Compare: HSBC Cashback Credit Card Vs. HDFC Millennia Credit Card

Both credit cards reward you with welcome benefits either by giving vouchers or reward points. Here are the details regarding the welcome benefits offered by both cards:

HDFC Millennia Credit Card: 1,000 Cash Points on the payment of membership fee.

HSBC Cashback Credit Card: You can avail below-mentioned welcome benefits* via this credit card on a single transaction of a minimum of Rs. 2,500 within 30 days of card issuance:

• Amazon vouchers (worth Rs. 500)
• Swiggy voucher (worth Rs. 500)
• Sony LIV 12-month membership
• Myntra vouchers Rs. 300 x 5 (worth Rs. 1,500)
• Ajio vouchers Rs. 600 x 5 (worth Rs. 3,000)
• 3 complimentary airport lounge access at domestic and international lounges or 3 meal-vouchers

*Introductory offers are valid on HSBC Cashback Credit Card from 1 Oct 2022 till 31 Dec 2022.

If we look at welcome benefits, then it is clear that HSBC Cashback wins over HDFC Millennia. This is majorly because HSBC Cashback Credit Card offers welcome benefits on shopping and travel categories without any joining fee. On the other hand, HDFC Millennia compensates for the joining fee of Rs. 1,000 by providing reward points worth its value. Overall, if you are looking for a card that offers decent welcome benefits, then you should go for HSBC Cashback Credit Card, especially if you frequently shop online.

Both cards reward you for your purchases in the form of cashback. However, HSBC Cashback offers direct cashback and Millennia offers Cash Points which you can redeem as per your requirements. Details regarding the cashback benefits offered by these cards are as follows:

When it comes to cashback, both cards reward you with cashback differently. HSBC Cashback offers direct cashback on your purchases without any maximum limit. On the contrary, HDFC Millennia Credit Card rewards you with Cash Points (Max. 1,000 Cash Points per month for each category) which you can redeem against the statement balance or other categories.

Here is a detailed example to help you understand how both cards work:

Illustration 1:

Let’s suppose you made a purchase of Rs. 1,000 on Myntra.

So, with HSBC Cashback Credit Card, you will get a direct cashback of 1.5%, which sums up to Rs. 15. But, with HDFC Millennia, you will get 5% cashback or 50 Cash Points on the same transaction. You can redeem the Cash Point at a value of 1 Cash Point = Re. 0.30, except against the statement balance where 1 Cash Point = Re. 1. Thus, with Millennia, you will get a cashback of around Rs. 15 on spending Rs. 1,000.

Illustration 2:

Let’s suppose you made an offline purchase of Rs. 2,000 by swiping your card at the POS machine.

With HSBC Cashback, you will get a direct cashback of Rs. 20, whereas HDFC Millennia will reward you with 20 Cash Points for this purchase. The overall benefit you can avail with Millennia will be around Rs. 6.

Therefore, it is clear that both cards reward you with similar benefits on your online purchases. However, apart from online and merchant purchases, HSBC Cashback offers better benefits as compared to Millennia. If you are looking for a card that offers direct cashback on your online and offline purchases, then HSBC Cashback would be a better option. However, if you want a card that offers reward points which you can later redeem against various categories or statement balance, then you can go for HDFC Millennia.

Suggested read: Popular Cashback Credit Cards in India

If we look at lounge access benefits, then HDFC Millennia offers 8 complimentary domestic lounge access per calendar year (Max. 2 in a quarter). On the other hand, HSBC Cashback does not offer any travel benefits. But, you must note that not providing any travel benefits by HSBC Cashback is also justified as it offers 3 complimentary airport lounge access at domestic and international lounges or 3 meal vouchers in terms of welcome benefits.

However, in general, not providing any lounge access might be a drawback for HSBC Cashback as some of the low annual fee credit cards also offer lounge access benefits. Therefore, if you are someone who frequently travels and is looking for an option that offers complimentary lounge access, then HDFC Millennia Credit Card would be a better choice.

Also read: Top Credit Cards for Airport Lounge Access

Apart from the above-mentioned benefits, both cards are also loaded with some basic privileges, such as fee waiver, fuel surcharge waiver, milestone benefits and dining discount. Details regarding the same are as follows:

Annual Fee Waiver: Both cards offer an annual fee waiver on spending Rs. 1 lakh in a year. If you frequently use your credit card, then achieving the spending milestone of Rs. 1 lakh annually is not a big deal. You can avail these credit cards for free just by spending approximately Rs. 8,000 every month. Hence, in terms of renewal benefits, both cards reward you with an annual fee waiver.

Fuel Surcharge Waiver: HDFC Millennia offers a fuel surcharge waiver of 1% on your transactions between Rs. 400 to Rs. 5,000. You can earn a maximum cashback of Rs. 250 per statement cycle. On the other hand, HSBC Cashback does not offer any benefit on your fuel transactions. Therefore, in terms of fuel benefits, HDFC Millennia has an upper hand over HSBC Cashback as a fuel surcharge waiver is a basic benefit that even most of the entry-level credit cards come with this benefit.

Milestone Benefit: HDFC Millennia Credit Card rewards you with gift vouchers worth Rs. 1,000 on spending Rs. 1 lakh or above in each calendar quarter. However, the spending milestone of Rs. 1 lakh in a quarter might be high for a lot of people. But, if we look at HSBC Cashback, then it does not offer any milestone benefit. Hence, HDFC Millennia is better when compared to HSBC Cashback.

Additional Benefit of HSBC Cashback

It is clear that HSBC Cashback does not offer some basic benefits, but o apply for these cait offers some exclusive deals or discounts on brands like Amazon, Blinkit and more. However, you must note that you should keep a check on the official website as these brands keep changing every month.

Apart from monthly deals, you can also save on your transactions at partnered brands, including BookMyShow, Tata CLiQ, etc. Here are the details:

• BookMyShow: Buy one get one movie ticket free (Up to Rs. 250) on Saturdays
• Tata CLiQ: 15% instant discount on select products in lifestyle, electronics and luxury categories

Based on the comparison we have made, it is clear that with a low annual fee as compared to HDFC Millennia, HSBC Cashback is a better credit card because of its direct cashback and welcome benefits. It is a better option if you prefer to earn cashback instead of rewards. However, HDFC Millennia offers better travel and milestone benefits along with some basic privileges like dining discount or fuel surcharge waiver.

Overall, your decision between these two credit cards totally depends on your requirements. If you are more inclined towards rewards and travel benefits, then you should go for HDFC Millennia. On the other hand, if you want to earn direct cashback on your purchases along with welcome benefits, then HSBC Cashback Credit Card is a good option with a lower annual fee.