HDFC Bank Millennia Credit Card Vs ICICI Bank Coral Credit CardHDFC Bank Millennia Credit Card Vs ICICI Bank Coral Credit Card

HDFC Bank Millennia Vs ICICI Bank Coral Credit Card

The HDFC Bank Millennia Credit Card targets young adults, offering a range of cashback incentives specifically tailored for online purchases, positioning itself within the mid-tier credit card market. In contrast, the ICICI Bank Coral Credit Card is positioned as a premium option within ICICI Bank’s credit card offerings. Both cards offer attractive cashback and reward points for various purchases. The HDFC Bank Millennia Credit Card, tailored for the millennial demographic, requires an annual membership fee of Rs. 1,000. Conversely, the ICICI Bank Coral Credit Card, categorized under the ‘gemstone collection,’ boasts a lesser joining fee of Rs. 500 annually, offering reward points on credit card usage.

Unique Features and Benefits of HDFC Bank Millennia Credit Card versus ICICI Bank Coral Credit Card

HDFC Bank Millennia Credit Card:

1. Exclusive Welcome Offer: Gain 1,000 cash points instantly upon joining by paying the membership fee.
2. Rewards:

  • 5% cashback on online merchant expenses including Amazon, BookMyShow, Flipkart, Myntra, Uber, Zomato, etc.
  • 1% cashback on other online and offline spends.
  • Cashpoints redemption rates: 1 CP = Rs. 0.30 for product catalogue, flights/hotels on smart buy, and Airmiles.

3. Dining Benefits:

  • Up to 20% discount at partnered restaurants with Swiggy Dineout Passport for the first 3 months.
  • Up to 25% discount at 2k+ premium restaurants.
  • 1 + 1 buffet and 1 + 1 food/drink at selected restaurants.

4. Travel Benefits: Enjoy two free domestic airport lounge visits every quarter.

5. Spend Based Waiver: No Annual Fee with Rs. 1 Lakh Yearly Spending Benefit

6. Fuel Benefits: 1% fuel surcharge waiver on payments above Rs. 400, capped at Rs. 250 per month.
7. Other Benefits: 50-day interest-free period on bills from the day of purchase.

ICICI Bank Coral Credit Card:

1. Variants:

  • You can choose from a range of options, including Mastercard, Visa, and American Express versions.
  • Customers can choose from these three variants.

2. Reward Points:

  • Earn 2,000 Reward Points by spending Rs. 2 Lakhs, plus receive an additional 1,000 bonus Reward Points for every Rs. 1 Lakh spent during your anniversary year, with a maximum cap of 10,000 points annually.
  • 2 Reward Points on every Rs. 100 spent (excluding fuel).
  • 1 Reward Point for every Rs. 100 spent on insurance and utilities.

3. Entertainment and Dining Benefits:

  • 25% discount (up to Rs. 100) on two movie tickets per transaction through BookMyShow and INOX (up to 2 times a month).
  • 15% discount on dining bills via the ICICI Bank Culinary Treats Programme.

4. Lounge Access:

  • Earn 2,000 Reward Points when you spend Rs. 2 Lakhs. Additionally, receive a bonus of 1,000 Reward Points for every Rs. 1 Lakh spent within the anniversary year, with a maximum cap of 10,000 points annually.
  • You receive one free pass to access a railway lounge in India every three months.

5. Security Benefits: Zero Liability Protection ensures that customers are not held responsible for any unauthorized transactions, provided they are reported within the specified timeframe.

6. Fuel Surcharge Waiver: 1% fuel surcharge waiver at HPCL petrol pumps for transactions below Rs. 4,000.

7. Reward Points Redemption: Reward points earned can be exchanged for a variety of items available on the website or converted into cash, where each reward point is equivalent to Rs. 0.25.

