Having a Credit Card that offers cashback on every transaction is undoubtedly a great deal. A Cashback Credit card is one that assists you in saving instantly on a purchase made in all categories, be it travel, shopping, dining, etc. Therefore, today we are going to talk about the two best cashback credit cards out there, the Cashback SBI Credit Card and the Axis Bank Ace Credit Card. The Cashback Credit card offered by SBI Cards is a newly launched cashback credit card that offers up to 5% cash back on all online and offline transactions done with it. The card carries an annual charge of Rs. 999 and is a great deal for anyone who wants to save maximum on their spending. Moreover, the cashback SBI card offers great travel benefits where you can get complimentary access to Airport lounges in India.
On the other hand, the Axis Bank Ace Credit Card is one of the most sought-after cards offered by Axis Bank and is a great cashback credit card. The Ace Credit Card offers up to 5% cashback on transactions made on Google Pay, partner merchants (like Swiggy and Zomato), and on all other spends. It also offers complimentary access to domestic airport lounges along with many great benefits in dining as well.
Both credit cards offer great cashback rates on transactions made with them and provide great benefits in other categories as well. Therefore, to help you in choosing the right credit card we have drawn a comparison between these two. Refer to the following details to know more about the two best cashback credit cards:
Cashback SBI Card
The Cashback SBI Card has been launched recently by the SBI Cards and as the name suggests, it offers you cashback on all purchases you make with it. The card is issued at a joining fee of Rs. 999. Though the annual fee seems pretty high, the same can be waived on spending Rs. 2 Lakh or more in the previous year. The card offers up 5% cashback on all online transactions and 1% cash back on other offline spends and utility payments. The cashback earned with the card is adjusted in the card’s statement balance. Following are the detailed features of the Cashback SBI Credit card:
- The Cashback Card by SBI offers 5% cashback on all online transactions and 1% cash back on all other offline and utility payments. The maximum cashback you can earn on both the categories is capped at Rs. 5000 per statement cycle.
- The Cashback earned with the card would be automatically adjusted in the card’s next month’s statement.
- The card carries an annual fee of Rs. 999 which can be waived on spending Rs. 2,00,000 or more in the preceding year.
- Get 1% fuel surcharge waiver on all fuel transactions between Rs. 500 and Rs. 3,000 at all fuel stations in India. The waiver on fuel surcharge is capped at Rs. 100 per month.
Axis Bank Ace Credit Card
Axis Bank is another popular cashback credit card that offers great cashback on all transactions made with the card. The card is issued with a joining fee of Rs. 499 and the same as an annual fee. The annual fee (Rs. 499) can be waived if you achieve the spend milestone in the previous year. Talking about the cashback that it provides, you get 5% cashback on utility bill payments and DTH & mobile recharges through Google Pay. You also get 4% cashback on partner merchants and 2% cashback on all other transactions made with the card. The card also offers many other benefits like a 20% discount on dining bills and travel benefits including complimentary access to domestic lounges. The features and benefits of the Ace Credit Card have been mentioned in detail below:
- The Ace Card offers 5% cashback on utility bill payments like electricity & gas bills and DTH & mobile recharges made with Google Pay. You also get 4% cashback on partner merchants like Zomato, Swiggy, & Ola. Both these categories have a combined capping of Rs. 500 cashback per statement cycle.
- 2% cashback on all other merchant spends. There is no capping on this category and you can earn unlimited cashback
- The cashback is adjusted in the card’s next statement balance.
- As a travel benefit, the card offers 4 complimentary access to domestic lounges in India.
- Get up to 20% discount on dining bills at 4000+ restaurants under the bank’s Dining Delights program.
- The joining fee (of Rs. 499) can be waived on spending Rs. 10,000 within 45 days of card activation and the renewal fee (of Rs. 499) can be waived on spending Rs. 2,00,000 in the previous year.
- 1% fuel surcharge waiver on all fuel transactions between Rs. 400 and Rs. 4,000. The waiver is capped at Rs. 500 per month.
The table below will let you know the differences in the features and benefits of both credit cards:
|Basis||Cashback SBI Card||Axis Bank Ace Credit Card|
|Cashback||5% cashback on all online transactions.1% cash back on other offline transactions and utility bill payments||5% cashback on bill payments and mobile recharges via Google Pay.4% cashback on Swiggy, Zomato, and Ola.2% cashback on all other spends.|
|Cashback Capping||The maximum cashback that can be earned on both online and offline transactions is capped at Rs. 5,000 every month.||The 5% and 4% cashback categories have a combined maximum capping of Rs. 500 per statement cycle. There is no capping on the 2% cashback category and you can earn unlimited cashback.|
|Cashback Redemption||Cashback earned will be automatically credited to the card’s statement balance.||Cashback is directly credited to the card’s statement.|
|Spend Based Annual fee waiver.||The annual fee of Rs. 999 can be waived on spending Rs 2 Lakh in the last year.||The joining fee of Rs. 499 can be waived if you spend Rs. 10,000 in the first 45 days of card activation.The annual fee can be waived on spending Rs. 2 Lakh in the previous year.|
|Lounge access||NA||4 Complimentary domestic lounge access per year|
|Dining Benefits||NA||Up to 20% off on dining bills at 4,000+ restaurants under the Axis Bank Dining Delights program.|
|Fuel Surcharge waiver||1% across all petrol stations in India for transactions above Rs 500 (capped at Rs. 100 per month).||1% fuel surcharge waiver on transactions above Rs. 400 (capped at Rs. 500 per month).|
|Joining Fee||NIL||Rs. 499 (Plus Applicable taxes)|
|Renewal Fee||Rs. 999 (Plus Applicable taxes)||Rs. 499 (Plus Applicable taxes)|
Both the credit cards offer great cashback on all spends made with them, also both offer many other privileges that make them the best choice. However, there are a few differences that can be noticed in both cards. The Axis Bank Ace Credit card has a capping of Rs. 500 per statement cycle on 5% and 4% cashback categories, but you get unlimited 2% cashback on other spends. The Cashback SBI Credit Card has a maximum capping of Rs. 5000 cashback per cycle on both online and offline spends. Also, the Ace credit card offers dining benefits and complimentary lounge access which is not offered by the Cashback SBI credit card.
One more difference lies in the annual fee of the cards, where the annual fee of the Cashback SBI Card is much higher than the Ace Card. Therefore, both the cards are great but the Axis Bank Ace credit card offers more benefits at a lower annual fee. If you want a card with a slightly lower annual fee, then the Ace credit card should be your choice. Let us know your views on both the credit cards and which one you would apply for in the comments below.