HSBC Live+ vs Axis ACE 2026: Which Cashback Card Pays More?

HSBC Live+ and Axis ACE are both cashback cards, but they sit at different ends of the market. Live+ pays 10% across dining, groceries, utilities and online shopping, with a low 1.99% forex markup and Visa Infinite lounge access. ACE pays 5% on Google Pay bills, 4% online and an uncapped 2% on everything else, for ₹499 a year and a ₹15,000 monthly income bar. If you meet HSBC's ₹1 lakh income requirement, Live+ earns more in almost every realistic spending pattern. ACE is the card for people who can't get Live+ yet, or who want a cheap, simple second card.

Side-by-side comparison

Feature	HSBC Live+	Axis ACE
Network	Visa (Infinite)	RuPay
Joining fee	₹999	₹499
Annual fee	₹999	₹499
Fee waiver spend	₹2,00,000/year	₹2,00,000/year
Base reward rate	1%	2%
Dining and food delivery	10% (cap ₹1,000/month)	2% (base)
Groceries	10% (cap ₹1,000/month)	2% (base)
Utilities / bills	10% (cap ₹1,000/month)	5% via Google Pay
Online shopping	10%, excl. Amazon, Flipkart, Myntra (cap ₹1,000/month)	4%
Bonus cap structure	₹1,000/month per category	₹500/month combined on 5% and 4%
Forex markup	1.99%	3.5%
Domestic lounge	Via Visa Infinite programme	4 visits/year at select airports
International lounge	Via Visa Infinite programme	None
Min monthly income	₹1,00,000	₹15,000
Min credit score	750	700

These figures come from BestCard's latest card data. BestCard lists the Live+ cap separately for each category, so confirm on HSBC's site whether it applies per category or across categories combined. Check both banks' current terms before applying.

How the rewards actually work

HSBC Live+

HSBC Live+ moved onto the Visa Infinite network in mid-2026. It pays 10% cashback on dining and food delivery, groceries, utilities and online shopping, each with a ₹1,000 monthly cap in our data. The big exception is e-commerce: Amazon, Flipkart and Myntra are carved out of the online category and earn only the 1% base rate. Everything outside the bonus categories also earns 1%.

Axis ACE

Axis ACE pays 5% on bill payments made through Google Pay and 4% on online shopping. Those two bonuses share a ₹500 monthly ceiling. Every other spend earns a flat 2% with no cap. ACE runs on RuPay, so it also works for UPI payments through apps that support RuPay credit cards.

Worked example 1: ₹30,000 a month

Split: ₹6,000 dining, ₹6,000 groceries, ₹3,000 bills, ₹4,000 online (non-Amazon), ₹4,000 Amazon and Flipkart, ₹7,000 other.

HSBC Live+

• Dining: 10% × ₹6,000 = ₹600
• Groceries: 10% × ₹6,000 = ₹600
• Bills: 10% × ₹3,000 = ₹300
• Online (non-Amazon): 10% × ₹4,000 = ₹400
• Amazon and Flipkart: 1% × ₹4,000 = ₹40
• Other: 1% × ₹7,000 = ₹70
• Total: ₹2,010 a month, ₹24,120 a year

Axis ACE

• Bills: 5% × ₹3,000 = ₹150
• Online: 4% × ₹8,000 = ₹320
• Bonus total ₹470, under the ₹500 cap
• Dining, groceries and other: 2% × ₹19,000 = ₹380
• Total: ₹850 a month, ₹10,200 a year

At ₹3.6 lakh a year, both fees are waived. Live+ earns about ₹13,900 more, because every category except "other" and the big three marketplaces earns 10%.

Worked example 2: ₹25,000 a month, Amazon-heavy

Split: ₹10,000 Amazon and Flipkart, ₹2,000 bills, ₹2,000 dining, ₹3,000 groceries, ₹8,000 other.

HSBC Live+

• Amazon and Flipkart: 1% × ₹10,000 = ₹100
• Bills: 10% × ₹2,000 = ₹200
• Dining: 10% × ₹2,000 = ₹200
• Groceries: 10% × ₹3,000 = ₹300
• Other: 1% × ₹8,000 = ₹80
• Total: ₹880 a month, ₹10,560 a year

Axis ACE

• Bills: 5% × ₹2,000 = ₹100
• Online: 4% × ₹10,000 = ₹400
• Bonus total ₹500, exactly at the cap
• Dining, groceries and other: 2% × ₹13,000 = ₹260
• Total: ₹760 a month, ₹9,120 a year

Even for a shopper who puts ₹10,000 a month through Amazon and Flipkart, Live+ stays ahead by about ₹1,440 a year. ACE only pulls level when nearly all your spend is on those marketplaces or in categories Live+ doesn't accelerate.

Lounge access and travel

This is where the two cards differ most. Live+ carries a 1.99% forex markup against ACE's 3.5%, so on ₹1 lakh of foreign spend you'd pay about ₹1,990 in markup on Live+ and ₹3,500 on ACE. Live+ also gets domestic and international lounge access through the Visa Infinite programme. BestCard's data doesn't list a visit count, so check HSBC's current terms for how many visits you get. ACE lists 4 complimentary domestic lounge visits a year at select airports and nothing abroad. For more on low-markup options, see our best low forex markup credit cards.

Redemption

Both cards pay cashback rather than points, so there's no conversion table to learn. ACE credits cashback directly as a statement credit with no redemption fee. Live+ also pays cashback, which you see on your statement. Neither card asks you to chase points or vouchers, which is part of why both are popular. If you want to understand what counts as an eligible spend, read credit card cashback exclusions explained.

Fees and waivers

ACE costs half as much: ₹499 against ₹999. Both waive the fee at ₹2 lakh of annual spend in our data, about ₹16,700 a month. Below that level, you pay the fee on either card, and Live+'s higher cashback usually covers its extra ₹500 many times over if you spend in its categories.

The bigger hurdle is eligibility. Live+ asks for ₹1 lakh a month of income and a 750 credit score. ACE asks for ₹15,000 and 700. For a lot of readers, that decides the question before rewards come into it.

Who should pick which

Choose HSBC Live+ if:

• You earn ₹1 lakh a month or more and have a strong credit score
• You spend regularly on dining, food delivery, groceries and bills
• You travel abroad occasionally and want a lower forex markup
• You want lounge access without moving to a premium-fee card

Choose Axis ACE if:

• Your income is below HSBC's bar, or this is your first card
• You pay most bills through Google Pay
• Much of your spend falls outside dining, groceries and bills, where ACE's uncapped 2% beats Live+'s 1%
• You want a RuPay card that works on UPI

Verdict

If you qualify, HSBC Live+ is the stronger cashback card. Its 10% rate across four everyday categories outearns ACE at both spend levels we tested, and it adds a lower forex markup and lounge access. Axis ACE remains the better entry point for people who can't meet HSBC's income requirement, and it pairs well with Live+ as a 2% card for spend that Live+ only rewards at 1%, such as Amazon and Flipkart above ACE's cap or uncategorised purchases.

For more detail, read our HSBC Live+ review and Axis ACE review, or see HSBC Live+ vs SBI Cashback and SBI Cashback vs Axis ACE. You can also put both cards side by side on BestCard's compare tool.