HDFC Bank Millennia Credit Card
A cashback credit card by HDFC Bank, the Millennia Credit Card targets the Gen-Y – the ‘90s kids or the millennials. As a basic entry-level credit card, this card has an annual fee of ₹1,000. Keeping its target customers in mind, HDFC Bank offers a 5% cashback on ten popular merchants in India including Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber, and Zomato, and a cashback of 1% on all other eligible online and offline spends. As the card gives you a reward rate of 5% on Amazon and Flipkart, you are essentially getting the benefit of both Amazon Pay ICICI and Flipkart Axis Credit Card (and much more) in one card. The cashback earned with the card is processed as CashPoints, which can be redeemed against the card’s statement balance for flight/hotel reservations or for purchasing products from the HDFC product catalog. Also, the card offers great gift vouchers for meeting the milestone spend criteria of ₹1 lakh every quarter. Keep reading our HDFC Bank Millennia Credit Card review to know more about the card, its offerings, fees and charges, and other information.
Rewards and Benefits
Fees & Charges
What should you consider before applying for a credit card in India?
Before applying for a credit card in India, consider the following factors:
- Eligibility Criteria: Check the age, income, credit score, and employment status requirements set by the bank or financial institution.
- Credit Score: A higher credit score increases your chances of approval and may result in better offers. Ensure your credit score is in good standing.
- Interest Rates and Fees: Compare annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction fees. These can vary significantly between cards.
- Rewards and Benefits: Look for cards that offer rewards, cashback, discounts, or other perks that align with your spending habits.
- Credit Limit: Make sure the credit limit offered is in line with your financial needs. Avoid over-borrowing, which can lead to high-interest charges.
- Repayment Terms: Understand the repayment options, minimum payment amount, and due dates. Consider how easily you can manage timely payments to avoid interest accumulation.
- Card Type and Features: Choose a card type (e.g., standard, premium, travel, etc.) based on your requirements. Some cards offer more benefits for specific categories like travel, shopping, or dining.
- Bank’s Reputation: Opt for a bank with a good track record of customer service and transparency. Read reviews and consider their customer support accessibility.
- Hidden Charges: Be aware of any hidden fees, such as annual fees, balance transfer charges, and cash withdrawal fees.
- Credit Utilization: Ensure you can manage your spending within the credit limit to maintain a healthy credit utilization ratio, which impacts your credit score.
- Long-Term Financial Plans: Think about how the credit card will fit into your long-term financial goals and avoid accumulating unnecessary debt.
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