Cashback is the easiest reward to understand: you spend, and money comes back to your card bill. But the headline rate is only half the story. The monthly cap, the categories that earn nothing, and the annual fee decide what you actually take home.
The best cashback credit cards in 2026, by spend
| Spend | Card | Back | Monthly cap | Annual fee |
|---|---|---|---|---|
| Online shopping |  HSBC Live Plus Credit Card | 10% | ₹1,200 a month | ₹1,179 a year |
| Online shopping |  BOBCARD Cashback Credit Card | 5% | ₹1,500 a month | ₹589 a year |
| Groceries | HSBC Live Plus Credit Card | 10% | ₹1,200 a month | ₹1,179 a year |
| Groceries |  HSBC RuPay Cashback Credit Card | 10% | ₹400 a month | ₹589 a year |
| Dining and food delivery | HSBC Live Plus Credit Card | 10% | ₹1,200 a month | ₹1,179 a year |
| Dining and food delivery | HSBC RuPay Cashback Credit Card | 10% | ₹400 a month | ₹589 a year |
From each bank’s published rate and cap, as of October 2026. The live ranking: cashback credit cards.
Below are the cashback cards that pay the most in three everyday categories, ranked by SkyloFin’s card data. Each table shows what the card pays on ₹5,000 a month in that category.
Best for online shopping
| Card | Rate | Monthly cap | On ₹5,000 a month | Annual fee (incl. GST) |
|---|---|---|---|---|
| HSBC Live+ | 10% on apparel, department stores and other shopping (not Amazon, Flipkart or Myntra) | ₹1,200, shared | ₹500 | ₹1,179 |
| BOBCARD Cashback | 5% on online spends | ₹1,500 | ₹250 | ₹589 |
| SBI Cashback | 5% on online spends | ₹2,000 | ₹250 | ₹1,179 |
| Axis Bank Cashback | About 5% on a typical online cart (tiered 2%, 5%, 7%) | ₹4,000 | ₹250 | ₹1,180 |
Two catches worth knowing. HSBC Live+’s 10% does not apply on Amazon, Flipkart or Myntra, which earn its 1.5% base instead. BOBCARD Cashback needs at least four transactions in the statement cycle for the 5% to apply.
Best for food delivery and dining
| Card | Rate | Monthly cap | On ₹5,000 a month | Annual fee (incl. GST) |
|---|---|---|---|---|
| HSBC Live+ | 10% on Swiggy, Zomato and restaurants | ₹1,200, shared | ₹500 | ₹1,179 |
| HSBC RuPay Cashback | 10% on Swiggy, Zomato and restaurants | ₹400, for everything | ₹400 | ₹589 |
| Kotak Cashback+ Prime | 5% on online food delivery | ₹750, shared | ₹250 | ₹885 |
Best for groceries
| Card | Rate | Monthly cap | On ₹5,000 a month | Annual fee (incl. GST) |
|---|---|---|---|---|
| HSBC Live+ | 10% on BigBasket, Blinkit, Zepto | ₹1,200, shared | ₹500 | ₹1,179 |
| HSBC RuPay Cashback | 10% on BigBasket, Blinkit, Zepto, Instamart | ₹400, for everything | ₹400 | ₹589 |
| Kotak Cashback+ Prime | 5% on online grocery | ₹750, shared | ₹250 | ₹885 |
Read the cap before the rate
Notice the word shared. On HSBC Live+, the ₹1,200 cap covers dining, groceries, shopping and utility bills together. Spend ₹5,000 on food and ₹5,000 on groceries, and you still get ₹1,200 at most, not ₹1,000 plus ₹500 plus more.
HSBC RuPay Cashback is stricter: ₹400 a month is the ceiling for all its cashback, the 10% and the 1% together. It suits someone who spends about ₹4,000 a month on food and groceries, and not much more.
A quick way to compare: divide the cap by the rate. HSBC Live+’s 10% stops paying at ₹12,000 a month of spend in those categories. SBI Cashback’s 5% stops at ₹40,000 of online spend.
Categories that usually earn nothing
Most cashback cards pay nothing on rent, wallet top-ups, fuel, insurance, utility bills, school fees and government payments. SBI Cashback, for example, also excludes jewellery, EMIs, online gaming, tolls and railway bookings. If a big part of your spending is rent or bills, a 5% card can earn far less than you expect.
Does the fee wipe out the cashback?
Count the annual fee as negative cashback. On ₹2,000 a month of online shopping, SBI Cashback pays about ₹100 a month, or ₹1,200 a year, almost exactly its ₹1,179 fee. The fee is waived once you spend ₹2 lakh in a year, so for most regular users it is free. Our Is this card worth its fee? calculator does this for your own numbers.
How to pick
- Write down your three biggest monthly categories: online shopping, food, groceries, travel or bills.
- Pick the card whose high rate matches your biggest category, and check the cap covers your spend.
- Check what the card pays on everything else. A 1.5% base, like HSBC Live+’s, matters more than you think.
- Make sure you can reach the fee waiver spend, or that the cashback beats the fee.
See every cashback card side by side on SkyloFin’s cashback credit cards page, or the full rankings for online shopping, dining and groceries. If you are torn between cashback and points, read Cashback or reward points: how to work out a card’s real value.
Frequently asked questions
Which credit card gives the highest cashback in India?
On the categories it covers, HSBC Live+ pays 10% on dining, groceries and shopping, but with a ₹1,200 monthly cap shared across them. For large online spends, Axis Bank Cashback and SBI Cashback pay about 5% with higher caps (₹4,000 and ₹2,000 a month). The best one depends on where you spend.
Is cashback taxable?
Cashback on your own spending is generally treated as a discount on what you bought, not as income. If you are unsure about your own case, ask a tax adviser.
Do cashback cards have a fee?
Most do, usually ₹500 to ₹1,000 plus GST, and most waive it if you spend a set amount in a year (₹2 lakh for SBI Cashback and HSBC Live+).
This is general information to help you compare, not financial advice. SkyloFin is not a financial adviser. Fees, rates and caps change, so check the bank’s own terms before you apply. Card figures are from SkyloFin’s card pages as on 1 October 2026; card data sourced via CardAdvisor.in. SkyloFin may earn a commission when you apply through our links; it never changes what you pay.
Updated 18 Oct 2026.
