Cashback credit cards: how the percentages and caps really work
A 5% cashback card can pay much less than 5% once monthly caps and excluded spends are counted. How to read the caps on popular Indian cashback cards.
The headline rate on a cashback card is only half the story. The other half is the cap: the most cashback you can earn in a month or statement cycle.
Three popular cards, side by side
- CASHBACK SBI Card: Online spends earn rate 5% cashback SourceCASHBACK SBI Card terms bookletPDF (opens in a new tab) , page 14 Checked16 Oct 2026 HistoryNo changes since we started tracking this figure. online, with a cap of Online spends monthly cap ₹2,000Per statement cycle SourceCASHBACK SBI Card terms bookletPDF (opens in a new tab) , page 14 Checked16 Oct 2026 HistoryNo changes since we started tracking this figure. on online cashback.
- HDFC Bank Millennia: Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber and Zomato earn rate 5% cashback SourceHDFC Bank Millennia Credit Card FAQ (6 Feb 2026)PDF (opens in a new tab) , Question 1 Checked17 Sep 2026 HistoryNo changes since we started tracking this figure. on ten named apps and websites, capped at Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber and Zomato monthly cap 1,000 points a monthMaximum for 5% CashBack SourceHDFC Bank Millennia Credit Card FAQ (6 Feb 2026)PDF (opens in a new tab) , Question 11 Checked17 Sep 2026 HistoryNo changes since we started tracking this figure. .
- Amazon Pay ICICI Bank: Amazon (Prime members) earn rate 5% cashbackCredited as Amazon Pay balance SourceAmazon Pay ICICI Bank Credit Card FAQs (opens in a new tab) , FAQ: how and what do I earn Checked28 Oct 2026 HistoryNo changes since we started tracking this figure. on Amazon for Prime members, with no published cap.
Work out your own ceiling
Divide the cap by the rate to find the spend at which extra cashback stops. Once you pass that amount in a cycle, the rest of the month’s spending earns only the base rate, or nothing.
Watch the excluded spends
Fuel, rent, wallet loads and government payments are excluded on most cashback cards. Each card page lists what earns nothing, with the source.
Where the cashback goes
Some cards credit your statement; others pay in a store balance or points. Amazon Pay ICICI pays Amazon Pay balance, and HDFC Millennia pays points you redeem against the statement. Check that it’s cash you’ll actually use.