The HDFC Bank Millennia Credit Card is specifically designed for millennials, offering a 5% cashback on popular platforms such as Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber, and Zomato. Additionally, cardholders earn a 1% cashback on all other eligible online and offline spends. This entry-level credit card has an annual fee of ₹1,000, making it an attractive option for young professionals seeking to maximize their savings on everyday purchases.
Table of Contents
- Introduction
- Key Features
- Fees and Charges
- Eligibility Criteria
- Rewards and Cashback Structure
- Cashback on Partner Merchants
- Cashback on Other Spends
- Milestone Benefits
- Redemption Process
- Additional Benefits
- Lounge Access
- Fuel Surcharge Waiver
- Dineout Offers
- Pros and Cons
- Comparison with Other Cards
- Customer Feedback
- Conclusion
1. Introduction
The HDFC Bank Millennia Credit Card is tailored for the modern Indian consumer, especially millennials who frequently engage in online shopping and digital transactions. This card offers a blend of cashback rewards, milestone benefits, and additional perks, making it a popular choice among young professionals and tech-savvy individuals.
2. Key Features
- Cashback Rewards: Earn up to 5% cashback on transactions with select online merchants.
- Milestone Benefits: Receive gift vouchers upon achieving quarterly spending targets.
- Lounge Access: Complimentary access to domestic lounges for a comfortable travel experience.
- Fuel Surcharge Waiver: Enjoy a waiver on fuel surcharge across all petrol stations in India.
- Contactless Payments: Facilitates quick and secure transactions with contactless payment technology.
3. Fees and Charges
| Fee Type | Amount |
|---|---|
| Joining Fee | ₹1,000 + GST |
| Renewal Fee | ₹1,000 + GST |
| Renewal Fee Waiver | Spend ₹1,00,000 in the preceding year to waive the renewal fee |
| Interest Rate | 3.49% per month (41.88% annually) |
| Cash Advance Fee | 2.5% of the amount withdrawn or ₹500, whichever is higher |
| Foreign Currency Markup | 3.5% |
Note: The joining fee is waived off for salaried applicants.
4. Eligibility Criteria
- Age:
- Salaried: 21 to 60 years
- Self-Employed: 21 to 65 years
- Income:
- Salaried: Minimum monthly income of ₹35,000
- Self-Employed: Minimum annual income of ₹6,00,000
- Residency: Applicant must be a resident of India.
5. Rewards and Cashback Structure
The HDFC Bank Millennia Credit Card offers a structured cashback system designed to maximize benefits for online shoppers and regular spenders.
Cashback on Partner Merchants
| Merchant Platforms | Cashback Rate | Monthly Cap |
|---|---|---|
| Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber, Zomato | 5% | ₹1,000 |
Note: There is no minimum transaction value requirement to earn the 5% cashback on these platforms.
Cashback on Other Spends
| Transaction Type | Cashback Rate | Monthly Cap |
|---|---|---|
| All other retail spends (excluding fuel) | 1% | ₹1,000 |
| Wallet loads, EMI transactions | 1% | ₹1,000 |
Note: No cashback is earned on fuel transactions, government-related transactions, rent payments, and education-related payments.
6. Milestone Benefits
Cardholders can earn a gift voucher worth ₹1,000 upon spending ₹1,00,000 or more in a calendar quarter. This translates to an additional 1% reward rate, enhancing the overall cashback potential.
7. Redemption Process
Cashback earned is credited in the form of CashPoints. The redemption process is as follows:
- Against Statement Balance: 1 CashPoint = ₹1
- Against Flight/Hotel Bookings via SmartBuy: 1 CashPoint = ₹0.30
Note: A minimum of 500 CashPoints is required for redemption.
8. Additional Benefits
Lounge Access
Cardholders enjoy up to 4 complimentary domestic lounge accesses per calendar year (maximum of 1 per quarter). This benefit enhances the travel experience by providing a comfortable environment while waiting for flights.
Fuel Surcharge Waiver
A 1% fuel surcharge waiver is applicable on transactions between ₹400 and ₹5,000, with a maximum waiver of ₹250 per statement cycle.
Dineout Offers
Enjoy a 20% discount on partner restaurants when booking through Dineout, enhancing dining experiences with added savings.
9. Pros and Cons
Pros
- High Cashback Rates: Attractive 5% cashback on popular online platforms.
- Milestone Benefits: Quarterly vouchers incentivize higher spending.
- Lounge Access: Complimentary lounge visits add value for frequent travelers.
- Contactless Payments: Ensures quick and secure transactions.
Cons
- Capped Cashback: Monthly cashback caps may limit earnings for high spenders.
- Exclusions: No cashback on fuel, rent, and certain other categories.
- Foreign Currency Markup: A relatively high markup of 3.5% on international transactions.
10. Comparison with Other Cards
| Feature | HDFC Millennia Credit Card | SBI SimplyCLICK Card | ICICI Amazon Pay Card |
|---|---|---|---|
| Joining Fee | ₹1,000 | ₹499 | Nil |
| Renewal Fee | ₹1,000 | ₹499 | Nil |
| Cashback on Partner Merchants | 5% on select merchants | 5X rewards on online spends | 5% on Amazon.in |
| Cashback on Other Spends | 1% | 1 reward point per ₹100 | 1% on other spends |
| Lounge Access | Yes | No | No |
11. Customer Feedback
Users have shared mixed reviews about the HDFC Bank Millennia Credit Card. Some appreciate the high cashback rates on popular platforms, while others feel that the monthly caps and exclusions limit the card’s overall value.
12. Conclusion
The HDFC Bank Millennia Credit Card is a compelling option for individuals who frequently engage in online shopping, particularly on platforms like Amazon, Flipkart, and Myntra. Its structured cashback system, milestone benefits, and additional perks such as fuel surcharge waivers and contactless payments make it attractive to tech-savvy consumers.
Pros:
- High Cashback Rates: The card offers a 5% cashback on transactions with select online merchants, enhancing savings for regular online shoppers.
- Milestone Benefits: Achieving quarterly spending targets can yield additional rewards, incentivizing higher spending.
- Additional Perks: Features like fuel surcharge waivers and contactless payments add to the card’s overall value.
Cons:
- Capped Cashback: Monthly cashback caps may limit earnings for high spenders, potentially reducing the card’s appeal to this demographic.
- Exclusions: The absence of cashback on certain categories, such as fuel, rent, and specific other transactions, may be a drawback for some users.
- Foreign Currency Markup: A relatively high markup of 3.5% on international transactions could deter frequent international travelers.
In comparison to other cashback credit cards, the HDFC Millennia Credit Card holds its ground but faces stiff competition. For instance, the SBI Cashback Credit Card and the HDFC Swiggy Credit Card offer 5% cashback on online transactions with fewer exclusions and automatic statement credits, which might be more appealing to certain users. citeturn0search6
In conclusion, the HDFC Bank Millennia Credit Card is a solid choice for moderate online spenders who can maximize its cashback potential without exceeding the monthly caps. However, individuals seeking uncapped cashback or more comprehensive benefits may want to explore alternative options that align more closely with their spending habits and financial goals.
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