HDFC Millennia Vs. ICICI Platinum Chip Credit Card

The Indian credit card market offers a diverse range of choices for potential applicants, with each card carefully designed to cater to specific market segments and their unique requirements. Among the noteworthy options are the HDFC Millennia Credit Card and the ICICI Platinum Chip Credit Card, both gaining popularity among the youth due to their substantial benefits.

To effectively compare these two cards, it’s crucial to examine various aspects, taking into account the array of rewards and features they offer. Remarkably, the ICICI Platinum Chip Credit Card distinguishes itself by waiving any joining fees, whereas the HDFC Bank Millennia Credit Card allures customers with attractive rewards spanning across shopping, dining, and travel expenses.

Features and Benefits of HDFC Millennia Credit Card and ICICI Platinum Chip Credit Card

HDFC Millennia Credit Card:

1. Target Audience: Tailored for millennials with a growing appeal among Gen Z adults.
2. Welcome Benefit: Earn a welcome bonus of 1,000 CashPoints upon paying the joining fee.
3. Rewards:

• 5% cashback on online shopping with partner merchants like Amazon, Flipkart, and others.
• Receive a 1% cashback on every purchase, whether made online or offline, covering all expenses.
• Cashback capped at 1,000 CashPoints per category in a statement cycle.

4. Redemption Options:

• Product Catalog, Flights/Hotels on SmartBuy, Cashback, and Airmiles available for redemption.
• Conversion rates: 1 CP = Rs. 0.30, 1 CP = O.30 AirMiles.

5. Dining Benefits:

• 20% discount with Swiggy Dineout Passport and 25% discount at premium restaurants.
• 1 + 1 buffet and 1 + 1 food/drink offers at selected restaurants.

6. Travel Benefits: 8 complimentary domestic airport lounge accesses per year (max 2 per quarter).
7. Spend Based Waiver: Annual fee waiver upon spending over Rs. 1,00,000 in a year.
8. Fuel Benefit: 1% fuel surcharge waiver at all fuel stations on a minimum payment of Rs. 400 (max capped at Rs. 250 per month).
9. Other Benefits: 50-day interest-free period on credit from the day of purchase.

ICICI Platinum Chip Credit Card:

1. Rewards:

• Earn 2 RPs for every Rs. 100 spent on retail purchases.
• Earn 1 RP for every Rs. 100 spent on utilities and insurance.
• 1 RP is equivalent to Rs. 0.25.

2. Redemption Options: Redeem rewards for cashback or gifts.
3. Dining Benefits: Up to 15% discount at 2500+ partnered restaurants.
4. Fuel Benefits: 1% fuel surcharge waiver at all HPCL fuel stations nationwide.

Fee and Charges of HDFC Millennia Credit Card and ICICI Platinum Chip Credit Card

HDFC Millennia Credit Card:

1. Annual/Renewal Fee: Rs. 1,000 + GST
2. Interest Rate: 3.6% per month or 42.3% per annum.
3. Foreign Currency Markup: 3.5% of the transacted amount.
4. Cash Advance Fee: 2.5% or a minimum of Rs. 500.
5. Rewards Redemption Fee: Rs. 99 + Taxes.

ICICI Platinum Chip Credit Card:

1. Annual/Renewal Fee: Nil
2. Interest Rate: 3.4% per month or 40.8% per annum.
3. Foreign Currency Markup: 3.5% of the transacted amount.
4. Cash Advance Fee: 2.5% or a minimum of Rs. 300.
5. Rewards Redemption Fee: Rs. 99 + Taxes.

Comparison between HDFC Millennia Credit Card and ICICI Platinum Chip Credit Card

HDFC Millennia Credit Card:

1. Joining/Renewal Fee: Rs. 1000
2. Welcome Benefits: 1,000 CashPoints upon realizing the joining fee
3. Interest Rate: 3.6% per month or 42.3% per annum

4. Rewards:

• Get a 5% cashback when you shop with select online retailers who are partners, such as Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Uber, Zomato, and Tata CLiQ.
• 1% cash back on all other online and offline expenses.
• Cashback capped at 1,000 CashPoints each for both categories in a statement cycle.
• 2 RPs for every Rs. 100 spent on retail purchases.
• 1 RP for every Rs. 100 spent on utilities and insurance.

