IDFC FIRST Millennia vs Axis ACE 2026: Free Card or 2% Cashback?

IDFC FIRST Millennia and Axis ACE are both popular first cards, but they solve different problems. Axis ACE earns far more on everyday spending, with 2% cashback as a floor and up to 5% on Google Pay bills. IDFC FIRST Millennia earns much less, but it is lifetime free, charges no forex markup and starts with one of the lowest interest rates in BestCard's data. For most people, ACE is the better primary card and Millennia is a useful free backup, especially for foreign spends.

Side-by-side comparison

Feature	IDFC FIRST Millennia	Axis ACE
Network	Visa	RuPay
Joining fee	₹0	₹499
Annual fee	₹0	₹499
Fee waiver spend	Not needed	₹2,00,000/year
Base reward rate	0.375%	2%
Dining	1.25% (10X points)	2% (base)
Travel	1.25% (10X points)	2% (base)
Online shopping	0.375% (base)	4%
Utilities / bills	0.125%	5% via Google Pay
Bonus cap	None listed	₹500/month combined on 5% and 4%
Reward type	Points, 25 paise each	Cashback
Redemption fee	₹99 + GST per request	None
Forex markup	0%	3.5%
Lounge access	Railway, 4/quarter after ₹20,000 monthly spend	4 domestic airport visits/year
Interest rate	From 0.71% a month	3.6% a month
Min monthly income	₹25,000	₹15,000

All figures reflect BestCard's latest card data. Check IDFC FIRST Bank's and Axis Bank's current terms before applying.

How the rewards actually work

IDFC FIRST Millennia

IDFC FIRST Millennia advertises 10X points on dining and travel, but each point is worth 25 paise, so that works out to 1.25%. Most other spends earn 0.375%, and utilities earn 0.125%. Points carry a two-year validity, and each redemption costs ₹99 plus GST. The app offers bonus value on some hotel and flight redemptions. New cardholders get a welcome voucher worth up to ₹500 and 5% cashback (up to ₹1,000) on their first EMI transaction within 30 days.

Axis ACE

Axis ACE pays 5% cashback on bill payments made through Google Pay and 4% on online shopping. Those two bonuses share a ₹500 monthly cap. Every other spend earns a flat 2% with no cap, and cashback goes straight to your statement.

Worked example 1: ₹20,000 a month

Split: ₹3,000 bills, ₹6,000 online, ₹4,000 dining, ₹2,000 travel, ₹5,000 other.

IDFC FIRST Millennia

• Bills: 0.125% × ₹3,000 = ₹3.75
• Online: 0.375% × ₹6,000 = ₹22.50
• Dining: 1.25% × ₹4,000 = ₹50
• Travel: 1.25% × ₹2,000 = ₹25
• Other: 0.375% × ₹5,000 = ₹18.75
• Total: ₹120 a month, ₹1,440 a year, before the ₹99 + GST redemption fee

Axis ACE

• Bills: 5% × ₹3,000 = ₹150
• Online: 4% × ₹6,000 = ₹240
• Bonus total ₹390, under the ₹500 cap
• Dining, travel and other: 2% × ₹11,000 = ₹220
• Total: ₹610 a month, ₹7,320 a year

At ₹2.4 lakh a year, ACE's fee is waived. ACE earns about ₹5,900 more. This spend level does unlock Millennia's railway lounge visits, since you spend ₹20,000 in the month.

Worked example 2: ₹15,000 a month plus a ₹1 lakh foreign trip

Domestic split: ₹2,000 bills, ₹5,000 online, ₹3,000 dining, ₹5,000 other. Once a year you also spend ₹1 lakh abroad.

IDFC FIRST Millennia

• Bills ₹2.50 + online ₹18.75 + dining ₹37.50 + other ₹18.75 = ₹77.50 a month, ₹930 a year
• Foreign trip: 0% markup, but no points from 26 October 2026
• Total: about ₹930 a year, with no forex cost

Axis ACE

• Bills 5% (₹100) + online 4% (₹200) + other spends 2% × ₹8,000 (₹160) = ₹460 a month, ₹5,520 a year
• Foreign trip: 3.5% × ₹1,00,000 = ₹3,500 markup, plus 18% GST = ₹4,130
• If foreign spends earn the 2% base, add ₹2,000
• Annual spend of ₹2.8 lakh clears the ₹2 lakh waiver
• Total: ₹1,390 to ₹3,390 a year after forex costs

ACE still comes out ahead, but the trip wipes out most of its lead. The best result here is to use both: ACE at home and Millennia abroad. ACE's domestic spend of ₹1.8 lakh then falls short of the waiver, so you earn ₹5,520 minus the ₹499 fee, about ₹5,021 a year, with no forex cost.

Lounge access and travel

Axis ACE lists 4 complimentary domestic airport lounge visits a year at select airports, unlocked by ₹50,000 of spend in the previous three months. IDFC FIRST Millennia offers railway lounge access instead, 4 visits a quarter, but only in months where you spend ₹20,000. Millennia's 0% forex markup is its biggest travel advantage, though the loss of reward points on international spends from 26 October 2026 takes some shine off it. See our railway lounge access guide and best zero forex markup credit cards for more.

Redemption

ACE credits cashback automatically with no fee. Millennia's points must be redeemed through IDFC, and each request costs ₹99 plus GST. On ₹1,440 of yearly points, one redemption takes away about 8% of the value, so it makes sense to save points and redeem once. Millennia also adds up to 20% off at 1,500+ partner restaurants, 25% off movie tickets (up to ₹100) once a month, and ₹2 lakh personal accident cover.

Fees and waivers

Millennia costs nothing to hold, ever. ACE costs ₹499 a year, waived on ₹2 lakh of annual spend, about ₹16,700 a month. Even below the waiver, ACE's 2% floor usually covers the ₹499 within a few months.

Millennia's interest rate starts at 0.71% a month in BestCard's data, against 3.6% on ACE. If you sometimes carry a balance, that matters more than any reward rate. ACE asks for ₹15,000 a month of income and Millennia ₹25,000.

Who should pick which

Choose IDFC FIRST Millennia if:

• You want a card with no fees to track, ever
• You spend abroad and want to avoid forex markup
• You occasionally carry a balance and want a lower interest rate

Choose Axis ACE if:

• You want the highest everyday cashback at this price
• You pay utility bills through Google Pay
• You spend ₹2 lakh or more a year, so the fee is waived

Verdict

Axis ACE is the better card for earning rewards, and it isn't close at any spend level we tested. IDFC FIRST Millennia is a good free second card for foreign spends and for anyone who values a low interest rate over rewards. Holding both costs at most ₹499 a year.

For more detail, read our IDFC FIRST Millennia review and Axis ACE review, or see IDFC FIRST Millennia vs SBI SimplyClick. Our best no annual fee credit cards list covers other free options, and you can compare both cards on BestCard's compare tool.