Flipkart Axis Bank Credit Card vs Cashback SBI Card

What the numbers don't show

For Flipkart spend the two cards pay the same 5%, but the caps differ. Flipkart Axis caps its Flipkart cashback at ₹4,000 per statement quarter (about ₹1,333 a month) and also pays 7.5% on Myntra and 5% on Cleartrip with separate caps. SBI Cashback pays 5% on all online spends up to ₹2,000 a month (₹6,000 a quarter) shared across every online merchant.

Worked example: ₹20,000 a month on Flipkart plus ₹10,000 on other online stores. Flipkart Axis: Flipkart 5% would be ₹1,000 a month, ₹3,000 a quarter, under the ₹4,000 cap; other stores 1% (₹100 a month). Total ₹13,200 a year; the ₹500 fee is waived because ₹30,000 × 12 = ₹3.6 lakh clears the ₹3.5 lakh threshold (at lower spend you would pay it). SBI: 5% of ₹30,000 = ₹1,500 a month, under its ₹2,000 cap, so ₹18,000 a year with the ₹999 fee waived at ₹2 lakh spend.

Flipkart Axis wins when you spend heavily on Myntra or Swiggy (7.5% and 4%), or when Flipkart alone is a big share and you want a lower annual fee. SBI wins when your online spend is spread out, because its 5% is not merchant-limited; the cost is a lower ceiling (₹2,000 a month in total) and a long exclusion list.

Both issuers have tightened these cards recently (SBI Cashback set ₹2,000 caps per statement cycle from 1 April 2026; Axis added toll and bridge-fee exclusions from 28 August 2026), so recheck the terms before applying.

Why the table favours SBI, and the one case where it flips. Away from Flipkart, Myntra and Cleartrip the two cards pay the same 1% on offline spend, and for any other online store SBI pays 5% against Flipkart Axis's 1%; SBI's 5% applies to online spend generally outside its exclusion list, so on the face of its terms Swiggy and Myntra orders also earn 5% there (merchant classification is the card network's, so confirm on a statement), which is above Flipkart Axis's 4% on Swiggy food delivery. What changes the answer is the ceilings. SBI stops paying its 5% at ₹2,000 of online cashback a month (₹24,000 a year, reached at ₹40,000 of online spend a month). Flipkart Axis has three separate ₹4,000 quarterly caps, for Flipkart, Myntra and Cleartrip, so up to ₹48,000 a year if all three are maxed.

Worked example for a heavy marketplace shopper: ₹30,000 a month on Flipkart and ₹20,000 on Myntra. Flipkart Axis: Flipkart 5% of ₹90,000 a quarter is ₹4,500, held to the ₹4,000 cap; Myntra 7.5% of ₹60,000 a quarter is also ₹4,500, held to ₹4,000; so ₹8,000 a quarter or ₹32,000 a year, with the ₹500 fee waived at that spend. SBI: 5% of ₹50,000 is ₹2,500 a month, held to the ₹2,000 cap, so ₹24,000 a year. Flipkart Axis is ₹8,000 ahead, but only because the spend sits at the two merchants where it pays more and exceeds SBI's ₹40,000 monthly online limit. Move ₹10,000 a month of that from Flipkart to other online stores and the Flipkart Axis total falls by about ₹2,800 a year (5% on ₹30,000 a quarter lost, 1% gained) while SBI is unchanged. Check the Flipkart and Myntra rates in Axis's current cashback terms before relying on them: they are the figures most likely to change.

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