Millennia Vs Easy EMI Card- How Do They Compare?
The youth in today’s world have very different aspirations than their previous generations. Living life to the fullest and making the most of every moment, calls for different spending patterns and financial habits.
To encourage these people to live their dreams, HDFC Bank has introduced Millennia Credit Card and EasyEMI Credit Card. In this blog, we will explore their details.
What Is HDFC Millennia Credit Card?
HDFC Bank has introduced a credit card, especially for millennials who prefer to live their lives making memories. They focus on making the most of every moment and the HDFC Millennia Credit Card helps them to do so.
Features of HDFC Millennia Credit Card
Let us look at the features of Millennia Cards:
- You can avail 5% cashback on BookMyShow, Amazon, Flipkart, Cult.fit, Myntra, Swiggy, Sony LIV, Uber, Zomato and Tata Cliq.
- If you spend ₹1,00,000 or above in every calendar quarter, you can receive gift vouchers worth ₹1,000.
- You will receive 1,000 cash points after you pay the membership fee.
- Get 1% cashback on every other spend including wallet transactions and EMI. But, this feature will not be available on fuel.
- Upto 20% discount on partner restaurants via Dine Out.
- Get 8 complimentary airport lounge access in India in a financial year (2 in a quarter).
- You can avail 1% fuel surcharge waiver at every fuel station all over India. While the minimum transaction has to be ₹400, the maximum amount is set at ₹5,000. The amount for maximum waiver is set at ₹250 per statement cycle.
- Joining/Renewal Fees: ₹ 1,000/- + Applicable Taxes. Spend ₹ 1,00,000 or more in a year, before your Credit Card renewal date and get your renewal fee waived off .
Eligibility Criteria for HDFC Millennia Credit Card
Detailed below are the eligibility criteria for availing this credit card:
- Salaried applicants must be Indian nationals between 21 years and 40 years and their gross monthly income should be a minimum of ₹35,000.
- Self-employed applicants must be Indian nationals between 21 years and 40 years with a minimum income of ₹6 lakh per annum.
What Is the HDFC EasyEMI Credit Card?
HDFC EasyEMI Credit Card is an entry-level cashback-based credit card. The most unique feature of this credit card is that it automatically converts every purchase exceeding ₹10,000 to EMIs for 9 months. All its features will be discussed in detail, below.
Features of HDFC EasyEMI Credit Card
Let us take a detailed look at its features:
- For wallet reloads and offline spends, you can receive a 1% CashBack (Minimum transaction size of ₹100, maximum CashBack = ₹750 / calendar month).
- You can receive 2.5% cashback for all online spending but ₹2,000 has to be the minimum transaction size. The maximum cashback you will receive is ₹750 per calendar month.
- 5% cashback on Flipkart, Amazon, hotel and flight bookings and on shopping via SmartBuy and PayZapp. But, the size of the minimum transaction has to be ₹2,000 (Max ₹1000 CashBack per calendar month in first 6 months, Max ₹ 750 CashBack post 6 months from card issuance).
- As already mentioned, every purchase of ₹10,000 or more is automatically converted to EasyEMI for 9 months. Keep in mind that a processing fee of ₹99 + GST and RoI of 1.67% per month will be applicable.
- An important point you need to keep in mind is that auto-conversion is not applicable for transactions relating to fuel, gold and jewellery. The processing of auto EMI conversion will take place only after 5 business days from the date of the transaction.
- Joining/Renewal Fees: ₹ 500/- + Applicable Taxes (joining fee is waived if the cardholder spends a minimum ₹20,000 in the first 90 days of card membership). Spend ₹ 50,000 or more in a year, before your Credit Card renewal date and get your renewal fee waived off .
Eligibility Criteria for HDFC EasyEMI Credit Card
Discussed below are the eligibility criteria:
- Salaried applicants need to be Indian nationals between 21 years and 60 years with a monthly income of a minimum ₹10,000.
- Self-employed applicants need to be between 21 years and 65 years and must have an income of a minimum ₹6 lakh per annum.
HDFC Millennia Vs HDFC EasyEMI Credit Card
Check the following table to go through the differences and important points between these two credit cards:
|HDFC Millennia Credit Card||HDFC EasyEMI Credit Card|
|Cardholders can earn a maximum of ₹2,000 CashPoints in a statement cycle.||Cardholders can earn a maximum of 750 CashPoints every month in three categories respectively. The three categories are (i) 5% CashBack on financial transactions on specified online/eCommerce stores, (ii) 2.5% CashBack on all online spending, and (iii) 1% CashBack on offline transactions and wallet reloads.|
|Cardholders receive 1,000 cash points after they become members by paying the joining fee.||Cardholders receive 500 cash points as welcome benefits after they pay the joining fee.|
|Cardholders receive gift vouchers worth ₹1,000 if they spend ₹1 lakh in a calendar quarter.||Cardholders receive gift vouchers worth ₹1,000 if they spend ₹1 lakh in a quarter. But, this is applicable for the first year only.|
|2 domestic airport lounge access every quarter||Not Applicable|
|Avail upto 20% discount at every partner restaurant with Dineout||Not Applicable|
|The membership fee is ₹1,000 per annum plus GST. But this amount is waived off at renewal if the cardholder spends ₹1 lakh annually.||The membership fee is ₹500 per annum plus GST. But, the joining fee is waived if the cardholder spends a minimum ₹20,000 in the first 90 days of card membership. The renewal fee will be waived if cardholders spend a minimum of ₹50,000 in a year.|
In conclusion, it can be said that HDFC Millennia Credit Card is an excellent option for new-to-credit young professionals and first-time cardholders because of its multiple benefits. However, HDFC EasyEMI Credit Card offers the unique benefit of automatic conversion of purchases above ₹10,000 into EMIs. This feature makes it a good option for applicants in the lower-income category.
Frequently Asked Questions
How can I increase my HDFC Millennia credit card limit?
Contact HDFC Bank’s customer care service and raise a request for enhancing or upgrading the credit card limit. You can also visit the official website of the bank, download the ‘credit card upgrade/limit enhancement form’, fill it up and email it to the email ID provided. Do not forget to attach and submit your income with your application.
Is it wise to use up your entire credit card limit?
It is true that you can spend your entire credit card limit, but financial advisors do not recommend it. In short, you can but you should not. This is because a credit utilisation ratio exceeding 30% can lower your credit score.
How can I check the status of my application for the HDFC EasyEMI credit card?
When you submit your application, you will receive a 16-digit reference number, with which you can track your application status. You need to visit HDFC Bank’s official website, insert your 16-digit reference number, date of birth and mobile number and check the status of your credit card application.
The credit limit for a credit card has been exhausted. Should I apply for a new credit card?
Ideally, if you are faced with this situation, you should not apply for a new credit card. First, formulate a budget and work hard to pay off the outstanding debt which you have accumulated on the first credit card. It is a better idea to limit the number of credit cards you have in this situation.
What are some of the factors affecting the eligibility criteria of a credit card applicant?
Please note that the eligibility criteria vary from one lender to another. But, there are certain influencing factors that lenders take into account. These factors are an applicant’s income, age, credit history and nationality.