This Article was fact checked and last updated for accuracy on July 16, 2025 by Mani Karthik
June 20, 2025. A date that will live in infamy for Flipkart Axis cardholders.
I woke up to an email from Axis Bank. “Enhanced benefits,” they called it. But reading through the fine print felt like watching a magic trick. The bank made our benefits disappear.
When I moved back from USA in 2017, I was hunting for the perfect credit card ecosystem. The Flipkart Axis looked promising. Great cashback rates. Lounge access. Decent annual fee.
Bottom Line Up Front: This card just got significantly devalued. The lounge access is gone. Quarterly caps were introduced. But it still works for specific use cases.
Card Overview: The Flipkart Loyalist’s Choice 📦
The Flipkart Axis Bank Credit Card was designed for online shopping enthusiasts. Think millennials who live on their phones. Order everything online. Never step into physical stores.
Target Audience:
- Flipkart and Myntra shoppers
- Young professionals aged 21-35
- People who use Swiggy, Uber regularly
- Cashback hunters wanting statement credit (not balance)
Card Network: Visa (broad acceptance)
Cashback Structure: The New Reality Post June 2025 🎯
The Enhanced (Devalued) Benefits:
- 7.5% cashback on Myntra (NEW: up from 1%, capped at ₹4,000/quarter)
- 5% cashback on Flipkart (NEW: capped at ₹4,000/quarter)
- 5% cashback on Cleartrip (NEW: capped at ₹4,000/quarter)
- 4% cashback on partner merchants (unlimited)
- 1.5% cashback on all other spends (unlimited)
Partner Merchants (4% Cashback):
✅ Swiggy
✅ Uber
✅ PVR
✅ Cult.fit
What Changed in June 2025:
❌ Lounge access removed (4 domestic visits/year gone)
❌ Quarterly caps introduced on Flipkart, Myntra, Cleartrip
✅ Myntra cashback increased from 1% to 7.5%
Comprehensive Comparison: The Cashback Card Wars 📊
| Feature | Flipkart Axis | Amazon Pay ICICI | HDFC Millennia |
|---|---|---|---|
| Annual Fee | ₹500 (Waivable at ₹3.5L) | ₹0 (Lifetime Free) | ₹1,000 (Waivable at ₹1L) |
| Flipkart Cashback | 5% (₹4,000/quarter cap) | 1% | 5% (₹1,000/month cap) |
| Amazon Cashback | 1.5% | 5% (Prime), 3% (Non-Prime) | 5% (₹1,000/month cap) |
| Myntra Cashback | 7.5% (₹4,000/quarter cap) | 1% | 5% (₹1,000/month cap) |
| Food Delivery | 4% (Swiggy only) | 2% (Amazon Pay partners) | 5% (Swiggy only) |
| Other Online | 1.5% | 1% | 1% |
| Offline Spends | 1.5% | 1% | 1% |
| Lounge Access | None (removed June 2025) | None | Limited |
| Cashback Credit | Statement credit | Amazon Pay balance | CashPoints |
| Interest Rate | 3.75% per month | 3.5-3.8% per month | 3.6% per month |
| Fuel Surcharge Waiver | 1% (₹400/month cap) | 1% | 1% (₹250/month cap) |
Real World Usage: My Family’s Flipkart Journey 🏠
Pre-Devaluation Era (2022-2024): The Golden Days
When my wife discovered this card in 2022, she was thrilled. Finally, a card that gave good cashback on Flipkart and statement credit. Not some locked balance.
Our typical quarterly breakdown (2023):
- Flipkart orders: ₹25,000 (5% = ₹1,250 cashback)
- Myntra shopping: ₹8,000 (1% = ₹80 cashback)
- Swiggy orders: ₹6,000 (4% = ₹240 cashback)
- Other spends: ₹15,000 (1.5% = ₹225 cashback)
- Total quarterly cashback: ₹1,795
- Plus: 1 lounge access used
Post-Devaluation Reality (June 2025):
Same spending pattern, different math.
Our new quarterly breakdown:
- Flipkart orders: ₹25,000 (5% = ₹1,250, but capped at ₹4,000 quarterly earnings = ₹4,000 max cashback possible)
- Myntra shopping: ₹8,000 (7.5% = ₹600 cashback)
- Swiggy orders: ₹6,000 (4% = ₹240 cashback, unlimited)
- Other spends: ₹15,000 (1.5% = ₹225 cashback)
- Total quarterly cashback: ₹1,065
- Lounge access: Gone
The verdict: Lost ₹730 in quarterly cashback plus lounge access.
