Axis Bank Ace Credit Card vs HDFC Millennia Credit CardAxis Bank Ace Credit Card vs HDFC Millennia Credit Card

Axis Bank Ace vs HDFC Millennia Credit Card

The Axis Bank Ace Credit Card and HDFC Millennia Credit Card stand out as prominent choices among shopping credit cards within the Indian Credit Card market. Positioned as entry-level credit cards, both feature a cashback reward system. The Axis Bank Ace Credit Card requires a modest annual membership fee of Rs. 499, whereas the HDFC Millennia Credit Card has a slightly higher fee at Rs. 1,000 per annum.

Diving into a detailed comparison between Axis Bank Ace Credit Card and HDFC Millennia Credit Card, we will explore their individual reward rates and additional benefits. By the end of the discussion, a concise comparison will be presented, aiding you in selecting the card that aligns best with your preferences.

Features and Benefits of Axis Bank Ace Credit Card and HDFC Millennia Credit Card

Axis Bank Ace Credit Card:

  1. Launched by Axis Bank in collaboration with Google Pay.
  2. An entry-level cashback credit card with a Rs. 499 annual membership fee.
  3. Provides 5% cashback on mobile recharges and utility bill payments via Google Pay.
  4. Offers 4% cashback on Zomato, Swiggy, and Ola, and 2% on other transactions.
  5. Capping of Rs. 500 cashback for both categories per statement cycle.
  6. Grants 4 complimentary lounge access at select domestic airports.
  7. Provides up to 20% dining discount at over 4,000 partner restaurants in India.
  8. Joining fee waived on spending Rs. 10,000 in the first 45 days; annual fee waived for Rs. 2 lakh spent in the previous year.

HDFC Millennia Credit Card:

  1. Popular shopping credit card among young professionals and millennials.
  2. Comes in three variants: Visa, MasterCard, and RuPay.
  3. An entry to mid-level card with a Rs. 1,000 annual membership fee.
  4. Offers 5% cashback on popular e-commerce websites: Amazon, Flipkart, Myntra, BookMyShow, Swiggy, and Zomato.
  5. Cashback earned as CashPoints, redeemable for statement balance, product purchases, or flight/hotel bookings.
  6. Provides 8 domestic and 2 international airport lounge access per year.
  7. Entitles a discount of up to 20% on dining bills with the complimentary Dineout Passport Membership.
  8. Salaried workers must earn a minimum of Rs. 35,000 per month, whereas self-employed individuals should have an annual income of at least Rs. 6 lakh to satisfy the income criteria.
  9. You won’t have to pay the annual membership fee if you spend Rs. 1 lakh in the previous membership year.

Contrast: Axis Bank Ace Credit Card vs HDFC Millennia Credit Card

Axis Bank Ace Credit Card:

1. Reward Rate:

  • Direct transfer of cashback to the cardholder’s account.
  • 5% cashback on bill payments via Google Pay.
  • 4% cashback on Swiggy, Zomato, and Ola.
  • 2% cash back on all other expenditures.
  • 5% cashback on select brands like Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Uber, Tata CLiq, and Zomato.
  • 1% cashback on all other spending.
  • Cashback referred to as Cashpoint.

2. Reward Redemption:

  • Cashback directly offsets the card’s monthly statement balance.
  • 1 Cashpoint (CP) equals Re. 1 for cashback.
  • 1 CP equals Rs. 0.30 for the product catalog.
  • 1 CP equals Rs. 0.30 for flight/hotel bookings on SmartBuy.
  • 1 CP equals Rs. 0.30 for Airmiles.

3. Welcome/Renewal Benefits:

  • 10,000 miles upon spending over Rs. 1,000 in the first 60 days.
  • 3,000 miles upon card membership renewal.
  • 1,000 cashpoints upon realizing the membership fee.

4. Milestone Benefits:

  • No specific milestone benefits mentioned.

5.  Benefits:

  • Eight complimentary domestic lounge visits every quarter (Visa Signature variant).
  • Six complimentary lounge visits every quarter (MasterCard variant).
  • Up to 20% off at 4,000 partnered restaurants.
  • 8 domestic airport lounge accesses per year, capped at 2 per quarter.
  • 20% discount at partnered restaurants.

6. Membership Fee:

  • Rs. 499 + Taxes / Year.
  • Annual fee waived on spending over Rs. 10,000 within 45 days.
  • Joining fee waived upon spending over Rs. 2 Lakh in the preceding year.

