Our Verdict
The HDFC moneyback credit card was launched by HDFC Bank in September 2021 and is in competition with cards by Axis Bank and SBI, both of which have done well in the credit card market. This card has instant cashback on every transaction and a few other features, but the reward point pay back percentage is a little low — on spending INR 150 the spender doesn’t even receive 1% of the spends back as reward points.
HDFC MoneyBack Credit Card
Annual Fee
INR 500 + GST
Welcome Benefit
Get 500 reward points (applicable only on payment of joining fee)
Reward Points
2 Reward Points on every INR 150 spent
Annual Fee
INR 500 + GST
Welcome Benefit
Get 500 reward points (applicable only on payment of joining fee)
Reward Points
2 Reward Points on every INR 150 spent
- Reward points on all purchases
- Fuel surcharge
- Reward points are valid for two years from the date of accumulation
- Value of reward points is very low and not even 1% of the purchase
- The credit cardholder can only redeem 50% of the booking cost while redeeming reward points
Features of MoneyBack Credit Card
- Joining fee of INR 500 + GST
- Renewal fee of INR 500 will be charged every year
Welcome Benefits
- Every new card will get 500 reward points if the joining fee has been paid and if that fee has not been charged by the bank under some special offer then there will be no reward points.
Reward Points:
- 2 reward points on a spend of INR 150 each time.
- Up to 2X features for online shopping. This means 4 reward points on an online spend of INR
- 150 (maximum 500 reward points per statement cycle for online spends).
On spending INR 50,000 in a calendar quarter there will be a gift voucher of INR 500.
Redeeming Reward Points:
- Reward points can be redeemed as per the statement balance at the rate of 1 reward point = INR 0.20
- Reward points can be used for flight and hotel bookings:
- The credit cardholder can only redeem 50% of the booking cost
- SmartBuy reward portal provides the catalogue for such spends
- The value of 1 reward point = INR 0.20
- Can be used as air miles for booking airlines tickets, the value will be INR 0.25
Reward Points Validity:
- Reward points are valid for two years from the date of accumulation.
How to Apply: You can apply online by visiting the HDFC website or physically by visiting a branch.
Additional Features of HDFC MoneyBack Credit Card
Fuel Surcharge Waiver
- A 1% surcharge on fuel will not be charged on transactions.
- Minimum transaction in a month should be INR 400
- The maximum surcharge remission that one can get is INR 250 in a billing cycle
Zero Lost Card liability: The cardholder will have to inform the HDFC 24-hour call center within 24 hours of losing the card for zero lost card liability, in case the card holder fails to do so the company will deal with the case depending on the severity of the case.
Interest Free Credit Period: There is up to 50 days of interest free period from the date of purchase.
Revolving Credit: Revolving credit is available on this credit card
What is revolving credit?
In revolving credit, the cardholder borrows against his or her line of credit given by the credit card company. One is free to borrow against this credit limit every month as per the convenience.
It is okay to use it till you are repaying it on time, if not it can hamper your credit score drastically.
Eligibility
This card is only available for Indian nationals.
Criteria for salaried applicant is:
- Age between 21 and 60.
- Monthly income of INR 25,000
Criteria for self-employed applicants is:
- Age between 21 and 65.
- Income: Income tax return (ITR) of INR 6.0 lakh per annum