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Axis Bank Cashback Credit Card: Designed for Online Shoppers

Home Axis Bank Axis Bank Cashback Credit Card: Designed for Online Shoppers
Updated: 18-09-2024 06:13:33 AM

Axis Bank Cashback Credit Card is a new entrant in the cashback arena. While assumptions are being made that this credit card is the successor to the Citi Cashback Credit Card, this card works on a different structure and offers enhanced benefits, especially on online shopping. This credit card is designed to offer up to 7% cashback on online spends. However, the cashback is not uniform across all spending categories; it works on a tier-based cashback structure where users are rewarded based on their monthly spends. While it primarily targets online shopping, users can also earn base cashback on offline, travel, and utility spends.

With popular cards like Cashback SBI and HDFC Millennia already in the market, can this newcomer earn a place among the best online shopping and cashback credit cards? Read the detailed review to explore the good and bad about Axis Cashback Credit Card.

Axis Bank Cashback Credit Card Rating: ★★★★

Welcome Benefits ★★★★
Cashback ★★★★
Annual Fee ★★★
Other Benefits ★★★★

Note: This card is not available on Paisabazaar.com. Content on this page is for information purpose only. To express interest in this card, please visit Axis Bank’s website.

First, let’s start with the cashback. With up to 7% cashback on online spends, this credit card is a strong competitor to other cashback cards like Cashback SBI or HDFC Millennia. While these cards offer up to 5% cashback on online spends, this card offers up to 7% cashback based on your monthly spends. However, understanding its tier-based cashback structure might be a bit challenging for some consumers. But those who frequently shop online can maximize the benefits from this card.

Another good thing is that this card also offers a base cashback of 0.75% on travel and offline spends, along with 0.5% cashback on utility spends. Although the cashback rate for categories other than online spends is relatively low, the fact that this card offers cashback on utility spends, which cards like Cashback SBI do not, enhances its overall value. Also, this card offers welcome benefits worth Rs. 1,000, compensating for its joining fee.

However, there are a few areas that could have been improved. For instance, even basic entry-level cards offer a fuel surcharge waiver; this card neither offers cashback on fuel spends nor a fuel surcharge waiver. Moreover, this card does not offer any travel-related benefits, such as complimentary lounge access. Previously, cards like Cashback SBI and HDFC Millennia used to offer these benefits, but after devaluation, these cards also no longer offer direct travel-related benefits. Therefore, the lack of travel-related benefits on this card cannot be considered a major drawback.

Overall, this is a good addition to the list of cashback and online shopping credit cards by offering up to 7% cashback on online spends. The only concern is its tier-based cashback structure and the fact that it offers cashback based on net monthly spends, which might not be preferable for some consumers, especially since most cards offer cashback on individual spends.

Video: Quick Review of Axis Bank Cashback Credit Card

Note: Details mentioned in the video have been sourced from the issuer’s website as of July 2024. For updated information, refer to this page.

Table of Contents

Welcome Benefits
Cashback Benefits
Value Back Comparison: Axis Cashback Vs. Cashback SBI Vs. HDFC Millennia
How much you can save in a month via Axis Cashback Credit Card?
Dining Benefit
Overall Comparison: Axis Cashback Vs. Cashback SBI Vs. HDFC Millennia
Pros & Cons of Axis Cashback Credit Card
Should you get this card?
Other Similar Credit Cards
Axis Bank Cashback Credit Card: Fees & Charges

Welcome Benefits

  • 5,000 EDGE Reward Points worth Rs. 1,000 on the first spend within 30 days of card issuance
  • 1 EDGE Reward Point = Re. 0.20

Considering this is a cashback card, offering reward points as welcome benefits may not be a preferable choice for some consumers. However, compared to the popular Cashback SBI Card, which does not offer any welcome benefits despite a similar joining fee, this card stands out by offering reward points equivalent to the joining fee. Another strong point is that you do not need to meet any minimum spend threshold to avail this welcome benefit; you can simply spend on any category after activating your card and earn bonus reward points.

Cashback Benefits

Cardholders can earn a cashback of up to 7% on online spends as per the below details:

Cashback on Online Spends

  • 2% cashback on monthly online spends of up to Rs. 5,000 (Max. Rs. 100)
  • 5% cashback on monthly online spends between Rs. 5,001 to Rs. 40,000 (Rs. 1,750)
  • 7% cashback on monthly online spends above Rs. 40,000 ( Rs. 2,150)

Cashback on Other Spends

  • Unlimited 0.75% cashback on offline & travel spends
  • 0.5% cashback on utility spends, up to Rs. 100 in a month

Note: No cashback will be credited on spends at Transportation & Tolls, Insurance, Educational Institutions, Jewellery, Precious Metals & Watches, Government Institutions, Wallet, Rent and Fuel.

