Even when Moneyback+ and Millennia are promoted as rewards and cashback credit cards respectively, the rewarding mechanism for both these cards is the same as both offer rewards and cashback via CashPoints. For instance, while Moneyback+ offers 10X cashpoints on selected brands, Millennia offers 5% back as cashpoints.
Let’s understand this with the following example:
| Transaction Details | Moneyback+ | Millennia |
| 5,000 spent at Amazon | 10x cashpoints: 20 CPs per Rs. 150Thus, 666 points |
5% cashback 5% of Rs. 5,000Thus, 250 points |
| Best redemption value | Rs. 0.25 | Rs. 1 |
| Valueback earned | 666*0.25= Rs. 166.5 | 250*1= Rs. 250 |
Usually, cashback credit cards have an advantage over rewards cards due to direct credit in the statement instead of an added hassle of redemption. But, despite being a cashback credit card, HDFC Millennia involves redemption of ‘cashback’. However, the differentiating factor for HDFC Millennia will always be its redemption value of 1:1 against statement balance. Here is a comparison on redemption value both cards offer againts multiple options:
| Redemption Option | HDFC Moneyback+ | HDFC Millennia |
| Product Catalog | Rs. 0.25 | upto 0.30 |
| Unified SmartBuy (Flights/Hotels) | Rs. 0.25 | 0.3 |
| Cashback | Rs. 0.25 | 1 |
| Airmiles | 0.25 airmiles | 0.30 airmiles |
Despite being entry-level cards, these cards offer multiple redemption options. Though low, the redemption value against airmile is a big pro on these cards, as it is a very rare benefit on cards in this category.
