Find my card

SBI Card Cashback vs HDFC Bank Millennia: Which Card Is Better?

A side-by-side comparison of SBI Card Cashback and HDFC Bank Millennia credit cards: fees, reward rates by category, caps, forex markup, lounge access, and which one earns more for different kinds of spenders.

Verdict

SBI Card Cashback earns more in 5 of the 7 spending profiles we tested. Choose SBI Cashback for online shoppers spending up to ₹40,000 a month online. Choose HDFC Millennia for shoppers on amazon, flipkart, swiggy and zomato.

Spending profileSBI CashbackHDFC MillenniaWinner
Balanced spender₹9,960₹7,440SBI Cashback (+₹2,520)
Online shopper₹15,180₹12,060SBI Cashback (+₹3,120)
Frequent traveller₹18,804₹9,724SBI Cashback (+₹9,080)
Family & groceries₹10,320₹13,120HDFC Millennia (+₹2,800)
Foodie₹11,040₹13,360HDFC Millennia (+₹2,320)
Daily commuter₹5,820₹4,980SBI Cashback (+₹840)
High spender₹25,566₹20,566SBI Cashback (+₹5,000)

Estimated yearly value after caps, fees (with GST) and forex costs. Try your own spends →

SBI Cashback vs HDFC Millennia: full comparison

FeatureSBI Card CashbackHDFC Bank Millennia
Card
SBI Card CashbackSBI Card
HDFC Bank MillenniaHDFC Bank
Annual fee₹999 + GST₹1,000 + GST
Joining fee₹999 + GST₹1,000 + GST
Fee waiverWaived on ₹2,00,000 yearly spendWaived on ₹1,00,000 yearly spend
NetworkVisaVisa / Mastercard
Amazon rewards5%5%
Flipkart rewards5%5%
Other online shopping rewards5%1%
Food delivery rewards5%5%
Dining out rewards1%1%
Groceries rewards1%1%
Flights & hotels rewards5%1%
Fuel rewards0%0%
Bills & recharges rewards0%1%
Everything else rewards1%1%
Forex markup3.5%3.5%
Lounge accessNoneDomestic lounge access on quarterly spend milestones
Reward caps5% online cashback capped at ₹2,000 per statement (since April 2026)
1% offline cashback capped at ₹2,000 per statement		5% cashback capped at 1,000 points (₹1,000) per month
1% cashback capped at 1,000 points (₹1,000) per month
Est. yearly value: balanced spender₹9,960₹7,440
Est. yearly value: online shopper₹15,180₹12,060
Est. yearly value: frequent traveller₹18,804₹9,724
Est. yearly value: family & groceries₹10,320₹13,120
Best forOnline shoppers spending up to ₹40,000 a month onlineShoppers on Amazon, Flipkart, Swiggy and Zomato
Pros
  • 5% cashback on almost all online spends, with no merchant restrictions
  • 1% cashback on offline spends
  • Cashback is auto-credited to your statement
  • Annual fee waived on ₹2 lakh yearly spend
  • 5% cashback on 10 merchants: Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber and Zomato
  • 1% cashback on other spends
  • ₹1,000 gift voucher every quarter you spend ₹1 lakh
  • Easy fee waiver at ₹1 lakh yearly spend
Cons
  • Online cashback cap cut from ₹5,000 to ₹2,000 a month in 2026
  • No cashback on rent, fuel, wallet loads, utilities, gaming, tolls and government payments
  • No airport lounge access
  • 3.5% forex markup
  • 5% and 1% cashback each capped at ₹1,000 a month
  • Points must be redeemed (minimum 500) and expire after 2 years
  • No rewards on fuel, rent, EMI or government payments
Visit SBI CardVisit HDFC Bank

FAQs

Which is better, SBI Cashback or HDFC Millennia?

SBI Card Cashback comes out ahead in 5 of 7 spending profiles we tested. Choose SBI Card Cashback if you want a card for online shoppers spending up to ₹40,000 a month online. Choose HDFC Bank Millennia if you want a card for shoppers on amazon, flipkart, swiggy and zomato.

What is the difference in annual fee between SBI Cashback and HDFC Millennia?

SBI Card Cashback: ₹999 + GST (waived on ₹2,00,000 yearly spend). HDFC Bank Millennia: ₹1,000 + GST (waived on ₹1,00,000 yearly spend).

Which card has a lower forex markup?

Both cards charge 3.5%.

More comparisons

0 selectedCompare now