Axis Flipkart Review: Is It Still the 'King' of Cashback?

The King Has Fallen (Slightly)

For years, the Flipkart Axis Bank Credit Card was the default recommendation for everyone. It gave flat 5% unlimited cashback on Flipkart and Myntra, and had no nonsense rules.

Then came the devaluation (June 2025).

Axis Bank added a "Cashback Cap" of ₹4,000 per quarter for 5% categories. They also removed lounge access. Does this kill the card? R.I.P? Not exactly. Let's look at the numbers.

Benefit 1: Excellent Reward Rate (If you stay under limits)

Despite the devaluation, the core value proposition is strong:

• Flipkart: 5% Cashback (Capped at ₹4,000 cashback per quarter).
• Myntra: 5% Cashback (Shared cap).
• Preferred Partners: 4% Unlimited Cashback on Swiggy, Uber, PVR, Cult.fit.
• Others: 1.5% Unlimited Cashback.

The Cap Explanation: The ₹4,000 quarterly cap on 5% cashback means you can spend up to ₹80,000 on Flipkart every 3 months (approx ₹26k per month) and still get full 5% value. If you spend more than that, the rate drops.

Benefit 2: The "Unlimited" 1.5% Base Rate

This is where it still beats the SBI Cashback Card. The SBI card gives 1% on offline spends. Axis Flipkart gives 1.5%.

If you swipe this card at a grocery store, a mall, or for insurance (check MCC exclusions), you get 1.5% back directly as cash. That is a 50% better return than most entry-level cards.

Benefit 3: 4% on Lifestyle Categories

The 4% cashback on Swiggy, Uber, PVR, and Cult.fit is unlimited. This is a huge perk if you order food often or use Uber for commute. The SBI Cashback gives you 5% here (online), but Axis gives 4% without the monthly ₹5000 cap that SBI has.

Comparison: vs SBI Cashback vs HDFC Millennia

Feature	Axis Flipkart	SBI Cashback	HDFC Millennia
Fee	₹500	₹999	₹1,000
Flipkart Rate	5% (Capped)	5% (Capped)	5% (Via SmartBuy)
Amazon Rate	1.5%	5%	5% (Via SmartBuy)
Lounge	❌ Removed	❌ None	✅ Yes (4/yr)
Offline Rate	1.5%	1%	1%

The Drawbacks (The "Gotchas")

1. Lounge Access Gone: As of mid-2025, this card no longer offers complimentary domestic lounge access. Do not get this card for travel.
2. Capping: The ₹4,000 quarterly cashback cap on Flipkart limits its use for buying expensive items like iPhones or large appliances (if you buy frequent items).
3. Devaluation Trend: Axis Bank has been aggressive with devaluations. What is 1.5% today might become 1% tomorrow.

Verdict: Should You Apply?

YES, if:
1. You spend less than ₹25k/month on Flipkart.
2. You want a low-fee card (₹500) with decent offline returns (1.5%).
3. You are a heavy user of Swiggy/Uber/PVR.

NO, if:
1. You buy expensive electronics on Flipkart frequently (>₹1 Lakh orders).
2. You want Lounge Access (Get HDFC Millennia).
3. You stick strictly to Amazon (Get SBI Cashback or Amazon Pay ICICI).