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HDFC Bank Millennia vs CASHBACK SBI Card

Verified 9 sources

Your monthly spend

HDFC Bank Millennia and CASHBACK SBI Card are ₹400 a year apart at ₹30,000 a month: ₹3,400 against ₹3,000, after fees

HDFC Bank Millennia beats CASHBACK SBI Card by ₹4,900 a year at ₹75,000 a month: ₹12,500 against ₹7,600, after fees

HDFC Bank Millennia beats CASHBACK SBI Card by ₹900 a year at ₹1.5 lakh a month: ₹16,000 against ₹15,100, after fees

CASHBACK SBI Card beats HDFC Bank Millennia by ₹8,000 a year at ₹3 lakh a month: ₹24,000 against ₹16,000, after fees

CASHBACK SBI Card beats HDFC Bank Millennia by ₹8,000 a year at ₹5 lakh a month: ₹24,000 against ₹16,000, after fees

HDFC Bank Millennia credit card

HDFC Bank

HDFC Bank Millennia

Our verdict: Keep

CASHBACK SBI Card

SBI Card

CASHBACK SBI Card

Our verdict: Keep

CASHBACK SBI Card vs HDFC Bank Millennia: which should you pick?

The two cashback cards most wallets start with. Millennia pays 5% at ten named merchants and 1% elsewhere, each capped at 1,000 CashPoints a calendar month; CASHBACK SBI pays 5% online at any merchant up to ₹2,000 of cashback a statement cycle, 1% offline up to another ₹2,000. Millennia wins under ₹1.75L a month and CASHBACK SBI takes over from ₹1.75L. ₹1,000 waived at ₹1,00,000 of spend against ₹999 waived at ₹2,00,000; both charge 3.5% abroad, and Millennia's only lounge is a quarterly voucher you take instead of ₹1,000 of brand vouchers.

Below ₹1.75 lakh a month HDFC Bank Millennia is the better card; from ₹1.75 lakh up, CASHBACK SBI Card takes over, and by ₹5 lakh a month it is ₹8,000 a year ahead. At ₹75,000 a month the gap is mostly what each card earns on your spend: HDFC Bank Millennia returns ₹12,500 a year in rewards to CASHBACK SBI Card's ₹7,600. On the rows below, CASHBACK SBI Card has no clear edge over HDFC Bank Millennia.

HDFC Bank Millennia review CASHBACK SBI Card review

Side by side

HDFC Bank Millennia and CASHBACK SBI Card, fact by fact
FactHDFC Bank MillenniaCASHBACK SBI Card
Can you get itOpen to applyOpen to apply
Fee (joining · annual, + GST)₹1,000/yr₹999/yr✓ Better
Fee waiverSpend ₹1,00,000 a yearSpend ₹2,00,000 a year
Reward rate on everyday spend1.0%1.0%
PointsHDFC Bank CashPointsSBI Card Cashback
Our value per point₹1.00 †₹1.00 †
Transfer partnersNoneNone
Lounges it gets you into0 of 7920 of 792
Forex markup3.5% + GST3.5%
Welcome benefit1,000 CashPoints (₹1,000 as statement credit) on payment of the joining fee — and nothing at all on renewalNot published — SBI lists no welcome or activation benefit for this card on the product record or in the T&C e-kit

✓ Better marks the side that wins a row; rows that compare unlike things are not scored. HDFC Bank Millennia is ahead on 5 of the 8 rows we can call.

More facts 8 rows
Rank, verdict, lounge visits and fine print
FactHDFC Bank MillenniaCASHBACK SBI Card
Our rank#137✓ Better#156
Our verdictKeepKeep
Lounge visits in India1 HOI lounge voucher per calendar quarter — but only INSTEAD of the ₹1,000 milestone voucher, never as wellNone — the card is on neither Set A nor Set B of SBI's eligible-card lists
Lounge visits abroadNoneNone published
Forex, in the bank’s words3.5% + GST3.5% of the transaction amount, plus a 3.5% dynamic-currency-conversion fee; CASHBACK is in none of the MITC's reduced-markup exceptions (AURUM, Elite, Prime NRI secured, Tata Neu Infinity, Miles Elite/Prime/Miles)
Interest (APR)3.75%/mo (45%/yr)3.75%/mo (45%/yr) on the worked example in §1F
Income needed (salaried)₹35,000+/month net₹1k–49k/month band — SBI's own product record tags the card with the lowest income band it publishes; no hard floor is stated
Income needed (self-employed)ITR ₹6L+/yrSame ₹1k–49k/month band — SBI's record does not split salaried from self-employed

† HDFC Bank Millennia: Millennia's CashPoints are worth ₹1 each — but only against the statement, only above a 500-point minimum, only 3,000 points a calendar month, and only after a ₹50 redemption fee HDFC added on 1 August 2024. Point them at travel and they collapse to ₹0.30: that is the rate on SmartBuy flights and hotels, on the rewards catalogue, and on Airmiles, and the catalogue route adds ₹99 + taxes of handling on top. Flight and hotel bookings can absorb at most 50% of the fare in points, capped at 50,000 points a month. There is no transfer partner — this currency does not reach an airline programme at all.

