Top 3 Cashback Credit Cards in India for 2026

Broad onlineCASHBACK SBI Card5% eligible online cashback, with statement-cycle caps and exclusions.

Amazon-heavyAmazon Pay ICICI5% on eligible Amazon.in spend for Prime members under current campaign terms.

Listed merchantsHDFC Millennia5% on its listed online merchant category, subject to the stated cap and rules.

How to use this guide: start with the quick comparison, then check the detailed cashback caps, exclusions, annual fees and spending scenarios before deciding which card matches your existing spending pattern.

Choosing a credit card purely for cashback can be difficult because a card advertising 5% cashback does not necessarily give 5% back on every purchase.

Some cards provide cashback across a broad range of online transactions, while others provide their highest cashback only at selected merchants. Some have monthly or statement-cycle limits, whereas some cards have no stated upper earning limit on a particular cashback category.

For Indian consumers who mainly want cashback rather than travel points, airport privileges or premium lifestyle rewards, three cards that deserve attention in 2026 are:

1. CASHBACK SBI Card
2. Amazon Pay ICICI Bank Credit Card
3. HDFC Bank Millennia Credit Card

The right choice depends heavily on where you spend your money each month.

Important: Credit-card benefits, fees, cashback rules and exclusions can change. Always verify the latest terms on the card issuer’s official website before applying.

Cashback Credit Cards in India: Quick Comparison

SBI revised the CASHBACK SBI Card benefit structure from April 1, 2026, including a ₹4,000 total statement-cycle cashback cap split between online and offline spends. HDFC’s Millennia terms specify a ₹1,000 monthly cashback limit for its 5% merchant category and another ₹1,000 limit for its 1% category. ICICI Bank’s current Amazon Pay campaign advertises 5% cashback for Prime members with no upper cashback limit on that Amazon benefit and no joining or annual fee.

1. CASHBACK SBI Card

5% Cashback on Eligible Online Spending

The CASHBACK SBI Card is designed specifically for consumers who want a straightforward cashback structure.

According to SBI Card, the card offers 5% cashback on eligible online spends and 1% cashback on eligible offline spends. SBI also states that its 5% online cashback is available without a merchant restriction, subject to the card’s exclusions and applicable terms.

However, there is an important change for 2026.

From April 1, 2026, SBI introduced a maximum cashback of ₹4,000 per statement cycle:

This means that a cardholder would need approximately ₹40,000 of eligible online spending in a statement cycle to reach the ₹2,000 online cashback cap.

Example

Suppose you spend:

Once the applicable online cashback cap is reached, additional eligible online spending in that cycle will not generate additional cashback under that category.

SBI Cashback Card Annual Fee

The annual fee for the CASHBACK SBI Card is ₹999 plus applicable taxes.

SBI Card states that the renewal fee can be reversed when the cardholder reaches ₹2 lakh in annual spends in the preceding year.

That makes annual spending an important factor when calculating the card’s effective cost.

What Does the SBI Cashback Card Exclude?

The headline 5% rate should not be interpreted as 5% cashback on every transaction.

SBI lists exclusions including categories such as:

• Utilities
• Insurance
• Fuel
• Rent
• Wallet loading
• Education
• Jewellery
• Railways

SBI’s 2026 revision also added exclusions relating to digital gaming, tolls and certain government-related transactions.

Therefore, consumers should always check the merchant category and the latest cashback terms before assuming a transaction qualifies.

SBI Cashback Card: Who Is It For?

This card may be suitable for someone whose spending is heavily concentrated on eligible online purchases and who prefers not to be restricted to a small list of shopping websites.

Key points

2. Amazon Pay ICICI Bank Credit Card

5% Cashback on Amazon for Prime Members

The Amazon Pay ICICI Bank Credit Card follows a different approach.

Instead of offering a broad 5% online cashback rate across many merchants, the card is particularly focused on Amazon spending.

ICICI Bank’s current card campaign states that Amazon Prime members can receive 5% back on eligible Amazon.in spending, while non-Prime members receive 3% on eligible Amazon.in spending. The same campaign states that there is no upper limit on the 5% cashback benefit and no minimum purchase requirement for that benefit.

Cashback Structure

This distinction is extremely important.

For example, if an Amazon Prime member makes ₹50,000 of eligible Amazon purchases, 5% cashback would represent ₹2,500.

At ₹1 lakh of eligible spending, 5% would represent ₹5,000.

Unlike a card with a small monthly cashback cap, the current ICICI campaign specifically advertises the Amazon 5% benefit as having no upper cashback limit.

No Joining or Annual Fee

One of the biggest attractions of the Amazon Pay ICICI Credit Card is its fee structure.