Fee and Charges of HDFC Bank Millennia Credit Card and ICICI Bank Coral Credit Card

HDFC Bank Millennia Credit Card:

  • Joining fee: Rs. 1,000 + Taxes
  • Interest Rate: 3.6% per month or 42.3% per annum.
  • Foreign Currency Markup: 3.5% of the transaction amount.
  • Cash Advance Fee: 2.5% of the transacted amount or a minimum of Rs. 500.

ICICI Bank Coral Credit Card:

  • By spending Rs. 1,50,000 or more in the previous year, you can waive off the Rs. 500 annual fee for the card.

A Comparative Analysis of HDFC Bank’s Millennia Credit Card and ICICI Bank’s Coral Credit Card

HDFC Bank Millennia Credit Card:

1. Reward Rate:

  • 5% cashback on online shopping at partnered brands.
  • Earn 1% cashback on every online and offline purchase, without exception.
  • Earn 2 Reward Points (RP) per Rs. 100 spent across all transactions excluding fuel purchases.
  • 1 RP for every Rs. 100 spent on insurance and utilities.

2. Reward Redemption:

  • 1 reward point (CP) = Get Flight and Hotel Bookings Plus Product Catalogue Items at Rs. 0.30 Only!
  • 1 CP = 0.30 AirMiles.
  • 1 CP = Re. 1 for cash redemption.
  • Redemption available for a pool of products and vouchers on the website.

3. Fuel Surcharge Waiver:

  • 1% surcharge waiver up to Rs. 250 per payment cycle.
  • 1% on transactions below Rs. 4,000 at HPCL fuel stations.

4. Welcome Benefits: Upon acknowledging the enrollment cost, 1,000 CP were realized.

5. Milestone Benefits:

  • Get a Rs. 1,000 gift voucher for every cumulative spend of Rs. 1,00,000 or more within every three-month period.
  • Earn 2,000 Reward Points when you spend Rs. 2,00,000. Additionally, receive bonus points of 1,000 for every Rs. 1,00,000 spent within a year from your anniversary date, up to a maximum of 10,000 points.

6. Lounge Visits: You can access domestic lounges up to 8 times, with a maximum of 2 visits allowed every three months.

7. Dining Benefits: Up to 20% off at partnered restaurants with Dineout Passport Membership.

8. Membership Fee: Rs. 1,000 + Taxes.

9. Renewal Fees: Rs. 1,000 + Taxes (Spend-based reversal on spends of Rs. 1 Lakh or more in the previous year).

10. Eligibility:

  • Issued to salaried or self-employed individuals.
  • Individuals aged between 21 and 60 years who are employed can expect a starting monthly salary of at least Rs. 35,000.
  • Self-employed individuals must have an annual income of at least Rs. 6 Lakhs, falling within the age bracket of 21 to 65 years.
  • The main cardholder needs to be aged 23 or above.
  • Secondary cardholders must be at least 18 years old.
  • Primary cardholder’s income as per ITR should be at least Rs. 5 Lakhs.

ICICI Bank Coral Credit Card:

1. Reward Rate:

  • Earn 2 reward points for every Rs. 100 spent on all purchases except for fuel transactions.
  • 1 RP for every Rs. 100 spent on insurance and utilities.

2. Reward Redemption:

  • For every purchase of a flight or hotel booking, as well as for any item from the Product Catalogue, 1 CP (Credit Point) equals Rs. 0.30.
  • 1 CP = 0.30 AirMiles.
  • 1 CP = Re. 1 for cash redemption.
  • Redeem a range of products and vouchers directly from the website.

3. Fuel Surcharge Waiver: 1% on all transactions below Rs. 4,000 at HPCL fuel stations.

4. Welcome Benefits: Not applicable.

5. Milestone Benefits: Get 2,000 Reward Points upon spending Rs. 2,00,000 and receive an extra 1,000 bonus points for every additional Rs. 1,00,000 spent during the anniversary year. You can accumulate up to 10,000 bonus points.

6. Lounge Visits:

  • 1 complimentary domestic lounge access every quarter with a minimum spend of Rs. 5,000 in the previous quarter.
  • 1 complimentary railway lounge access every quarter.