This credit card works on a unique tier-based cashback structure compared to other cashback cards, like Cashback SBI or HDFC Millennia. With this card, your net monthly spends are categorized into three tiers based on the amount spent, and cashback is offered accordingly. For instance, if you spend Rs. 70,000 online in a month, it will be divided into three tiers, and cashback will be calculated based on these tiers.

Moreover, you can earn a maximum of Rs. 4,000 cashback per month on your online purchases with Axis Cashback Credit Card. While HDFC Millennia offers 5% cashback on popular online brands, its monthly capping is just Rs. 1,000. With Axis Cashback, you can earn up to 7% cashback across all brands, with a monthly capping of Rs. 4,000, which is significantly higher than HDFC Millennia.

Similarly, Cashback SBI also offers 5% cashback on online purchases, but with a monthly capping of Rs. 5,000, offering maximum benefits on monthly spends of Rs. 1 Lakh, comparatively higher than the Axis Cashback. While cashback cards like Cashback SBI and HDFC Millennia offer cashback on each transaction, this card offers cashback based on your net monthly spends. To maximize the cashback benefits offered on this card, cardholders need to spend approximately Rs. 70,000 each month.

Value Back Comparison: Axis Cashback Vs. Cashback SBI Vs. HDFC Millennia

Cashback SBI, Axis Cashback, and HDFC Millennia are designed to offer accelerated cashback on online spends. Let’s compare the savings you can achieve with these cards on the same set of transactions.

Category Amount Savings via Axis Cashback Card Savings via Cashback SBI Card Savings via HDFC Millennia
Online Spends Rs. 70,000 Rs. 3,950* Rs. 3,500 Rs. 1,000**
Utility Spends Rs. 20,000 Rs. 100 Rs. 0 Rs. 200
Offline Spends Rs. 30,000 Rs. 225 Rs. 300 Rs. 300
Total Rs. 1,20,000 Rs. 4,275 Rs. 3,800 Rs. 1,500

**Online spends are done only on partner brands.

*The cashback is calculated according the below details:

Tier Qualifying Amount Cashback (in%) Cashback
Up to Rs. 5,000 Rs. 5,000 2% Rs. 100
From Rs. 5,001 to Rs. 40,000 Rs. 35,000 5% Rs. 1,750
Above Rs. 40,000 Rs. 30,000 7% Rs. 2,100
Total cashback on online spends Rs. 3,950

Overall, users can maximize benefits of Axis Cashback by spending approximately Rs. 70,000 each month. However, besides this spend threshold, Axis Cashback and Cashback SBI offer similar savings. For instance, on a spend of Rs. 50,000, Cashback SBI offers Rs. 2,500 cashback, while Axis Cashback offers Rs. 2,550 cashback. The key difference is that Cashback SBI has a monthly capping of Rs. 5,000 on all offline and online spends combined, whereas Axis Cashback has a monthly capping of Rs. 4,000 only in the accelerated category, allowing you to save more.

How much you can save in a month via Axis Cashback Credit Card?

Let’s understand how much you can save via Axis Bank Cashback Credit Card in a month as per the below spends:

Category Amount (in Rs.) Transaction Mode
Apparels 5,000 Online
Utilities 15,000 Offline
Railway Travel 5,000 Online
Grocery 10,000 Online
Dining 5,000 Offline
Electronics 30,000 Online
Food Order 5,000 Online
Other Spends 15,000 Online
Total Rs. 90,000

You can earn cashback on the above spends as per the below details:

Tier Qualifying Amount (in Rs.) Cashback (in%) Cashback (in Rs.)
Cashback on Online Spends
Up to Rs. 5,000 5,000 2% 100
From Rs. 5,001 to Rs. 40,000 35,000 5% 1,750
Above Rs. 40,000 30,000 7% 2,100
Total cashback on online spends 3,950
Cashback on Other Spends
Utilities 15,000 0.50% 75
Dining 5,000 0.75% 38
Total cashback on other spends 113

On spending Rs. 90,000 in a month (Rs. 70,000 online + Rs. 20,000 offline), you can earn a total cashback of Rs. 4,063 (Rs. 3,950 on online spends + Rs. 113 on other spends). Basically, to maximize benefits offered on this card, you need to spend around Rs. 70,000 per month.

