HDFC Bank Easy EMI Credit Card – Benefits, Fees & Eligibility

HDFC Bank Easy EMI Credit Card

Introduction

The HDFC Bank Easy EMI Credit Card was designed to offer customers exciting cashback offers and flexible Easy EMI conversions for eligible purchases. With a joining fee of Rs. 500 (plus GST), it provided welcome benefits including 500 CashPoints and gift vouchers. The card offered a tiered cashback system, providing 5% cashback on specific online platforms, 2.5% on all online purchases, and 1% on all offline spends, making it a comprehensive option for everyday savings. Its CashPoints could be redeemed against statement balance at a favorable rate, and both joining and renewal fees were waivable based on spending.

Welcome Benefits

• 500 Cash Points are awarded as a welcome benefit, applicable only upon payment of the membership fee.
• Gift vouchers worth ₹1,000 are provided on spends of ₹1,00,000 and above in each calendar quarter, for the first year only.

Fees

• Joining/Renewal Membership Fee: Rs. 500 + Applicable Taxes.
• Spend-Based Waiver (Joining Fee): The first year membership fee is waived if ₹20,000 or more is spent within the first 90 days after card issuance.
• Spend-Based Waiver (Renewal Fee): The renewal membership fee is waived upon spending ₹50,000 and above in the previous year.
• Auto EMI Conversion Processing Fee: ₹99 + GST, along with an interest rate (ROI) of 1.67% per month, levied on all transactions of ₹10,000 and above that are auto-converted to EasyEMI for 9 months.
• Rewards Redemption Fee: Rs. 99 + Applicable Taxes.
• Foreign Currency Markup: 3.5% on all foreign currency transactions + Applicable Taxes.
• Interest Rates: 3.6% per month (equivalent to 43.2% per annum).
• Fuel Surcharge Waiver: 1% fuel surcharge waiver at all fuel stations across India.
  • Applicable on a minimum transaction of ₹400.
  • Maximum cashback/benefit of ₹250 per statement cycle.
• Cash Advance Charges: 2.5% of the amount transacted or Rs. 500, whichever is higher.

Rewards

• CashBack Type: Cashback is provided in the form of CashPoints.
• 5% CashBack: Earned on Amazon, Flipkart, Flight & Hotel bookings when shopping via PayZapp and SmartBuy.
  • A minimum transaction size of ₹2,000 is required.
  • Maximum CashBack of ₹1,000 per calendar month in the first 6 months from card issuance.
  • Maximum CashBack of ₹750 per calendar month post 6 months from card issuance.
• 2.5% CashBack: Earned on all online spends.
  • A minimum transaction size of ₹2,000 is required.
  • Maximum CashBack of ₹750 per calendar month.
• 1% CashBack: Earned on all offline spends and Wallet reloads.
  • A minimum transaction size of ₹100 is required.
  • Maximum CashBack of ₹750 per calendar month.
• Auto EasyEMI Conversion: All transactions of ₹10,000 and above are automatically converted to EasyEMI for 9 months.
  • A processing fee of ₹99 + GST and a Return on Investment (ROI) of 1.67% per month are levied.
  • Auto conversion is not applicable on gold, jewellery, and fuel transactions.
  • Auto EMI conversion is processed after 5 business days from the date of transaction and is not processed if the Easy EMI Credit Card is in a block state.
• Fuel Surcharge Waiver: 1% fuel surcharge waiver at all fuel stations across India.
  • Applicable on a minimum transaction of ₹400.
  • Maximum cashback/benefit of ₹250 per statement cycle.
• Reward Exclusions: With effect from 1st January 2023, Rent payments and Government-related transactions will NOT earn Reward Points.
• Additional Card Features:
  • Zero Lost Card Liability: In case of losing the card, on immediate reporting to the 24-hour call centre (Toll free numbers 1800 1600/1800 2600; overseas at 022-61606160), there is zero liability on any fraudulent transactions made on the credit card.
  • Interest Free Credit Period: Up to 50 days of interest-free period from the date of purchase (subject to the submission of the charge by the Merchant).
  • Revolving Credit: Available at a nominal interest rate.

Rewards Redemption Guide

• CashBack Accrual: CashBack is given in the form of CashPoints.
• Redemption Against Statement Balance:
  • CashPoints can be redeemed against the statement balance (on request only).
  • The redemption rate against the statement balance is 1 CashPoint = ₹1.
  • A minimum CashPoint balance of 2,500 CashPoints is required for redemption against the statement balance.
  • With effect from 1st February 2023, reward points redemption for CashBack is capped per calendar month to 3,000 reward points.
• Redemption for Travel & Catalogue:
  • CashPoints can also be used for redemption against travel benefits like Flight & Hotel bookings and the Rewards Catalogue at the SmartBuy Rewards Portal.
  • The redemption value for these is 1 CashPoint = Upto ₹0.30.
  • For Flights and Hotels redemption, credit card members can redeem up to a maximum of 50% of the booking value through Reward Points; the rest of the transaction amount must be paid via the Credit Card limit.
  • With effect from 1st February 2023, cardmembers can redeem up to 70% of product/Voucher value through Reward points on select vouchers/products and pay the remaining amount via Credit card.
• CashPoint Validity: Unredeemed CashPoints will expire/lapse within 1 year of accumulation.