Fees and Charges: The Fine Print Reality 💸
| Charge Type | Amount | My Take |
|---|---|---|
| Joining Fee | ₹500 | Reasonable for benefits offered |
| Annual Fee | ₹500 | Waived on ₹3.5L annual spend |
| Interest Rate | 3.75% per month | 45% annually. Pay bills on time! |
| Cash Advance | 2.5% or ₹500 min | Avoid cash withdrawals |
| Foreign Transaction | 3.5% | Use forex cards instead |
| Late Payment | ₹500 (for dues ₹501-10,000) | Set autopay |
| Overlimit Fee | 2.5% (min ₹500) | Monitor spending |
| Cash Payment at Branch | ₹175 | Increased from ₹100 |
Annual Fee Waiver Math:
Spend ₹3,50,000 annually = Fee waived That’s ₹29,167 per month. Achievable for high spenders.
Welcome Benefits: What You Get Initially 🎁
For Paid Cards (₹500 joining fee):
- ₹500 Flipkart voucher on first transaction
- 50% off up to ₹100 on first Swiggy order
- Total activation benefits: ₹600
For First Year Free Cards:
- 50% off up to ₹100 on first Swiggy order only
- Total activation benefits: ₹100
Note: Welcome benefits effectively recover the joining fee for paid cards.
The Good, Bad, and Ugly ⚖️
The Good ✅
- High Myntra cashback: 7.5% is excellent
- Statement credit: Direct cashback, not locked balance
- Partner merchant benefits: 4% on Swiggy, Uber is solid
- Reasonable annual fee: ₹500 is manageable
- Good base rate: 1.5% on everything else
- Contactless payments: NFC enabled
The Bad ❌
- Quarterly caps introduced: Limits high spenders
- High fee waiver threshold: ₹3.5L is steep for entry level card
- No travel benefits: Zero lounge access post June 2025
- Limited partner merchants: Only 4 brands for accelerated cashback
The Ugly 🚫
- Devaluation without notice: Benefits cut significantly
- Interest rates increased: From 3.6% to 3.75% monthly
- Removal of lounge access: Major value proposition lost
- Complex exclusions: Many categories don’t earn cashback
Who Should Get This Card? 🤔
Perfect For:
- Myntra fashion enthusiasts (7.5% is hard to beat)
- Flipkart regular shoppers who stay under quarterly caps
- Swiggy heavy users (unlimited 4% cashback)
- Young professionals wanting statement credit over balance
- People who hate reward point complexity
Not Suitable For:
- Heavy Flipkart spenders (quarterly caps hurt)
- Travel enthusiasts (no lounge access)
- Amazon loyalists (better cards available)
- International spenders (high forex fees)
NRI Perspective: The Card That Disappointed 🇮🇳
Why I Initially Recommended It:
When NRI families ask me about credit cards, I used to mention this one. Good cashback rates. Lounge access for airport travel. Statement credit that’s easy to understand.
Post-Devaluation Reality:
The June 2025 changes hurt NRI families specifically. We travel more. The lounge access was valuable. The quarterly caps limit our bulk shopping during India visits.
For NRI Families:
- Pros: Still decent for online shopping, statement credit
- Cons: No travel benefits, caps limit vacation shopping
- Alternative: Consider travel focused cards instead
My updated advice: Get this only if you’re heavy on Myntra and Swiggy. Otherwise, look elsewhere.
Personal Anecdote: The Email That Changed Everything 📧
June 15, 2025. I was having my morning coffee in Bangalore when the email arrived.
“Enhanced Benefits for Your Flipkart Axis Bank Credit Card.”
My younger son, who was born in the US, asked, “Dad, why do you look upset about a credit card email?”
I explained how companies sometimes take away benefits and call it enhancement. He laughed and said, “That’s like saying homework is enhanced when teachers give more of it.”
Out of the mouths of babes.
Lesson learned: In the Indian credit card game, devaluations are inevitable. Always have backup cards.