Dining Benefit

  • 25% off on EazyDiner (Max. Rs. 800 per month) on a minimum spend of Rs. 2,500

Overall Comparison: Axis Cashback Vs. Cashback SBI Vs. HDFC Millennia

Feature/ Card Name Axis Cashback Cashback SBI HDFC Millennia
Annual Fee Rs. 1,000 Rs. 999 Rs. 1,000
Welcome Benefit 5,000 EDGE Reward Points worth Rs. 1,000 NA 1,000 CashPoints worth Rs. 1,000
Accelerated Cashback
  • 2% cashback on spends of up to Rs. 5,000
  • 5% cashback on spends between Rs. 5,001 to Rs. 40,000
  • 7% cashback on spends above Rs. 40,000
 5% cashback on online spends 5% cashback on Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber, and Zomato
Monthly Capping on Accelerated Cashback Rs. 4,000 Rs. 5,000 Rs. 1,000
Base Cashback 0.75% cashback on offline & travel spends 1% cashback on offline spends 1% cashback on all other spends
Bonus Cashback 0.5% cashback on utility spends NA NA
Dining Benefits 25% off on EazyDiner, up to Rs. Rs. 800 per month NA 20% off via Swiggy Dineout
Fuel Surcharge Waiver NA 1% fuel surcharge waiver 1% fuel surcharge waiver
Complimentary Lounge Access NA NA 1 complimentary lounge access or Rs. 1,000 voucher on spending Rs. 1 Lakh in a quarter

Pros & Cons of Axis Cashback Credit Card

Pros

  • Up to 7% cashback across all online spends
  • Base cashback on utility spends
  • 25% dining discount through EazyDiner
  • Welcome benefit worth Rs. 1,000

Cons

  • Complicated tier-based cashback structure
  • Minimal cashback on offline spends
  • No cashback on wallet, rent & fuel purchases
  • No fuel surcharge waiver

Should you get this card?

Axis Bank Cashback Credit Card is best suited for those who prefer online shopping for almost everything, be it apparel, dining, travel, and more. With a maximum cashback limit of Rs. 4,000 on online spends, cardholders who can spend around Rs. 70,000 online can maximize their benefits. In addition to online shopping, users can also earn cashback on travel, offline, and utility spends.

This credit is a good challenger to other existing cards like Cashback SBI, HDFC Millennia, or Axis ACE. Although these cards offer decent value back, offering a cashback of up to 7% on online spends makes Axis Cashback a compelling choice.

Consider Axis Cashback Credit Card if:

  • You are comfortable with earning cashback on net monthly spends instead of individual spends
  • You can spend around Rs. 70,000 online in a month to maximize your benefits
  • Your monthly spends are not inclined towards any specific brands
  • You dine out moderately and want to save on dining spends

Consider other options if:

  • You prefer to earn similar cashback across all categories
  • You want to earn brand or category specific benefits
  • You are looking for a card with travel-related benefits
  • You frequently make utility bill payments through your credit card

Other Similar Credit Cards

Cashback SBI Card

cashback-sbi-card
4/5

Joining fee: ₹999

Annual/Renewal Fee: ₹999

5% cashback on all online spends

1% cashback across all offline spends

Cashback
Online Shopping
Check Eligibility

Product Details

  • 5% cashback across all online spends with no merchant restriction
  • 1% cashback across all offline spends
  • Earn cashback of up to Rs. 5,000 per month
  • Renewal fee reversed on spending at least Rs. 2 lakh in a year
  • 1% fuel surcharge waiver of up to Rs. 100 per month
Know More

HDFC Millennia Credit Card

millennia-credit-card
3.5/5

Joining fee: ₹1000

Annual/Renewal Fee: ₹1000

5% cashback on Amazon, BookMyShow, Flipkart, Myntra, Zomato & more

1% cashback on spends at other categories

Cashback
Online Shopping
Check Eligibility

Product Details

  • On spending Rs. 1 Lakh in a quarter: Either avail 1 complimentary lounge access OR a voucher worth Rs. 1,000 from the list of associated brands
  • Up to 20% off on dining at partner restaurants via Swiggy Dineout
  • 1% fuel surcharge waiver on transactions between Rs. 400 and Rs. 5,000
Know More

Axis Bank ACE Credit Card

ace-credit-card
3.5/5

Joining fee: ₹499

Annual/Renewal Fee: ₹499

5% cashback on utility bill payments and recharges via Google Pay

4% cashback on Swiggy, Zomato and Ola

Shopping
Cashback
Online Shopping
Check Eligibility

Product Details

  • 1.5% cashback on other offline & online spends
  • 4 domestic lounge access per year on spending Rs. 50,000 or more in the previous quarter
  • 1% fuel surcharge waiver across all fuel stations on transactions between Rs. 400 to Rs. 4,000
Know More

Axis Bank Cashback Credit Card: Fees & Charges

Fee/Charge Amount/Rate
Joining Fee Rs. 1,000
Annual Fee Rs. 1,000 (Waived off on spending Rs. 4 Lakh in a year)
Finance Charges 3.6% p.m. (52.86% p.a.)
Late Payment Fee For Outstanding Amount-

  • Less than Rs. 500: Nil
  • From Rs. 501 to Rs. 5,000: Rs. 500
  • From Rs. 5,001 to Rs. 10,000: Rs. 750
  • Greater than Rs. 10,000: Rs. 1,200

Click here to check other associated fees and charges.

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