HDFC MoneyBack Credit Card – Benefits, Fees & Eligibility

HDFC MoneyBack Credit Card

Introduction

The HDFC MoneyBack Credit Card is designed to provide value back through reward points on various expenditures. It offers 500 Cash Points as both a welcome and annual renewal benefit, with the renewal fee potentially waived based on annual spending. Cardholders can earn 4 reward points for every Rs. 150 spent online and 2 reward points for every Rs. 150 on other transactions. These points can be redeemed for cashback, travel bookings via the SmartBuy portal, or a selection of products and vouchers. Additionally, the card provides quarterly gift vouchers based on achieving specific spending milestones.

Welcome Benefits

• Receive 500 Cash Points upon payment of the membership fee.
• Receive 500 Cash Points upon renewal of the HDFC MoneyBack Credit Card.

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 more in the previous 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.
  • Alternatively, 3.49% per month (41.88% per annum) on the outstanding balance of a statement cycle.
• Fuel Surcharge:
  • 1% fuel surcharge waiver on all fuel transactions at all petrol pumps across India.
  • Applicable on a minimum transaction of Rs 400.
  • Maximum cashback benefit of Rs 250 per month.
• Cash Advance Charges: 2.5% of the withdrawal amount, subject to a minimum charge of Rs 500.

Rewards

• Reward Points Earning:
  • Earn 4 Reward Points for every Rs 150 spent online. A maximum of 500 reward points can be earned per statement cycle under this category.
  • Earn 2 Reward Points for every Rs 150 spent on other categories.
  • The overall reward rate for the card is up to 0.67%.
• Milestone Benefits:
  • Get a gift voucher worth Rs 500 on spending Rs 50,000 in a calendar quarter.
  • Cardholders have the potential to earn gift vouchers worth up to Rs 2,000 in a year through this benefit.
• Movie & Dining:
  • Enjoy exclusive dining benefits through the Good Food Trail program.
  • Save up to 20% on restaurant bills when using Swiggy Dineout.
• Reward Exclusions: Reward points are not earned on fuel transactions, gift vouchers, prepaid cards, and wallet reloads.
• Reward Point Validity: Accumulated reward points are valid for 2 years from their accumulation date.

Rewards Redemption Guide

• Cashback against Statement Balance:
  • 1 Reward Point is equivalent to Rs 0.20 when redeemed as cashback against the statement balance.
  • A minimum of 2500 reward points is required for this redemption option.
  • There is a maximum redemption capping of 50,000 reward points per month.
• Travel Benefits (Flight & Hotel Bookings) on SmartBuy Portal:
  • 1 Reward Point is equivalent to Rs 0.25 when redeemed for travel bookings (flights and hotels) via the SmartBuy rewards portal.
  • Redemption can cover up to 50% of the booking value, with the remaining amount needing to be paid using the credit card.
  • Reward redemption for flight/hotel bookings is capped at 50,000 reward points per month.
• Vouchers and Products:
  • 1 Reward Point is equivalent to Rs 0.25 when redeemed for vouchers and products.
  • Redemption can cover up to 70% of the total value, and the rest of the amount must be paid with the credit card.
• Air Miles:
  • 1 Reward Point is equivalent to 0.25 Air Miles.

Card Eligibility Criteria

• For Salaried Employees:
  • Age: Between 21 Years and 60 Years.
  • Income: A minimum of Rs 3,00,000 per annum.
• For Self-Employed Individuals:
  • Age: Between 21 Years and 65 Years.
  • Income: A minimum of Rs. 6,00,000 per annum (as per ITR).

Card Review

The HDFC MoneyBack Credit Card serves as an excellent entry-level credit card for individuals embarking on their credit card journey. It offers a commendable reward rate on both online and offline purchases, ensuring good value back to the cardholder. HDFC Bank provides diverse redemption options, allowing users to convert accumulated reward points into cashback against their statement balance, or utilize them for travel benefits, exciting vouchers, and various products. This card is recognized for its ability to facilitate savings and provide a range of other valuable benefits, making it a practical choice for everyday spending.

Important Product Details

• Enjoy 500 Cash Points as a Welcome Benefit with the HDFC MoneyBack Credit Card.
• Earn 4 Reward Points on every Rs 150 spent online.
• Earn 2 Reward Points on every Rs 150 spent on other expenditures.
• Receive a Gift voucher worth Rs 500 every calendar quarter upon spending Rs 50,000.
• Reward points can be redeemed against exciting rewards and offers on the SmartBuy rewards portal.
• The annual fee can be waived based on annual spending.
• Benefit from a 1% fuel surcharge waiver, capped at Rs. 250 per month.

Other Details

• This card is no longer being issued by HDFC Bank; its newer and improved version is the MoneyBack Plus Credit Card.
• The card is best suited for individuals with spending patterns in Travel, Dining, and Shopping categories.
• The card includes Zero Liability Protection, safeguarding against fraudulent transactions if reported within a stipulated time to HDFC's 24x7 customer care.