HDFC Millennia vs Axis ACE

HDFC Millennia

Listed annual fee: ₹1,000 before applicable GST. Spend over ₹1L in the year before renewal for annual-fee waiver.

5% CashPoints on 10 listed online merchants (₹1,000 per calendar-month cap); 1% on other eligible spends (separate ₹1,000 per-month cap); statement redemption 1 CashPoint = ₹1. The current card-specific terms state no minimum transaction value; merchant IDs and settlement timing govern eligible posting.

Estimates use statement credit at ₹1 per CashPoint, before the ₹50 redemption fee and applicable tax. A minimum balance of 500 CashPoints is required; statement-credit redemption is capped at 3,000 points per calendar month. Travel/catalogue redemption is ₹0.30 per point. CashPoints expire after two years.

₹1,000 cap per calendar month on each cashback bucket. Quarterly lounge access is an option, not automatic. Fuel and some transaction types excluded

• dining: Only eligible Swiggy/Zomato transactions, not all restaurants.
• online: Only the ten listed online merchants; not all online shopping. SmartBuy/PayZapp transactions follow separate rules.
• entertainment: Only eligible listed merchants such as BookMyShow/Sony LIV/Cult.fit.
• shopping: Only eligible purchases at the listed online merchants, not ordinary in-store shopping.
• default: Statement-credit value before the ₹50 redemption fee and applicable tax. Uses calendar-month settlement, not the statement cycle; the issuer identifies the ten merchant MIDs, and refunds/reversals adjust CashPoints. SmartBuy/PayZapp has separate 1% base rules. Fuel, rent, government, EMI, wallet loading, cash, fees and third-party education are excluded. No minimum transaction value is stated in the current card-specific reward terms; aggregate estimates do not model transaction-level rounding or settlement-date shifts.

Full review and assumptions · Issuer reference

Axis ACE

Listed annual fee: ₹499 before applicable GST. Annual fee waived when eligible annual spend exceeds ₹2 lakh; rent (MCC 6513) and wallet loads (MCC 6540) are excluded from waiver spend..

5% on eligible electricity, water, gas, LPG, broadband, DTH and mobile recharge through Google Pay on Android; 4% on eligible Swiggy, Zomato and Ola transactions; 1.5% on other eligible spends. The 5% and 4% categories share one ₹500 cap per statement; the 1.5% base cashback is uncapped. Utility transactions outside Google Pay, fuel, EMI, wallet, rent, jewellery, insurance, education, government, gift cards and toll/road fees are excluded. Merchant IDs determine accelerated eligibility; cashback rounds to the nearest rupee per transaction and returns/EMI conversions reverse rewards. Fuel surcharge waiver is separate: 1% on ₹400–₹4,000 transactions, up to ₹500 per statement; GST on the surcharge is not refunded.

₹500 per statement cycle shared across 5%+4% categories. Payment route and merchant IDs determine accelerated eligibility; per-transaction rounding applies. Fuel earns no cashback; surcharge relief and transaction fees have separate terms

• default: Illustrative broad-category estimate assumes each rupee qualifies and applies the published percentage before per-transaction rounding. Actual accelerated eligibility depends on Google Pay for Android or the named merchant's MID; transaction rounding, returns and reversals can change credited cashback.
• dining: 4% applies only to eligible Swiggy, Zomato and Ola transactions identified by issuer merchant IDs, not every restaurant or food transaction.
• utilities: 5% applies only to listed bill payments/recharges made with Axis ACE through Google Pay on Android; other utility platforms do not qualify.

Full review and assumptions · Issuer reference