HDFC Bank Millennia Credit Card

​In this day and age, where everything is digital, credit cards have gone from very basic financial tools to necessary sidekicks to modern consumers who are offered all sorts of conveniences, practicality, security and even a range of rewards depending on lifestyle. From the host of choices available out there, the HDFC Bank Millennia Credit Card stands out as a product that is created with a sharp focus on appealing to the millennial generation with their aspirations and the way they spend.​

This card isn’t, therefore, exclusive to extending credit, but it’s also about improving your overall credit spending experience. Made with a deep understanding of millennials’ love for online shopping, dining, entertainment and travelling, the HDFC Millennia Credit card perfectly syncs into the online preferences of its users. Subsequently, it helps you earn substantial cash-back rewards on transactions through leading online platforms such as Amazon, Flipkart, Myntra, Zomato, Swiggy, Uber, Tata CLiQ, BookMyShow, and Cult. fit, and Sony LIV, which suits the regular habits of tech-savvy users.

In addition to cashback, the card has benefits like welcome and renewal rewards, milestone incentives, dining privileges, fuel surcharge waiver, complimentary domestic airport lounge access and so on. The combination of these features makes this tool a holistic financial tool that enables transactions and rewards the users for their lifestyle choices.

As one of the most competitive HDFC credit cards on the market with a very attainable eligibility criteria and a lot of value for your money as well as with a host of lifestyle benefits, the HDFC Millennia Credit Card is a good choice for young professionals or entrepreneurs who want to make the most out of their money.​

Millennia Credit Card Key Features and Benefits

Cashback Rewards

The HDFC Millennia Credit Card is one of the cards with an attractive cashback structure. Upon using Amazon, Flipkart, Myntra, Zomato, Swiggy, Uber, Tata CLiQ, BookMyShow, Cult.fit, Sony LIV for any purchase, cardholders earn 5% cashback. This benefit is aimed at online shopping and digital services users who shop frequently. Apart from EMI spends and wallet loads, the card also provides a 1% Cashback on all other transactions, thus helping in savings even on routine spends. ​

Welcome and Renewal Benefits

As the cost of joining the club, new cardholders are given 1,000 CashPoints as a welcome benefit. Also, on renewal 1,000 CashPoints are credited when renewing and paying the renewal fee. For example, these CashPoints can be exchanged for rewards like other statement credit or added value to the card membership. ​

Milestone Benefits

For more spending, the card also has a ₹1,000 gift voucher for every ₹1,00,000 spent in a calendar quarter. It also means an extra benefit of up to ₹4,000 a year for the cardholders who manage to spend in line with spending criteria, rewarding cardholders for using the card regularly. ​

Dining Privileges

At partner restaurants, anyone with a penchant for food can enjoy upto a 20 percent discount via Swiggy Dineout. This benefit improves the dining experience and guarantees to save money, thus it is conducive for regular diners or those ordering in often.

Fuel Surcharge Waiver

With fuel surcharge (1% of transaction from ₹400 to ₹5,000, maximum ₹250 per statement cycle). The benefit of this feature is perhaps most appreciated by commuters, providing a tangible loss on the number of fuel dollars spent on commuting. ​

Airport Lounge Access

They also get complimentary domestic airport lounge access that provides the cardholders with a little luxe and comfort in travel. Especially in the case of people who travel often and are looking for relief during the journeys, this perk is useful. ​

Millennia Credit Card Fees and Charges

Joining and Annual Fees

Joining fee of ₹1000 plus applicable taxes is applicable on the card. Also, it has ₹1,000 as the annual renewal fee, which can be waived if you spend ₹1,00,000 and more in the last year. This encourages using the card actively to be able to avail of the waiver. ​

Interest Rates

Outstanding balances are being charged with finance charges at 3.75% per month (45% per year). If you pay the total amount due before the payment due date, you will be able to take advantage of the interest free period so as not to be charged the above mentioned charges.

Late Payment Fees

The amount of the late payment charges depends on how much is outstanding: 100 rupees if the balance is till 500 rupees, 1,300 rupees if it is above 50,000 rupees. Delaying to make timely payments might cause these additional charges which, furthermore, can dent your credit score into a poor state. ​

Eligibility Criteria

Eligibility for HDFC Bank Millennia Credit Card:​

• Age: The age of the applicants should be between 21 to 40 years.​
• Monthly income: Income is a crucial factor, salaried applicants should have a minimum net monthly income of Rs 35,000 and self employed or professionals should have the annual Income Tax Return filed of at least Rs 6 lakh.​
• The applicants must be Indian nationals.​
• Eligible Candidates: Salaried professional as well as self employed.​
• Good Credit Score: A good credit score is important to show your creditworthiness and makes the loan approval chance better.​

Hence, by meeting these criteria, it ensures that the HDFC Millennia Credit Card is accessible to new generation young professionals and entrepreneurs who have a stable income and a responsible credit history.

Application Process

HDFC Bank offers HDFC Millennia Credit Card in association with DiscovCo Brands, the card involves a very simple process of application.​​

• First, Open Online Application: Go to the official HDFC Bank website and go to the Millennia Credit Card page. You can click on ‘Apply Now’ and fill in the personal as well as the financial details.​
• What are the Documents Required for Document Submission: A list of essential documents could be proof of identity (Aadhaar card, passport), proof of address (Utility Bills, Rental agreement), and proof of income (Salary Slips, ITR documents).​
• We will check your submitted application and documents after that HDFC Bank will review them. If the personal details get verified successfully then the bank will approve the application, under approval application will get credit card dispatched at the applicant’s registered address.​

The process for which an eligible applicant can obtain the card is streamlined so that there’s little hassle.

