit CardAxis Bank
- #6 here with ₹5,040/yr net (~1.35% back on your spends).
- Best for airtel bills (thanks app) — 25%, up to ₹250/mo.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
Full review →Net / yr
₹5,040
Why each card ranks here
Ranked by net annual value on a moderate spend profile. Each line ties to issuer T&Cs, fees, caps, and your eligibility band. How we calculate NAV
- Best net value on this list — about ₹7,470/yr in your pocket after fees on typical spends.
- Best for dining (incl. delivery) — 10%, up to ₹1,000/mo cashback.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
1HSBC Live+ Credit CardHSBC
- Best net value on this list — about ₹7,470/yr in your pocket after fees on typical spends.
- Best for dining (incl. delivery) — 10%, up to ₹1,000/mo cashback.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
Full review →Net / yr
₹7,470
- Strong runner-up at ₹6,291/yr net — roughly ₹1,179 behind #1 on the same spend mix.
- Best for dining (first year) — 10%, up to ₹1,000/mo.
- Rewards (₹7,890/yr) still beat the ₹1,179 fee on this profile.
2HSBC Cashback Credit CardHSBC
- Strong runner-up at ₹6,291/yr net — roughly ₹1,179 behind #1 on the same spend mix.
- Best for dining (first year) — 10%, up to ₹1,000/mo.
- Rewards (₹7,890/yr) still beat the ₹1,179 fee on this profile.
Full review →Net / yr
₹6,291
- Worth a look — ₹5,880/yr net, still ahead of 3 other eligible cards.
- Best for partner merchants — 10X Membership Rewards, up to 500 pts/mo.
- Fee likely waived if you spend ₹40,000/yr — worth it on moderate usage.
3American Express SmartEarn Credit CardAmerican Express
- Worth a look — ₹5,880/yr net, still ahead of 3 other eligible cards.
- Best for partner merchants — 10X Membership Rewards, up to 500 pts/mo.
- Fee likely waived if you spend ₹40,000/yr — worth it on moderate usage.
Full review →Net / yr
₹5,880
- #4 here with ₹5,520/yr net (~1.48% back on your spends).
- Best for online spends — 5%, up to ₹2,000/statement cycle.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
4SBI Cashback Credit CardSBI Card
- #4 here with ₹5,520/yr net (~1.48% back on your spends).
- Best for online spends — 5%, up to ₹2,000/statement cycle.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
Full review →Net / yr
₹5,520
- #5 here with ₹5,475/yr net (~1.47% back on your spends).
- Best for gpay utilities & recharge — 5%, up to ₹500/mo combined with 4% tier.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
5Axis Bank ACE Credit CardAxis Bank
- #5 here with ₹5,475/yr net (~1.47% back on your spends).
- Best for gpay utilities & recharge — 5%, up to ₹500/mo combined with 4% tier.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
Full review →Net / yr
₹5,475
- #6 here with ₹5,040/yr net (~1.35% back on your spends).
- Best for airtel bills (thanks app) — 25%, up to ₹250/mo.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
6Axis Bank Airtel Credit CardAxis Bank
- #6 here with ₹5,040/yr net (~1.35% back on your spends).
- Best for airtel bills (thanks app) — 25%, up to ₹250/mo.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
Full review →Net / yr
₹5,040
Net value snapshot
Rewards minus annual fee on your spend profile
- #1HSBC Live+ Credit Card₹7,470#1HSBC Live+ Credit Card₹7,470
- #2HSBC Cashback Credit Card₹6,291#2HSBC Cashback Credit Card₹6,291
- #3American Express SmartEarn Credit Card₹5,880#3American Express SmartEarn Credit Card₹5,880
- #4SBI Cashback Credit Card₹5,520#4SBI Cashback Credit Card₹5,520
- #5Axis Bank ACE Credit Card₹5,475#5Axis Bank ACE Credit Card₹5,475
Before you apply
Category fit first
This guide ranks cashback cards by net annual value — pick the one that matches your real spends in this category.
Net value over hype
Subtract annual fees and model monthly caps before comparing headline reward rates.
Apply once
One well-matched application beats multiple CIBIL enquiries in the same month.
Frequently asked questions
Which credit card is best for cashback in India?+
No single winner — it depends on monthly cashback spend, caps, and fee structure. This guide compares 6+ cards by net annual value.
Are reward caps important for cashback cards?+
Critical. A high rate with a low cap often loses to a lower unlimited rate. Always convert caps to absolute annual currency.
Do cashback cards work with wallets and QR payments?+
Often not. Wallet loads, rent, EMI, and government payments are commonly excluded. Check issuer MCC exclusions before applying.
Can I hold multiple cashback cards?+
Yes, but one primary cashback card plus a general-purpose backup is usually optimal. Diminishing returns after that.
Will CardHungry spam me after I apply?+
No. Zero outbound sales calls. Optional email updates capped at 2 messages. One-click unsubscribe.
