HDFC Millennia vs Axis ACE
Compare published earn rules, redemption choices and annual fees below. A cash-value winner is not calculated for this pair because the reward model does not yet cover both products.
HDFC Millennia
Listed annual fee: ₹1,000 before 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.
Decision checklist
- Match the earn categories to your merchants, not just a headline multiplier.
- Compare the redemption option you will actually use and its charges.
- Count renewal fees unless your normal eligible spend meets the waiver.
Axis ACE
Listed annual fee: ₹499 before 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.
Decision checklist
- Match the earn categories to your merchants, not just a headline multiplier.
- Compare the redemption option you will actually use and its charges.
- Count renewal fees unless your normal eligible spend meets the waiver.
How to choose
Use the lower-fee option when the extra benefits would go unused. A higher-fee card needs enough additional redeemable rewards or usable benefits to cover its incremental cost. Do not treat points from different issuers as equal cash amounts.