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Indian credit card market has an ample amount of options available for new applicants to choose from. The cards are obviously curated by keeping a targeted market and their needs in view. Similarly, there are two great credit cards, which are HDFC Millennia Credit Card and ICICI Platinum Chip Credit Card. Both these cards are popular options among the youth these days, mainly because the amount of benefits they hold are significant.
If you want to compare both the cards, there are many bases that we need to consider before concluding. Such a basis should include all the rewards and features presented by the card. For starters, the ICICI Platinum Chip Credit Card comes with no joining fee, and HDFC Bank Millennia Credit Card offers rewards in categories like shopping, dining and travel.
HDFC Millennia Credit Card
HDFC Bank Millennia Credit Card is curated for the millennials, but it has also left a significant impact on Gen Z adults. Some millennials might not be leaning towards this card in the beginning. Still, the amount of accelerated rewards one can get on online shopping and selected merchants can change this decision.
Features and Benefits
Welcome Benefit
- Receive a welcome bonus of 1,000 CashPoints upon realising the joining fee of the card.
Rewards
- 5% cashback with partnered online merchants such as Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Uber, Zomato, and Tata CLiQ.
- 1% cashback on all the other online and offline expenses
- Cashback capped at 1,000 CashPoints each with both the categories mentioned above in a statement cycle.
- Rewards can be redeemed against –
Product Catalog – 1 CP = Rs. 0.30
Flights/Hotels on SmartBuy – 1 CP = Rs. 0.30
Cashback – 1 CP = Re. 1
Airmiles – 1 CP = O.30 AirMiles
Dining Benefits
- 20% discount with Swiggy Dineout Passport at the partnered restaurants.
- 25% discount at more than 2000 premium restaurants.
- 1 + 1 buffet with over 200 restaurants.
- 1 + 1 food/drink at the selected restaurants.
Travel Benefits
- 8 complimentary domestic airport lounge access (max cap 2 per quarter).
Spend Based Waiver
- Annual fee waiver upon spending over Rs. 1,00,000 in a year.
Fuel Benefit
- 1% fuel surcharge waiver at all fuel stations on a minimum payment of Rs. 400 (waiver max capped at Rs. 250 per month).
Other Benefits
- 50-day interest-free period on the credit from the day of purchase.
Fees And Charges
- Annual / Renewal Fee = Rs. 1,000 + GST
- Interest Rate = 3.6% per month or 42.3% per annum.
- Foreign Currency Markup = 3.5% of the transacted amount.
- Cash Advance Fee = 2.5% or a minimum of Rs. 500.
- Rewards Redemption Fee = Rs. 99 + Taxes.
The HDFC Bank Millennia Credit Card brings in benefits like high cashback with partnered merchants such as Amazon, Flipkart, Swiggy, Zomato, etc. This card also has advantages like eight complimentary airport lounge access, which is rare with entry-level cards.
ICICI Bank Platinum Chip Credit Card
The ICICI Bank Platinum Chip Credit Card comes with amazing cashback and saving opportunities where you can earn up to 2 RPs on your every purchase. The rewards can be redeemed against a variety of options present in the catalogue. Discounts on dining bills with partnered restaurants are just add-ons.
Features And Benefits
Rewards
- 2 RPs for every Rs. 100 spent on retail purchases.
- 1 RP for every Rs. 100 spent on utilities and insurance.
- 1 RP = Rs. 0.25.
- Rewards can be redeemed against cashback or gifts.
Dining Benefits
- Up to 15% discount at more than 2500 partnered restaurants.
Fuel Benefits
- 1% fuel surcharge waiver at all HPCL fuel stations across the country.
Fees And Charges
- Annual / Renewal Fee = 0 / Nil
- Interest Rate = 3.4% per month or 40.8% per annum.
- Foreign Currency Markup = 3.5% of the transacted amount.
- Cash Advance Fee = 2.5% or a minimum of Rs. 300.
- Rewards Redemption Fee = Rs. 99 + Taxes
The most considerable flex of the ICICI Bank Platinum Chip Credit Card is that it comes with no joining fee at all. To continue this list, the interest rate and cash advance rates for this credit card are also low. In contrast to the market rates, this card charges the least.
Quick Comparison
Here is a quick comparison between both the cards on the basis of the essential features and benefits –
| Basis | HDFC Millennia Credit Card | ICICI Platinum Chip Credit Card |
| Joining/Renewal Fee | Rs. 1000 | NIL |
| Welcome Benefits | 1,000 CashPoints upon realising the joining fee | N/A |
| Interest Rate | 3.6% per month or 42.3% per annum | 3.4% per month or 40.8% per annum |
| Rewards |
|
|
| Rewards Redemption |
|
|
| Dining Benefits |
|
Up to 15% discount at more than 2,500 partnered restaurants |
| Forex Markup Fee | 3.5% of the transacted amount | 3.5% of the transacted amount |
| Travel Benefits | 8 complimentary domestic airport lounge access in a year | N/A |
| Spend Based Waiver | Annual fee waiver upon spending over Rs. 1,00,000 in a year |
N/A |
| Fuel Benefits | 1% fuel surcharge waiver at all fuel stations on a minimum payment of Rs. 400 | 1% fuel surcharge waiver at all HPCL fuel stations |
| Other Benefits | 50-day interest-free period on the credit from the day of purchase |
N/A |
| Cash Advance fee | 2.5% or a minimum of Rs. 500 | 2.5% or a minimum of Rs. 300 |
Conclusion
The HDFC Millennia Credit Card and ICICI Platinum Chip Credit Cards are great credit cards, and since both of them represent the entry-level category, they have quite a lot of perks. The Millennia is a well-curated card for people who are well aware of how they are going to use reg features and benefits and to what extent a card will be used. Whereas when it comes to a Platinum Chip card, anybody who wishes to begin their journey without the issue of joining or renewal fee can try it. The significant difference is between the features, which is entirely predictable as with Platinum Chip, you will not be entertained with welcome gifts or travel benefits, but it comes at no charge. However, the Millennia is a different story where there is every other feature present with an additional 50-day interest-free period. The choice depends on the applicant, as both cards have a significant amount of privileges to offer.