Full written guide
Methodology, tables, eligibility & fine print · ~8 min read
Full written guide
Methodology, tables, eligibility & fine print · ~8 min read
Looking for the best credit card for cashback in India? Generic top-10 listicles ignore your income, monthly caps, excluded MCCs, and whether you can actually get approved. This CardHungry guide analyses 6 leading cards with reward rules, net annual value across three spend profiles, exclusions, and who each card suits best — updated June 2026.
Flat cashback cards are the easiest to understand but often carry the strictest caps. Always convert the headline rate to absolute annual rupees: 5% on ₹10,000/month capped at ₹5,000 = ₹6,000/year max from that category.
On this page
What matters for cashback cards
- Effective rate after caps — divide annual cap by annual spend to get true yield.
- Category MCC coding — some merchants classify as "general" not "cashback".
- Partner lock-in — co-brand cards only win at specific merchants.
- Annual fee breakeven — fee must be recovered from cashback rewards alone or cross-category value.
- Stacking rules — most issuers forbid combining offers; read T&Cs.
Annual fee breakeven example
If a card charges ₹999/year and offers 5% on cashback with a ₹5,000/month cap, maximum cashback rewards = ₹6,000/year. Net after fee = ₹5,001 — but only if you actually hit the cap every month. Partial spends reduce this sharply.
Net value by spend profile
| Card | Light spender | Moderate | Heavy |
|---|---|---|---|
| HSBC Live+ Credit Card | ₹2,151 | ₹7,470 | ₹15,180 |
| HSBC Cashback Credit Card | ₹2,151 | ₹6,291 | ₹14,001 |
| American Express SmartEarn Credit Card | ₹2,400 | ₹5,880 | ₹7,800 |
| SBI Cashback Credit Card | ₹1,101 | ₹5,520 | ₹12,600 |
| Axis Bank ACE Credit Card | ₹1,961 | ₹5,475 | ₹10,890 |
Net annual value after annual fee and estimated forex. Caps applied per issuer T&Cs.
Top cashback credit cards — full breakdown
1. HSBC Live+ Credit Card
Issuer: HSBC · Tier: Gold · Annual fee: ₹999
Dining cashback leader
Eligibility snapshot
- Min monthly income (salaried): ₹30,000
- Secured / FD-backed: No — standard unsecured
- Approval note: Indicative only. CIBIL checked by bank at application, not by CardHungry.
Reward structure
- dining: 10% cashback — cap ₹1,000/month
- all: 1.5% cashback
Headline highlight: 10% on Dining (incl. delivery) (cap ₹1,000/mo cashback)
Net value estimate (moderate spend profile)
- Gross annual rewards: ₹7,890
- Annual fee: −₹0
- Forex markup cost (est.): −₹420 (3.5% on international spends)
- Net annual value: ₹7,470 (2.01% effective return)
Key benefits
- 10% dining cashback
- Weekend dining offers
- Fuel surcharge waiver
Exclusions & fine print
Typically excluded or reduced: EMI, Fuel, Rent, Wallet, Insurance.
Best for: Dining-out enthusiasts · Weekend spenders
Read full HSBC Live+ Credit Card review with spend simulator →
2. HSBC Cashback Credit Card
Issuer: HSBC · Tier: Gold · Annual fee: ₹999
Simple cashback
Eligibility snapshot
- Min monthly income (salaried): ₹40,000
- Secured / FD-backed: No — standard unsecured
- Approval note: Indicative only. CIBIL checked by bank at application, not by CardHungry.
Reward structure
- dining: 10% cashback — cap ₹1,000/month
- all: 1.5% cashback
Headline highlight: 10% on Dining (first year) (cap ₹1,000/mo)
Net value estimate (moderate spend profile)
- Gross annual rewards: ₹7,890
- Annual fee: −₹1,179
- Forex markup cost (est.): −₹420 (3.5% on international spends)
- Net annual value: ₹6,291 (1.69% effective return)
Key benefits
- 1.5% unlimited cashback
- 10% on dining first year
- Global acceptance
Exclusions & fine print
Typically excluded or reduced: EMI, Fuel, Rent, Wallet.
Best for: Flat 1.5% unlimited cashback · Dining lovers (10% first year) · ₹40K+ income
Read full HSBC Cashback Credit Card review with spend simulator →
3. American Express SmartEarn Credit Card
Issuer: American Express · Tier: Gold · Annual fee: ₹495
Entry Amex earn
Eligibility snapshot
- Min monthly income (salaried): ₹25,000
- Secured / FD-backed: No — standard unsecured
- Approval note: Indicative only. CIBIL checked by bank at application, not by CardHungry.
Reward structure
- online shopping: 5X points — cap ₹500/month
- all: 1X points
Headline highlight: 10X Membership Rewards on Partner merchants (cap 500 pts/mo)
Net value estimate (moderate spend profile)
- Gross annual rewards: ₹6,300
- Annual fee: −₹0
- Forex markup cost (est.): −₹420 (3.5% on international spends)
- Net annual value: ₹5,880 (1.58% effective return)
Key benefits
- Accelerated points on partners
- Low annual fee
- Amex acceptance network
Exclusions & fine print
Typically excluded or reduced: Fuel, Insurance, Utilities, EMI, Rent.
