Amazon Pay ICICI Bank Credit Card vs Axis Bank ACE Credit Card

What the numbers don't show

Axis ACE is a flat-rate card (1.5% unlimited on most spends, per the Axis T&C) with a ₹499 annual fee waived at ₹2 lakh spend; Amazon Pay ICICI is free and pays 5% (Prime) or 3% on amazon.in but only 1% on most other spends.

Worked example for non-Amazon spend: ACE earns 0.5 percentage points more than ICICI (1.5% vs 1%). To cover a ₹499 fee on that gap alone you would need ₹99,800 a year of non-Amazon spend (₹499 ÷ 0.5%). Above ₹2 lakh a year total spend the ACE fee is waived, so the gap is pure gain. On Amazon, ICICI wins: 5% vs 1.5% is ₹3,500 a year on ₹1,00,000 of Prime-member Amazon spend.

ACE has a headline 5% on utility bills but only via Google Pay, and the 5% and 4% categories (Swiggy, Zomato, Ola) share one ₹500 cashback cap per statement, so those categories can pay at most ₹6,000 a year in total (₹500 × 12). ACE also lists 4 domestic lounge visits a year and a 1% fee on rent payments with no rewards. ICICI has no lounge benefit.

A common pairing is both cards: ICICI for Amazon, ACE for everything else.

Break-even by Amazon share. If a is the share of your card spend on amazon.in, the ICICI card earns 5%a + 1%(1−a) as a Prime member against ACE's flat 1.5%, so ICICI is ahead once Amazon is above 12.5% of your spend (0.04a = 0.005). Without Prime the ICICI rate on Amazon is 3%, and the break-even moves to 25% (0.02a = 0.005). The ICICI terms give 2% only on digitally fulfilled categories (recharges, bill payments) and partner-site purchases paid through "Login and Pay with Amazon Pay", which is above ACE's 1.5% where it applies, and 1% on other retail; they exclude fuel (with a 1% surcharge waiver), rent and, since 11 October 2025, utility payments made outside Amazon. That is why the online-shopper profile in the table, which has heavy Amazon spend, favours ICICI while every other profile favours ACE.

Fees and who each card suits. Amazon Pay ICICI has no joining or annual fee, so a light spender loses nothing by holding it just for Amazon; ACE costs ₹499 a year unless you reach ₹2 lakh. Choose ICICI as your only card if most of your card spend is on Amazon and you have Prime. Choose ACE as your main card if Amazon is a small part of your spend, and add ICICI only if Amazon is above the break-even for your own mix. Rewards on the ICICI card are credited as Amazon Pay balance, so they are only worth their face value if you shop on Amazon anyway.

Figures from the issuers' own T&C/MITC as recorded on each card page (checked 30 Oct 2026); sources are listed on Amazon Pay ICICI Bank Credit Card and Axis Bank ACE Credit Card. Estimates, not offers: terms change, so confirm with the issuer.