CashPoints Redemption Options

Statement Credit

Each Cash Point is equivalent to ₹1 and is utilized to offset the balance amount of the cardholder’s credit card statement. Redemptions are possible through Net Banking, Phone Banking, or on a physical redemption form; at least 500 Cash Points are required for redemption. However, let me tell you that as per the cashback redemption, a ₹50 redemption fee is imposed for each cashback redemption. ​

Travel and Product Catalogue

Alternatively, the rewards can be used to book flights and hotels, or to buy products from the rewards catalogue that can be accessed via the SmartBuy Rewards Portal. In other cases these CashPoint are priced at ₹0.30 each. For flights or hotels, up to 50% of the booking value can be paid from CashPoints while the rest is charged on the credit card. ​

Insta Vouchers

Card Holders also have the ability to redeem the CashPoints to get instant Vouchers from varied brands through NetBanking. This way enables you to make use of rewards for buying goods via accepted retailers. ​

Redemption Process

A cardholder could follow these steps to redeem CashPoints.

• Log into HDFC Bank NetBanking portal, go to ‘Cards,’ click on ‘Redeem Reward Points,’ choose the preferred redemption from statement credit, Insta vouchers or product catalogue and click on ‘Proceed.’ ​
• Contact HDFC Bank’s PhoneBanking service to redeem CashPoints as per the available options.​
• HDFC Bank Physical Form: The form of Redeem Rewards is available for download from HDFC Bank website, and you will have to send across the duly filled form to a specific address for processing.

Important Considerations

CashPoints are valid until two years from the date it has been earned. For instance, if the CashPoints are earned in May 2020, they expire in May 2022.

• Redemption Limits: From February 1, 2023, valid for up to 3,000 CashPoints per calendar month, statement credit redemptions do not exceed the USD $120 value of 3,000 CashPoints. However, you are limited to 50,000 CashPoints as redemptions for flights and hotel bookings in any given calendar month. ​
• Redemption fee: 50₹ is redemption fee for every cashback redemption against statement balance.
• HDFC Bank Millennia Credit Card holders can get the most out of their CashPoints by capitalizing on the understanding and employing appropriate redemption options and processes.

Comparative Analysis with Other Credit Cards

In order to assess how good HDFC Millennia Credit Card could be compared to other cards in the market.

HDFC Millennia Credit Card vs. HDFC Regalia Credit Card

As compared to HDFC Millennia Credit Card, the HDFC Regalia Credit Card holds the tag of being premium one with higher annual fee and income eligibility criteria; yet, offers additional travel benefits such as complimentary domestic and international lounge access along with a wider rewards program. However, in the case of people who spend a lot on online shopping and dining within India, valuable focused cashbacks available on Millennia Credit Card makes more sense. ​

HDFC Millennia Credit Card vs. HDFC MoneyBack+ Credit Card

The two cards target the cashback rewards seeker, but are different in the reward structure and benefits. The Millennia Credit Card provides 5% cashback on some online merchants along with 1% on the rest of the spends; however, it provides a higher earnings amount in terms of cashbacks. Whereas, distributions or rewards on the MoneyBack+ Credit Card have increased reward points on online spending, except it has a lower reward rate overall to that of Millennia. But if you tend to buy from the partnered merchants often, the Millennia Credit Card can offer more cashbacks. ​

Customer Experiences and Feedback

Practical insights into what HDFC Millennia Credit Card is all about are provided by user reviews and discussions. However, some users like the cashback features of the card and prefer to use it for online shopping with Amazon and Flipkart. However, others have expressed concerns around the minimum transaction amount one need to do to be eligible for the 5% cashback and the monthly cashback limit. In the same vein, a user said that transactions should be at least ₹2,000 to be eligible for the 5 % cashback and the cashback limit is ₹750 per month. 

Looking ahead

Because of this, HDFC Millennia Credit Card is a good choice for anyone who indulges in a lot of shopping online along with travel & dining on portals like Amazon, Flipkart, Zomato, Swiggy etc. The cashback structure is created on the reasoning that spending in these categories should be rewarded, with up to 5% on certain merchants and 1% on others. Since this applies to areas in which many people have expenses, it becomes especially convenient for people whose expenses match there.​

However, there are some limitations that potential cardholders should be aware of. Cashbacks are great in the sense that they are awarded as CashPoints, which are an amount of money that has to be redeemed into cash manually and expire after 2 years.

Further, cashback is capped every month for partner merchants as well as other spends — ₹1,000 for partner merchants and ₹1,000 for other spends, which may keep earning limited for high spenders. In addition to that, you won’t earn rewards for landline, fuel, rent, or government-related transactions and the transaction amount should be a minimum to qualify for 5% cash back. ​

The targeted cashback benefits that the Millennia Credit Card confers upon the cardholders are up to par when compared to other credit cards in the market such as the HDFC Regalia or MoneyBack+ cards. The Regalia card provides extended travel perks and higher reward rate on general spending, but also charges a higher annual fee and has income eligibility criteria. MoneyBack+, however, has an accelerated reward point earn rate on online spends but the overall reward rate is lower than Millennia. Therefore, for those who purchase the majority of the time on partnered online platforms, the Millennia Credit Card might be more relevant.

To sum it all up, the HDFC Millennia Credit Card thoroughly caters to the digitally savvy boomer consumer who shops online often and wishes to maximize cashback rewards on e-commerce, telecom, utilities, insurance and travel. If you plan to apply for a specific card, then first look for its fees, benefits, and limitations and accordingly evaluate your spending patterns to check if the card fits your financial requirements as well as in line with your preferences. This way, they will be able to make a better decision and might even improve the whole spending experience of their business.​