5. Rewards Redemption:

• The price of one unit in the product catalog is 30 paise if the cost per unit is 1 rupee.
• Flights/Hotels on SmartBuy – 1 CP = Rs. 0.30
• Cashback – 1 CP = Re. 1
• Airmiles – 1 CP = 0.30 AirMiles
• 1 RP = Rs. 0.25
• Redeemable against cashback or gifts.

6. Dining Benefits:

• 20% discount with Swiggy Dineout Passport at partnered restaurants.
• 25% discount at over 2000 premium restaurants.
• 1 + 1 buffet at 200+ restaurants.
• 1 + 1 food/drink at selected restaurants.
• Up to 15% discount at 2,500+ partnered restaurants.

7. Forex Markup Fee: 3.5% of the transacted amount
8. Travel Benefits: 8 complimentary domestic airport lounge accesses in a year
9. Spend Based Waiver: Annual fee waiver upon spending over Rs. 1,00,000 in a year
10. Fuel Benefits: 1% fuel surcharge waiver at all fuel stations on a minimum payment of Rs. 400
11. Other Benefits: 50-day interest-free period on credit from the day of purchase
12. Cash Advance Fee: 2.5% or a minimum of Rs. 500

ICICI Platinum Chip Credit Card:

1. Joining/Renewal Fee: NIL
2. Welcome Benefits: N/A
3. Interest Rate: 3.4% per month or 40.8% per annum
4. Rewards: N/A
5. Rewards Redemption: N/A
6. Dining Benefits: N/A
7. Forex Markup Fee: 3.5% of the transacted amount
8. Travel Benefits: N/A
9. Spend Based Waiver: N/A
10. Fuel Benefits: 1% fuel surcharge waiver at all HPCL fuel stations
11. Cash Advance Fee: 2.5% or a minimum of Rs. 300

Which credit card suits you best?

1. The HDFC Millennia Credit Card and ICICI Platinum Chip Credit Cards are excellent options in the entry-level credit card category.
2. The Millennia Credit Card is tailored for individuals who have a clear understanding of how they intend to utilize regular features, benefits, and to what extent they will use the card.
3. On the other hand, the Platinum Chip Credit Card is suitable for those who want to start their credit card journey without worrying about joining or renewal fees.
4. The primary distinction lies in the features; the Platinum Chip Card does not offer welcome gifts or travel benefits, but it comes with no charges.
5. In contrast, the Millennia Credit Card provides a comprehensive set of features, including an additional 50-day interest-free period.
6. The choice between the two depends on the applicant’s preferences, considering both cards offer a significant array of privileges.

Frequently Asked Questions (FAQs)

1. What are the key features of the HDFC Millennia Credit Card?

The HDFC Millennia Credit Card offers a range of features, including cashback rewards, travel benefits, and an additional 50-day interest-free period.

2. What distinguishes the ICICI Platinum Chip Credit Card?

The ICICI Platinum Chip Credit Card is known for its zero joining or renewal fees, making it an attractive option for those starting their credit card journey.

3. How do the rewards programs differ between the two cards?

HDFC Millennia Credit Card provides cashback rewards, while ICICI Platinum Chip Credit Card focuses on a fee-free entry with no specific rewards program.

4. What perks does the Millennia Credit Card offer for frequent users?

The Millennia Credit Card caters to individuals who understand their usage patterns, offering tailored features and benefits for more informed use.

5. Is there a significant difference in fees between the two cards?

Yes, the ICICI Platinum Chip Credit Card comes with no joining or renewal fees, whereas the HDFC Millennia Credit Card may have applicable fees.

6. Are there any travel benefits associated with the Platinum Chip Credit Card?

No, the Platinum Chip Credit Card does not offer travel benefits or welcome gifts, focusing primarily on a fee-free entry.

7. How does the interest-free period vary between the two cards?

HDFC Millennia Credit Card provides an additional 50-day interest-free period, offering more flexibility compared to the Platinum Chip Credit Card.

8. Which card is suitable for someone new to credit cards?

The ICICI Platinum Chip Credit Card is ideal for beginners due to its zero joining and renewal fees.

9. Can the choice between the two cards be based on personal preferences?

Yes, the choice between HDFC Millennia Credit Card and ICICI Platinum Chip Credit Card depends on individual preferences and usage patterns.

10. Do both credit cards offer a considerable array of privileges?

Yes, both cards provide a significant number of privileges, and the choice should be based on the specific needs and preferences of the applicant.