Best Credit Card for Cashback in India (2026)

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 amounts: 5% on ₹10,000/month capped at ₹5,000 = ₹6,000/year max from that category.

On this page

• What matters
• Fee breakeven math
• Net value table
• Detailed picks
• Common mistakes
• Compare & apply
• Disclaimer

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	₹9,801	₹14,700	₹15,240
Axis Bank ACE Credit Card	₹2,123	₹5,759	₹11,295
SBI Cashback Credit Card	₹1,101	₹5,520	₹12,600
YES ACE Credit Card	₹1,920	₹3,990	₹7,560
Standard Chartered Ultimate Credit Card	-₹1,900	₹3,460	₹14,740

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 + grocery cashback

Eligibility snapshot

• Min monthly income (salaried): ₹50,000
• 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 ₹1,200/month
• groceries: 10% cashback — cap ₹1,200/month
• online shopping: 10% cashback — cap ₹1,200/month
• utilities: 10% cashback — cap ₹1,200/month
• all: 1.5% cashback

Headline highlight: 10% on Dining, grocery, shopping, utilities (cap ₹1,200/mo combined)

Net value estimate (moderate spend profile)

• Gross annual rewards: ₹15,120
• Annual fee: −₹0
• Forex markup cost (est.): −₹420 (3.5% on international spends)
• Net annual value: ₹14,700 (3.95% effective return)

Key benefits

• 10% dining, grocery, shopping, utilities
• 1.5% unlimited other
• ₹1,200/mo accelerated cap

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 →

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2. 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

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: ₹6,179
• Annual fee: −₹0
• Forex markup cost (est.): −₹420 (3.5% on international spends)
• Net annual value: ₹5,759 (1.55% effective return)

Key benefits

• 5% on bill payments via Google Pay
• 4% on Swiggy/Zomato/Ola
• 1.5% 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 →

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3. 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

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 →

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4. YES ACE Credit Card

Issuer: YES Bank · Tier: Gold · Annual fee: ₹499

Fuel & everyday spends

Eligibility snapshot

• Min monthly income (salaried): ₹25,000
• Secured / FD-backed: No — standard unsecured

Reward structure

• fuel: 4% cashback — cap ₹1,000/month
• all: 1% cashback

Headline highlight: Accelerated on Fuel

Net value estimate (moderate spend profile)

• Gross annual rewards: ₹4,320
• Annual fee: −₹0
• Forex markup cost (est.): −₹330 (2.75% on international spends)
• Net annual value: ₹3,990 (1.07% effective return)

Key benefits

• Accelerated fuel rewards
• Low fee
• Reward points on all spends

Exclusions & fine print

Typically excluded or reduced: EMI, Rent.

Best for: Commuters · ₹499 fee seekers

Read full YES ACE Credit Card review with spend simulator →

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5. Standard Chartered Ultimate Credit Card

Issuer: Standard Chartered · Tier: Platinum · Annual fee: ₹5,000

Premium cashback

Eligibility snapshot

• Min monthly income (salaried): ₹60,000
• Secured / FD-backed: No — standard unsecured

Reward structure

• all: 5X points

Headline highlight: 5 RP/₹150 on All eligible spends

Net value estimate (moderate spend profile)

• Gross annual rewards: ₹9,600
• Annual fee: −₹5,900
• Forex markup cost (est.): −₹240 (2% on international spends)
• Net annual value: ₹3,460 (0.93% effective return)

Key benefits

• 5 RP/₹150 (₹1/pt)
• 5% duty-free cashback
• 2% forex, Priority Pass

Exclusions & fine print

Typically excluded or reduced: EMI, Fuel, Rent.

Best for: High spenders · Travel + cashback combo · Low forex users

Read full Standard Chartered Ultimate Credit Card review with spend simulator →

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6. Standard Chartered Smart Card

Issuer: Standard Chartered · Tier: Gold · Annual fee: ₹499

Online cashback

Eligibility snapshot

• Min monthly income (salaried): ₹30,000
• Secured / FD-backed: No — standard unsecured

Reward structure

• online shopping: 2% cashback — cap ₹1,000/month
• all: 1% cashback — cap ₹500/month

Headline highlight: 2% cashback on Online spends (cap ₹1,000/mo)

Net value estimate (moderate spend profile)

• Gross annual rewards: ₹3,840
• Annual fee: −₹0
• Forex markup cost (est.): −₹420 (3.5% on international spends)
• Net annual value: ₹3,420 (0.92% effective return)

Key benefits

• 2% cashback on online spends
• 1% on other spends
• Low fee

Exclusions & fine print

Typically excluded or reduced: EMI, Fuel, Rent.

Best for: Online shopping 2% cashback · Simple structure · ₹30K+ income

Read full Standard Chartered Smart Card review with spend simulator →

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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.