† CASHBACK SBI Card: The unit is a rupee, not a point: SBI's own T&C says the cashback "is directly credited to the SBI Card account within two working days of the statement generation", and its FAQ says "Your Card Cashback does not expire". So ₹1.00 is floor, value and ceiling alike. What bites instead is the ceiling on EARNING it — ₹2,000 a statement cycle on online spend, ₹2,000 on offline, and never more than ₹4,000 combined.

Our value per point is what we think a point is worth when you use it well; every currency's figure and its reasoning is on points values.

What each is worth to you

A year of rewards and bonuses, after the fee
Monthly spendHDFC Bank MillenniaCASHBACK SBI Card
At ₹30,000 a month₹3,400✓ Better₹3,000
At ₹75,000 a month₹12,500✓ Better₹7,600
At ₹1.5 lakh a month₹16,000✓ Better₹15,100
At ₹3 lakh a month₹16,000₹24,000✓ Better
At ₹5 lakh a month₹16,000₹24,000✓ Better
Pays for itself from₹9,000 a month✓ Better₹10,000 a month

On an everyday mix of spending (groceries, bills, travel, fuel and the rest), using each card's own rules for each kind of spend. The same figures as each card's own page.

Every spend from ₹25,000 to ₹5 lakh 20 steps
HDFC Bank Millennia and CASHBACK SBI Card at each ₹25,000 step
Monthly spendHDFC Bank MillenniaCASHBACK SBI CardAhead
₹25,000₹2,800✓ Better₹2,500HDFC Bank Millennia by ₹300
₹50,000₹9,600✓ Better₹5,000HDFC Bank Millennia by ₹4,600
₹75,000₹12,500✓ Better₹7,600HDFC Bank Millennia by ₹4,900
₹1 lakh₹15,300✓ Better₹10,100HDFC Bank Millennia by ₹5,200
₹1.25 lakh₹16,000✓ Better₹12,600HDFC Bank Millennia by ₹3,400
₹1.5 lakh₹16,000✓ Better₹15,100HDFC Bank Millennia by ₹900
₹1.75 lakh₹16,000₹17,600✓ BetterCASHBACK SBI Card by ₹1,600
₹2 lakh₹16,000₹20,200✓ BetterCASHBACK SBI Card by ₹4,200
₹2.25 lakh₹16,000₹22,700✓ BetterCASHBACK SBI Card by ₹6,700
₹2.5 lakh₹16,000₹24,000✓ BetterCASHBACK SBI Card by ₹8,000
₹2.75 lakh₹16,000₹24,000✓ BetterCASHBACK SBI Card by ₹8,000
₹3 lakh₹16,000₹24,000✓ BetterCASHBACK SBI Card by ₹8,000
₹3.25 lakh₹16,000₹24,000✓ BetterCASHBACK SBI Card by ₹8,000
₹3.5 lakh₹16,000₹24,000✓ BetterCASHBACK SBI Card by ₹8,000
₹3.75 lakh₹16,000₹24,000✓ BetterCASHBACK SBI Card by ₹8,000
₹4 lakh₹16,000₹24,000✓ BetterCASHBACK SBI Card by ₹8,000
₹4.25 lakh₹16,000₹24,000✓ BetterCASHBACK SBI Card by ₹8,000
₹4.5 lakh₹16,000₹24,000✓ BetterCASHBACK SBI Card by ₹8,000
₹4.75 lakh₹16,000₹24,000✓ BetterCASHBACK SBI Card by ₹8,000
₹5 lakh₹16,000₹24,000✓ BetterCASHBACK SBI Card by ₹8,000
How we work out the yearly value

We put each card through the same everyday mix of spending, apply that card's own rules for each kind of spend (some earn nothing on fuel or bills), add its milestone and renewal bonuses at our value per point, and take off the fee unless that spend waives it. Bonus categories that need you to shop a certain way are not counted. Your own mix will differ: try your numbers in the calculator, or read how we value cards.

Before you choose

Transfer partners 0 and 0

HDFC Bank Millennia's HDFC Bank CashPoints cannot be moved to any airline or hotel; CASHBACK SBI Card's SBI Card Cashback cannot be moved to any.

