Sbi Cashback vs Hdfc Millennia — Which is Better? (2026)
Detailed comparison of Sbi Cashback and Hdfc Millennia. Rewards, fees, approval criteria, and real savings calculator. Winner ranked by net value on a moderate spend profile — fees and caps included.
Updated 21 June 2026·2 cards · 3 min scan·CardHungry
Top pick · HDFC Millennia Credit Card
Net / yr
₹6,300
Annual fee
Free
Return
1.7%
Comparison
Net annual value · moderate spend
Comparison winner: HDFC Millennia Credit Card, ₹6,300 per year net
HDFC Millennia Credit Card
HDFC Bank
Net / yr
₹6,300
Fee
₹1,000
Top
5%
- ✓Wins this head-to-head — about ₹6,300/yr net after fees on typical spends.
- ✓Best for smartbuy partners — 5%, up to ₹1,000/mo.
HDFC Millennia Credit Card
HDFC Bank
Net / yr
₹6,300
Fee
₹1,000
Top
5%
- ✓Wins this head-to-head — about ₹6,300/yr net after fees on typical spends.
- ✓Best for smartbuy partners — 5%, up to ₹1,000/mo.
SBI Cashback Credit Card
SBI Card
Net / yr
₹5,520
Fee
₹999
Top
5%
- ✓Strong runner-up at ₹5,520/yr net — roughly ₹780 behind #1 on the same spend mix.
- ✓Best for online spends — 5%, up to ₹2,000/statement cycle.
Why the other card ranks lower
Ranked by net annual value on a moderate spend profile. Each line ties to issuer T&Cs, fees, caps, and your eligibility band. How we calculate NAV
- Strong runner-up at ₹5,520/yr net — roughly ₹780 behind #1 on the same spend mix.
- Best for online spends — 5%, up to ₹2,000/statement cycle.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
2SBI Cashback Credit CardSBI Card
- Strong runner-up at ₹5,520/yr net — roughly ₹780 behind #1 on the same spend mix.
- Best for online spends — 5%, up to ₹2,000/statement cycle.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
Full review →Net / yr
₹5,520
Why each card ranks here
Ranked by net annual value on a moderate spend profile. Each line ties to issuer T&Cs, fees, caps, and your eligibility band. How we calculate NAV
- Wins this head-to-head — about ₹6,300/yr net after fees on typical spends.
- Best for smartbuy partners — 5%, up to ₹1,000/mo.
- Fee likely waived if you spend ₹1,00,000/yr — worth it on moderate usage.
1HDFC Millennia Credit CardHDFC Bank
- Wins this head-to-head — about ₹6,300/yr net after fees on typical spends.
- Best for smartbuy partners — 5%, up to ₹1,000/mo.
- Fee likely waived if you spend ₹1,00,000/yr — worth it on moderate usage.
Full review →Net / yr
₹6,300
- Strong runner-up at ₹5,520/yr net — roughly ₹780 behind #1 on the same spend mix.
- Best for online spends — 5%, up to ₹2,000/statement cycle.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
2SBI Cashback Credit CardSBI Card
- Strong runner-up at ₹5,520/yr net — roughly ₹780 behind #1 on the same spend mix.
- Best for online spends — 5%, up to ₹2,000/statement cycle.
- Fee likely waived if you spend ₹2,00,000/yr — worth it on moderate usage.
Full review →Net / yr
₹5,520
Net value snapshot
Rewards minus annual fee on your spend profile
- #1HDFC Millennia Credit Card₹6,300#1HDFC Millennia Credit Card₹6,300
- #2SBI Cashback Credit Card₹5,520#2SBI Cashback Credit Card₹5,520
Before you apply
Neither wins for everyone
sbi cashback vs hdfc millennia — the better card depends on where you spend. Use net value on your profile, not headline rates.
Check caps & exclusions
Compare monthly reward caps and excluded categories (rent, wallet, EMI) before picking a winner.
Apply to one first
Each application triggers a CIBIL enquiry. Choose the leader for your spends, then revisit the other later.
Frequently asked questions
Sbi Cashback or Hdfc Millennia — which is better?+
Neither wins universally. Compare net annual value on your specific spends using our comparison tool. Sbi Cashback may win for one profile; Hdfc Millennia for another.
Can I apply for both cards?+
Possible, but multiple applications close together hurt approval odds. Apply to the best fit first; wait 3–6 months for a second card.
Do these cards have joining fees?+
Varies by channel and variant. See each product page on CardHungry for current joining and annual fees before applying.
How often is this comparison updated?+
Reward rates and fees are re-verified against issuer T&Cs periodically. Net value figures use CardHungry's calculator with current rules.
Is there a third card I should consider?+
Often yes. Our quiz surfaces a third option optimised for your income and spends — not just these two.
Full written guide
Methodology, tables, eligibility & fine print · ~8 min read
Full written guide
Methodology, tables, eligibility & fine print · ~8 min read
SBI Cashback Credit Card vs HDFC Millennia Credit Card — which credit card is better in 2026? This in-depth comparison covers reward rules, monthly caps, exclusions, annual fees, forex costs, eligibility, and net annual value across light, moderate, and heavy spend profiles. No sponsored ranking: every number comes from CardHungry's transparent calculator.
