Axis Financial institution launched its Cashback Credit score Card final yr as a direct alternative for the Citi Cashback Credit score Card after Citi’s exit from the Indian bank card market. Initially, the Axis Cashback Card was provided completely to present Citi Cashback Cardholders as a migration possibility.
Nonetheless, Axis has now made the cardboard accessible for everybody, permitting everybody to use for the cardboard. Right here’s all the pieces you’ll want to know concerning the Axis Financial institution’s Cashback Credit score Card:
Overview
| Kind | Premium Cashback Credit score Card |
| Reward Price | Upto 7% Cashback |
| Eligibility | 750+ CIBIL Rating helps |
| Finest for | On-line Spends >50K INR |
It’s a pure cashback bank card, fairly much like the SBI Cashback Credit score Card, the place the eligible cashback is routinely credited to the cardboard account with out the necessity for guide redemption.
Whereas cashback playing cards are usually positioned within the entry-level phase, this one stands aside.
Whereas it presents respectable reward fee on smaller spends, it requires larger spends to unlock actual worth, making it extra apt to name it a Premium Cashback Credit score Card.
Charges
| Becoming a member of Payment | 1,000 INR+GST |
| Welcome Profit | 5,000 Edge Rewards |
| Renewal / Annual Payment | 1,000 INR+GST |
| Renewal Profit | – |
| Renewal Payment waiver | Spend 4 Lakhs (excludes: hire & pockets spends) |
Provided that the Axis Cashback Credit score Card is positioned as a cashback product, it feels odd that the welcome profit comes as reward factors fairly than direct cashback.
Nonetheless, because the reward factors match the worth of the becoming a member of price, it’s completely nice.
*** Finest Premium Cashback Credit score Card ***
Rewards
| SPEND TYPE | REWARD RATE | Max Cashback | Cumulative Reward Price |
|---|---|---|---|
| On-line (upto 5,000 INR) |
2% | 100 INR | 2% |
| On-line (5,000 INR – 40,000 INR) |
5% | 1,750 INR | 4.6% (on 40K Spend) |
| On-line (> 40,000 INR) |
7% | 2,150 INR | 5.6% (on 70K Spend) |
| Offline & Journey | 0.75% | Limitless | – |
| Utility | 0.5% | 100 INR | – |
The cashback construction on this card feels unnecessarily difficult for an entry-level product.
Axis Financial institution markets it with the spotlight of ‘7% cashback’, however in follow, the efficient fee by no means actually crosses 5.6% due to the way in which the system is designed, as you’ll be able to see above.
This makes the 7% declare extra of a advertising gimmick than a real-world profit.
On high of that, the cashback fee on utility spends is extraordinarily low, particularly contemplating this can be a card with an annual price of Rs.1,000.
Lounge Entry
The Axis Cashback Credit score Card doesn’t supply airport lounge entry for the time being.
Nonetheless, because the Axis Cashback Credit score Card is issued on the Visa Signature platform, there’s a risk that Axis could introduce complimentary lounge entry advantages sooner or later, maybe linked to the next spend milestone.
For those who’re searching for lifetime free bank card with lounge entry, Scapia Credit score Card would do the needful and would possibly function an excellent combo alongside Axis Cashback Card for newcomers.
Axis Vs SBI Cashback Playing cards
Among the many two, SBI Cashback Credit score Card is unquestionably the superior one over Axis Cashback Credit score Card for numerous causes.
It presents the next month-to-month cashback cap, a easy tier-free reward construction, and has remained comparatively secure with minimal devaluations over the previous two years.
Devaluation meter
Axis Financial institution is understood for devaluing its bank card advantages very often, so it’s at all times good to remember that what appears to be like engaging right this moment would possibly get a haircut tomorrow.
However on condition that the advantages are decently contained and that it’s a Citi Card alternative, I’d not anticipate Axis Financial institution to go on a devaluation spree with this card, at-least not in 2025.
Must you get it?
If most of your spends are on on-line retailers (excluding journey), the Axis Financial institution Cashback Credit score Card is usually a stable selection, notably within the following eventualities:
- In case your on-line spends are round 50K INR a month
- In case your on-line spends are greater than 1L INR a month on SBI Cashback Card.
General, it’s an excellent card to stack alongside the SBI Cashback Credit score Card, and likewise works as a stable various for these in search of a cashback possibility throughout the Axis ecosystem.
Primarily, one can save 48,000 INR on 8.4 Lakh annual spend, which is kind of spectacular. The Axis Cashback Card is now open to be utilized on-line.
*** Finest Cashback Card for Excessive Spends ***
Backside line
The Axis Financial institution Cashback Credit score Card is certainly top-of-the-line cashback bank cards within the nation, particularly in case your on-line spends are consistent with the spends required to realize larger reward fee.
Axis Financial institution Cashback Credit score Card mixed with Axis Atlas and Axis Magnus Burgundy / Axis Olympus (not open but) is a robust combo for these seeking to reside a life on Credit score Card Rewards.
Do you’ve the Axis Financial institution’s Cashback Credit score Card? Be happy to share your ideas within the feedback beneath.