HDFC Millennia vs Cashback SBI Card
Cashback SBI Card comes out ahead on 6 of 6 typical spending profiles after fees and caps. The profiles assume a fixed mix of online and offline spend (see the methodology), so the order can flip with yours. Numbers below are estimates; both cards' terms change often.
| HDFC Millennia | Cashback SBI Card | |
|---|---|---|
| Bank | HDFC Bank | SBI Card |
| Annual fee | ₹1,000 | ₹999 |
| Fee waiver | ₹1,00,000 | ₹2,00,000 |
| Headline | 1% base, up to 5% on Amazon/Flipkart | 1% base, up to 5% on Amazon/Flipkart/other online shopping |
| Domestic lounge | None found | None found |
| Status | open | open |
| Data | high confidence | high confidence |
Net yearly value by profile
| Profile | HDFC Millennia | Cashback SBI Card | Winner |
|---|---|---|---|
| First card, light spender ₹15k a month | ₹2,683 | ₹3,055 | Cashback SBI Card |
| Metro salaried ₹60k a month | ₹14,504 | ₹16,656 | Cashback SBI Card |
| Family household ₹80k a month | ₹15,440 | ₹17,280 | Cashback SBI Card |
| Frequent flyer ₹1.5L a month | ₹22,760 | ₹34,584 | Cashback SBI Card |
| Online shopper ₹50k a month | ₹17,600 | ₹21,576 | Cashback SBI Card |
| Rent-heavy ₹90k a month | ₹6,344 | ₹12,216 | Cashback SBI Card |
Return by category (value per ₹100, before caps)
* applies only at named partner merchants or through the bank's portal.
| Category | HDFC Millennia | Cashback SBI Card |
|---|---|---|
| Amazon | ₹5 | ₹5 |
| Flipkart | ₹5 | ₹5 |
| Other online shopping | ₹5* | ₹5 |
| Groceries | ₹1 | ₹5* |
| Dining & food delivery | ₹5* | ₹5* |
| Flights & hotels | ₹1 | ₹5* |
| Fuel | ₹0 | ₹0 |
| Bills & utilities | ₹1 | ₹0 |
| Entertainment & OTT | ₹5* | ₹5* |
| Rent | ₹0 | ₹0 |
| International (foreign currency) | ₹1 | ₹1 |
| Everything else | ₹1 | ₹1 |
What the numbers don't show
The question is how much of your online spend is at the ten merchants Millennia lists. Millennia pays 5% at ten named merchants (HDFC T&C, 20 July 2026), up to 1,000 CashPoints a month combined, and 1% elsewhere (also capped at 1,000 a month). SBI Cashback pays 5% at any online merchant up to ₹2,000 a month (SBI revision from 1 April 2026) and 1% offline under a separate ₹2,000 cap.
Worked example: ₹15,000 a month online at stores outside Millennia's list. SBI: 5% = ₹750 a month. Millennia: 1% = ₹150 a month. Same spend at Amazon, Flipkart and the other listed merchants: both pay 5%, so the fee decides: ₹999 (waived at ₹2 lakh) for SBI vs ₹1,000 (waived at ₹1 lakh) for Millennia. Millennia's waiver is the easier one: ₹15,000 a month is ₹1.8 lakh a year, which clears ₹1 lakh but not ₹2 lakh.
Exclusions matter more than rates. SBI Cashback pays nothing on utilities, insurance, fuel, rent, wallets, education, railways, tolls, government payments or digital gaming. Millennia excludes fuel, rent, government, EMI and wallet loads, and caps insurance at 2,000 points a month, but earns the 1% base on utilities.
The ceilings and extras differ. Millennia can earn at most 2,000 CashPoints a month from its two caps (1,000 at 5% and 1,000 at 1%), which is ₹24,000 a year before any milestone; SBI Cashback allows ₹4,000 a statement cycle (₹2,000 online plus ₹2,000 offline), up to ₹48,000 a year, so a very heavy spender hits Millennia's ceiling first. Millennia's own extra is a quarterly milestone: on ₹1 lakh of spend in a calendar quarter you choose either a ₹1,000 voucher or one domestic lounge visit (HDFC quarterly spends milestone programme). We count the voucher at half its face value, ₹500, so it adds up to ₹2,000 a year and only to profiles that spend about ₹33,000 a month or more; the ₹15,000-a-month profile does not reach it. HDFC also credits 1,000 CashPoints (₹1,000) on payment of the ₹1,000 joining fee, which our net values leave out, as they do for every card.
Figures from the issuers' own T&C/MITC as recorded on each card page (checked 30 Oct 2026); sources are listed on HDFC Millennia and Cashback SBI Card. Estimates, not offers: terms change, so confirm with the issuer.
FAQ
Which is better, HDFC Millennia or Cashback SBI Card?
On our six sample spending profiles Cashback SBI Card comes out ahead in 6 of 6. Cashback SBI Card leads on first card, light spender, metro salaried, family household, frequent flyer, online shopper, rent-heavy.
Which has the lower fee?
HDFC Millennia: ₹1,000 a year, waived at ₹1,00,000 annual spend. Cashback SBI Card: ₹999 a year, waived at ₹2,00,000 annual spend.
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