In India’s booming credit card scene, the Flipkart Axis Bank and Flipkart SBI credit cards have carved out a strong enough standing since their launch. As per a report by Zeta, a banking technology company,
the two co-branded cards have enjoyed a significant share of the market space amid an ongoing upward curve for such credit cards.
The report suggests that co-branded credit cards account for up to 17 per cent of all credit cards in the market, which had doubled down to reach over 111 million cards by mid 2025. These cards also contribute nearly 18 per cent of the overall spend. This value, the Zeta says, is projected to grow to a quarter of the market by the 2027-28 financial year.
Axis Bank or SBI Flipkart Credit Card?
A rising user base deploys both the Axis Bank and SBI Flipkart credit cards for their online shopping and makes decent savings. Both cards come with a joining fee of Rs 500 and an annual fee of Rs 500. The annual fee is, of course, waived off when a subscriber’s annual spending jumps over Rs 3.5 lakh. At the base level, the two cards may seem similar. However, there is a critical distinction between the two, which prospective subscribers may consider.
Since the Axis Bank periodically offers its credit card holders a first-year free facility, the joining fee may be waived upfront in certain cases. In such a scenario, however, the cardholders do not receive the Rs 250 Flipkart voucher that is usually issued. On the other hand, the Flipkart SBI Credit Card gives a Flipkart gift card worth Rs 250 after the joining fee is realised.
Cashback Structure And Caps
Both the Flipkart Axis Bank and SBI credit cards come with an identical cashback rate at various platforms. Returns worth 5 per cent (Flipkart), 7.5 per cent (Myntra), 5 per cent (Cleartrip) and 4 per cent on other selected partner merchants can be accessed by the cardholders. They may also receive a 1 per cent cashback facility on other eligible spends. The cashback is received directly in the card account.
But the eventual savings made by a cardholder depend on quarterly caps, eligible categories and how your bank treats the essential loan repayments and other transactions. The real value is therefore determined by how quickly a cardholder approaches the designated caps. Upon reaching the cap within a quarter, the cardholder receives no cashback for every additional rupee spent.
Under the Flipkart Axis Bank Credit Card, the cashback cap is structured as: Rs 4,000 per quarter on Flipkart and Cleartrip together, Rs 4,000 per quarter on Myntra and 4 per cent cashback on preferred merchants is uncapped. The referred merchants for the card include PVR, Swiggy, and Uber. Cardholders can earn up to 4 per cent cashback on eligible transactions at these platforms.
The cashback cap structure for the Flipkart SBI Credit Card stands at per-quarter payments of Rs 4,000 on Flipkart, Myntra and Cleartrip. Preferred merchants are Netmeds, PVR, Zomato and Uber, with cardholders unlocking 4 per cent cashback on transactions.
