Compare the Top Two Credit Cards of 2024- HDFC Millennia Credit Card VS Regalia First Credit Card
HDFC Bank offers innumerable credit cards, each one carefully crafted and created just for its customers. If you’re a frequent flyer obtain the HDFC Bank Miles Card, if you love dining then pick the HDFC Bank Diners Rewards Card, and if you are someone who is crazy about saving the HDFC Bank MoneyBack Card will be an ideal option to opt for. Whatever you desire HDFC Bank has it, and by using the HDFC Bank Credit Cards for making every transaction, you can accumulate various Reward points, which later on can be exchanged for goodies. What's more fascinating about these credit cards is that most of them have zero joining fees!
Paying bills will be effortless by using various payment options such as mobile banking, net banking, ATM, and cheque deposit at bank branches. Users of HDFC Bank Credit Cards can also enjoy great benefits that include impressive credit limits, cashback offers, lifetime free cards, great fuel surcharge waivers, and most of the users will definitely get blown away by the goodies offered in exchange for the Reward points.
Thus, in this blog, Fintra will highlight and compare two such credit cards that are very popular - HDFC Millennia Credit Card and HDFC Regalia First Credit Card. After gaining the insight you'll be in a better position to decide which one to opt for.
HDFC Millennia Credit Card
HDFC Bank has launched a Millennia Credit Card that caters exclusively to the lifestyles and aspirations of the millennials. The card is loaded with rewards and benefits specifically for the digital-first generation. HDFC Millennia, a cashback credit card, offers CashPoints on every transaction made on various platforms that include Amazon, Flipkart, and more. Along with the benefits of online transactions, this card also provides 1% cashback on offline spending, free lounge access, gift vouchers, etc. HDFC Bank Millennia Credit Card is also available on MasterCard, Visa Signature, and Diners Club platforms. It is enabled for contactless payments, too.
HDFC Millennia Credit Card is best suited for the needs of millennials who love to shop online and would like to get rewarded for their spendings. It is one of the best cashback credit cards in India and offers up to 5% cashback for online transactions and 1% cashback on all offline spends.
Following are the highlights about the card:
Joining and Annual Fees
- The joining fee is Rs. 1,000
- The annual fee is Rs. 1,000
Do note that the first year’s membership fee will get waived off if the individual spends Rs. 30,000 and above during the first 90 days. Even the annual fees will get waived off on spending Rs. 1 Lakh or more in the previous year. However, the Bank might also waive off the joining fees if the individual has maintained a good standing relationship or on the biases of the past transaction history with the Bank.
The HDFC Millennia Credit Card Benefits and Features
- Welcome / Renewal Benefit: Pay your membership fee and receive reward points equivalent to the fee amount. This offer is only valid when paying your membership fee
- Renewal Offer: Spend Rs. 1 lakh or more in the previous 12 months to waive the renewal membership fee for the next year
- Avail 5% Cashback on Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber and Zomato
- Avail 1% cashback on all other spends including EMI & Wallet transactions, except Fuel
- Get Rs. 1000 worth of gift vouchers on spends of Rs. 1,00,000 and above in each calendar quarter
- Up to 20% discount on partnered restaurants via Swiggy Dineout
- Zero lost card liability
- Up to 50 days of interest-free period from the date of purchase
- Revolving Credit is available at a nominal interest rate
- Enjoy amazing dining benefits with the Good Food Trail program
- Save up to 20% on your restaurant bill payments at more than 20,000 restaurants with Swiggy Dineout. This offer includes both restaurant and Swiggy discounts and is only available for payments made through the Swiggy App
- Lounge access has been added to the quarterly spend milestone program, effective from December 1, 2023. Once a user achieves a quarterly spend milestone, they can choose to receive either a Dreamfolks airport lounge access voucher or a Rs. 1000 voucher from a list of available brands
- 1% fuel surcharge waiver at all fuel stations in India. This is valid on transactions between Rs. 400 and Rs. 5000
- Convert big spends into EMI after purchase
- This card is equipped with contactless payment technology for added convenience and speed
Eligibility Criteria
In the HDFC Credit Card portfolio, HDFC Millennia Credit Card is an entry-level card, and due to this, the eligibility criteria are normal. Even those who have a low income may apply for this credit card. Following are the basic requirements:
- The minimum age for availing this credit card must be at least 21 years, and the maximum age must not be more than 60 years (Salaried), and for Self-Employed the maximum age is 65 years
- For the salaried individuals, they must have a monthly salary of Rs. 25,000 or more
- For self-employed individuals, the ITR income must be at least 6 Lakh per annum
To know about the documentation required for obtaining the HDFC Millennia Credit Card please click here.
