Best cashback credit cards in India
Ranked by real annual cashback after monthly caps and fees — not headline rates.
Short answer: at ₹50,000/month total monthly spend, HSBC Live+ Credit Card leads with about ₹19,000 net annual value.
At ₹25,000/month total monthly spend
Net annual value = rewards after monthly caps − fees after waivers + welcome/milestones.
| # | Card | Net value / year | Fee cost | Where it earns |
|---|---|---|---|---|
| 1 | HSBC Live+ Credit Card HSBC India | ₹16,300 | Free | 10% dining/grocery/food-delivery/utility (cap ₹1,200/mo, from 26 Jul 2026) |
| 2 | Swiggy HDFC Bank Credit Card HDFC Bank | ₹10,049 | Free | 5% online cashback |
| 3 | CASHBACK SBI Card SBI Card | ₹8,850 | Free | 5% online cashback |
| 4 | Airtel Axis Bank Credit Card Axis Bank | ₹5,500 | Free | 10% utility via Airtel Thanks |
| 5 | Axis Bank ACE Credit Card Axis Bank | ₹4,875 | Free | 1.5% other cashback |
| 6 | HDFC Bank Millennia Credit Card HDFC Bank | ₹3,550 | Free | 1% other eligible cashback |
At ₹50,000/month total monthly spend
Net annual value = rewards after monthly caps − fees after waivers + welcome/milestones.
| # | Card | Net value / year | Fee cost | Where it earns |
|---|---|---|---|---|
| 1 | HSBC Live+ Credit Card HSBC India | ₹19,000 | Free | 10% dining/grocery/food-delivery/utility (cap ₹1,200/mo, from 26 Jul 2026) |
| 2 | Swiggy HDFC Bank Credit Card HDFC Bank | ₹18,899 | Free | 5% online cashback |
| 3 | CASHBACK SBI Card SBI Card | ₹17,700 | Free | 5% online cashback |
| 4 | HDFC Bank Millennia Credit Card HDFC Bank | ₹10,100 | Free | 1% other eligible cashback |
| 5 | Axis Bank ACE Credit Card Axis Bank | ₹9,750 | Free | 1.5% other cashback |
| 6 | Airtel Axis Bank Credit Card Axis Bank | ₹7,750 | Free | 1% other cashback |
At ₹1,00,000/month total monthly spend
Net annual value = rewards after monthly caps − fees after waivers + welcome/milestones.
| # | Card | Net value / year | Fee cost | Where it earns |
|---|---|---|---|---|
| 1 | CASHBACK SBI Card SBI Card | ₹26,400 | Free | 5% online cashback |
| 2 | HSBC Live+ Credit Card HSBC India | ₹22,600 | Free | 10% dining/grocery/food-delivery/utility (cap ₹1,200/mo, from 26 Jul 2026) |
| 3 | Swiggy HDFC Bank Credit Card HDFC Bank | ₹21,599 | Free | 5% online cashback |
| 4 | Axis Bank ACE Credit Card Axis Bank | ₹19,500 | Free | 1.5% other cashback |
| 5 | HDFC Bank Millennia Credit Card HDFC Bank | ₹15,200 | Free | 1% other eligible cashback |
| 6 | Airtel Axis Bank Credit Card Axis Bank | ₹12,250 | Free | 1% other cashback |
Quick answers
Which is the best cashback credit cards in India at ₹50,000/month?
At ₹50,000 total monthly spend, HSBC Live+ Credit Card comes out top with about ₹19,000 net annual value after caps and fees.
These rankings assume your numbers look like these
Your real answer depends on your full spend mix. Run the 90-second wizard for a ranking at your exact numbers — free, no signup, no affiliate links. See how we calculate. Facts verified against official issuer pages; spotted an error? Every card page has a report link.
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