HDFC Bank, one of India’s biggest banking names, has limited options in terms of cashback credit cards, but the MoneyBack card does offer some exclusive features and benefits quite a very low annual membership fee. It is useful for people who tend to make frequent online purchases in a month.
HDFC MoneyBack Credit Card Features
- First year and renewable membership fee of ₹500 + applicable taxes.
- Welcome and renewal benefit of 500 reward points.
- 2 reward points on every 150 spent, this reward becomes 2X for online purchases. 100 reward points is equal to ₹20.
- Reward points can be redeemed for airmiles and attractive gifts at applicable redemption rates in the gift catalogue.
- There is no limit to earning reward points in many categories.
- Gift voucher worth ₹500 for spending ₹50,000 in a quarter.
- 1% fuel surcharge waiver for a maximum transaction of ₹400
- 50 days’ interest-free period from the date of card activation.
- The card comes with EVM-chip technology, which offers added protection of being contactless.
- On completing a minimum 4 transactions in a month, customers can get free accidental death insurance up to ₹50 lakhs.
- Free burglary and fire insurance for goods above ₹5,000.
- Zero-liability on fraudulent transactions after reporting card loss.
- Foreign exchange mark-up fee of 3.5% + service tax.
- If the card holder spends ₹90,000 within the first 90 days of card activation or spends ₹50,000 in a year, they can also get an annual fee waiver.
- Revolving credit at nominal interest rates, up to 3.5% a month.
- Zero add-on card issuance charges.
- 40% cash advance limit.
- 2.5% charges on over-limit amounts.
- Customers should have a good credit history with a stable income source.
- Age criterion of 21-65 years.
- Minimum 2,500 reward points needed for redemption.
- EasyEMI and e-wallet transactions do not accrue reward points.
- Accrued reward points are reversed if retail transactions are converted into SmartEMI.
- No access to airport lounges.
- Reward points are viable only for 2 years from the date of accrual.
- Reward points for insurance transactions are capped at ₹2,000 per transaction.
- No insurance coverage against fraudulent activities.
- Limited acceptance across online merchants.
- The accidental death insurance is applicable only for rail and road accidents.
- Reward points are accrued only for retail purchases. Cash withdrawals, fuel purchases and utility bill payments is not applicable for reward points.
- If the credit card is left unused for a year, all reward points will be nullified.
- No advantages for movie ticket bookings.
- Customers can get more benefits through other options like Citibank and Axis Bank cards, by adding ₹500 to the annual membership fee.
- Low annual fee
- Good for Indians who do extensive online shopping
- EVM chip technology
- No travel benefits
- No airport lounge access
- High foreign currency mark-up
- Limited options in partner brands, lifestyle and travel
- 2-year expiry of reward points
Have you used this card? What has been your experience so far? Please let us know in comments.
HDFC Bank MoneyBack Credit Card
Is the HDFC Bank MoneyBack credit card good value for money if it doesn’t offer comprehensive benefits? Here’s a look.