IDFC First Millennia Credit Card Vs HDFC Bank Millennia Credit CardIDFC First Millennia Credit Card Vs HDFC Bank Millennia Credit Card

IDFC First Millennia Vs HDFC Bank Millennia Credit Card

When considering credit cards tailored for young individuals, the HDFC Bank Millennia Credit Card and the IDFC First Millennia Credit Card are the top choices. These cards cater specifically to the younger demographic. The IDFC First Millennia card offers the potential to earn 10 Reward Points for every Rs. 100 spent, while the HDFC Millennia credit card provides cash back on all purchases. The array of benefits from both cards creates a dilemma for individuals in choosing the most suitable one. If you find yourself in this predicament and are unsure about how to make the right choice based on your needs, this comprehensive article compares every benefit offered by the two cards. This comparison aims to simplify your decision-making process, enabling you to select the card that aligns with your specific requirements.

Features and Benefits of IDFC First Millennia Credit Card and HDFC Bank Millennia Credit Card

IDFC First Millennia Credit Card:

  1. Card Type: Lifetime-free credit card for young individuals.
  2. Reward Program:
    • Up to 10 Reward Points for every Rs. 100 spent.
    • 5% cashback on EMI transactions within the first 90 days.
    • 10 Reward Points on birthday spend.
    • 6 Reward Points on online transactions (Rs. 20,000 or more).
    • 3 Reward Points on offline transactions (Rs. 20,000 or more).
    • You earn 1 Reward Point for every Rs. 100 spent, alternating with each expenditure.
  3. Redemption Rate:
    • Redeem points via internet banking at a rate of 1 RP = Re. 0.25.
  4. Interest Rates:
    • Starting from 0.75% per month.
  5. Dining and Entertainment Benefits:
    • Up to 20% discount at 1,500+ participating restaurants.
    • 25% discount (up to Rs. 100) on Paytm mobile offer for movie tickets (once a month).
  6. Lounge Access:
    • 4 complimentary Railway lounge accesses every quarter.
  7. Insurance Benefits:
    • Personal accident cover worth Rs. 2 lakhs.
    • Lost card liability cover worth Rs. 25,000.
  8. Fuel Surcharge Waiver:
    • 1% waiver at all fuel stations, max Rs. 200 per month.

HDFC Bank Millennia Credit Card:

  1. Issuer: Popular private sector bank, HDFC Bank.
  2. Target Audience: Geared towards young individuals.
  3. Cashback Benefits:
    • Up to 5% cashback (CashPoints) on all transactions.
    • 5% cashback on specified platforms: Amazon, BookMyShow, Cult.fit, Myntra, Flipkart, Sony LIV, Tata Cliq, Zomato, Swiggy, Uber (capped at 1,000 CashPoints per month).
    • 1% cashback on other online and offline purchases.
  4. Redemption Options:
    • Cashback, product catalogue, flight/hotel bookings, and Airmiles redemption.
    • 1 CP = Re. 1. Redemption fee: Rs. 99 per request.
  5. Welcome Benefit:
    • Gift vouchers worth up to Rs. 1,000 upon successful payment of joining fee.
  6. Additional Perks:
    • 20% discount with Swiggy Dineout at participating restaurants.
    • 4 complimentary domestic airport lounge accesses per year (from December 1, 2023).
    • 1% fuel surcharge waiver, max benefit Rs. 250 per statement cycle.
    • Annual fee waiver for spending over Rs. 1 lakh in the previous year.

Comparison between IDFC First Millennia Credit Card and HDFC Bank Millennia Credit Card

IDFC First Millennia Credit Card:

  • Annual Fee: Nil
  • Interest Rate: 0.75% to 2.99% per month
  • Welcome Benefits:
    • 1,000 CashPoints
    • 5% cashback on all EMI transactions in the first 3 months.
    • Gift voucher worth up to Rs. 500 for spending over Rs. 15,000 in the first 3 months.
  • Rewards/Cashback:
    • 5% cashback on specific platforms (Amazon, Flipkart, etc.).
    • 1% cashback on all other online & offline spends.
    • CashPoints expire after 2 years.
    • 1 RP per Rs. 100 spent.
    • 3x Reward Points on offline purchases over Rs. 20,000.
    • 6x Reward Points on online spends over Rs. 20,000.
    • 10x Reward Points on birthday spends.
    • Reward Points never expire.
  • Reward Redemption:
    • Cashback: 1 CashPoint = Re. 1.
    • Product catalogue: 1 CP = Re. 0.30.
    • Flight/hotel bookings: 1 CP = Re. 0.30.
    • Airmiles: 1 CP = 0.30 AirMile.
    • RP redemption: 1 RP = Re. 0.25 for various categories & products.
  • Dining Benefits: Up to 20% discount at 1,500+ restaurants.
  • Movie Benefits: 25% discount on Paytm movies, once per month, max Rs. 100 per ticket.
  • Travel Benefits: 4 complimentary domestic Railway lounge access every quarter.
  • Insurance Benefits:
    • Personal accident cover worth Rs. 2 lakhs.
    • Zero liability protection cover worth Rs. 25,000.
  • Fuel Surcharge Waiver: 1% fuel surcharge waiver, max Rs. 200 per month.
  • Annual Fee Waiver: Not applicable.