HDFC Millennia Credit Card:

1. Reward Rate:

  • No direct cash transfer mentioned.
  • Specific cashback rates on various categories, including bill payments, applications, and specific brands.
  • Cashback referred to as Cashpoints.

2. Reward Redemption:

  • No information provided on the direct adjustment of cashback toward the card’s statement.
  • Various redemption rates for different categories.

3. Welcome/Renewal Benefits:

  • No miles mentioned as welcome or renewal benefits.
  • 1,000 cashpoints upon realizing the membership fee.

4. Milestone Benefits:

  • Rewards points (RPs) upon spending over Rs. 1.9 Lakhs in a year.
  • Vouchers worth Rs. 10,000 from Taj Stay and additional RPs upon spending over Rs. 4 Lakh.

5. Additional Benefits:

  • Lounge visits and restaurant discounts mentioned, but no specific details provided.

6. Membership Fee:

  • Rs. 5,000 + Taxes / Year.
  • Rs. 3,500 for the first year.

Which credit card suits you best?

  1. HDFC Millennia Credit Card has a higher annual fee compared to Axis Bank Ace Credit Card.
  2. Despite the higher annual fee, HDFC Millennia Credit Card justifies it with a higher reward rate and additional benefits.
  3. The card offers a 5% reward rate on popular e-commerce websites and complimentary domestic lounge access, which is not common among entry-level credit cards.
  4. In contrast, Axis Bank Ace Credit Card excels in utility bill payments and mobile/DTH recharges, providing a 5% reward rate compared to Millennia’s 1%.
  5. Considering the pros and cons of both cards, if your online spending focuses on bill payments, mobile/DTH recharges, and food orders,
  6. Axis Bank Ace Credit Card with a lower annual fee is a suitable choice.
  7. However, for those who engage more in online shopping and value the higher reward rate and additional perks, HDFC Millennia Credit Card is a more rewarding option.

Frequently Asked Questions (FAQs)

1. Q: What are the key differences between Axis Bank Ace Credit Card and HDFC Millennia Credit Card?

Axis Bank Ace Credit Card has a lower annual fee compared to HDFC Millennia Credit Card.
HDFC Millennia Credit Card offers a higher reward rate and additional benefits like complimentary domestic lounge access.

2. Q: What is the annual fee for each credit card?

Axis Bank Ace Credit Card has a lower annual fee, whereas HDFC Millennia Credit Card comes with a higher annual fee.

3. Q: What kind of rewards can I expect from HDFC Millennia Credit Card?

HDFC Millennia Credit Card provides a high reward rate of 5% on popular e-commerce websites and complimentary domestic lounge access.

4. Q: How does Axis Bank Ace Credit Card excel in specific spending categories?

Axis Bank Ace Credit Card is advantageous for utility bill payments and mobile/DTH recharges, offering a 5% reward rate compared to HDFC Millennia Credit Card’s 1%.

5. Q: Which credit card is more suitable for someone who primarily spends on bill payments and recharges?

Axis Bank Ace Credit Card with its lower annual fee and a higher reward rate in bill payments and recharges is a better choice for such spending patterns.

6. Q: In what scenarios is HDFC Millennia Credit Card recommended?

HDFC Millennia Credit Card is recommended for those who engage more in online shopping and value a higher overall reward rate along with additional perks.

7. Q: Are there any specific perks or benefits unique to each credit card?

Yes, HDFC Millennia Credit Card offers complimentary domestic lounge access, while Axis Bank Ace Credit Card is advantageous for its competitive reward rate in specific spending categories.

8. Q: How can I decide between Axis Bank Ace Credit Card and HDFC Millennia Credit Card based on my spending habits?

Consider your predominant spending categories – if it aligns with bill payments and recharges, Axis Bank Ace Credit Card may be more suitable; otherwise, HDFC Millennia Credit Card could offer better overall rewards.

9. Q: Are there any hidden fees or charges associated with these credit cards?

It’s advisable to check the terms and conditions of each card for any hidden fees or charges. Generally, annual fees and transaction fees are explicitly mentioned.

10. Q: Can I switch between these credit cards based on my changing spending patterns?

Depending on your credit card issuer’s policies, you may have the flexibility to switch between credit cards or upgrade to a different variant based on your evolving needs. Contact the respective banks for specific information.

Leave a Reply

Your email address will not be published. Required fields are marked *