With a number of features, the IDFC FIRST Millennium Credit Card meets the needs of today’s consumers. It offers speedy reward points on areas like grocery, restaurants, and internet shopping, along with hefty incentives. It guarantees accessibility and value for money with no membership fees and an annual fee waiver upon achieving a specific spending level.
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Joining Fee
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NIL
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Annual Fee
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NIL
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Joining Benefits
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3 reward points per ₹150 spent on offline spends
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Pros
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- Provides users with substantial discounts by offering alluring cashback returns on a range of categories, including dining, grocery, and utility bill payments.
- Offers deals and discounts for travel, leisure, and shopping, improving consumers’ overall quality of life.
- Has no enrollment fees, making it affordable for a larger group of clients without any up-front expenses.
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Cons
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- It imposes a hefty minimum income requirement, which can disqualify some applications.
- It may not be as well-liked as more established card issuers because it is a relatively recent addition to the credit card industry.
- Incurs foreign transaction fees, which may raise the price for tourists visiting other countries.
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Key Features
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- 1X= 1 Reward Point per ₹150 spent
- Redemption value of 1 Reward Point = ₹0.25
- Rent payment will accrue reward points at 3X rate, however, they will not be a part of 10X reward program and 10X threshold calculations
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Eligibility
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- Age: Minimum 21 years
- Annual Income: ₹3 lakhs
- Documents Required: Proof of Identity (Available to both Salaried and Self-employed), Proof of Address (Aadhaar card, Driver’s License, Passport, Utility Bill not more than 3 month’s old, Ration Card, Property Registration Document), Proof of Income (Latest one or 2 salary slip (not more than 3 months old), Latest Form16, Last 3 months’ bank statement)
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Opinion: The IDFC FIRST Millennia Credit Card stands out with its appealing features such as cashback rewards on various spending categories and lifestyle benefits. However, its stringent eligibility criteria, limited acceptance compared to more established issuers, and foreign transaction fees could deter potential applicants seeking a hassle-free credit card experience.