ICICI Bank’s current campaign states:

No joining fee and no annual fee.

That can make the card particularly interesting for consumers who do not want to pay a yearly fee just to access cashback.

Cashback Beyond Amazon

The Amazon Pay ICICI card also provides cashback on eligible spending outside Amazon. The current ICICI campaign advertises 1% back on all spends outside Amazon.in, subject to applicable terms and exclusions.

This means the card can still provide a basic cashback return when it is used for other purchases, but its standout value proposition is clearly Amazon spending.

Amazon Pay ICICI Card Example

Consider an Amazon Prime member with the following monthly spending pattern:

This is an illustrative calculation based on the advertised cashback percentages; actual eligibility depends on the transaction and the issuer’s terms.

Amazon Pay ICICI Card: Who Is It For?

This card may be particularly relevant for consumers who:

• Shop on Amazon frequently
• Already have Amazon Prime
• Prefer a no-annual-fee credit card
• Want Amazon cashback without a stated upper earning limit on the 5% Amazon benefit

Key points

3. HDFC Bank Millennia Credit Card

5% Cashback on Popular Online Merchants

The HDFC Bank Millennia Credit Card is another popular cashback-focused option, but its 5% cashback works differently from the SBI Cashback Card.

HDFC Bank currently advertises 5% cashback on selected leading brands, including:

• Amazon
• Flipkart
• Myntra
• Tata CLiQ
• Swiggy
• Zomato
• Uber
• BookMyShow
• Sony LIV
• Cult.fit

HDFC’s detailed terms specify that the 5% cashback category is limited to these 10 online merchants and has a maximum of 1,000 CashPoints per cycle.

Because 1 CashPoint equals ₹1 for Millennia cashback redemption, that means the 5% category can produce up to ₹1,000 cashback per cycle.

Example

Therefore, once eligible spending in the 5% category reaches approximately ₹20,000, the 1,000 CashPoint limit is reached for that category.

1% Cashback on Other Eligible Spending

HDFC Bank also advertises 1% cashback on other eligible spending.

Its detailed terms specify exclusions including fuel, EMI, wallet, rent and government-related transactions, along with other applicable exclusions. The 1% category has a separate 1,000 CashPoint per-cycle maximum.

This gives Millennia an advantage for consumers who regularly use the listed 5% merchants but also want some cashback outside those merchants.

HDFC Millennia Annual Fee

The HDFC Bank Millennia Credit Card currently carries an annual membership fee of ₹1,000 plus applicable taxes.

HDFC Bank states that the renewal fee can be waived when the cardholder spends ₹1,00,000 or more within the first year.

Key points

HDFC Millennia: Who Is It For?

Millennia can be particularly useful for someone whose monthly spending includes several of HDFC’s listed partner merchants.

For example, a consumer who frequently uses:

Amazon + Flipkart + Myntra + Swiggy + Zomato + Uber

may be able to extract substantial value from the 5% category, provided the transactions qualify under the merchant and transaction rules.

CASHBACK SBI Card vs Amazon Pay ICICI vs HDFC Millennia

If your priority is cashback rather than travel rewards, the easiest way to compare these cards is by looking at where your actual spending happens.

This is a spending-pattern comparison rather than a universal ranking. The highest advertised cashback rate does not automatically mean the highest annual savings for every cardholder.

Which Cashback Credit Card Gives the Highest Real-World Cashback?

The answer depends on your spending pattern.

Scenario 1: You Shop Across Many Online Websites

Suppose most of your spending happens online but is spread across different websites.

In this case, the CASHBACK SBI Card may have an important structural advantage because SBI advertises 5% online cashback without a merchant restriction, subject to exclusions and the ₹2,000 online cashback cap per statement cycle.

Scenario 2: Amazon Is Your Main Shopping Platform

If Amazon represents a large portion of your monthly spending, the Amazon Pay ICICI Credit Card becomes particularly relevant.

For Prime members, the advertised rate is 5% on eligible Amazon.in purchases, and the current campaign says the 5% benefit has no upper earning limit.

Scenario 3: You Spend Across Popular Indian Shopping and Food Platforms

If you use Amazon, Flipkart, Myntra, Swiggy, Zomato, Uber and other listed merchants regularly, the HDFC Millennia Credit Card can be worth comparing.

The key limitation is that the 5% rate is confined to the qualifying merchant category and has a 1,000 CashPoint cap.

How to Calculate Your Potential Cashback

Before applying for any cashback credit card, calculate your monthly spending.

For example:

Then divide your spending into categories.

For example:

Amazon: ₹15,000
Other online shopping: ₹10,000
Food delivery: ₹5,000
Offline shopping: ₹10,000

Your ideal credit card may be completely different from someone who spends ₹40,000 almost exclusively on Amazon.

