HDFC Bank Moneyback Plus vs HDFC Bank Millennia Credit Card

HDFC Bank Moneyback Plus Credit Card and HDFC Bank Millennia Credit Card are both mid-level credit cards that offer cashback in the form of CashPoints on every purchase. Tailored for individuals who prefer earning cashback while shopping on platforms like Amazon and Flipkart, these cards cater to a demographic that values rewards.

Specifically designed for the millennials of today, the HDFC Bank Millennia Credit Card has an annual joining fee of Rs. 1,000, whereas the HDFC Bank Moneyback Plus Credit Card has a slightly lower joining fee of Rs. 500 per annum.

While these two cards share similarities in terms of benefits and rewards, it’s important to note that each card has unique features that distinguish it from the other. This distinctiveness may cause confusion for individuals deciding on the best card for their needs.

Features and Benefits of HDFC Bank Moneyback Plus Credit Card and HDFC Bank Millennia Credit Card

HDFC Bank Moneyback Plus Credit Card:

1. Launched by HDFC Bank for enhanced rewards compared to the Moneyback Credit Card.
2. Earn 20 Reward Points when shopping on platforms like Amazon, Flipkart, etc.
3. Ideal for frequent online shoppers, offering a 15% discount at 2000+ premium restaurants.
4. Annual fee of Rs. 500 plus taxes, justified by benefits.
5. Welcome benefit of 500 Cash Points.
6. 10x CashPoints on Rs. 150 spent on selected platforms with a monthly cap of 2,500 points.
7. 5x CashPoints for Rs. 150 spent on EMI’s at selected merchants with a monthly cap of 2,500 points.
8. 2 CashPoints for Rs. 150 spent on all other categories.
9. 500 Cash Points upon card renewal annually.
10. Receive a Rs. 500 gift voucher by making purchases totaling Rs. 50,000 or above within a single calendar quarter.
11. 15% off on dining bills and 1% fuel surcharge waiver.
12. To sidestep the renewal fee, ensure your spending reaches Rs. 50,000 or more in the year prior.
13. Points can be redeemed for various options, including hotel and flight bookings.

HDFC Bank Millennia Credit Card:

1. Tailored for millennials, born after the 1990s, emphasizing online transactions.
2. Offers cashback in CashPoints for transactions on platforms like Amazon, Flipkart, BookMyShow, etc.
3. Annual fee of Rs. 1,000 plus taxes.
4. Welcome benefit of 1,000 CashPoints on successful payment of joining fees.
5. 5% cashback on online partner merchants, capped at 1,000 points per statement cycle.
6. 1% cashback on all online and offline spends, including fuel, capped at 1,000 points per statement cycle.
7. Up to 20% discount at partnered restaurants with complimentary Dineout Passport membership.
8. Gift worth Rs. 1,000 for spending Rs. 1,00,000 or more in each calendar quarter.
9. 8 complimentary domestic lounge accesses (2 visits per quarter).
10. Receive a waiver on the annual fee by spending Rs. 1,00,000 or above in the preceding year.
11. 1% fuel surcharge waiver on transactions between Rs. 400 and Rs. 5,000, capped at Rs. 250 per statement cycle.
12. CashPoints redemption options include products, vouchers, flight and hotel bookings, AirMiles, and cash.

Comparison between HDFC Bank Moneyback Plus Credit Card and HDFC Bank Millennia Credit Card

HDFC Bank Moneyback Plus Credit Card:

• Reward Rate:
  • 10x CP on every Rs. 150 spent at partnered brands
  • 5X CP on every Rs. 150 spent on EMI spends at selected merchant locations
  • 2 CP on every Rs. 150 spent on all other spends
  • 5% cashback while shopping online at partnered brands
  • Get a 1% cashback on every purchase, whether you’re shopping online or offline.
• Reward Redemption:
  • 1 CP = Rs. 0.25 for cash, flight, and hotel bookings, and products in the Product Catalogue
  • 1CP = 0.25 AirMiles for AirMiles redemption
• Fuel Surcharge Waiver:
  • 1%, capped at Rs. 250 per billing cycle
• Welcome Benefits:
  • 500 CP on payment of joining fees
• Milestone Benefits:
  • Gift voucher worth Rs. 500 upon spending of Rs. 50,000 or more in each calendar quarter
• Lounge Visits:
  • NA
• Dining Benefits:
  • 15% off on dining at over 2000+ premium restaurants

