HDFC Bank Multicurrency Platinum ForexPlus Chip Card – Benefits, Fees & Eligibility

HDFC Bank Multicurrency Platinum ForexPlus Chip Card

Introduction

The HDFC Bank Multicurrency Platinum ForexPlus Chip Card is a prepaid forex card designed for international travelers. It allows users to load funds in 22 different international currencies, including USD, Euro, Pound, AUD, and Dirham, making international transactions hassle-free. While it does not offer a traditional reward point or cashback program, the card provides several benefits such as Amazon vouchers upon reloading, favorable forex rates for online loading, and a 24x7 concierge service. An initial issuance fee of Rs. 500 (plus taxes) is applicable, though it can be waived under certain conditions, and there is no annual fee.

Welcome Benefits

• Issuance fee waiver on the first loading of a minimum of USD 1,000 (or its currency equivalent).
• Amazon voucher worth up to Rs. 1,500 on loading/reloading the card with a minimum amount of USD 1,500 (or its currency equivalent).

Fees

• Joining Fee: Rs. 500 (plus applicable taxes). This fee is waived off on the first loading of a minimum of USD 1,000 (or its currency equivalent).
• Renewal Fee: N/A (No annual fee is applicable on the card).
• Reloading Fee: Rs. 75 (plus GST) every time the card is reloaded.
• Spend-Based Waiver: N/A
• Rewards Redemption Fee: N/A (as the card does not have a reward structure).
• Foreign Currency Markup:
  • No mark-up fee on transactions made in the currency loaded on the card.
  • A cross-currency mark-up fee of 2% of the transaction amount is applicable on transactions made in a currency other than the one loaded on the card.
• Interest Rates: N/A
• Fuel Surcharge: N/A
• Cash Advance Charges: USD 2 (or equivalent) on ATM withdrawals.

Rewards

• Movies & Dining: N/A
• Rewards Rate: N/A
• Travel:
  • Can be loaded in 22 different currencies.
  • Rs. 0.20 cheaper forex rate on loading/reloading the card via online channels.
  • Emergency cash delivery assistance around the world in case of loss of card or if the card is not working.
  • 24x7 global concierge service for assistance regarding flight bookings, hotel reservations, gift/flower delivery, and medical service provider referral and assistance towards hospital reservation.
• Domestic Lounge Access: N/A
• International Lounge Access: N/A
• Golf: N/A
• Insurance Benefits: The card includes a complimentary comprehensive insurance plan.
  • Insurance covers against air/rail/road accidents.
  • Insurance covers against loss of baggage/documents/cash.
  • Insurance covers against misuse of card.
  • Specific Insurance Covers for Multicurrency Cards:
    • Misuse due to counterfeiting/skimming: Rs. 5 lakh
    • Road/Rail accident (death cover only): Rs. 5 lakh
    • Air accident (death cover only): Rs. 25 lakh
    • Loss of check-in baggage: Rs. 20,000
    • Loss of personal documents (passport reconstruction only): Rs. 50,000
    • Loss of cash in transit: Rs. 60,000
• Lifestyle: Accepted at all online portals and retail stores that accept Visa credit/debit cards.
• Other Benefits:
  • Can be used for shopping at duty-free stores at international airports across India.
  • Amazon voucher worth up to Rs. 1,500 on loading/reloading the card with USD 1,500 (or its currency equivalent) or more.

Rewards Redemption Guide

• N/A (The card does not have a traditional reward structure like reward points or cashback program that requires redemption).
• Benefits like Amazon vouchers are automatically provided upon meeting specific loading/reloading criteria.

Card Eligibility Criteria

• The applicant does not need to be an HDFC Bank customer. Non-customers can also get the card.
• Anyone above the age of 18 years can apply for this card.
• Applicants need to have all valid travel documents.

Documents Required

• Copy of the applicant’s Passport (self-attested).
• Copy of the application form (self-attested).
• Self-attested copy of your Visa and ticket.
• Address Proof (required if the address is different from that mentioned in the passport) like Aadhar Card, latest months’ utility bills, PAN Card.
• Copy of the applicant’s bank statement (as proof of application fee payment).
• Passbook, canceled cheque, or latest bank statement.

Card Review

The HDFC Bank Multicurrency Platinum ForexPlus Chip Card is a popular choice for foreign travel, enabling users to perform international transactions seamlessly by supporting 22 different currencies. While it charges an issuance fee of Rs. 500 (plus taxes) and a reloading fee, it does not have an annual fee. The card's primary value lies in its multi-currency functionality, competitive forex rates for online loading, and comprehensive travel insurance. However, apart from Amazon vouchers for specific loading amounts, it lacks a diverse range of "add-on" benefits often found with other travel-focused cards, including no airport lounge access. For frequent international travelers prioritizing currency flexibility, robust insurance coverage, and favorable exchange rates, this card offers a strong proposition. However, those seeking extensive lifestyle perks or lounge access might find competitor offerings, such as HDFC's own MakeMyTrip ForexPlus Card, more appealing for a similar issuance fee.

Important Product Details

• Can be loaded in 22 different currencies including Australian Dollar, Dirhams, Canadian Dollar, Euro, Hongkong Dollar, Japanese Yen, Singapore Dollar, Sterling Pound, Swiss Franc, Swedish Krona, Thailand Baht, South African Rand, Oman Riyal, New Zealand Dollar, Danish Krone, Norwegian Krone, Saudi Riyal, Korean Won, Bahrain Dinar, Qatari Riyal, Kuwait Dinar and US Dollar.
• Accepted at all online portals and retail stores that accept Visa credit/debit cards globally.
• Can be used for shopping at duty-free stores at international airports across India.
• Card issuance fee of Rs. 500 (plus taxes) is waived off on the first loading of a minimum of USD 1,000 (or its currency equivalent).
• Amazon voucher worth up to Rs. 1,500 on loading/reloading the card with USD 1,500 (or its currency equivalent) or more.
• Rs.0.20 cheaper exchange rate on loading/reloading the card via online channels.
• Emergency cash delivery assistance available worldwide in case of card loss or malfunction.
• 24x7 global concierge service for assistance with hotel reservations, car rentals, gift/flower delivery, and medical services.
• Complimentary comprehensive insurance plan covering air/rail/road accidents, loss of baggage/documents/cash, and card misuse.
• No annual fee applicable.
• No foreign currency mark-up fee for transactions made in the loaded currency.
• A cross-currency mark-up fee of 2% applies to transactions in currencies not loaded on the card.
• Cash advance fee of USD 2 on ATM withdrawals.
• Reloading fee of Rs. 75 (plus GST) per reload.
• No domestic or international airport lounge access.

Other Details

• How to Load/Reload the Card:
  • Online: The card can be loaded/reloaded via HDFC net-banking/mobile app.
  • Offline: You can load your HDFC Multicurrency Platinum ForexPlus Chip Card offline at your nearest HDFC branch by submitting the forex reload form along with Form A2 and a cheque of the amount to be reloaded.
• How to Apply for the Card:
  • Online:
    • Visit the official website of HDFC Bank.
    • Under the section ‘Pay,’ select ‘Cards’ and then click on ‘Forex Cards.’
    • Select the Multicurrency Platinum Forex Plus Card.
    • Click on the ‘Apply Online’ button.
    • Proceed by filling in all the required details.
  • Offline:
    • Visit your nearest HDFC Bank branch.
    • Carry all important documents.
    • Apply for the card by filling out the physical application form.