SBI Cashback vs HDFC MoneyBack+
Side-by-side comparison across fees, rewards, welcome bonuses, and eligibility.
HDFC MoneyBack+ wins 6-1. Entry-level cashback with very low waiver bar. SBI Cashback is still the right call if pure online cashback, 5% on any online merchant, no partner restrictions..
Side-by-side
| Criterion | SBI Cashback | HDFC MoneyBack+ |
|---|---|---|
| Annual fee | · ₹999 | ₹500 |
| Joining fee | · ₹999 | ₹500 |
| Top reward rate | = 5% (shopping) | = 5% (shopping) |
| Base reward rate | · 1% | 2% |
| Forex markup | = 3.5% | = 3.5% |
| Welcome bonus | = No welcome bonus, value lives in the cashback rate | = 500 CashPoints on first transaction |
| Fee waiver threshold | · ₹200,000 / yr | ₹50,000 / yr |
| Min income | · ₹360,000 | ₹240,000 |
| Min credit score | · 750 | 720 |
| Editorial rating | 4.6/5 | · 4.1/5 |
Benefits compared
SBI Cashback
- 5% cashback on ALL online spends (not just listed merchants), capped ₹4,000 per statement cycle (₹2,000 online + ₹2,000 offline sub-caps, effective 1 Apr 2026)
- 1% cashback on offline spends
- Auto-credited within 2 days of statement
- 1% fuel surcharge waiver
HDFC MoneyBack+
- 5% on Amazon, Flipkart, Big Basket, Reliance Smart Bazaar (capped ₹1K/month)
- 2% on EMI transactions
- 1 fuel surcharge waiver
- Quarterly milestone vouchers
FAQ
›SBI Cashback vs HDFC MoneyBack+: which is better?
HDFC MoneyBack+ wins on more dimensions (6 vs 1). But the right answer depends on your specific spending pattern. Run your own monthly spend through the maximizer to see which one pays you more.
›Can I get both?
Yes, if your credit profile supports it, holding both is the optimal play. Use SBI Cashback for online shopping, HDFC MoneyBack+ for its best categories. Just watch the combined annual fees against your spend.
›Which one has the better welcome bonus?
SBI Cashback: No welcome bonus, value lives in the cashback rate. HDFC MoneyBack+: 500 CashPoints on first transaction.