Best for: First Amex card · Partner merchant spends
Read full American Express SmartEarn Credit Card review with spend simulator →
4. SBI Cashback Credit Card
Issuer: SBI Card · Tier: Gold · Annual fee: ₹999
Max cashback on online spends
Eligibility snapshot
- Min monthly income (salaried): ₹25,000
- Secured / FD-backed: No — standard unsecured
- Approval note: Indicative only. CIBIL checked by bank at application, not by CardHungry.
Reward structure
- online shopping: 5% cashback — cap ₹2,000/month
- all: 1% cashback — cap ₹2,000/month
Headline highlight: 5% on Online spends (cap ₹2,000/statement cycle)
Net value estimate (moderate spend profile)
- Gross annual rewards: ₹5,940
- Annual fee: −₹0
- Forex markup cost (est.): −₹420 (3.5% on international spends)
- Net annual value: ₹5,520 (1.48% effective return)
Key benefits
- 5% online cashback
- 1% on other spends
- Fuel surcharge waiver
Exclusions & fine print
Typically excluded or reduced: Fuel, Utilities, Insurance, Rent, Wallet loads, EMI.
Best for: Heavy online shoppers · Amazon/Flipkart users · ₹25K+ salaried
Read full SBI Cashback Credit Card review with spend simulator →
5. Axis Bank ACE Credit Card
Issuer: Axis Bank · Tier: Gold · Annual fee: ₹499
Bill pay champion
Eligibility snapshot
- Min monthly income (salaried): ₹20,000
- Secured / FD-backed: No — standard unsecured
- Approval note: Indicative only. CIBIL checked by bank at application, not by CardHungry.
Reward structure
- utilities: 5% cashback — cap ₹500/month
- dining: 4% cashback — cap ₹500/month
- all: 1.5% cashback
Headline highlight: 5% on GPay utilities & recharge (cap ₹500/mo combined with 4% tier)
Net value estimate (moderate spend profile)
- Gross annual rewards: ₹5,895
- Annual fee: −₹0
- Forex markup cost (est.): −₹420 (3.5% on international spends)
- Net annual value: ₹5,475 (1.47% effective return)
Key benefits
- 5% on bill payments via Google Pay
- 4% on Swiggy/Zomato/Ola
- 2% on other spends
Exclusions & fine print
Typically excluded or reduced: Fuel, Non-GPay utilities, EMI, Rent, Wallet load, Jewellery.
Best for: GPay bill payers · Swiggy/Zomato users · Utility-heavy households
Read full Axis Bank ACE Credit Card review with spend simulator →
6. Axis Bank Airtel Credit Card
Issuer: Axis Bank · Tier: Gold · Annual fee: ₹500
Airtel & bills
Eligibility snapshot
- Min monthly income (salaried): ₹20,000
- Secured / FD-backed: No — standard unsecured
- Approval note: Indicative only. CIBIL checked by bank at application, not by CardHungry.
Reward structure
- utilities: 25% cashback — cap ₹250/month (Airtel only)
- dining: 10% cashback — cap ₹250/month
- all: 1% cashback
Headline highlight: 25% on Airtel bills (Thanks app) (cap ₹250/mo)
Net value estimate (moderate spend profile)
- Gross annual rewards: ₹5,460
- Annual fee: −₹0
- Forex markup cost (est.): −₹420 (3.5% on international spends)
- Net annual value: ₹5,040 (1.35% effective return)
Key benefits
- 25% on Airtel bills via Thanks app
- Cashback on utilities & food delivery
- Low annual fee
Exclusions & fine print
Typically excluded or reduced: EMI, Fuel, Rent, Wallet, Government.
Best for: Airtel postpaid/broadband/DTH users · Utility bill payers
Read full Axis Bank Airtel Credit Card review with spend simulator →
Common cashback card mistakes
- Choosing a partner card when you split spends across merchants.
- Ignoring wallet-load exclusions (PhonePe/Paytm loads often earn zero).
- Paying annual fee without hitting fee-waiver spend threshold.
- Assuming surcharge waiver equals reward rate (fuel cards).
Compare before you apply
Headline rates mislead. Compare your top two picks side-by-side or use the 2-minute quiz for a ranked shortlist including cards you may not have considered.
Disclaimer
Reward rates, caps, and fees sourced from issuer public T&Cs as of June 2026. CardHungry is a third-party platform — not a bank, not a credit bureau. Approval not guaranteed. We earn commission if approved — at no cost to you. Zero sales calls.
Related guides
Your spends are different
These picks use the moderate profile above. Edit spends to re-rank this page, or take CardHungry's quiz — no CIBIL pull.
CardHungry is a third-party recommendation platform, not a bank or credit bureau. Approval estimates are indicative based on public eligibility criteria. Reward calculations use issuer T&Cs and may change. We earn commission if you are approved — at no cost to you.