SBI Cashback vs Axis ACE: Which Cashback Card Wins?
The two most popular cashback cards in India target different users. SBI Cashback aims at online-heavy spenders with its 5% online rate. Axis ACE targets users who want simplicity — flat 2% on everything (with caps). Here’s the math.
Quick comparison
| Item | SBI Cashback | Axis ACE |
|---|---|---|
| Annual fee | ₹999 + GST | ₹499 + GST |
| Annual fee waiver | ₹2L spend | ₹2L spend |
| Online cashback | 5% (capped ₹5K/month) | 2% (capped ₹500/month) |
| Offline cashback | 1% (uncapped) | 2% (capped ₹500/month) |
| Welcome benefit | None standard | None standard |
| Lounge access | None | None |
Cashback math at ₹4L annual spend
Assume ₹2L online + ₹2L offline:
| Channel | SBI Cashback | Axis ACE |
|---|---|---|
| Online (5% capped at ₹5K/m / 2% capped at ₹500/m) | ₹10,000 (cap binds at ₹1L spend) | ₹4,000 (cap binds at ₹2.5L) |
| Offline (1% / 2% capped) | ₹2,000 | ₹4,000 (cap binds at ₹2.5L) |
| Less fee | ₹999 fee waived (spend > ₹2L) | ₹499 fee waived (spend > ₹2L) |
| Net annual return | ₹12,000 | ₹8,000 |
SBI wins at this spend level by ₹4,000/year.
At ₹1L annual spend (mostly online)
| Channel | SBI Cashback | Axis ACE |
|---|---|---|
| Online | ₹5,000 (5% on ₹1L) | ₹2,000 (2% on ₹1L) |
| Less fee (no waiver) | -₹1,179 fee + GST | -₹589 fee + GST |
| Net annual return | ₹3,821 | ₹1,411 |
What about offline-heavy spenders?
For users with ₹4L+ offline spend, Axis ACE’s 2% offline beats SBI’s 1%. But Axis ACE’s monthly cap (₹500) means real returns max out at ₹6K/year regardless of spend. SBI’s 1% offline is uncapped — so at ₹10L offline annual spend, SBI returns ₹10K offline + ₹5K cap on online = ₹15K vs. Axis ACE’s ₹6K.
Who should pick which?
Pick SBI Cashback if: annual spend >₹2L (waives fee), online spend >₹1L/year (max 5% earn), or you have very high offline spend.
Pick Axis ACE if: annual spend <₹2L, you want lower fee, or you have balanced online + offline spend each under ₹2.5L.
This is independent commentary, not financial advice. See: SBI Cashback review · Axis ACE review