If you want one card that just pays you back without any hoops, the choice in 2026 narrows to two: Axis Ace with its flat 2% cashback model, and HDFC Millennia with its 5% partner-stack model. Which actually earns you more depends entirely on whether your spending fits Millennia's partner list.
Axis Ace — the flat-rate workhorse
- Earn: 5% cashback on Google Pay bill payments (Amazon, Flipkart, Swiggy, Zomato, Uber, Ola), 4% on Swiggy / Zomato / Ola direct, 2% on EVERYTHING ELSE (no merchant restrictions, no caps).
- Fee: ₹499 / ₹499, waived on ₹2L annual spend.
- Welcome: ₹500 Amazon voucher.
- Cap: ₹500/month on the 5% category, ₹500/month on the 4% category. The 2% has NO cap.
HDFC Millennia — the partner stack
- Earn: 5% cashback on Amazon, Flipkart, Myntra, BookMyShow, Cult.fit, Sony LIV, Swiggy, Tata Cliq, Uber, Zomato. 1% on everything else.
- Fee: ₹1,000 / ₹1,000, waived on ₹1L annual spend.
- Welcome: 1,000 cashback points (₹1,000) on first spend within 90 days.
- Cap: ₹1,000/month on the 5% category. Lounge: 8 domestic / 4 international per year.
Real-spend math — three personas
Persona A — Online-shopping heavy (₹15K/month online split across Amazon, Flipkart, Swiggy):
- Axis Ace: ₹15K × 2% = ₹300/month → ₹3,600/year. (Direct merchant spend bypasses the 5% Google Pay tier.)
- HDFC Millennia: ₹15K × 5% (capped at ₹1,000/month) = ₹1,000/month → ₹12,000/year.
- Millennia wins by ₹8,400/year.
Persona B — Offline / utility heavy (₹40K/month groceries, fuel, rent, utilities):
- Axis Ace: ₹40K × 2% = ₹800/month → ₹9,600/year (uncapped).
- HDFC Millennia: ₹40K × 1% = ₹400/month → ₹4,800/year.
- Ace wins by ₹4,800/year.
Persona C — Mixed (₹10K online + ₹20K offline = ₹30K/month):
- Axis Ace: ₹30K × 2% = ₹600/month → ₹7,200/year.
- HDFC Millennia: ₹10K × 5% + ₹20K × 1% = ₹500 + ₹200 = ₹700/month → ₹8,400/year.
- Millennia wins by ₹1,200/year.
The crossover happens at roughly ₹12K/month of partner-merchant spend — below that, Ace; above that, Millennia. Use our Credit Card Reward Calculator to plug your exact split.
Lounge access — Millennia's hidden value
Millennia includes 8 domestic + 4 international lounge visits per year. At ~₹600 per domestic visit and ~₹2,200 per international visit, that's ~₹13,600 of pure value if you fly. Ace has zero lounge access. For a flyer, Millennia's higher fee pays itself back through lounges alone.
Verdict
If your online spend on Amazon/Flipkart/Swiggy is ₹12K+/month — HDFC Millennia. If your spend is mostly offline or you want zero category tracking — Axis Ace. Many smart spenders carry both: Millennia for partner merchants, Ace for everything else.
For more cashback options, see our best cashback credit cards round-up.
Frequently Asked Questions
Can I redeem Millennia cashback as statement credit?
Yes — 1 cashback point = ₹1 statement credit. Or convert to SmartBuy gift vouchers at the same rate.
Does Axis Ace cashback land automatically?
Yes — credited as statement credit each cycle. No redemption portal, no expiry, no points to convert.
Which is better for grocery — Big Bazaar, BigBasket?
Neither has accelerated grocery rates. Look at grocery-specific cards if it's a heavy category for you.
Credit Cards Editor, OnePaisa Editorial
Sandhya writes on credit cards for OnePaisa — reward programmes, fees and charges, lounge and travel benefits, and head-to-head card comparisons. Every fee, earn rate and benefit in her guides is checked against the issuer's MITC document and official product page, and against OnePaisa's verified product data, before it is published. Where an issuer does not disclose a number, the guide says so instead of estimating it.
Work published under this byline follows OnePaisa’s editorial standards — how our guides are researched, fact-checked against primary sources, and corrected.