This article reviews a specific credit card's publicly available terms for informational purposes. Card terms, fees, and benefits are set by the issuing bank and can change, always verify current details directly with Axis Bank before applying.
A card offering 5% cashback on Flipkart and 7.5% on Myntra sounds genuinely compelling for anyone who shops regularly on either platform, but the quarterly caps and category exclusions meaningfully shape how much of that headline rate you actually end up capturing over a full year.
The Core Cashback Structure
The card offers 5% cashback on Flipkart purchases, 7.5% on Myntra, and 5% on Cleartrip, each subject to a separate cap of ₹4,000 per statement quarter. Beyond these named merchants, it offers 4% unlimited cashback on a set of preferred partners, including Swiggy, Uber, PVR, and Cult.fit, and a flat 1% unlimited cashback on all other eligible spending.
Why the Quarterly Cap Matters More Than the Headline Rate
Since each merchant's cashback is capped at ₹4,000 per quarter, spending significantly beyond the amount needed to hit that cap earns nothing extra from that specific merchant for the remainder of the quarter. A ₹4,000 cap at 5% cashback translates to roughly ₹80,000 of Flipkart spending fully capturing the accelerated rate in a given quarter, spending beyond that reverts to the base 1% rate for the rest of that period.
The Fee and Its Waiver Condition
The card carries a ₹500 joining fee and ₹500 annual fee, waived if your annual spending on the card exceeds ₹3.5 lakh, excluding rent payments and wallet load transactions specifically. This is a meaningfully high threshold compared to many other cashback cards, worth checking honestly against your actual annual spending before assuming the fee will be waived.
A Structural Change Worth Knowing About
The card underwent a significant restructuring around mid-2025, repositioning it more clearly as a shopping-focused rewards card with the specific merchant structure described above, if you're reading older reviews or comparisons of this card, confirm they reflect the current, post-restructuring terms rather than an outdated benefit structure.
Why the Cashback Structure Here Is Genuinely Simple
Unlike cards that award reward points requiring manual redemption, this card's cashback is credited directly as statement credit, following Axis Bank's specific terms, this removes the redemption complexity discussed in our rewards points guide, since there's no separate step of converting points into usable value, a genuine simplicity advantage for someone who doesn't want to actively manage a rewards strategy.
Who This Card Genuinely Suits
Frequent Flipkart and Myntra shoppers with annual spending comfortably within or slightly above the accelerated-rate caps get the most out of this card, if your online shopping is spread across many different platforms rather than concentrated on Flipkart's ecosystem specifically, a general, flat-rate cashback card may deliver more consistent value across your actual spending pattern.
Frequently Asked Questions
Does the cashback apply to Flipkart purchases made through gift cards or EMI?
Specific exclusions can apply to certain payment methods or transaction types on Flipkart, worth checking the current, detailed terms and conditions for any such exclusions before assuming every type of Flipkart transaction qualifies for the accelerated cashback rate.
Is the annual fee waiver threshold based on the calendar year or the card's own anniversary year?
This is worth confirming directly with the current card terms, since billing structures for annual fee waivers are commonly tied to the card's own anniversary year rather than the calendar year, and getting this wrong could mean missing the waiver despite genuinely qualifying spending.
How does this compare to a general cashback card for someone who shops across many platforms?
As discussed in our guide on choosing a card, matching the card to your actual, honest spending pattern matters more than chasing the highest headline rate, a shopper spread across many platforms may capture more total value from a flat-rate cashback card than from this card's concentrated, capped merchant-specific rates.
Are the cashback rates and caps described here guaranteed to remain unchanged?
No, card issuers periodically revise cashback structures, caps, and fees, as this card's own 2025 restructuring demonstrates, always confirm current terms directly with Axis Bank before applying or making financial decisions based on a specific rate.
