When it comes to credit cards for youngsters, people mostly look for one of these two cards: HDFC Bank Millennia Credit Card & IDFC First Millennia Credit Card, as both are targeted at young individuals. The IDFC First Millennia card can earn you up to 10 Reward Points on every Rs. 100 you spend, and on the other hand, the HDFC Millennia credit card can earn you cash back on all your purchases. Such benefits make it really difficult for individuals to decide which one they should get. If you are also confused between these two and don’t know how you can choose the one that best suits your needs, you can go through this full article as we have compared the two cards on the basis of every single benefit they provide. So, it will be easier for you to go with the one that fulfils your requirements.
Before comparing the two, let us discuss all the benefits of both of these cards separately:
HDFC Bank Millennia Credit Card
Issued by the most popular private sector bank, the HDFC Bank Millennia Credit Card comes with all its benefits targeted at young individuals. Along with a cashback of up to 5% (in the form of CashPoints) on all transactions, it comes with several benefits over different categories, including travel, dining, welcome bonus, fuel, etc. Following are the key points mentioned in all its features in detail:
- Welcome benefit will get you gift vouchers worth up to Rs. 1,000 after the successfully realizing the joining fee.
- This card rewards its customers in the form of CashPoints, i.e., the cashback is earned in the form of CashPoints.
- You get a cashback of 5% every time you purchase on Amazon, BookMyShow, Cult.fit, Myntra, Flipkart, Sony LIV, Tata Cliq, Zomato, Swiggy, and Uber. The maximum points under this category are capped at 1,000 CashPoints per month.
- You get a cashback of 1% on all other online as well as offline purchases.
- The earned cashback can be redeemed against cashback, product catalogue, flight/hotel bookings, and Airmiles at a value of up to 1 CP = Re. 1. The reward redemption fee of Rs. 99 is charged on every redemption request.
- Get a 20% discount with Swiggy Dineout on participating restaurants.
- You get 4 complimentary domestic airport lounge access per year is capped at a max of 1 visit per quarter (Effective from 1st December 2023).
- For all fuel transactions you receive 1% fuel surcharge waiver with the maximum benefit capped at Rs. 250 per statement cycle.
- You can get the annual fee waived if you spend more than Rs. 1 lakh in the previous year.
IDFC First Millennia Credit Card
The IDFC First Millennia Credit Card is a lifetime-free credit card that is specifically made for young individuals. It comes with an exclusive rewards program offering its customers up to 10 Reward Points for every Rs. 100 they spend. Other than this, it also provides you with other exciting benefits on dining, movies, travel, and several more categories. Following is a list of its key features & benefits:
- As a welcome benefit, you get 5% cashback on all EMI transactions that are made within the first 90 days of card issuance.
- With this card, you get 10 Reward Points on every Rs. 100 you spend on your birthday.
- You get 6 Reward Points on every Rs. 100 you spend on online transactions worth Rs. 20,000 or more.
- You get 3 RPs on every Rs. 100 you spend on offline transactions worth Rs. 20,000 or more.
- You get 1 Reward Point on every other spend of Rs. 100.
- You can redeem your accumulated reward points via internet banking at a rate of 1 RP = Re. 0.25.
- The interest rates for this card start from 0.75% per month, which is incredibly low.
- On dining bills you are avail a discount of up to 20% with more than 1,500 participating restaurants across the country.
- You get a discount of 25% (up to Rs. 100) on movie tickets on Paytm mobile offer. The offer can be availed once a month.
- With this card, you can enjoy 4 complimentary Railyway lounge access every quarter.
- You also get insurance benefits with this card, which include a personal accident cover worth Rs. 2 lakhs and a lost card liability cover worth Rs. 25,000.
- You get a 1% fuel surcharge waiver at all fuel stations with the maximum waiver capped at Rs. 200 per month.
Comparison Between HDFC Millennia & IDFC First Millennia Credit Card
|Benefits||HDFC Bank Millennia Credit Card||IDFC First Millennia Credit Card|
|Annual Fee||Rs. 1,000 + GST||Nil|
|Interest Rate||3.6% per month||0.75% to 2.99% per month|
|Welcome Benefits||1,000 CashPoints||
|Dining Benefits||Get 20% off with Swiggy Dineout.||You can enjoy up to a 20% discount on dining at more than 1,500 participating restaurants in India.|
|Movie Benefits||NA||Get a 25% discount on movie ticket bookings on Paytm movies once every month. The maximum discount is capped at Rs. 100 per ticket.|
|Travel Benefits||You get 1 complimentary domestic lounge access every quarter.||You get 4 complimentary domestic Railway lounge access every quarter.|
|Fuel Surcharge Waiver||You get a 1% fuel surcharge waiver with a maximum benefit of Rs. 250 per month.||You get a 1% fuel surcharge waiver max capped at Rs. 200 per month.|
|Annual Fee Waiver||The annual membership fee is waived if you spend more than Rs. 1 lakh in a year.||NA|
Both the HDFC Millennia Credit Card & IDFC First Millennia Credit Card have their own benefits, and the best option for you totally depends on your requirements. IDFC First Millennia can be considered a better option for those who are looking for a zero annual fee credit card, but on the other hand, it doesn’t provide any air travel benefits. Similarly, the HDFC Millennia Credit Card doesn’t offer any entertainment benefits. Still, it provides airport lounge access and the IDFC First Millennia Credit Card provides movie benefits but not airport lounge access. So, you must analyze your needs carefully before going with any one of these two.
Suppose you are someone who is looking for a card that provides a decent number of benefits with minimal charges. In that case, you should go with the IDFC First Millennia Credit Card as it doesn’t only come with a zero annual fee but also charges a low interest of 0.75% to 2.99% only. But, if you are ready to pay an annual fee of Rs. 1,000 and want to have a credit card with airport lounge access and cashback offers, you must choose HDFC Bank Millennia Credit Card. But remember, to avail of the free lounge access with HDFC Millennia Credit Card, you would need to make quarterly spends of Rs. 1 lakh or above.
So, just make sure to understand your needs and then compare both cards and choose the one that meets your expectations. If you are still left with any doubts in your mind, you can freely ask us in the comment section below. We will be more than happy to help you!