Every partner and ratio is on each card's page; the best value for your points is on the transfer optimizer.

Watch out 6 points

HDFC Bank Millennia

  • The lounge is an EITHER/OR: one HOI lounge voucher or a ₹1,000 brand voucher per quarter, never both — 4 visits a year at absolute best
  • Complimentary lounge access was withdrawn on 30 Nov 2023; walk-in visits on the card are now charged at the lounge's own rate
  • Points are ₹1 only as statement credit — ₹0.30 on SmartBuy flights, hotels, catalogue and Airmiles

6 more on its page

CASHBACK SBI Card

  • The 5% caps at ₹2,000 of cashback a statement cycle, which is ₹40,000 of online spend — past that, online earns nothing until the cycle turns
  • Offline has its own ₹2,000 cap, and the T&C says aggregate cashback 'shall not exceed ₹4,000' in a statement cycle under any circumstances
  • Thirteen MCC families earn 0%: fuel, wallets, rent, jewellery, education, utilities, insurance, railways, gaming, tolls, government, quasi-cash and card fees

6 more on its page

Common questions 5 answered

Which is better, HDFC Bank Millennia or CASHBACK SBI Card?

Below ₹1.75 lakh a month HDFC Bank Millennia is the better card; from ₹1.75 lakh up, CASHBACK SBI Card takes over, and by ₹5 lakh a month it is ₹8,000 a year ahead. At ₹75,000 a month the gap is mostly what each card earns on your spend: HDFC Bank Millennia returns ₹12,500 a year in rewards to CASHBACK SBI Card's ₹7,600. On the rows below, CASHBACK SBI Card has no clear edge over HDFC Bank Millennia.

HDFC Bank Millennia or CASHBACK SBI Card: which is worth more at ₹3 lakh a month?

CASHBACK SBI Card beats HDFC Bank Millennia by ₹8,000 a year at ₹3 lakh a month. Both figures are a year's rewards and bonuses on an everyday spending mix, after the fee.

Which costs less to get, HDFC Bank Millennia or CASHBACK SBI Card?

CASHBACK SBI Card: ₹999/yr against ₹1,000/yr. HDFC Bank Millennia waives its fee if you spend ₹1,00,000 a year; CASHBACK SBI Card waives its fee if you spend ₹2,00,000 a year.

Which gets you into more airport lounges, HDFC Bank Millennia or CASHBACK SBI Card?

Both get you into 0 of the 792 lounges we track.

How current is this comparison?

HDFC Bank Millennia was last checked against its bank's own documents on 24 Oct 2026, CASHBACK SBI Card on 12 Oct 2026. Every figure here is worked out again from those records each time the site is built, so a change to either card shows up the day we log it.

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Sources

HDFC Bank Millennia was last checked against its bank's own documents on 24 Oct 2026, CASHBACK SBI Card on 12 Oct 2026. Every fact above comes from these 9 documents; the banks' own are marked official. A fact a bank does not publish shows as "not published", never as zero.

The documents 9 sources
  1. Official HDFC Bank's Millennia product page — the 5%/1% CashBack structure, the quarterly milestone, and the redemption grid (₹1 statement, ₹0.30 SmartBuy, ₹0.30 Airmiles) read
  2. Official Millennia product T&C, published 20 July 2026 — the 1,000-CashPoint monthly cap on both earn buckets, and "1 CashPoint = ₹1 for Millennia Credit Card Holders" read
  3. Official "HDFC Bank Millennia Credit Card — Lounge Access", published 6 Feb 2026: the lounge is one option on the quarterly voucher list, and the old 2-a-quarter quota is gone read
  4. Official HDFC Bank personal-cards MITC, version 4.15 dated October 2026 — Millennia at ₹1 lakh annual-spend waiver, 3.5% forex, and lounge access "via vouchers" read
  5. Official Millennia fees & charges page — "Joining/renewal membership fee: ₹1,000 plus applicable taxes", waived on ₹1 lakh of spend before the renewal date read
  6. Official Product page — 5% online and 1% offline, the ₹999 fee both years, and the ₹2 lakh renewal reversal read
  7. Official Cashback T&C e-kit — the 5%/1% table, the ₹2,000 + ₹2,000 + ₹4,000 statement-cycle caps, and the full MCC exclusion list read
  8. Official SBI Card MITC — the ₹999/₹999 fee row with the ₹2 lakh waiver, and the 3.5% foreign-currency markup read
  9. Official SBI Card's Airport Lounge Access page (the Set A and Set B card lists) — the programme document this card's lounge entitlement is read against read

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