Following are few drawbacks of HDFC Bank Millennia Credit Card:
The HDFC Bank Millennia Credit Card although it offers various benefits, it also has few drawbacks. Following are the few disadvantages of it:
- Reward/Cashback Program – For truly utilizing the cashback facility, the individual might have to spend quite a high amount. Thus, as a wise person, it makes no sense to bring up more bills on your card just to obtain that cash back.
- No Cashback on Fuel Spends – Unlike some other cash back credit cards, unfortunately, the Millennia Credit Card offers no cashback on fuel transaction.
- No International Lounge Access – There’s no international airport lounge access provided by this card. By providing at least 2 international lounges accesses would have enabled the occasional international travellers to enjoy the card, too.
- Cap on Cashback – There’s a maximum cashback of Rs. 750 that can be availed under 1%, 2.5%, and 5% cashback offer each.
- CashPoint Life – After one year from the year of accumulation, the CashPoints will expire. This is one of the major drawbacks of the card because you probably won’t be able to collect lot of points to avail a substantial cashback value.
- CashPoint Utilization Limit – Only when you have saved at least 2,500 CashPoints you can redeem them against the statement balance.
To apply for HDFC Millennia Credit Card, please click here.
HDFC Regalia First Credit Card
Pondering how the HDFC Regalia First came into existence? We all must be aware that HDFC Bank has been successful with their premium offering of Regalia Credit Card, everyone desires it. Speaking about the earlier times, HDFC Bank was issuing their Allmiles Credit Card for those who’re not eligible for availing the Regalia. However, just some time back, HDFC decided to stop issuing the Allmiles card, probably because the card was managed by a different loyalty partner. Hence, this is how later on the HDFC Regalia First came into existence, it was created to replace the Allmiles Credit Card. Do bear in mind that this is the Regalia First and not the original Regalia, which is one step above this credit card.
HDFC Regalia First Card is best suited for individuals who desire to get decent travel and shopping benefits from their credit card but do not wish to spend a lot on the joining and/or annual fee. This credit card is a low-fee variant of the premium travel credit card HDFC Regalia, which offers lounge access at airports in India and abroad. The Regalia First Credit Card, a premium card, consists of multi-dimensional offers on various categories such as shopping, travel, and entertainment. With a joining/annual fee of Rs. 1000, this card is also known to be best for individuals desiring to get accelerated reward points on their credit cards and save lots on travel expenses.
