Best Credit Cards Under ₹500 Annual Fee in India (2026)
Premium rewards on a budget — the best cards under ₹500/year.
You don't need a ₹5,000/year card to earn serious rewards. Several cards under ₹500 annual fee offer 4-5% on key categories — some even waive the fee at ₹1-2L annual spend, making them effectively free.
We compared every card under ₹500 fee by what they actually earn after caps.
All cashback figures below are calculated at ₹10,000/month spend in this category, using our cap-aware calculator that accounts for monthly limits and fallback rates.
Our Picks
₹499/yr (waived at ₹2L). 5% on bills via GPay, 4% on Swiggy/Zomato/Ola, 1.5% everything else. ₹500/mo cap on accelerated, but 1.5% base is uncapped.
Cap: ₹500/mo (you're under it)
₹500/yr (waived at ₹3.5L). 5% on Flipkart/Myntra/Cleartrip, 4% on dining. No cap on 5% tier.
₹499/yr (waived at ₹1L). 5% on partner sites (Amazon, BookMyShow, Cleartrip), 2.5% on all online. 10x points on partner purchases.
₹500/yr (waived at ₹2L). 10% on Swiggy ecosystem, 5% on online. The highest food delivery rate at this price point.
₹500/yr (waived at ₹1.5L). 2 lounge visits/quarter, 5% on dining. If you value lounge access, this is cheapest way to get it.
Axis ACE at ₹499 is the best all-rounder under ₹500 — 5% on utility bills alone can earn ₹6,000/year. Pair it with HDFC Swiggy (₹500) for 10% on food delivery. Total: ₹999/year in fees for two powerful cards.
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Can I get the fee waived on these cards?+
Yes — most waive the fee if you spend ₹1-3.5L/year. Axis ACE waives at ₹2L (easy to hit), Flipkart at ₹3.5L, SBI SimplyCLICK at ₹1L. Track your spending and request waiver before renewal.
Are free cards better than ₹500-fee cards?+
Not always. Axis ACE (₹499) outearns most free cards. Amazon ICICI (free) beats it on Amazon specifically. The ₹499 fee is worth it if you earn ₹500+ more in rewards than the best free alternative.