Alternative Cards to Consider 🔄
| If You Want | Consider Instead |
|---|---|
| Amazon rewards | Amazon Pay ICICI Bank Card |
| Multiple merchant benefits | HDFC Millennia |
| Travel benefits | Axis Atlas, HDFC Regalia |
| Higher base cashback | Axis Ace Card (2%) |
| Premium benefits | Amex Gold/Platinum |
The June 2025 Devaluation: A Detailed Analysis 📉
What Axis Bank Removed:
- 4 domestic lounge visits annually (worth ₹800-1,200)
- Unlimited quarterly cashback on Flipkart/Cleartrip
- Lower interest rates (increased from 3.6% to 3.75%)
What They Enhanced:
- Myntra cashback from 1% to 7.5%
- New quarterly cap of ₹4,000 per merchant
Net Impact for Different Users:
Light Spenders (Under ₹50,000 quarterly on each merchant):
- Benefit from higher Myntra rates
- Not affected by caps
- Lose lounge access value
Heavy Spenders (Over ₹80,000 quarterly on Flipkart):
- Significantly impacted by caps
- Higher effective rates now limited
- Major value loss
Quick Action Items ✅
If you currently have this card:
- Calculate your quarterly spend on capped merchants
- Evaluate if caps affect your benefits significantly
- Consider alternative cards for heavy spending
- Use remaining benefits before considering cancellation
- Set spend alerts to track quarterly limits
If you’re considering applying:
- Apply only if you stay under caps on Flipkart/Cleartrip
- Maximize Myntra spending for 7.5% cashback
- Use for Swiggy regularly for unlimited 4% cashback
- Don’t expect travel benefits (lounge access gone)
Financial Impact Analysis: Real Numbers 💰
Scenario 1: Fashion Forward Family
Monthly spend: Myntra ₹8,000, Flipkart ₹5,000, Others ₹10,000
Quarterly benefit:
- Myntra: ₹24,000 × 7.5% = ₹1,800
- Flipkart: ₹15,000 × 5% = ₹750
- Others: ₹30,000 × 1.5% = ₹450
- Total: ₹3,000 quarterly cashback
- Annual benefit: ₹12,000 for ₹500 fee
Verdict: Excellent value proposition.
Scenario 2: Heavy Flipkart User
Monthly spend: Flipkart ₹35,000, Others ₹15,000
Quarterly benefit:
- Flipkart: ₹105,000 spend but cap at ₹4,000 cashback
- Others: ₹45,000 × 1.5% = ₹675
- Total: ₹4,675 quarterly cashback
- Annual benefit: ₹18,700 for ₹500 fee
Without caps would have been: ₹105,000 × 5% = ₹5,250 per quarter Loss due to caps: ₹2,300 annually
Verdict: Good but not great due to caps.
Final Verdict: The Devalued Reality 🎯
Rating: 6.5/10 (down from 8/10 pre-devaluation)
This card still has merit for specific user profiles. But the June 2025 changes significantly reduced its appeal.
My recommendation:
- Get it if you’re heavy on Myntra (7.5% is excellent)
- Get it if you’re a Swiggy regular (unlimited 4% cashback)
- Get it if you want statement credit over balance systems
- Skip it if you’re a heavy Flipkart user hitting caps
- Skip it if you want travel benefits
Best Use Case Scenario:
Fashion conscious professional, moderate Flipkart usage (under caps), regular Swiggy orders, prefers statement credit over reward points.
Expected annual benefit: ₹8,000-15,000 in cashback for ₹500 annual fee.
The Bigger Picture: Indian Credit Card Market Evolution 📈
The Flipkart Axis devaluation reflects broader market trends:
- Banks reducing benefits as customer acquisition slows
- Focus shifting from premium benefits to sustainable economics
- Competition increasing forcing differentiation
- Regulatory pressure on high cashback sustainability
What this means for consumers:
- Benefit optimization becomes crucial
- Multiple card strategies more important
- Regular review of card portfolio necessary
Sources & References 📚
Data Sources:
- Axis Bank Official Flipkart Card Page
- Paisabazaar Flipkart Axis Analysis
- BankBazaar Card Features
- TechnoFino Community Devaluation Discussion
- Business Standard Fee Changes Analysis
Additional Resources:
- Groww Card Details
- Axis Bank Terms & Conditions
- Card Maven June 2025 Updates
- Paisabazaar Axis Card Changes Analysis
Last Updated: July 2025
Next Review: October 2025 (Post further market changes)
Connect with me:
For more insights on navigating the Indian financial landscape and optimizing your credit card strategy, visit BackToIndia.com
Disclaimer: This review reflects the post-devaluation reality as of June 2025. Card features and benefits may change further. Always verify current terms with Axis Bank before applying. The author’s opinions are based on personal experience and publicly available information.