American Express Membership Rewards® Vs. HDFC Bank Millennia Credit CardAmerican Express Membership Rewards® Vs. HDFC Bank Millennia Credit Card

American Express Membership Rewards® vs. HDFC Millennia Credit Card

India is home to a vast population of young people, many of whom are keen to step into the world of finance. This demographic, predominantly comprised of those venturing into financial independence, forms an ideal market for tools such as credit cards. As young individuals commence earning and living independently, it’s common for them to occasionally exceed their budget, leading to potential challenges for the remainder of the month.

In such scenarios, credit cards prove invaluable by offering credit for substantial purchases, ensuring financial stability. Numerous card options are available initially to assist in these situations, but two prominently featured ones worth exploring are the American Express Membership Rewards® Credit Card and the HDFC Bank Millennia Credit Card.

Features and Benefits of American Express Membership Rewards® Credit Card and HDFC Bank Millennia Credit Card

American Express Membership Rewards® Credit Card:

1. Welcome Benefits: Receive 4000 membership Reward Points (RPs) by spending Rs. 15,000 within the initial 90 days.

2. Rewards:

  • Earn one membership RP for every Rs. 50 spent.
  • Enjoy 2X membership rewards on all expenditures through the Rewards Multiplier Portal.
  • Redeem accumulated rewards for a variety of products and categories such as travel and shopping.
  • Utilize American Express (AmEx) 18 and 24 Gold Collection Reward Points (RPs) to redeem E-vouchers from Taj, Amazon, or convert them into statement cash.

3. Dining Benefits: Get up to 20% off at selected restaurants.

4. Milestone Benefits:

  • Earn 1,000 bonus milestone RPs by completing four transactions of Rs. 1,500 or more in a month.
  • Receive 1,000 membership RPs when spending over Rs. 20,000 in a month.
  • Receive 5000 reward points when you pay the Rs. 4,500 first-year renewal fee for membership.

5. Spend Based Waiver:

  • Spend more than Rs. 1,50,000 in a year to get a waiver on the renewal fee of Rs. 4,500.
  • Receive a 50% renewal fee waiver by spending more than Rs. 90,000 and Rs. 1,49,999 in the previous year.

6. Fuel Benefits: Enjoy a 1% fuel surcharge waiver at all HPCL fuel stations (maximum transaction up to Rs. 5,000).

HDFC Bank Millennia Credit Card:

1. Welcome Benefits: Receive 1,000 bonus CashPoints upon paying the joining fee.

2. Reward Features:

  • Enjoy 5% cashback on online transactions with partnered merchants such as Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony
  • LIV, Swiggy, Tata CLiQ, Zomato, and Uber.
  • Earn 1% cashback on both online and offline purchases.

3. CashPoints Redemption:

  • Redeem CashPoints for various benefits, including product catalog items, flights/hotels through smart buy, cashback, and air miles, with conversion rates of 1 CP = Rs. 0.30, Rs. 0.30, Re. 1, and 0.30 Air Miles, respectively.

4. Dining Benefits:

  • Enjoy a 20% discount at partnered restaurants with Swiggy Dinoit Passport.
  • Avail a 25% discount at over 2000 partnered restaurants.
  • Benefit from a 1 + 1 buffet offer at 200+ restaurants.
  • Access 1 + 1 food/drink deals at selected restaurants.

5. Travel Benefits: Receive four complimentary domestic airport lounge visits annually.

6. Spend Based Waiver: Obtain an annual fee waiver by spending a minimum of Rs. 1 Lakh in a year.

7. Fuel Benefits: Enjoy a 1% waiver on fuel surcharge at all fuel stations across India.

Fee and Charges of American Express Membership Rewards® Credit Card and HDFC Bank Millennia Credit Card

American Express Membership Rewards® Credit Card:

  1. Joining Fee: Rs. 1,000 + GST
  2. Renewal Fee: Rs. 4,500 + GST
  3. Interest Rates: 3.5% per month
  4. Foreign Currency Markup: 3.5% on transacted amount
  5. Cash Advance Charges: 2.5% of withdrawn amount or minimum Rs. 250
  6. Reward Redemption Fee: Rs. 250
  7. Add-on Card Fee: Rs. 1,500 + GST

HDFC Bank Millennia Credit Card:

  1. Joining Fee/Renewal Fee: Rs. 1000 + GST
  2. Interest Rates: 3.6% per month or 42.3% per annum
  3. Foreign Currency Markup: 3.5% of the transacted amount
  4. Cash Withdrawal Fee: 2.5% of the withdrawn amount or Rs. 500, whichever is higher
  5. Rewards Redemption Fee: Rs. 99 on every request

Comparison between American Express Membership Rewards® vs. HDFC Bank Millennia Credit Card

American Express Membership Rewards® Credit Card:

The American Express Membership Rewards® Credit Card provides cardholders with exceptional benefits and privileges when making purchases. Gain one membership reward point for every fifty rupees spent on a wide range of transactions, with certain categories excluded.

