SBI Cashback vs Axis ACE vs HDFC Millennia — Cashback Card Face-Off 2026
Last verified: April 2026, against issuer T&C documents from SBI Cards, Axis Bank, and HDFC Bank.
Three of India’s most popular mid-tier cashback cards target overlapping but distinct user profiles. SBI Cashback rewards online shopping broadly. Axis ACE rewards bill payments and Google Pay transactions. HDFC Millennia rewards 11 specific online merchants. The “right one” depends on what you spend on. This guide compares all three head-to-head with worked spend examples.
The headline comparison
| Feature | SBI Cashback | Axis Bank ACE | HDFC Millennia |
|---|---|---|---|
| Annual fee | ₹999 + GST | ₹499 + GST | ₹1,000 + GST |
| Annual fee waiver | ₹2 lakh annual spend | ₹2 lakh annual spend | ₹1 lakh annual spend |
| Reward type | Cashback (statement credit) | Cashback (statement credit) | CashPoints (1 CP = ₹1 on statement) |
| 5% category | All online spend (capped ₹5,000/cycle) | Utility bills, mobile recharge, DTH (via Google Pay) | 11 merchants (Amazon, Flipkart, Swiggy, Zomato, Myntra, etc., capped ₹1,000/mo combined) |
| 1% on offline | Yes | Yes (1.5% else) | Yes (₹250/mo cap on baseline) |
| Welcome benefit | None | None | 1,000 CashPoints + ₹1,000 vouchers |
| Lounge access | None | None | None |
| Forex markup | 3.5% | 3.5% | 3.5% |
| Best for | Online shoppers (broad) | Bill payers + UPI users | Multi-merchant online + delivery |
SBI Cashback — broadest online catch-all
Reward structure: 5% cashback on most online transactions (capped ₹5,000 per billing cycle). 1% on offline transactions.
What “most online” means: Amazon, Flipkart, Myntra, BigBasket, Swiggy, Zomato, BookMyShow, MakeMyTrip, Cleartrip, etc. — most major online merchants. Excludes wallet loads, fuel, jewellery, government, EMI conversions, education.
Effective return: Up to 5% on a much broader merchant list than HDFC Millennia (which is restricted to 11 specific merchants).
Cap analysis: ₹5,000/cycle cap means up to ₹1L of online spend earns full 5%. Above ₹1L/month online spend, marginal earn drops.
Axis Bank ACE — bills + UPI champion
5% cashback on utility bills (electricity, gas, water, mobile, broadband, DTH, landline) and mobile recharges via Google Pay. 4% on Swiggy, Zomato, Ola via Google Pay. 1.5% on other spends.
For bills-heavy households (₹6-10K/month bills), Axis ACE is the clear winner. The Google Pay specifically as the eligible aggregator is the key — direct issuer-portal bill payments earn lower rates.
See full Axis ACE review.
Cap: Historically ₹500/month on 5% category (revised periodically). Verify current cap.
HDFC Millennia — 11-merchant master
5% CashPoints (= ₹1 each) on 11 specific online merchants: Amazon, Flipkart, Myntra, Swiggy, Zomato, BookMyShow, Cult.fit, Sony LIV, Tata CLiQ, Uber, ZeptoNow. Capped ₹1,000/month combined.
1 CashPoint per ₹150 baseline (₹0.67%) on other spends, capped 1,000 CP/month.
Strength: Specific merchant list with strong food delivery + e-commerce + entertainment coverage.
Weakness: Outside the 11-merchant list, reward rate drops sharply.
Worked spend example — ₹3 L annual
Spend mix: ₹1L online (Amazon, Flipkart, Myntra) + ₹70K bills + ₹50K Swiggy/Zomato + ₹80K offline.