This is why a credit card should be selected based on your actual spending pattern, not simply the highest headline cashback percentage.

5 Things to Check Before Applying for a Cashback Credit Card

1. Cashback Cap

A 5% cashback rate sounds attractive, but always check the maximum cashback available per month or statement cycle.

For example, SBI’s revised structure caps online cashback at ₹2,000 per statement cycle, while HDFC Millennia’s 5% merchant category is capped at 1,000 CashPoints.

2. Excluded Transactions

Utility bills, fuel, rent, insurance, wallet loading, EMI transactions, government payments and other categories may be excluded depending on the card.

Always read the current terms before assuming a transaction qualifies.

3. Annual Fee

A card offering high cashback can still be expensive if you do not use it enough to justify its annual fee.

For example:

• CASHBACK SBI Card: ₹999 + taxes
• HDFC Millennia: ₹1,000 + taxes
• Amazon Pay ICICI: no joining or annual fee according to the current campaign

4. Redemption Method

Not all cashback works the same way.

SBI states that cashback is automatically credited to the SBI Card account after statement generation. HDFC Millennia uses CashPoints that can be redeemed against the outstanding card balance. Amazon Pay ICICI provides its Amazon-linked rewards according to the card’s programme terms.

5. Your Spending Habits

Never increase your spending simply to earn cashback.

A cashback credit card is useful only when the spending is already planned and the monthly bill can be repaid on time. Interest charges, late fees or revolving balances can easily outweigh the cashback earned.

Frequently Asked Questions

Which is the best cashback credit card in India in 2026?

There is no single cashback card that is ideal for every consumer. CASHBACK SBI is designed around broad eligible online spending, Amazon Pay ICICI is especially relevant for Amazon shoppers, and HDFC Millennia focuses on selected popular online merchants.

Which credit card gives 5% cashback in India?

Several cards offer 5% cashback in specific categories. CASHBACK SBI offers 5% on eligible online spending, Amazon Pay ICICI offers 5% on eligible Amazon.in spending for Prime members, and HDFC Millennia offers 5% on its listed merchant category.

Which credit card gives the highest cashback on Amazon?

For eligible Amazon.in spending, the Amazon Pay ICICI Credit Card currently advertises 5% cashback for Prime members and 3% for non-Prime members, with no upper cashback limit stated for that benefit in the current campaign.

Is the SBI Cashback Card really 5% cashback?

Yes, SBI currently advertises 5% cashback on eligible online spending. However, from April 1, 2026, the maximum online cashback is ₹2,000 per statement cycle, within a total ₹4,000 statement-cycle cashback cap across online and offline spending. Exclusions apply.

Does HDFC Millennia give 5% cashback?

Yes. HDFC Bank currently advertises 5% cashback on selected merchants including Amazon, Flipkart, Myntra, Swiggy, Zomato and other listed brands. Its detailed terms specify a maximum of 1,000 CashPoints for the 5% category.

Which cashback credit card has no annual fee?

The Amazon Pay ICICI Bank Credit Card currently advertises no joining fee and no annual fee.

Are credit-card cashback rates guaranteed forever?

No. Banks can revise reward structures, cashback caps, exclusions, fees and other terms. Cardholders should check the latest official issuer terms before making a decision.

Final Verdict: Which Cashback Card Should You Compare First?

For consumers looking specifically for cashback in India in 2026, these three cards cover three different spending patterns.

CASHBACK SBI Card is built around broad online cashback and currently offers 5% on eligible online spending, subject to its revised statement-cycle caps and exclusions.

Amazon Pay ICICI Bank Credit Card is particularly relevant for Amazon shoppers, with 5% cashback for Prime members and no annual fee according to ICICI’s current campaign.

HDFC Bank Millennia Credit Card is focused on a defined group of popular online merchants where it offers 5% cashback, along with 1% cashback on other eligible spends subject to its terms and caps.

The most suitable card therefore depends on where you spend, how much you spend, the cashback cap, exclusions and the annual fee.

Before applying, review the issuer’s latest terms and eligibility criteria and calculate your expected annual cashback based on your actual spending pattern.

Official Application Links

CASHBACK SBI Card — Apply Now: Official SBI Card application page Amazon Pay ICICI Bank Credit Card — Apply Now: Official ICICI Bank application page HDFC Bank Millennia Credit Card — Apply Now: Official HDFC Bank application page Disclosure: Credit-card approval, credit limit, fees, cashback eligibility and other benefits are subject to the respective bank’s policies and terms. Cashback rates and exclusions may change. This article is for general informational purposes and should not be treated as personalized financial advice.