Quick Verdict

  • The HSBC Visa Platinum Credit Cardⓘ wins for everyday spend due to its higher base reward rate and better dining rewards.
  • The IDFC First Millennia Cardⓘ offers value for domestic lounge access, making it the better choice for those who prioritize lounge visits.
  • Both cards have no joining or annual fees, so they are equally cheap to hold.
  • Pick HSBC Visa Platinum for better rewards on dining and shopping as a first cardholder; choose IDFC First Millennia if you want free domestic lounge access with a lifetime-free card.

Side by Side

DetailHSBC Visa Platinum Credit Card ⓘIDFC First Millennia Card ⓘ
Annual feeNil (lifetime free)Nil (lifetime free)
Joining feeNil (lifetime free)Nil (lifetime free)
Reward rate0.67% base, 2% dining0.5% base
Reward typepointspoints
Domestic loungeNone4 per year (Rs 20,000 monthly spend gate)
International loungeNoneNone
Forex markup3.5%3.5%
Best suited forlifetime-free, first-card, dining, shoppinglifetime-free, first-card, shopping

Rewards Compared

The HSBC Visa Platinum Credit Cardⓘ yields Rs 67 on Rs 10,000 spent as a base reward, with an elevated Rs 200 return on dining spend of the same amount. This makes it especially rewarding for customers who frequently dine out, offering triple the base return in that category. On the other hand, the IDFC First Millennia Cardⓘ offers a straightforward Rs 50 for every Rs 10,000 spent, without category-based enhancements. This difference means HSBC’s card is more lucrative for dining and general spending, while IDFC Millennia provides a consistent but lower return.

Fees Compared

Both cards have no joining or annual fees, making them cost-effective choices for anyone reluctant to pay fees. The IDFC First Millennia Card requires a monthly spend of Rs 20,000 to access four domestic lounges annually, but this does not affect fee waiver since there is no fee. Since neither card charges fees, there is no break-even spend threshold to consider, making them equally affordable to hold.

Which One Should You Pick

Choose the HSBC Visa Platinum Credit Cardⓘ if you want a lifetime-free card with a better reward rate overall and excellent dining returns. It is ideal for first-time cardholders looking for a no-fee option that rewards everyday dining and shopping without lounge access needs. However, if you do not dine out much and prefer lounge access, the IDFC First Millennia Cardⓘ is a better pick, offering four domestic lounge visits annually and similar lifetime-free benefits. It suits shoppers who want occasional lounge perks with no fees and are okay with a lower reward rate.

Skip the HSBC Visa Platinum if you require lounge access as it offers none. Skip the IDFC First Millennia if you prioritize rewards earnings, especially dining, since its base and category rewards are lower.

What to Check Before You Apply

  • Check if the domestic lounge visits on the IDFC First Millennia Card are subject to a monthly Rs 20,000 spend gate.
  • Review how each card’s points can be redeemed and the effective value you get beyond the stated reward rates.
  • Confirm the exact spend pattern needed to maximize fee waivers or benefits in case these change.
  • Consider the 3.5% forex markup on both cards if you plan to use them for international transactions.
  • Verify which airports and gates the domestic lounges are located in to ensure convenient access.

FAQ

What is the forex markup fee on these cards?+
Both the HSBC Visa Platinum Credit Cardⓘ and the IDFC First Millennia Cardⓘ charge a 3.5% markup on foreign currency transactions. This is standard across most Indian credit cards.
Are there any welcome benefits for these cards?+
Yes, HSBC Visa Platinum offers a ₹250 Amazon voucher on activation. IDFC First Millennia provides 5% cashback on the first EMI spend up to Rs 1,000 and additional welcome gift vouchers worth Rs 500 upon spending Rs 5,000 within 30 days.
Do these cards provide international lounge access?+
No, neither card offers international lounge access. The IDFC First Millennia Card provides four domestic lounge visits per year, subject to a monthly spend gate of Rs 20,000.
Is there any joining or annual fee for either card?+
Both cards have no joining fee or annual fee and are lifetime free, making them cost-effective choices.
Which card is better for dining rewards?+
The HSBC Visa Platinum Credit Card stands out with a 2% reward rate on dining spend compared to the IDFC First Millennia’s flat 0.5% reward rate, making HSBC better for dining enthusiasts.