Card Eligibility Criteria

• For Salaried Indian Nationals:
  • Age: Minimum 21 years & Maximum 60 years.
  • Gross Monthly Income: Greater than ₹10,000.
• For Self-Employed Indian Nationals:
  • Age: Minimum 21 years & Maximum 65 years.
  • Income: Income Tax Returns (ITR) greater than ₹6.0 Lakhs per annum.

Card Review

The HDFC Bank Easy EMI Credit Card, despite its reported discontinuation, was designed as a value-packed offering for individuals seeking significant savings through cashback and convenient EMI options. Its strong cashback rates across online and offline spending, coupled with dedicated bonuses for popular e-commerce platforms like Amazon and Flipkart, made it particularly attractive for regular shoppers. The ability to auto-convert large transactions into Easy EMIs was a standout feature, providing financial flexibility. The redemption value of 1 CashPoint = Re. 1 against the statement balance was highly competitive, offering direct savings. While the card carried a nominal annual fee, the readily achievable spend-based waivers for both joining and renewal made it easy to offset this cost.

Pros:

• High cashback rates (up to 5%) on popular online platforms and for specific categories.
• Flexible auto-conversion of large transactions into Easy EMIs.
• Excellent CashPoint redemption value (1 CashPoint = Re. 1) against the statement balance.
• Waiver of joining and renewal fees based on spending.
• Provides a 1% fuel surcharge waiver.
• Offers additional security with zero lost card liability and an interest-free credit period.

Cons:

• Cashback benefits are capped monthly and may have minimum transaction requirements.
• Processing fee and interest are applicable for Easy EMI conversions.
• Certain transactions (Rent, Government, Gold, Jewellery, Fuel for auto-EMI) do not earn rewards or are excluded from EMI conversion.
• CashPoints have a validity period of 1 year.
• A rewards redemption fee applies.

Who Should Apply (Historically): This card was ideal for individuals with significant online and offline spending habits, especially those who frequently shop on Amazon, Flipkart, or book flights/hotels. It was also beneficial for consumers looking for easy EMI conversions on larger purchases and those who appreciate direct cashback value.

Current Status Note: It has been indicated that the HDFC Bank Easy EMI Credit Card has been discontinued by HDFC. Therefore, new applications for this card are likely not being accepted.

Important Product Details

• CashBack Structure:
  • 5% CashBack on Amazon, Flipkart, Flight & Hotel bookings via PayZapp and SmartBuy (min ₹2000 transaction, Max ₹1000/month for first 6 months, ₹750/month thereafter).
  • 2.5% CashBack on all online spends (min ₹2000 transaction, Max ₹750/month).
  • 1% CashBack on all offline spends and Wallet reloads (min ₹100 transaction, Max ₹750/month).
• EasyEMI Conversion:
  • All transactions of ₹10,000 and above are auto-converted to EasyEMI for 9 months.
  • Processing Fee: ₹99 + GST.
  • Rate of Interest (ROI): 1.67% per month.
  • Exclusions: Gold, jewellery, and fuel transactions are not eligible for auto-EMI conversion.
• Fees and Waivers:
  • Joining/Renewal Fee: Rs. 500 + Applicable Taxes.
  • Joining Fee Waiver: Spend ₹20,000 within 90 days.
  • Renewal Fee Waiver: Spend ₹50,000 in the previous year.
• Welcome & Launch Benefits:
  • 500 Cash Points welcome benefit (on membership fee payment).
  • ₹1,000 gift vouchers on ₹1,00,000 spends per quarter in the first year.
• Fuel Surcharge Waiver: 1% waiver on transactions of ₹400-₹5000, max ₹250 per statement cycle.
• CashPoint Redemption:
  • 1 CashPoint = ₹1 for redemption against statement balance (min 2500 CashPoints required).
  • 1 CashPoint = Upto ₹0.30 for travel benefits (Flights/Hotels) and Rewards Catalogue via SmartBuy Rewards Portal.
  • Reward redemption fee of Rs. 99 + GST applies.
  • CashBack redemption capped at 3,000 rewards points per calendar month (from Feb 1, 2023).
  • Up to 70% of product/voucher value redeemable via points on select items (from Feb 1, 2023).
• CashPoint Validity: 1 year from the date of accumulation.
• Reward Exclusions: Rent payments and Govt Related transactions do not earn Reward Points (from Jan 1, 2023).
• Additional Benefits: Zero Lost Card Liability, up to 50 days Interest-Free Credit Period, Revolving Credit facility.

Other Details

• Contactless Payment: The HDFC Bank EasyEMI Card is enabled for contactless payments, offering fast, convenient, and secure transactions at retail outlets. For transactions up to ₹5,000 in India, no PIN is required; for amounts equal to or higher than ₹5,000, the PIN must be entered.
• Card Inactivity Policy: The Bank reserves the right to cancel the Card if it remains inactive and is not used for any transaction for a continuous period of 6 months, after providing prior written notice.
• Application Process (Historical):
  • Online: Customers could apply online by filling in required details.
  • Offline: Customers could visit their nearest HDFC Bank branch with necessary documents and fill out the credit card application form.
• Current Status: The HDFC Bank Easy EMI Credit Card has been discontinued by HDFC.