On this page
- At-a-glance table
- Net value by spend
- Reward rules
- Benefits
- SBI Cashback Credit Card
- HDFC Millennia Credit Card
- Exclusions compared
- Who should pick which
- Spend scenarios
- Before you apply
At-a-glance comparison
| Factor | SBI Cashback Credit Card | HDFC Millennia Credit Card |
|---|---|---|
| Issuer | SBI Card | HDFC Bank |
| Annual fee | ₹999 | ₹1,000 |
| Min income | ₹25,000/mo | ₹35,000/mo |
| Top reward | 5% | 5% |
| Forex markup | 3.5% | 3.5% |
| Secured option | No | No |
| Moderate NAV winner | HDFC Millennia Credit Card | — |
Net annual value by spend profile
| Profile | SBI Cashback Credit Card | HDFC Millennia Credit Card |
|---|---|---|
| Light spender net value | ₹1,101 | ₹2,640 |
| Moderate spender net value | ₹5,520 | ₹6,300 |
| Heavy spender net value | ₹12,600 | ₹14,400 |
Reward rules compared
| Rule | SBI Cashback Credit Card | HDFC Millennia Credit Card |
|---|---|---|
| Reward rule 1 | online shopping: 5% (cap ₹2,000/mo) | online shopping: 5% (cap ₹1,000/mo) |
| Reward rule 2 | all: 1% (cap ₹2,000/mo) | travel: 5% (cap ₹1,000/mo) |
| Reward rule 3 | — | all: 1% |
Benefits compared
SBI Cashback Credit Card
- 5% online cashback
- 1% on other spends
- Fuel surcharge waiver
HDFC Millennia Credit Card
- 5% on partners
- 1% cashback on other spends
- SmartBuy rewards
SBI Cashback Credit Card — full breakdown
SBI Cashback Credit Card
Issuer: SBI Card · Tier: Gold · Annual fee: ₹999
Max cashback on online spends
Eligibility snapshot
- Min monthly income (salaried): ₹25,000
- Secured / FD-backed: No — standard unsecured
- Approval note: Indicative only. CIBIL checked by bank at application, not by CardHungry.
Reward structure
- online shopping: 5% cashback — cap ₹2,000/month
- all: 1% cashback — cap ₹2,000/month
Headline highlight: 5% on Online spends (cap ₹2,000/statement cycle)
Net value estimate (moderate spend profile)
- Gross annual rewards: ₹5,940
- Annual fee: −₹0
- Forex markup cost (est.): −₹420 (3.5% on international spends)
- Net annual value: ₹5,520 (1.48% effective return)
Key benefits
- 5% online cashback
- 1% on other spends
- Fuel surcharge waiver
Exclusions & fine print
Typically excluded or reduced: Fuel, Utilities, Insurance, Rent, Wallet loads, EMI.
Best for: Heavy online shoppers · Amazon/Flipkart users · ₹25K+ salaried
Read full SBI Cashback Credit Card review with spend simulator →
HDFC Millennia Credit Card — full breakdown
HDFC Millennia Credit Card
Issuer: HDFC Bank · Tier: Gold · Annual fee: ₹1,000 · Signup bonus: ₹1,000
Millennial favourite
Eligibility snapshot
- Min monthly income (salaried): ₹35,000
- Secured / FD-backed: No — standard unsecured
- Approval note: Indicative only. CIBIL checked by bank at application, not by CardHungry.
Reward structure
- online shopping: 5% cashback — cap ₹1,000/month
- travel: 5% cashback — cap ₹1,000/month
- all: 1% cashback
Headline highlight: 5% on SmartBuy partners (cap ₹1,000/mo)
Net value estimate (moderate spend profile)
- Gross annual rewards: ₹6,720
- Annual fee: −₹0
- Forex markup cost (est.): −₹420 (3.5% on international spends)
- Net annual value: ₹6,300 (1.69% effective return)
Key benefits
- 5% on partners
- 1% cashback on other spends
- SmartBuy rewards
Exclusions & fine print
Typically excluded or reduced: EMI, Fuel, Rent, Wallet, Government.
Best for: SmartBuy portal users · ₹35K+ income · Partner deal hunters
Read full HDFC Millennia Credit Card review with spend simulator →
Exclusions compared
| Typically excluded | SBI Cashback Credit Card | HDFC Millennia Credit Card |
|---|---|---|
| Common | Fuel, Utilities, Insurance, Rent | EMI, Fuel, Rent, Wallet |
Who should pick which?
- Pick SBI Cashback Credit Card if your spend pattern aligns with its highest-rate categories and you meet income criteria.
- Pick HDFC Millennia Credit Card if its caps, fee structure, or partner merchants match your wallet better.
- Pick neither yet if both net values are under ₹2,000/year on your spends — a third option may win (see quiz).
Spend scenario cheat sheet
- Heavy online shopper: Compare online category rates and caps first.
- Bill-pay heavy: Check utilities and telecom MCC eligibility.
- Travel / forex: Weight forex markup as heavily as reward rate.
- Fee-averse: If both NAV differences are under ₹1,000/yr, choose the free card.
Before you apply
CardHungry never pulls CIBIL. Use our interactive comparison or quiz for a third alternative. One application at a time; wait 3–6 months between rejections.
Related guides
Your spends are different
These picks use the moderate profile above. Edit spends to re-rank this page, or take CardHungry's quiz — no CIBIL pull.
CardHungry is a third-party recommendation platform, not a bank or credit bureau. Approval estimates are indicative based on public eligibility criteria. Reward calculations use issuer T&Cs and may change. We earn commission if you are approved — at no cost to you.