The SBI Cashback Credit Card has always been a popular choice for people who want straightforward savings on everyday spending. With the launch of the Hello Cashback Credit Card by IDFC First Bank, users might be curious about the benefits both cards offer.
While SBI provides easy cashback to the user on online purchases, which makes the credit card more useful for users who frequently shop online, on the other hand, the Hello Cashback Credit Card is more beginner-friendly, and it’s a great choice for someone who wants to build their credit score.
Since both cards promise easy rewards and simple usage, many users often wonder which one offers better value. To help users understand, we will compare both cards.
In this comparison, we will look at the key features and benefits of the SBI Cashback Credit Card and the IDFC First Bank Hello Cashback Credit Card to help you choose the right option for your spending needs.
Fee Structure
When purchasing a credit card, the first things the applicant looks for are the fees and the benefits the card offers. This table compares the fees for the SBI Cashback Credit Card and the IDFC First Bank Hello Cashback Credit Card. It shows important cost details, such as joining and renewal fees, welcome benefits, and conditions for waiving fees based on spending. This helps readers easily understand and compare the costs of each card.
| Particulars | SBI Cashback | IDFC First Bank Hello Cashback Credit Card |
| Joining fee | ₹999 + GST | Nil (Limited Time Offer) |
| Renewal Fee | ₹999 + GST | ₹1,000 + GST |
| Welcome Benefits | N/A | N/A |
| Spend-Based Waiver | The annual fee can be waived if spending exceeds Rs. 2,00,000 in the previous year. | Spend ₹2,00,000 or more to get a full waiver of the annual fee. Spending between ₹1,00,000 and ₹2,00,000 will give a 50% waiver. |
Reward Structure
| Feature / Reward Type | SBI Cashback | IDFC FIRST Bank Hello Cashback |
| Online Spend Cashback | 5% cashback on online spends (capped at ₹2,000) | 3% on online spends up to ₹10,000 |
| Offline Spend Cashback | 1% cashback on offline spend (capped at ₹2,000) | 1% cashback on in-store card swipe transactions |
| UPI Spend Cashback | None | 1% cashback on UPI spends via the IDFC FIRST Bank app |
| Bonus Travel Cashback | None | Additional 1% bonus cashback on hotel & flight bookings via the IDFC FIRST Bank app |
As we compare the reward structures of both cards, the SBI Cashback Credit Card offers a better reward structure for most users. It’s 5% cashback on online spends up to ₹2,000, and a much higher monthly cashback cap makes it far more rewarding, especially for people who shop online frequently. While the IDFC FIRST Hello Cashback Credit Card only giving 3% cashback, which is pretty low when we compare it to the SBI cashback.
Eligibility
The SBI Cashback Credit Card is an unsecured credit card, so it is best suited for individuals with a stable income and a strong credit history. It functions as a regular unsecured credit card, where eligibility and approval are primarily based on the applicant’s income, credit score, and overall financial profile.
On the other hand, the IDFC FIRST Hello Cashback Credit Card is a secured credit card and is much easier to obtain, even for those without income proof or an established credit score. Since it is backed by a fixed deposit with IDFC FIRST Bank, it is an excellent option for beginners or anyone looking to build or improve their credit history.
Bottom Line
When both cards are compared side by side, the SBI Cashback Credit Card stands out as the clear winner for most users. It’s 5% cashback on online spends up to ₹2,000, making it highly rewarding for people who frequently shop online. The monthly cashback cap also allows users to earn more without worrying about hitting limits too quickly, which adds to its overall value and ease of use.
With the IDFC First Bank Hello Cashback Credit Card, users receive 3% cashback on online spending. To increase the cashback to 5%, users must spend over ₹10,000, which can complicate tracking their expenses. The card is a good option for people who are not able to maintain a good credit score and are looking for a credit card that will help them to build their credit score.
So if your goal is to maximize cashback on everyday online spending and you have a stable income and credit profile, the SBI Cashback Credit Card is the better option. The IDFC FIRST Hello Cashback Credit Card is more suitable as a starter card, but for long-term value and higher rewards, SBI clearly takes the lead.