Flipkart Axis vs HDFC Millennia 2026: Which Cashback Card?

Flipkart Axis Bank and HDFC Millennia are both Visa cashback cards aimed at online shoppers, and for ordinary spending they are close. Flipkart Axis is a specialist: 7.5% on Myntra, 5% on Flipkart and Cleartrip, and an unlimited 4% on preferred merchants. HDFC Millennia is a generalist: 5% on a long list of online merchants, 1% elsewhere, with a monthly cap. The Flipkart card pulls ahead as shopping spend grows, but Millennia wins if you spend less and want an easy fee waiver.

Side-by-side comparison

Feature	Flipkart Axis Bank	HDFC Millennia
Network	Visa	Visa
Joining fee	₹500	₹1,000
Annual fee	₹500	₹1,000
Fee waiver spend	₹3,50,000/year	₹1,00,000/year
Base reward rate	1%	1%
Top rates	7.5% Myntra, 5% Flipkart and Cleartrip, 4% preferred merchants	5% on listed online merchants
Bonus caps	₹4,000 cashback per quarter on Myntra and on each of Flipkart and Cleartrip; 4% uncapped	₹1,000 cashback per month on 5% merchants
Reward type	Cashback to statement	CashPoints, 1:1 against statement
Domestic lounge	None	1 voucher per quarter on ₹1,00,000 quarterly spend
Forex markup	3.5%	3.5%
Min monthly income	₹15,000	₹35,000

All figures are from BestCard's card data, last verified on 24 October 2026.

How the rewards actually work

Flipkart Axis Bank

Flipkart Axis Bank pays 7.5% cashback on Myntra and 5% on Flipkart and Cleartrip. Each of those carries a ₹4,000 cap per statement quarter, and the Flipkart and Cleartrip caps apply per merchant. It also pays an unlimited 4% on preferred merchants such as Swiggy, Uber and PVR, and 1% on everything else. Cashback is credited to the statement within 5 days with no redemption fee. The ₹4,000 caps are high: you need about ₹80,000 of Flipkart spend in a quarter to reach one.

HDFC Millennia

HDFC Millennia pays 5% in CashPoints on Amazon, Flipkart, Myntra, Swiggy, Zomato, BookMyShow and other listed online merchants, and 1% on all other retail spend. The 5% bonus is capped at ₹1,000 a month, which is reached at ₹20,000 of spend on those merchants. CashPoints redeem 1:1 as statement credit. You also get 1,000 CashPoints (₹1,000) on joining.

Worked example 1: ₹25,000 a month

Split: ₹6,000 on Flipkart, ₹3,000 on Myntra, ₹4,000 on Swiggy, ₹12,000 on everything else. Annual spend ₹3,00,000.

Flipkart Axis Bank

• Flipkart: 5% × ₹6,000 = ₹300
• Myntra: 7.5% × ₹3,000 = ₹225
• Swiggy: 4% × ₹4,000 = ₹160
• Other: 1% × ₹12,000 = ₹120
• Monthly ₹805, or ₹9,660 a year
• ₹3 lakh is below the ₹3.5 lakh waiver, so subtract ₹500
• Net: ₹9,160 a year

HDFC Millennia

• Listed merchants: 5% × ₹13,000 = ₹650, under the ₹1,000 cap
• Other: 1% × ₹12,000 = ₹120
• Monthly ₹770, or ₹9,240 a year
• ₹3 lakh clears the ₹1 lakh waiver, so no fee
• Net: ₹9,240 a year

It is effectively a tie, with Millennia ahead by about ₹80 a year once the Axis fee is counted. Millennia's ₹1,000 joining CashPoints also help in year one.

Worked example 2: ₹50,000 a month

Split: ₹15,000 on Flipkart, ₹6,000 on Myntra, ₹8,000 on Swiggy, ₹21,000 on everything else. Annual spend ₹6,00,000.

Flipkart Axis Bank

• Flipkart: 5% × ₹15,000 = ₹750 (quarterly ₹2,250, under the ₹4,000 cap)
• Myntra: 7.5% × ₹6,000 = ₹450 (quarterly ₹1,350, under cap)
• Swiggy: 4% × ₹8,000 = ₹320
• Other: 1% × ₹21,000 = ₹210
• Monthly ₹1,730, or ₹20,760 a year
• ₹6 lakh clears the ₹3.5 lakh waiver, so no fee
• Net: ₹20,760 a year

HDFC Millennia

• Listed merchants: 5% × ₹29,000 = ₹1,450, capped at ₹1,000
• Other: 1% × ₹21,000 = ₹210
• Monthly ₹1,210, or ₹14,520 a year
• The 5% merchants stop earning the bonus after ₹20,000 of spend, leaving ₹9,000 above the cap. If that still earns the 1% base, add ₹90 a month, giving up to ₹15,600 a year
• Net: ₹14,520 to ₹15,600 a year

Flipkart Axis leads by roughly ₹5,160 to ₹6,240 a year. Its caps are quarterly and per merchant, so they rarely bind at this level, while Millennia's ₹1,000 monthly cap fills up fast. See our reward caps explained guide for how caps typically work.

Lounge access and travel

Neither card is a travel card. Flipkart Axis lists no lounge access at all. Millennia gives one domestic lounge voucher per calendar quarter, but only after ₹1,00,000 of spend in that quarter, and it is offered as an alternative to a ₹1,000 milestone voucher, so you effectively choose one. Both cards charge a 3.5% forex markup, ₹3,500 on ₹1,00,000 of foreign spend, so neither suits international use. Flipkart Axis does include Cleartrip at 5%, which helps with domestic bookings made there.

Fees and waivers

Flipkart Axis charges ₹500 and waives it at ₹3,50,000 a year, roughly ₹29,200 a month. Below that you pay ₹500. Millennia charges ₹1,000 and waives it at ₹1,00,000, roughly ₹8,300 a month, which most regular users clear easily. Flipkart Axis also has the lower income bar, ₹15,000 a month against Millennia's ₹35,000, so it is open to more first-time applicants.

On welcome benefits, Flipkart Axis lists ₹350 of activation benefits (a ₹250 Flipkart voucher on the first transaction within 30 days, for paid-fee cards, plus a Swiggy first-time offer). Millennia lists 1,000 CashPoints on joining.

Who should pick which

Choose Flipkart Axis Bank if:

• You shop on Flipkart, Myntra or Cleartrip every month
• You regularly use Swiggy, Uber or PVR for the unlimited 4% rate
• Your spend is high enough that Millennia's ₹1,000 cap would bind
• Your income is under ₹35,000 a month

Choose HDFC Millennia if:

• Your online spend is spread across Amazon, Flipkart, Zomato, BookMyShow and others
• You spend under about ₹3.5 lakh a year and want the fee waived easily
• You want simple 1:1 CashPoints with no per-merchant caps to track
• You want the occasional domestic lounge voucher

Verdict

At moderate spend the two are nearly equal, so choose on where you shop. Once you move toward ₹50,000 a month, Flipkart Axis Bank earns more because its caps are looser and its 7.5% and 4% tiers have no equivalent on Millennia. Millennia is the better pick if you do not shop mainly at Flipkart, Myntra and Swiggy-type merchants, or if you will not reach ₹3.5 lakh a year. Both cards have a high 3.5% forex markup.

For more detail, read our Flipkart Axis review and HDFC Millennia review, or see each against another rival in Amazon Pay ICICI vs Flipkart Axis and SBI Cashback vs HDFC Millennia. Our guide to the best credit cards for Flipkart shopping covers the wider field, and you can compare both on BestCard's compare tool.