HDFC MoneyBack Credit Card – Benefits, Fees & Eligibility

Introduction

HDFC MoneyBack Credit Card, issued by HDFC Bank, is positioned as an entry-level credit card designed to offer value back through reward points on everyday spending. It provides 500 Cash Points as a welcome and renewal benefit upon fee payment. The card offers a competitive reward rate, earning 4 Reward Points for every Rs. 150 spent online and 2 Reward Points for every Rs. 150 spent on other categories, with the added benefit of a renewal fee waiver based on annual spends.

Welcome Benefits

• Get 500 Cash Points as a welcome benefit upon payment of the membership fee.
• Receive 500 Cash Points on the renewal of your HDFC MoneyBack Credit Card upon payment of the renewal fee.

Fees

• Joining Fee: Rs. 500 + GST
• Renewal Fee: Rs. 500 + GST
• Spend-Based Waiver: The renewal fee is waived off on spending Rs. 50,000 or above in the previous year (card anniversary year).
• Rewards Redemption Fee: Rs. 99 per redemption request (plus applicable taxes).
• Foreign Currency Markup: 3.5% per currency conversion (plus applicable taxes).
• Interest Rates: 3.6% per month (43.2% per annum) on outstanding balance.
• Fuel Surcharge Waiver: 1% fuel surcharge waiver on all fuel transactions at petrol pumps across India. This benefit is applicable on a minimum transaction of Rs. 400, with a maximum cashback of Rs. 250 per month.
• Cash Advance Charges: 2.5% of the withdrawal amount, subject to a minimum charge of Rs. 500.

Rewards

• Earn 4 Reward Points on every Rs. 150 spent online. Under this category, you can earn up to 500 reward points per statement cycle.
• Earn 2 Reward Points for every Rs. 150 spent on other categories.
• The reward rate is up to 0.67%.
• Milestone Benefits: Get a gift voucher worth Rs. 500 on spending Rs. 50,000 in a calendar quarter. You can earn gift vouchers worth up to Rs. 2,000 in a year.
• Dining Benefits: Exclusive dining benefits with the Good Food Trail program, offering savings of up to 20% on restaurant bills through Swiggy Dineout.
• Exclusions: No reward points are earned on fuel transactions, gift vouchers, prepaid cards, and wallet reloads.
• Validity: Reward points are valid for 2 years from the accumulation date.

Rewards Redemption Guide

• Cashback Redemption: Reward Points can be redeemed against your statement balance, where 1 Reward Point = Rs. 0.20. A minimum of 2,500 reward points is required for redemption against the statement balance, with a maximum capping of 50,000 RPs per month.
• SmartBuy Travel Redemption: Redeem Reward Points for travel benefits on flight and hotel bookings at the SmartBuy reward portal, where 1 Reward Point = Rs. 0.25. This redemption can only be made up to 50% of the booking value using reward points, with the remaining amount paid through your credit card. Reward redemption is capped at 50,000 RPs per month against flight/hotel bookings.
• Vouchers and Products Redemption: Redeem reward points against vouchers and products, where 1 Reward Point = Rs. 0.25, up to 70% of the total value. The rest of the amount must be paid with your credit card.

Card Eligibility Criteria

• Salaried Employees:
  • Age: 21 Years to 60 Years
  • Income: Minimum Rs. 3,00,000 per annum
• Self-Employed Individuals:
  • Age: 21 Years to 65 Years
  • Income: Minimum Rs. 6,00,000 per annum (as per ITR)

Card Review

The HDFC MoneyBack Credit Card is an entry-level credit card suitable for individuals new to credit cards. It offers a good reward rate on both online and offline purchases, providing multiple redemption options including cashback against the statement balance, travel bookings, and vouchers/products. The card helps users save money and provides various other benefits, making it a useful option for everyday spending.

Important Product Details

• Enjoy 500 Cash Points as a Welcome Benefit.
• Earn 4 Reward Points on every Rs. 150 spent online and 2 Reward Points on every other spend of Rs. 150.
• Receive a Gift voucher worth Rs. 500 every calendar quarter on spending Rs. 50,000.
• Redeem reward points against exciting rewards and offers on the SmartBuy rewards portal.
• Benefit from a Spend-Based Waiver on the Annual fee.
• Get a 1% fuel surcharge waiver up to Rs. 250 per month.
• The card offers exclusive dining benefits with the Good Food Trail program.
• Reward points are valid for 2 years from the accumulation date.

Other Details

• HDFC Bank is no longer issuing this card; however, its newer version, the MoneyBack Plus Credit Card, is available.
• The card comes with Zero Liability Protection against fraudulent transactions if reported within a stipulated time to HDFC 24x7 customer care.
• The interest rate charged on the outstanding balance of a statement cycle is 3.49% per month (41.88% per annum) as per FAQs.
• 1 Reward Point is equivalent to 0.25 Air Miles.