1. Joining Fee: Rs. 1,000 + GST
2. Renewal Fee: Rs. 4,500 + GST
3. Welcome Bonus: Receive 4,000 reward points for joining when you make purchases totaling Rs. 15,000.
4. Interest Rate: 3.5% per month
5. Rewards:

  • One membership RP on every Rs. 50 spent
  • 2X membership rewards on all spending through the Rewards Multiplier Portal
  • Redeem accumulated rewards for various products and categories like travel, shopping, etc.
  • 5% cashback on online partners like Amazon, Flipkart, Swiggy, etc.
  • 1% cashback on other online and offline spends
  • CashPoints redemption at 1 CP = Rs. 0.30 or 0.30 Airmiles

6. Dining:

  • Up to 20% off at selected restaurants
  • 20% discount at partnered restaurants through Swiggy Dineout Passport
  • 25% discount at 2,000+ partnered restaurants
  • 1 + 1 buffet at 200+ restaurants
  • 1 + 1 food/drinks at selected restaurants

7. Foreign Currency Markup: 3.5% on the transacted amount
8. Travel: No specific benefits mentioned
9. Milestone Rewards:

  • 1,000 bonus milestone RPs upon completing four transactions of Rs. 1,500 or more in a month
  • 1,000 membership RPs upon spending over Rs. 20,000 in a month
  • 5,000 membership RPs upon paying the 1st-year renewal fee of Rs. 4,500

10. Spend Based Waiver:

  • Renewal fee waived upon spending more than Rs. 1,50,000 in a year
  • 50% renewal fee waiver upon spending Rs. 90,000 to Rs. 1,49,999 in the previous year
  • Annual fee waived upon spending a minimum of Rs. 1 Lakh in a year

11. Rewards Redemption Fee: Rs. 250

HDFC Bank Millennia Credit Card:

The HDFC Bank Millennia Credit Card is specifically designed for millennials, targeting the 90’s generation. Positioned as an entry-level card, it comes in four variants tailored to cater to the unique needs of its intended audience. The card provides a range of benefits, including a noteworthy 5% cashback on Amazon and select popular brands, with a 1% cashback for other brands.

1. Joining Fee: Rs. 1,000 + GST
2. Renewal Fee: Rs. 1,000 + GST
3. Welcome Bonus: 1,000 bonus CashPoints upon realizing the joining fee
4. Interest Rate: 3.6% per month or 42.3% per annum
5. Rewards: CashPoints serve as currency that can be exchanged for various benefits, including products, flights, and hotels through Intelligent Buy, as well as air miles. Each CashPoint is valued at either Rs. 0.30 or equivalent to 0.30 Airmiles.
6. Dining: No specific discount details provided
7. Foreign Currency Markup: 3.5% of the transacted amount
8. Travel: Yearly four complimentary domestic airport lounge visits
9. Milestone Rewards:There are no specified rewards outlined for reaching milestones.
10. Spend Based Waiver:There is a lack of information regarding exemptions based on expenditure.
11. Rewards Redemption Fee: Rs. 99 on every request

Which credit card suits you best?

The American Express Membership Rewards® Credit Card and HDFC Bank Millennia Credit Cards offer distinct advantages, each presenting a unique set of rewards and benefits. If you’re focused on getting lounge access, the Millennia card stands out as the top choice. Conversely, if you value rewards and milestone bonuses more, the Membership Rewards card would be a perfect match for you. It’s essential to carefully assess both cards, considering your specific requirements, as each comes with its own strengths and drawbacks.

Frequently Asked Questions (FAQs)

Q: What are the key differences between the American Express Membership Rewards® Credit Card and HDFC Bank Millennia Credit Card?

A: The main distinctions lie in their reward structures and benefits. The Membership Rewards® Credit Card emphasizes a broad range of rewards and milestone bonuses, while the HDFC Bank Millennia Credit Card is known for its focus on lounge access and specific spending categories.

Q: If I value rewards and milestone bonuses more, which card should I consider?

A: If rewards and milestone bonuses are your priority, the American Express Membership Rewards® Credit Card would be a great fit for you.

Q: What are the pros and cons of the American Express Membership Rewards® Credit Card?

A: Advantages encompass a wide array of rewards and bonuses for reaching milestones. On the flip side, disadvantages could entail restricted acceptance in specific areas.

Q: Can you highlight the strengths of the HDFC Bank Millennia Credit Card?

A: The HDFC Bank Millennia Credit Card offers unique perks such as lounge access and tailored rewards for certain spending categories, catering well to both frequent travelers and individuals with specific lifestyle preferences.

Q: What criteria should I consider when deciding between these two cards?

A: Consider your priorities. If you prioritize lounge access, go for HDFC Bank Millennia Credit Card. For a broader range of rewards and milestone bonuses, the American Express Membership Rewards® Credit Card would be a better fit.

Q: Do the two cards share any similar attributes or characteristics?

A: While they differ in focus, both cards may offer features like online account management, reward redemption options, and additional perks such as fuel surcharge waivers.

Q: Can I use these cards internationally?

A: Certainly! The American Express Membership Rewards® Credit Card and HDFC Bank Millennia Credit Card are widely accepted worldwide. Nonetheless, it’s wise to verify the particulars and potential charges related to international transactions beforehand.

Q: How do I apply for either of these credit cards?

A: You can apply for the American Express Membership Rewards® Credit Card or HDFC Bank Millennia Credit Card online through their respective official websites. Ensure you meet the eligibility criteria and have the necessary documents for a smooth application process.

Q: What should I do if I have further questions about these credit cards?

A: To gain in-depth insights and address particular inquiries, it’s advisable to contact the customer service departments of either American Express or HDFC Bank, depending on the particular credit card you’re considering. They offer tailored support and can resolve any issues or questions you might have.

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