Start with your last three statements
Group online transactions into Amazon, food delivery, general retail, utilities, insurance, travel and excluded categories. Only then compare what each card would actually reward.
A simple shortlist
SBI Cashback offers broad eligible-online cashback; Amazon Pay ICICI provides an Amazon-led no-fee proposition; Swiggy HDFC combines Swiggy and eligible online categories. Each uses different caps and exclusions.
- Broad spender: start with SBI Cashback.
- Amazon-heavy and fee-averse: start with Amazon Pay ICICI.
- Food plus online retail: compare Swiggy HDFC.
Calculate net value
Annual net value equals expected eligible rewards minus annual fee and unavoidable redemption costs. Do not count promotional discounts that may disappear or rewards on merchant categories that the issuer excludes.
Questions people actually ask
Before you decide
Which card gives 5% on every online transaction?
No card should be assumed to reward every online transaction. Merchant categories, exclusions, caps, EMI treatment and government or utility classifications matter.
Is a co-branded card too restrictive?
Not when you already spend meaningfully with that brand and the card has low carrying cost. It becomes restrictive when your behaviour changes.
Should I hold two online-shopping cards?
Only if the second card covers a real gap and the extra fee and payment complexity are justified.