Are you looking for a credit card that gives you something extra every time you spend? Cashback credit cards are an amazing choice because they reward you for your everyday purchases. Today, we’re comparing two popular cashback credit cards in India — the Cashback SBI Card and the Axis Bank Ace Credit Card. Let’s break down their features, benefits, and everything else you need to know to pick the right one for your wallet.
Who Offers These Cards and How Is the Credit Limit Set?
1. Cashback SBI Card: This card is provided by SBI Bank, one of India’s top banks. The credit card provider sets your limit according to your credit score and financial background. In short, the better your score, the higher your limit could be.
2. Axis Bank Ace Credit Card: Axis Bank issues this card, another trusted name in Indian banking. Like SBI, your credit limit here also depends on how good your credit history is. If you’ve been managing your finances well, you’re in for a good limit.
Am I Eligible for These Cards?
Getting a credit card means meeting some basic eligibility criteria. Here’s what you need:
Cashback SBI Card:
- To apply this card, you need to be 18 years old or above.
- A stable income source is required.
- A minimum credit score of 750 is recommended for this Cashback SBI card.
- You’ll need to submit documents like your Aadhaar, PAN, and income proof.
Axis Bank Ace Credit Card:
- You also need to be 18 or older.
- A steady income is essential.
- A decent credit score is a must (750 or above is preferred).
- Similar documents are required, like Aadhaar, PAN, and salary proof.
How Much Do These Cards Cost?
Cashback SBI Card:
- Joining Fee: ₹999 (one-time).
- Annual Fee: ₹999, which you pay every year. However, if you spend ₹2 lakh or more in a year, the fee is waived.
- Fuel Surcharge Waiver: You get 1% waived off on fuel transactions (valid on amounts between ₹500 and ₹4,000).
Axis Bank Ace Credit Card:
- Joining Fee: Zero! Yes, there’s no joining fee.
- Annual Fee: Just ₹499 per year, which is quite reasonable.
- Fuel Surcharge Waiver: Like SBI, you get a 1% waiver on fuel purchases, valid for transactions between ₹400 and ₹4,000. You can earn up to ₹500 in benefits within each billing cycle.
What About Cashback?
Cashback is the main attraction of these cards, so let’s dive into the details:
- 5% Cashback: On online shopping and select categories.
- 1% Cashback: On all other offline spending.
- Fuel Transactions: 1% fuel surcharge waiver.
- How You Get Cashback: It’s automatically credited to your card account within two working days after your next billing statement is generated. No hassle of manually redeeming it.
- Receive 5% cashback on utility payments, DTH, and mobile recharges processed through Google Pay.
- 4% Cashback: On Swiggy, Zomato, and Ola services.
- 2% Cashback: On all other spends, except fuel.
- Exclusions: No cashback is earned on fuel purchases, though the surcharge waiver applies.
Unique Features That Stand Out
Let’s see what makes these cards special beyond the cashback offers:
Cashback SBI Card:
- Tap
and Pay:
You can make fast and secure payments by simply tapping your card. No need to hand it over for small transactions. It’s safer since the card stays in your hand, and fraud risks are lower. - Accepted
Worldwide:
Enjoy the convenience of over 24 million global outlets and 325,000 outlets in India. That’s a lot of places! - Add-On
Cards:
Share the card benefits with your family by getting additional cards for your spouse, parents, siblings, or kids above 18 years old. - Balance
Transfer on EMI:
Transfer outstanding balances from other credit cards to this one at a lower interest rate. You can repay in easy monthly installments (EMIs). - Pay
Utility Bills:
Simplify paying for things like electricity, phone, and water bills using the Easy Bill Pay feature.
Axis Bank Ace Credit Card:
- Free
Lounge Access:
Enjoy four free domestic airport lounge visits per year. Perfect for frequent travelers. - Dining
Discounts:
Save up to 15% at more than 4,000 restaurants across India. Time to dine in style! - EMI
Option:
Convert big purchases (starting from ₹2,500) into EMIs for easier repayment. - Simple
Cashback Rules:
Earn cashback on almost every type of spending. Utility payments and dining get you the best rewards.
Quick Comparison Table
|
Feature |
Cashback SBI Card |
Axis Bank Ace Credit Card |
|
Joining Fee |
₹999 |
None |
|
Annual Fee |
₹999 |
₹499 |
|
Maximum Cashback |
5% Cashback on online spending |
5% Cashback on utility bills and recharges |
|
Lounge Access |
Not included |
4 free visits/year |
|
Fuel Surcharge Waiver |
1% |
1% |
|
Dining Benefits |
Not specified |
Up to 15% off |
Documents You’ll Need
No matter which card you choose, you’ll need to submit some basic documents:
- Identity Proof: Aadhaar Card, PAN Card, or Passport.
- Address Proof: Utility bills, Passport, or Rent Agreement.
- Income Proof: Salary slips, Income Tax Returns (ITR), or Form 16.
- Photograph: A recent passport-sized photo.
The Pros and Cons of Each Card
Cashback SBI Card:
Pros:
High cashback rate for online shopping.
Automatic credit of cashback to your account.
Additional features like balance transfer and global acceptance.
Cons:
High joining and renewal fees.
Lower cashback for offline spending.
Axis Bank Ace Credit Card:
Pros:
No joining fee.
High cashback rates on utility payments and dining.
Lounge access for frequent travelers.
Lower annual fee.
Cons:
Cashback isn’t available for fuel purchases.
You can access the lounge up to four times per year.
Which Card Should You Pick?
Ultimately, it comes down to your lifestyle and spending patterns.
- Go for the Cashback SBI Card if you shop online a lot, love hassle-free cashback, and need global acceptance.
- Choose the Axis Bank Ace Credit Card if you spend more on utility bills, dining, and travel perks like lounge access matter to you.
What to Be Careful About While Closing a Credit Card
Wrapping It Up
Both the Cashback SBI Card and Axis Bank Ace Credit Card have something special to offer. The right choice depends on what you value more: online shopping rewards or broader cashback categories like dining and utilities. Take a close look at your spending habits, weigh the features, and pick the one that fits your needs. After all, a good cashback credit card can make your spending smarter and more rewarding!