HDFC Bank Millennia Credit Card:

  • Annual Fee: Rs. 1,000 + GST
  • Interest Rate: 3.6% per month
  • Welcome Benefits:
    • 1,000 CashPoints
    • 5% cashback on all EMI transactions in the first 3 months.
    • Gift voucher worth up to Rs. 500 for spending over Rs. 15,000 in the first 3 months.
  • Rewards/Cashback:
    • 5% cashback on specific platforms (Amazon, Flipkart, etc.).
    • 1% cashback on all other online & offline spends.
    • CashPoints expire after 2 years.
    • 1 Reward Point (RP) per Rs. 100 spent.
    • 3x Reward Points on offline purchases over Rs. 20,000.
    • 6x Reward Points on online spends over Rs. 20,000.
    • 10x Reward Points on birthday spends.
    • Reward Points never expire.
  • Reward Redemption:
    • Cashback: 1 CashPoint = Re. 1.
    • Product catalogue: 1 CP = Re. 0.30.
    • Flight/hotel bookings: 1 CP = Re. 0.30.
    • Airmiles: 1 CP = 0.30 AirMile.
    • RP redemption: 1 RP = Re. 0.25 for various categories & products.
  • Dining Benefits: 20% off with Swiggy Dineout.
  • Movie Benefits: Not applicable.
  • Travel Benefits: 1 complimentary domestic lounge access every quarter.
  • Insurance Benefits: Not applicable.
  • Fuel Surcharge Waiver: 1% fuel surcharge waiver, max Rs. 250 per month.
  • Annual Fee Waiver: Waived if spending exceeds Rs. 1 lakh in a year.

Which credit card suits you best?

  • Both HDFC Millennia Credit Card and IDFC First Millennia Credit Card offer unique benefits.
  • The decision between the two options relies on each person’s specific needs and preferences.
  • IDFC First Millennia is preferable for those seeking a credit card with no annual fee.
  • However, it lacks air travel benefits.
  • On the other hand, HDFC Millennia Credit Card doesn’t provide entertainment benefits but offers airport lounge access.
  • IDFC First Millennia Credit Card provides movie benefits but lacks airport lounge access.
  • Careful analysis of personal needs is crucial before selecting either card.
  • If seeking a card with numerous benefits and minimal charges, IDFC First Millennia is a suitable choice with a zero annual fee and low interest rates (0.75% to 2.99%).
  • For those willing to pay a Rs. 1,000 annual fee and desiring airport lounge access and cashback offers, HDFC Bank Millennia Credit Card is recommended.
  • Note that HDFC Millennia Credit Card requires quarterly spends of Rs. 1 lakh or more for free lounge access.

Frequently Asked Questions (FAQs)

1. What are the key differences between IDFC First Millennia and HDFC Bank Millennia Credit Cards?

  • Both cards have unique features. IDFC First Millennia has no annual fee but lacks air travel benefits, while HDFC Bank Millennia offers airport lounge access and cashback but with an annual fee.

2. Which card is more suitable for individuals looking for a credit card with no annual fee?

  • IDFC First Millennia Credit Card is a better choice as it comes with zero annual fees.

3. Does the IDFC First Millennia Credit Card offer perks for air travel?

  • No, IDFC First Millennia Credit Card does not offer air travel benefits.

4. What benefits does HDFC Bank Millennia Credit Card provide?

  • HDFC Bank Millennia Credit Card offers airport lounge access and cashback offers.

5. Does HDFC Millennia Credit Card have any entertainment benefits?

  • No, HDFC Millennia Credit Card does not offer entertainment benefits.

6. Is there an annual fee associated with HDFC Bank Millennia Credit Card?

  • Yes, HDFC Bank Millennia Credit Card has an annual fee of Rs. 1,000.

7. What are the interest rates for IDFC First Millennia Credit Card?

  • IDFC First Millennia Credit Card has low interest rates ranging from 0.75% to 2.99%.

8. How can one avail of free lounge access with HDFC Bank Millennia Credit Card?

  • To avail of free lounge access, one needs to make quarterly spends of Rs. 1 lakh or above with HDFC Bank Millennia Credit Card.

9. Which card is recommended for those looking for movie benefits?

  • IDFC First Millennia Credit Card provides movie benefits, making it suitable for individuals interested in this feature.

10. How should individuals decide between the two cards based on their specific needs?

  • Before deciding between the IDFC First Millennia and HDFC Bank Millennia Credit Card, it’s crucial to thoroughly assess your individual needs and preferences. Take into account elements like yearly charges, perks, and your spending habits.

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