7. Dining Benefits: 15% off on dining bills at 2,500+ premium restaurants under the ICICI Bank Culinary Treats Programme.

8. Membership Fee: Rs. 500 + Taxes.

9. Renewal Fees: You’ll get a refund of the Rs. 500 fee if you spent Rs. 1.50 Lakhs or more in the previous year, but taxes still apply.

10. Eligibility:

  • The main cardholder needs to be at least 23 years old, while secondary cardholders must be 18 years old or older.
  • Primary cardholder’s income as per ITR should be at least Rs. 5 Lakhs.

Which credit card suits you best?

  1. A thorough analysis of the HDFC Bank Millenia Credit Card and ICICI Bank Coral Credit Cards has been provided, highlighting their differences and features.
  2. Features and benefits of each card have been individually examined.
  3. HDFC Bank Millenia Credit Card offers generous cashback, particularly 5% on online spending.
  4. The ICICI Bank Coral Credit Card offers a fair rewards program, granting 2 Reward Points for every purchase made, distinguishing itself from others in its category.
  5. Each card comes with its own set of strengths and weaknesses.
  6. It is challenging to declare one as superior to the other.
  7. Before deciding, it’s important for potential cardholders to carefully evaluate the advantages offered by each card.

Frequently Asked Questions (FAQs)

1. Q: Prior to making a decision, it’s crucial for prospective cardholders to thoroughly assess the benefits provided by each card option.

A: The HDFC Bank Millennia Credit Card offers 5% cashback on online spending and comes with various benefits such as fuel surcharge waivers and dining discounts.

2. Q: What benefits are offered by the ICICI Bank Coral Credit Card?

A: The ICICI Bank Coral Credit Card provides 2 Reward Points for every purchase made, while also offering perks such as discounts on movie tickets and access to airport lounges for a more enriched lifestyle experience.

3. Q: Can I use HDFC Bank Millennia Credit Card for international transactions?

A: Indeed, the HDFC Bank Millennia Credit Card holds international acceptance. Nevertheless, it’s prudent to verify the particular terms and conditions governing foreign transactions.

4. Q: Are there any annual fees associated with ICICI Bank Coral Credit Card?

A: ICICI Bank Coral Credit Card may have an annual fee, and it’s recommended to review the card’s terms and conditions for detailed information on fees and charges.

5. Q: What are the cashback categories offered by HDFC Bank Millennia Credit Card?

A: HDFC Bank Millennia Credit Card provides cashback in categories such as groceries, dining, and utility bill payments, offering a comprehensive cashback structure.

6. Q: Are there any travel perks associated with the ICICI Bank Coral Credit Card?

A: ICICI Bank Coral Credit Card may offer travel benefits such as airport lounge access. Cardholders should refer to the card’s documentation for specific details.

7. Q: How can I utilize the reward points accumulated through my ICICI Bank Coral Credit Card?

A: ICICI Bank provides various redemption options for Coral Credit Card reward points, including gift vouchers, merchandise, and even direct statement credits. Check the rewards program details for redemption procedures.

8. Q: Is it possible to transform significant purchases into monthly installments using the HDFC Bank Millennia Credit Card?

A: Certainly! The HDFC Bank Millennia Credit Card frequently offers cardholders the opportunity to convert substantial purchases into convenient monthly installments known as EMIs. It’s advisable for cardholders to verify the specific terms and conditions directly with the bank.

9. Q: What are the distinct security measures provided by each credit card?

A: The HDFC Bank Millennia Credit Card and the ICICI Bank Coral Credit Card commonly offer security measures like PIN protection, assurance against liability for lost cards, and safe online transactions. For specifics on security protocols, it’s best to consult the individual banks.

10. Q: How can I go about applying for one of these credit cards?

A: You can apply for HDFC Bank Millennia Credit Card or ICICI Bank Coral Credit Card through the official websites of the respective banks or by visiting their nearest branches. Online application forms are usually available on their websites for easy submission.

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