Head-to-head

SBI Cashback Credit Card vs HDFC Millennia Credit Card

India's two favourite everyday cashback cards — flat online cashback vs brand-boosted rates.

SBI Cashback Credit Card

State Bank of India

4.5

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HDFC Millennia Credit Card

HDFC Bank

4.2

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Our verdict

Provisional comparison: some conditions or reward ceilings still need verification. Treat the figures as examples, not a definitive winner.

On estimated renewal-year value (rewards + milestones − applicable fee including GST), the SBI Cashback Credit Card wins 3 of our 3 modelled spending patterns. The HDFC Millennia Credit Card trails across the board on these profiles. For a personal answer, put your real numbers into the recommender.

SBI Cashback rewards eligible online purchases across merchants. Millennia's 5% tier needs a named partner merchant. Compare exclusions, the shared caps and your renewal waiver before choosing.

Net annual value, three ways

Ordinary eligible purchases, with no specific merchant channel assumed. Fees include GST after modelled waivers; only modelled milestones are included. Unsupported UPI earns zero. Welcome bonuses, transaction rounding and redemption costs are excluded. Methodology

Spending pattern	SBI Cashback Credit Card	HDFC Millennia Credit Card	Higher estimate
Everyday spender₹35,000/mo	₹6,000/yr	₹3,120/yr	SBI Cashback Credit
Online-first shopper₹55,000/mo	₹15,600/yr	₹9,640/yr	SBI Cashback Credit
Frequent traveller₹1,10,000/mo	₹16,680/yr	₹14,440/yr	SBI Cashback Credit

Side by side

	SBI Cashback Credit Card	HDFC Millennia Credit Card
Joining fee	₹999	₹1,000
Annual fee	₹999	₹1,000
Fee waiver	Renewal fee of ₹999 reversed on annual spends of ₹2,00,000 or more in the preceding year	Renewal fee waived on annual spends of ₹1,00,000 or more
Top reward rate	5%	5%
Base reward rate	1%	1%
Welcome bonus value	—	₹1,000
Forex markup	3.5%	3.5%
Lounge access	—	1/qtr domestic
Min salaried income	—	₹35,000/mo
Our rating	4.5 / 5	4.2 / 5

Verified 2026-09-10 (SBI Cashback) · 2026-09-10 (HDFC Millennia). Confirm current terms on the issuer's site.

SBI Cashback Credit Card and HDFC Millennia Credit Card compared side by side

Where the 5% applies

SBI's cashback terms cap the eligible online tier at ₹4,000 per statement cycle and the offline tier at ₹2,000. Paying a utility, insurance or other excluded bill online does not earn 5%.

Millennia has a shared ₹1,000 ceiling on its 5% partner tier and a separate shared ₹1,000 ceiling on eligible ordinary earning. One merchant can use the allowance that you expected to have for another. Neither card's reward eligibility is a guaranteed superset of the other's.

Fee and redemption differences

Standard fees including GST are ₹1,178.82 for SBI Cashback and ₹1,180 for Millennia. Their published renewal spend thresholds are ₹2 lakh and ₹1 lakh respectively, subject to the qualifying-spend terms. A lifetime-free personal offer changes that comparison.

SBI credits cashback to the statement. Millennia earns CashPoints that must be redeemed through its supported route. Its quarterly milestone is a choice of voucher or lounge benefit, not both. The mixed-spending table above assumes no particular partner; select your merchant in the calculator to assess qualifying purchases.

Frequently asked

Is the SBI Cashback Credit Card better than the HDFC Millennia Credit Card?

For most of the spending patterns we model, the SBI Cashback Credit Card comes out ahead on net annual value (rewards minus fees). The HDFC Millennia Credit Card still wins for some profiles — check the persona table for the pattern closest to yours.

Which card has the lower annual fee?

SBI Cashback Credit Card has the lower annual fee (₹999 vs ₹1,000), before any waiver conditions.

Can I hold both cards?

Yes — banks assess each application independently, and pairing complementary cards is a common strategy. Mind the combined fees, your credit utilisation, and space out applications so multiple hard enquiries don't dent your score.

How is the net value calculated?

We estimate eligible ordinary rewards and modelled milestones, then subtract the renewal fee including GST after any modelled qualifying-spend waiver. Welcome bonuses and unconfirmed conditions are excluded. No merchant channel is assumed. Incomplete rules or caps make a comparison provisional; see the methodology.

Does online insurance earn 5% on SBI Cashback?

No. Online payment does not override SBI's insurance exclusion. Check the transaction category as well as the channel.

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