Following are the highlights about the card:
Joining and Renewal Fees
- The joining fee is Rs. 1000 + Applicable Taxes
- The renewal fee is Rs. 1000 + Applicable Taxes
- Welcome Benefit includes getting 1000 Reward Points and the renewal benefit of 1000 Reward Points that’s applicable only after the membership fee is realized and not applicable when the fee is waived off
The HDFC Regalia First Credit Card Benefits and Features
- Enjoy 8 complimentary domestic airport lounge access per year
- Via Priority Pass, avail 3 complimentary international lounge access per calendar year
- Avail 4 reward points on Rs. 150, on all retail spends including utilities, insurance, education, and rent
- Enjoy accelerated reward points- 5% cashback on shopping and travel spends on SmartBuy
- The Milestone Benefits are: Get 5,000 reward points (Rs.1,500) by spending Rs. 3,00,000 or more in a year and get extra 2,500 reward points (Rs.750) by spending Rs.6,00,000 or more in a year
- Avail Annual Fee Reversal by spending more than 1 lakh in the previous year, the annual fee gets waived off
- Enjoy up to 35% off on dining by using the Credit Card when spending Rs 75,000 and more every calendar quarter. One can also get a flat 25% off at 2000+ premium restaurants, an additional 10% off on InterMiles HDFC Bank Signature Club Credit Card, 1+1 on the buffet at 200+ restaurants, and early access to events and festivals such as Gourmetliciou
- The Cardholders are also eligible for getting an accident air death cover worth Rs. 50 lakhs, emergency overseas hospitalization cover worth Rs.10 lakh, and credit liability cover worth Rs. 5 lakh
- Avail Fuel Surcharge Waiver - 1% fuel surcharge waived off at fuel stations within India. This is available on a minimum transaction of Rs. 400 and a maximum transaction of Rs.5000
To know about the documentation required for obtaining HDFC Regalia First please click here.
Eligibility Criteria
One of the primary eligibility criteria for availing is that the primary applicant has to be an Indian citizen and above the age of 21 years. The age and income criteria for salaried and self-employed differ from one another. One is eligible for Regalia First Card based on the following criteria:
- For salaried people, the minimum age is 21 years and the maximum age is 60 years. Their gross monthly income should be more than Rs 40,000
- For those who’re self-employed, the minimum age is 21 years and the maximum age is 65 years. Their ITR should be more than Rs 5 lakh per annum
Following are few drawbacks of HDFC Regalia First Credit Card:
- The card doesn’t offer any rewards or benefits on other categories such as entertainment
- The default rewards rate is low, it’s 0.8%
- The travel benefits are only in the form of lounge access, there’re no air miles or co-branded benefits offered. Do bear in mind that there are various other travel credit cards in the market that offer more comprehensive benefits
- The cardholders will avail of the free Priority Pass membership only after making four retail transactions and they have to apply for the same
- The Reward Points expires after two years
- The travel insurance cover is valid only for international travels
- The complimentary insurance won’t cover add-on card members
To apply for HDFC Regalia First Credit Card, please click here.
Conclusion
As described above, the HDFC Millennia Credit Card is best suited for those who frequently do online shopping on Amazon and Flipkart, those who prefer online spendings in other categories, those who can spend Rs. 1 Lakh in a quarter to avail of milestone offer, and those who occasionally travel within India. HDFC Bank Millennia is known to offer a variety of rewards and benefits majorly across travel and cashback categories. This card is among the few cards in the market that offers domestic lounge access and travel rewards for an annual fee of just Rs. 1,000. However, in the process of trying to fit both categories, the Millennia Credit Card fails to become a decent credit card in either of them. For example, for using the card as it is meant to be used, you will have to pay lots via the card. The real cashback benefits one could get is buried under the huge layers of terms and conditions, spend capping and expiration. Fintra suggests only get this card if you are willing to spend big on it because only then you will reap its real benefits.
Speaking about HDFC Regalia First Credit Card, though it's a less-premium version of HDFC Regalia Card, the Regalia First Card will indeed be a better option for those who desire to get comparable benefits at a lower annual fee. Even the eligibility criteria for this credit card are easier. Individuals who generally put the majority of their expenses on credit cards and frequently travel will be able to make use of the benefits offered on this card to the fullest. With the launch of Regalia First Credit Card, HDFC Bank has certainly done a great thing, it has managed to introduce Premium benefits to regular customers. This card is also in line with the current generation’s expectation to meet their growing travel demands. Moreover, don’t forget that this is not just a card to hold on to, but it's the path towards getting the original Regalia which's the original premium credit card.
