A cashback credit card with a low fee can look generous in the headline — "5% cashback" — but that rate usually applies to one category, one app or one merchant, up to a cap. The number that matters is what you earn across your own spending. This post sets out the stated rates, caps and exclusions for four low-fee cards so you can do that arithmetic.
Stated rates and limits
| Card | Top rate | Everything else | Limits and exclusions |
|---|---|---|---|
| Amazon Pay ICICI Bank | Up to 5% (Prime) / 3% (non-Prime) on Amazon.in | 1% in one section of ICICI's page; 2% at partner merchants in another | Invite-only; 1% fuel surcharge waiver |
| Axis ACE | 5% on utility bills, DTH and recharges via Google Pay; 4% on Swiggy, Zomato, Ola | 1.5% | Utility cashback only on Google Pay; a ₹12,500 monthly utility condition appears in the value chart; a 1% fee applies on cumulative utility spends of ₹25,000 or more per statement cycle |
| HDFC MoneyBack+ | 10X CashPoints at Amazon, BigBasket, Flipkart, Reliance Smart Superstore, Swiggy | 2 CashPoints per ₹200 | 10X capped at 2,500 points per calendar month; not on EMI transactions |
| SBI SimplySAVE | 10X points on dining, movies, groceries, department stores | 1 point per ₹150 | 10X capped at 5,000 points a month; fuel excluded from rewards; points valid 24 months |
Worked examples (illustrative arithmetic)
These use only the stated rates above, on ₹10,000 of spending, and are not a forecast.
- Amazon.in, Prime member at 5%: ₹500. Non-Prime at 3%: ₹300.
- Axis ACE on a category outside the bonus list, at 1.5%: ₹150. Over 12 months of ₹10,000 that is ₹1,800, against a ₹499 fee in any year the waiver is missed.
- HDFC MoneyBack+ base spending: 2 CashPoints per ₹200 on ₹10,000 is 100 points; HDFC's 10X line is described as "up to 2.5% valueback", which implies about ₹0.25 a point; at ₹0.20–₹0.25 a point that is ₹20–₹25.
The gap between the first and last line is why the headline rate alone says very little. It depends on where you spend, and the answer is different for everyone.
How caps and exclusions change the picture
- Caps. HDFC's 10X at 2,500 points a month and SBI's at 5,000 points a month stop bonus earning past a point. Beyond it, the base rate applies.
- Exclusions. SBI's SimplySAVE booklet excludes fuel from rewards, although a fuel surcharge waiver of up to ₹100 a month applies on ₹500–₹3,000 transactions.
- Channel limits. Axis ACE's 5% needs Google Pay. Amazon's top rate needs Amazon.in.
- Point value. Cashback is a rupee amount; points depend on how you redeem them. SBI Card's SimplySAVE booklet implies ₹0.25 a point (2,000 points redeem for ₹500), and HDFC's page implies up to ₹0.25 on its 10X line.
How to compare two cards on your own numbers
- List your last three months of card-eligible spending by category.
- Apply each card's stated rate to each category, then apply the cap.
- Subtract any fee you would pay after the waiver rules.
- Check the rate is not restricted to an app you do not use.
The compare tool shows fees, base rewards and caps for up to four cards in one table. See also low annual fee cards compared.
Sources
Each figure above was read from the issuer's own page or terms document linked here. Where an issuer's pages disagree with each other, the post says so.