Head-to-head · Updated July 2026
SBI Cashback Credit Card vs HDFC Millennia Credit Card
India's two favourite everyday cashback cards — flat online cashback vs brand-boosted rates.
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Our verdict
On steady-state net value (rewards + milestones − annual fee), the HDFC Millennia Credit Card wins 3 of our 3 modelled spending patterns. The SBI Cashback Credit Card trails across the board on these profiles. For a personal answer, put your real numbers into the recommender.
Net annual value, three ways
Verified reward rates and caps applied to three monthly spending patterns; milestones included, welcome bonuses excluded. Methodology
| Spending pattern | SBI Cashback Credit Card | HDFC Millennia Credit Card | Better pick |
|---|---|---|---|
| Everyday spender₹35,000/mo | ₹3,561/yr | ₹3,960/yr | HDFC Millennia Credit |
| Online-first shopper₹55,000/mo | ₹4,161/yr | ₹4,560/yr | HDFC Millennia Credit |
| Frequent traveller₹1,10,000/mo | ₹11,601/yr | ₹12,000/yr | HDFC Millennia 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 2026-06-11 (SBI Cashback) · 2026-06-11 (HDFC Millennia). Confirm current terms on the issuer's site.
Frequently asked
Is the SBI Cashback Credit Card better than the HDFC Millennia Credit Card?
For most of the spending patterns we model, the HDFC Millennia Credit Card comes out ahead on net annual value (rewards minus fees). The SBI Cashback 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 apply each card's verified reward rates and caps to a monthly spend pattern, add unlocked milestone benefits, and subtract the annual fee — steady-state, excluding one-time welcome bonuses. The full formula is on our methodology page.