HDFC Bank Millennia Credit Card:

• Reward Rate:
  • 5% cashback on all shopping and travel spends
  • 2.5% cashback on online spends
  • 1% cashback on all other spends
• Reward Redemption:
  • 1 CP = Rs. 0.30 for cash, flight, and hotel bookings, and products in the Product Catalogue
  • 1CP = 0.30 AirMiles for AirMiles redemption
  • 1CP = Re. 1 for cash redemption
• Fuel Surcharge Waiver:
  • 1%, capped at Rs. 250 per billing cycle
• Welcome Benefits:
  • The understanding dawns upon them as they reach the milestone of paying the joining fee, marking a thousand CP gained.
• Lounge Visits:
  • You have access to 8 visits to domestic lounges, with a maximum of 2 visits allowed every three months.
• Dining Benefits:
  • Up to 20% off at partnered restaurants with complimentary Dineout Passport Membership
• Joining Fee:
  • You will be charged Rs. 1,000 plus applicable taxes for this service. However, if your expenditure in the previous year exceeds Rs. 50,000 or more, the tax component can be waived off.
• Renewal Fees:
  • Rs. 1,000 + Taxes (Spend-based reversal of Annual Fee on spends of Rs. 1 Lakh or more in the previous year.)
• Eligibility:
  • Issued to either salaried or self-employed individuals
  • Minimum salary Rs. 20,000 per month and Age between 21-60 years for salaried individuals
  • Minimum ITR of Rs. 6 Lakhs and Age between 21-65 years for self-employed individuals
  • Issued to either salaried or self-employed individuals
  • Minimum salary Rs. 35,000 per month and Age between 21-40 years for salaried individuals
  • Minimum ITR of Rs. 6 Lakhs and Age between 21 – 40 years for self-employed individuals.

Which credit card suits you best?

• HDFC Bank Moneyback Plus Credit Card and HDFC Bank Millennia Credit Card may seem similar, but they have distinct features.
• Both cards fall under the cash back credit card category, yet the redemption rate for Moneyback Plus Credit Card is 1/4th of Millennia Credit Card.
• The Millennia Credit Card allows individuals to earn more cash points, with a potential of up to 2,000 CP per month.
• Additionally, the Millennia Credit Card offers complimentary lounge access, providing an extra perk for cardholders.
• Your choice between the two cards should be based on your specific needs and preferences.
• Consider personal requirements before selecting the most suitable card for your financial preferences.

Frequently Asked Questions (FAQs)

1. Are both HDFC Bank Moneyback Plus Credit Card and HDFC Bank Millennia Credit Card cash back credit cards?
   • Yes, both cards fall under the cash back credit card category.
2. What is the key difference between the two cards in terms of redemption rate?
   • The redemption rate for HDFC Bank Moneyback Plus Credit Card is 1/4th of that of HDFC Bank Millennia Credit Card.
3. Can you earn more cash points with one of these cards?
   • Yes, HDFC Bank Millennia Credit Card allows individuals to earn more cash points, with a potential of up to 2,000 CP per month.
4. Does either card offer additional benefits beyond cash back?
   • Yes, HDFC Bank Millennia Credit Card provides complimentary lounge access as an additional benefit.
5. How do I choose between the two cards?
   • Your choice should be based on your personal requirements and preferences, considering factors like redemption rates, cash point earning potential, and additional perks.
6. Are there any specific eligibility criteria for these credit cards?
   • Eligibility criteria may vary, and it is advisable to check with HDFC Bank for the latest requirements.
7. Can I apply for both cards simultaneously?
   • Yes, you can apply for both cards, but approval will be subject to HDFC Bank’s credit card application policies.
8. What are the annual fees for HDFC Bank Moneyback Plus Credit Card and HDFC Bank Millennia Credit Card?
   • The annual fees may vary, and it is recommended to check the latest fee structures with HDFC Bank.
9. Is there a limit on the cash points I can earn with these credit cards?
   • HDFC Bank Millennia Credit Card has a potential limit of up to 2,000 cash points per month.
10. Are there any promotional offers or introductory benefits for new cardholders?

• Specific promotional offers may be available at the time of application; check with HDFC Bank for the latest introductory benefits.