| Card | Cashback earned | Net (after fee+GST) |
|---|---|---|
| SBI Cashback | 5% × ₹1L (online) + 5% × ₹50K (Swiggy/Zomato online) + 1% × ₹80K (offline) + 0% bills (excluded) = ₹7,500 + ₹800 = ₹8,300 (within ₹60K cycle cap easily) | ~₹7,120 (after ₹1,180 fee+GST) |
| Axis ACE | 5% × ₹70K (bills) + 4% × ₹50K (Swiggy/Zomato) + 1.5% × ₹80K (offline) + 1.5% × ₹1L (general online) = ₹3,500 + ₹2,000 + ₹1,200 + ₹1,500 = ₹8,200 | ~₹7,610 (after ₹590 fee+GST) |
| HDFC Millennia | 5% × ₹1L (Amazon/Flipkart/Myntra in 11-list — capped ₹1,000/mo × 12 = ₹12,000 cap; on ₹1L spend stays under cap) + 5% × ₹50K (Swiggy/Zomato in 11-list) + 1% × ₹70K bills + 1% × ₹80K offline = ₹5,000 + ₹2,500 + ₹700 + ₹800 = ₹9,000 | ~₹7,820 (after ₹1,180 fee+GST) |
HDFC Millennia edges out in this scenario — narrowly. SBI Cashback close behind. Axis ACE wins for bill-heavy users; less so for online-heavy.
Decision framework
| Profile | Best pick |
|---|---|
| Bills-heavy (₹6K+/mo bills) | Axis ACE |
| Online-broad (any platform) | SBI Cashback (capped ₹5K/cycle) |
| Online-focused on listed 11 merchants + Swiggy/Zomato | HDFC Millennia |
| UPI-heavy on bills via Google Pay | Axis ACE (Google Pay required) |
| Beginner / first cashback card | Axis ACE (lowest fee + bills focus) |
| Multi-card stack lover | Hold all 3 — non-overlapping reward zones |
Stack strategy — combine 2-3 cards
Most cashback maximisers run a 2-card stack:
- Axis ACE + SBI Cashback: ACE for bills (5%); SBI Cashback for online shopping. Combined fees ~₹1,500/year, both waived on ₹2L spend each.
- Axis ACE + HDFC Millennia: ACE for bills; Millennia for the 11-merchant list (Swiggy + Zomato + Amazon + Flipkart). Combined fees ~₹1,500/year.
Watch-outs in 2026
- Cap reductions. All three cards have tightened caps in 2024-2025. Verify current caps on issuer site.
- Merchant exclusions. Wallet loads, fuel, EMI conversions are excluded across all three.
- Rent payment exclusion. Per RBI March 2024 circular, rent on credit cards via CRED/NoBroker excluded from rewards on most cards.
- Smartpay / direct-issuer-portal exclusions. Use third-party aggregators for full reward eligibility.
Linked deep-dives
- Best CC for online shopping
- Best CC for grocery and bills
- Best CC for dining and food delivery
- Reward points to cashback conversion
- Best credit cards by spend bracket
- Axis ACE full review
FAQs
Which credit card gives 5% cashback in India?
SBI Cashback (5% on most online), Axis ACE (5% on bills via Google Pay), HDFC Millennia (5% on 11 listed merchants), Amazon Pay ICICI (5% on Amazon Prime), Flipkart Axis (5% on Flipkart).
Is SBI Cashback better than HDFC Millennia?
SBI Cashback covers a broader online merchant list (most online sites). HDFC Millennia covers a curated 11-merchant list with delivery + e-commerce focus. Pick based on whether your online spend matches the 11-list.
Does Axis ACE require Google Pay for 5% cashback?
Yes for utility bills + mobile recharge. Direct issuer-portal payments may earn lower rates. Use Google Pay as the payment aggregator.
Are reward points or cashback better?
Cashback is simpler and more flexible — credited as statement credit at face value. Reward points need redemption choice (varying value). For most users, cashback is preferable; points are better for travel-savvy redemption maximisers.
Can I get fee waived in year 1?
Joining fee is charged at issuance (not waived in year 1 typically). Annual fee for year 2 onwards: waived if previous-year spend met threshold.
Is SBI Cashback a metal card?
No — SBI Cashback is a regular plastic card. SBI’s metal offering is Aurum.
Sources & references
- Issuer T&C documents (April 2026) — SBI Cards, Axis Bank, HDFC Bank
- RBI Master Direction on Credit Card Issuance and Conduct
- RBI Circular dated 7 March 2024 (rent-payment restrictions)
Last verified: April 2026. Cashback caps and merchant lists revised periodically; verify before applying.
