If we talk about cashback, the names of HDFC Millennia and SBI Cashback Credit Cards come on top, but both these credit cards provide different features. By choosing the right credit card you can get cashback on your spending. The benefit of credit cards varies, such as for travel, online shopping, dining, etc. It is challenging to find one credit card with all these features. Cashback is more in some credit cards while fees are less in others. Choosing a credit card depends on the needs of the person. If you do a lot of shopping and choose a credit card that has the benefits of travelling, it will not benefit you much.
Overview of SBI Cashback Credit Card
1) Cashback
Get 5% cashback on every online spend without any merchant restrictions and 1% cashback on offline spending. Maximum CashBack per billing cycle is Rs 5,000.
Cashback is not applicable on :
- Merchant EMI & Flexipay EMI transactions
- Utility
- Insurance
- Fuel
- Rent
- Wallet
- School & Educational Services
- Jewellery
- Railways
2) Fuel Surcharge Waiver
Enjoy a 1% Fuel Surcharge Waiver across all petrol pumps in India. But applicable only for transactions between Rs 500 – Rs 3000 exclusive of GST and other charges. The maximum surcharge waiver is Rs 100 per statement cycle.
3) Worldwide Acceptance
SBI Card is accepted in over 24 million locations worldwide, including 3.25 lakh in India.
4) Fees & Charges
| Particulars | Fees & Charges |
|---|---|
| Joining Fee | Rs 999 |
| Renewal Fee | Rs 999 |
| Renewal Fee Waived Off | On spending Rs 2 lakhs or more in the previous year |
| Add-on Fee | Nil |
| Late Payment Fee | Nil: For outstanding balance between Rs 0 to Rs 500 Rs 400: For outstanding balance between Rs 500 to Rs 1,000 Rs 750: For outstanding balance between Rs 1,000 to Rs 10,000 Rs 950: For outstanding balance between Rs 10,000 to Rs 25,000 Rs 1100: For outstanding balance between Rs 25,000 to Rs 50,000 Rs 1300: For outstanding balance of more than Rs 50,000. |
| Rewards Redemption Fee | Rs 99 |
| Cheque Payment Fee | Rs 100 |
| Finance Charges | 3.5% per month |
5) Eligibility Criteria
- AGE: 21 to 70 years
- Must have a Regular source of income
- High credit score
6) Required Documents
- Proof of Identity: Driving License, Aadhar Card, PAN Card, Voter’s ID
- Proof of Address: Utility bills, Aadhaar card, driving license, Passport
- Proof of Income: Bank statement of last 3 months, Salary slip, Audited ITR.
Overview Of HDFC Millennia Credit Card
1) Cashback
Get 5% CashBack on Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber, and Zomato. HDFC Millennia credit card offers 1% cashback on all other spends except Fuel, including EMI, and Wallet Transactions.
2) Interest Free Credit Period
HDFC Millennia Credit Card offers an interest-free credit period of up to 50 days. A pre-decided interest rate will be charged after the interest-free credit period ends.
3) Lounge Access
Millennia credit card lounge access is included in the Quarterly spend milestone program. The Quarterly Spends Milestone program is an existing feature on the Millennia Credit Card. Customers who spend Rs.1 Lakh or more in a calendar quarter (Jan-Mar | Apr-June | Jul-Sept | Oct-Dec) qualify for a gift voucher valued at Rs. 1000.
4) Fuel Surcharge Waiver
Enjoy a 1% Fuel Surcharge Waiver across all petrol pumps in India. But applicable only for transactions between Rs 400 – Rs 5000. The maximum surcharge waiver is Rs 250 per statement cycle.
5) Welcome Benefit
Receive a gift voucher worth Rs 1000 if you spend Rs 1 lakh and above in each calendar quarter.
6) Fees & Charges
| Particulars | Fees & Charges |
|---|---|
| Annual Fee | Rs 1000 + Taxes |
| Joining Fee | Rs 1000 |
| Finance Charges | 3.6% per month |
| Renewal Fee Waived Off | On spending Rs 1 lakh or more in a year |
| Late Payment Fee | Nil: For outstanding balance between Rs 0 to Rs 100 Rs 100: For outstanding balance between Rs 100 to Rs 500 Rs 500: For outstanding balance between Rs 501 to Rs 5,000 Rs 600: For outstanding balance between Rs 5,001 to Rs 10,000 Rs 800: For outstanding balance between Rs 10,001 to Rs 25,000 Rs 1100: For outstanding balance between Rs 25,001 to Rs 50,000 Rs 1300: For outstanding balance of more than Rs 50,000 |
7) Eligibility Criteria
- Salaried :
- Indian Citizen
- AGE: 21 to 40 years
- Monthly income should be equal to or more than Rs 35,000
- Self Employed :
- Indian Citizen
- AGE: 21 to 40 years
- Annual income should be Rs 6 lakh p.a. (ITR)
8) Required Documents
- Proof of Identity: Driving License, Aadhaar Card, Passport
- Proof of Address: Ration Card, Voter ID, Aadhaar Card, Passport
- Proof of Income: Income Tax Return, Form 16, Salary Slip
SBI Cashback Credit Card vs HDFC Millennia Credit Card – Comparison
| Particulars | SBI Cashback Credit Card | HDFC Millennia Credit Card |
|---|---|---|
| Joining Fee | Rs 999 | Rs 1,000 + Taxes |
| Cashback | 1) Get 5% cashback on every online spend without any merchant restrictions. 2) 1% cashback on offline spending. | 1) Get 5% CashBack on Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber, and Zomato. 2) 1% cashback on all other spends. |
| Fuel Surcharge Waiver | Enjoy a 1% Fuel Surcharge Waiver and Maximum surcharge waiver is Rs 100 per statement cycle. | Enjoy a 1% Fuel Surcharge Waiver and the Maximum surcharge waiver is Rs 100 per statement cycle. |
| Annual Fee | Rs 999 | Rs 1,000 + Taxes |
| Finance Charges | 3.5% per month | 3.6% per month |
| Dining Benefits | No | Up to 20% discount on partner restaurants via Swiggy Dineout |
| Annual Fees Waiver | On spending Rs 2 lakhs or more in the previous year | On spending Rs 1 lakh or more in a year |
| Maximum Amount Without Late Payment Fee | Rs 500 | Rs 100 |
| Late Payment Fee For outstanding balance of more than Rs 50,000 | Rs 1300 | Rs 1300 |
SBI Cashback Credit Card vs HDFC Millennia Credit Card: Final Words
The joining fee and annual fee of SBI Cashback Credit Card and HDFC Millennia Credit Card are almost the same. The maximum surcharge waiver per statement cycle of HDFC Millennia Credit Card is Rs 250, while the maximum for SBI Cashback Credit Card is Rs 100. HDFC Millenia Credit Card provides dining benefits up to 20% but this benefit is not available in SBI Cashback Credit Card.
To get the annual fee waived, you will have to spend ₹ 2,00,000 or more on SBI Credit Card, and ₹ 1,00,000 or more with HDFC Millennia Credit Card, within 1 year. If you spend less with a credit card then HDFC Millennia Credit Card will be best. On the other hand, if you spend more by credit card and want to get cashback without merchant restrictions, then the SBI Cashback Credit Card will be best.
Also Read: Features, Fees, Eligibility Criteria of Myntra Kotak Credit Card
