Of the co-branded cards we hold verified data on, the Amazon Pay ICICI Bank Credit Card wins on the simplest test: it is lifetime free, so it cannot cost you money. The BPCL SBI Card Octane pays the most, at about 7.25% value back on fuel at BPCL. The Tata Neu Infinity HDFC Bank Credit Card is the only one that earns on UPI, because it runs on RuPay.
But the headline percentage is not the decision on a co-brand. The decision is what the reward turns into. A co-brand pays you in the partner’s currency, and that currency is only worth something inside the partner’s shop.
Which co-branded credit card is best in India?
It depends entirely on where your money already goes. That is not a dodge. It is the defining property of the category.
A general cashback card pays you in rupees. A co-brand pays you in Amazon Pay balance, or NeuCoins, or BPCL reward points. Those are useful if you shop there. They are worth nothing if you stop.
| Card | Annual fee (before 18% GST) | Key condition | Who it suits | As of |
|---|---|---|---|---|
| Amazon Pay ICICI Bank Credit Card | Nil | 5% back on Amazon for Prime members, 3% without Prime, 1% elsewhere | Amazon Prime households wanting a no-fee card | 15 Aug 2026 |
| BPCL SBI Card Octane | ₹1,499 | Fee waived at ₹2,00,000 annual spend. Top rate applies at BPCL outlets only, with a monthly cap | Heavy car users with a convenient BPCL pump | 15 Aug 2026 |
| Tata Neu Infinity HDFC Bank Credit Card | ₹1,499 | Fee waived at ₹3,00,000 annual spend. RuPay, so it links to UPI. Forex markup 2% | Households buying across Tata brands | 15 Aug 2026 |
| HPCL Super Saver ICICI Bank Credit Card | ₹500 | Fee waived at ₹1,50,000 annual spend. Top fuel rate needs the HP Pay app | Moderate fuel spend plus household bills | 15 Aug 2026 |
| Scapia Federal Bank Credit Card | Nil | Zero forex markup. Rewards redeem only for travel inside the Scapia app, and coins expire | International travellers who want no markup and no fee | 15 Aug 2026 |
We do not hold verified data on any airline or hotel co-brand in India, so none is ranked here. We are not going to rank cards we have not checked.
Why does the reward rate on a co-brand overstate what you get?
Because it is quoted on one category and paid in one currency.
Take the BPCL Octane. Its headline is about 7.25% back on fuel at BPCL. Our own blended estimate for a typical spend mix is 2.5%. The gap is not marketing dishonesty. It is the difference between the accelerated category and everything else you buy.
The same applies to the Amazon Pay card. Uncapped 5% on Amazon for Prime members is real. Our blended estimate across a normal spend mix is 2%, because most of your spending is not on Amazon.
Do the arithmetic on your own statement, not on the poster. Take last year’s spend in the accelerated category, apply the accelerated rate, apply the base rate to everything else, and subtract the fee plus 18% GST. That number is what the card is worth to you. Our reward value calculator runs it.
What is a co-branded card, and who actually issues it?
The bank issues it. The partner sells it. Under the RBI’s Master Direction on credit and debit cards, the co-branding partner acts in a marketing and distribution role, and the card carries the issuer’s obligations.
One clause is worth knowing. Paragraph 21(b) of that Master Direction states that the co-branding partner shall not have access to information relating to transactions undertaken through the co-branded card. Encrypted transaction data may be shown to you on the partner’s app, but the partner does not get to read your spending.
So the retailer whose name is on the card cannot see what you buy elsewhere. That is a real protection, and most people assume the opposite.
The trap: rewards you can only spend in one place
This is the part the category does not advertise, and it is the reason to be careful.
NeuCoins are spendable within the Tata ecosystem. Scapia coins redeem only for travel bookings inside the Scapia app, and they expire. BPCL points are strongest at BPCL. Amazon Pay balance is Amazon Pay balance.
Three things go wrong with that. You change where you shop. The partner devalues the currency. Or the tie-up ends and the card is reissued as something plainer. In all three cases the rate you signed up for is gone and the fee is not.
The defence is simple. Do not pay a fee for a co-brand unless the accelerated spend is already a habit, not a plan. And redeem regularly, rather than hoarding points for a big future purchase. Our reward point redemption guide covers what different programmes are actually worth.
Fuel co-brands: worth it, but only at that brand
Fuel is the one category where a co-brand clearly beats a general card, because a general cashback card usually excludes fuel entirely.
The BPCL Octane charges ₹1,499 before GST, waived at ₹2,00,000 annual spend. It carries a monthly cap on accelerated fuel points. The HPCL Super Saver charges ₹500, waived at ₹1,50,000, and adds 5% on utility and grocery spends, which is what makes the smaller fee easy to justify.
Both are tied to a specific brand of pump. If the convenient station near you is the other one, the card is worth its base rate and nothing more. Check the pump before you check the rate. See best fuel credit cards for the wider comparison.
Frequently asked questions
Is a co-branded credit card better than a general cashback card?
Only if a large, steady share of your spending sits inside the partner. A general cashback card pays in rupees and works everywhere. A co-brand pays more in one place and less everywhere else. If you cannot name the accelerated category from memory as one of your top three expenses, take the general card.
Can the retailer on a co-branded card see my transactions?
No. Paragraph 21(b) of the RBI Master Direction on credit and debit cards states the co-branding partner shall not have access to information relating to transactions on the card. The partner’s app may display encrypted transaction data to you, but the partner itself does not access or store it.
What happens to my rewards if the co-branding tie-up ends?
The issuer usually migrates the card to another variant and converts or expires the accrued points. You are not protected against a devaluation, and the terms allow it. That is the strongest argument for redeeming as you go rather than saving points for a large future redemption.
Do co-branded cards charge more in fees?
Not systematically. In our dataset the fees run from nil on the Amazon Pay ICICI card to ₹1,499 on the Tata Neu Infinity and BPCL Octane. What matters is that every annual fee attracts 18% GST on top, so a ₹1,499 fee costs ₹1,769. Compare the full schedule on our credit card fees and charges page.
Which co-branded card is best for UPI payments?
The Tata Neu Infinity HDFC Bank Credit Card, because it runs on RuPay. RuPay credit cards can be linked to UPI, so you earn on scan-and-pay transactions that a Visa or Mastercard credit card cannot reach. Our best UPI credit cards page covers the category.
Sources
- Credsir credit card dataset, as of 15 August 2026. Annual fees are shown before the 18% GST charged on top. Effective reward rate is our own blended estimate for a typical spend mix, not the accelerated rate an issuer advertises on one category. Issuer terms change without notice.
- Reserve Bank of India, Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions — paragraph 21(b) on co-branding partner access to transaction data.
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