Paytm HDFC Bank Credit Card – Benefits, Fees & Eligibility

Introduction

The Paytm HDFC Bank Credit Card is a co-branded credit card issued by HDFC Bank in partnership with Paytm. Positioned as an entry to mid-range cashback card, it is designed for frequent Paytm users. Key benefits include a complimentary Paytm First Membership, attractive cashback rates of up to 3% on Paytm spends, and a 1% cashback on all other retail transactions. Cardholders can also earn up to ₹1,200 in additional cashback annually through a milestone program.

Welcome Benefits

• Complimentary Paytm First membership.

Fees

• Joining Fee: ₹500 + GST.
• Renewal Fee: ₹500 + GST.
• Spend-Based Waiver:
  • First-year fee waiver: Spend ₹30,000 (non-EMI purchases) within the first 90 days.
  • Renewal fee waiver: Spend ₹50,000 (non-EMI purchases) in the previous year.
  • For customers onboarded before April 1, 2023, a monthly membership fee of ₹49 + GST applies, which is reduced for retail purchases (non-EMI) up to ₹5,000. These customers will be transferred to yearly pricing one year after card issuance.
• Rewards Redemption Fee: Nil.
• Foreign Currency Markup: 3.5% on all international transactions.
• Interest Rates: 3.6% per month (43.2% per annum) on outstanding amounts.
• Fuel Surcharge: 1% fuel surcharge waiver on all fuel transactions worth ₹400 or more. The maximum waiver is capped at ₹250 per billing cycle/month.
• Cash Advance Charges: 2.5% of the cash amount withdrawn or ₹500, whichever is higher.
• Rental Payments: 1% fee applicable on rental transactions from the second rental transaction onwards of the same calendar month, effective January 2023.
• International DCC Transactions: 1% mark-up fees to be levied on International DCC transactions, effective January 2023.

Rewards

• Cashback Rates:
  • 3% cashback on spends on Paytm Mall, Paytm movies, and the Mini app (maximum cap of ₹500 Cashpoints per calendar month).
  • 2% cashback on other select spends on the Paytm app (maximum cap of ₹500 Cashpoints per calendar month).
  • 1% cashback on all other online and offline retail spends outside the Paytm app (maximum cap of ₹1,000 Cashpoints per calendar month).
• Milestone Benefits:
  • Earn 1% cashback on spending ₹10,000 or more in a month.
  • The maximum cashback that can be availed under this program is capped at ₹100 per month, totaling up to ₹1,200 cashback annually.
• Dining Benefits: Up to 20% discount in partner restaurants via Dineout.
• PayZapp Benefits:
  • Earn additional cashback along with card Cashpoints on utility bills, mobile recharges, and more when linked on PayZapp.
  • Get ₹1,000 cashback on shopping in-app over 200+ brands via PayZapp.
• Exclusions: No cashback is earned on fuel, wallet reloads, education, rental payments, government spends, and EMI transactions.
• Grocery Spends: Cashback on grocery spends is capped at 1000 Cashpoints per month.

Rewards Redemption Guide

• The earned cashback is given to cardholders in the form of Cashpoints.
• Cashpoints can be redeemed against the outstanding balance as cashback.
• Other redemption options include Smartbuy (Flights/Hotels), Airmiles, and Product Catalogue.
• Redemption of travel reward points is capped at 50,000 points per month.
• Cashback redemption is capped at 3000 points per month, effective February 1, 2023.
• For select categories, a minimum of 30% pay system has been introduced, meaning you can redeem reward points for only 70% of the total value, and the remaining amount must be paid through your credit card.

Card Eligibility Criteria

• For Salaried Individuals:
  • Nationality: Indian nationals.
  • Age: Minimum 21 years, Maximum 60 years.
  • Income: Net Monthly Income > ₹25,000.
• For Self-Employed Individuals:
  • Nationality: Indian nationals.
  • Age: Minimum 21 years, Maximum 65 years.
  • Income: Annual ITR > ₹6 lakh.
• Credit Score: The applicant should have a decent credit score.

Documents Required

• Identity Proof: Aadhaar Card, Voter ID, PAN Card, Passport, Driving License, Passport size photographs.
• Address Proof: Utility bills of the latest months, Aadhaar Card, Passport, Voter ID, Rental agreement.
• Income Proof: Latest bank statements or salary slips for salaried individuals; latest audited ITR for self-employed people; Form 16.

Card Review

The Paytm HDFC Bank Credit Card is an affordable cashback credit card offering exciting benefits, especially for frequent users of the Paytm app. It provides assured cashback on most spends, allowing cardholders to save almost every time they make a purchase.

• Pros:
  • Most useful for daily users of Paytm due to higher cashback rates on Paytm transactions.
  • Offers decent cashback and promotions on spends made within the Paytm ecosystem.
  • Up to 50 days of interest-free credit.
  • Protection against fraudulent transactions with Zero Cost Card Liability.
• Cons:
  • No lounge access is provided with this credit card.
  • The cashback received on transactions other than the eligible Paytm categories is relatively low at 1%.
  • Cashback is not applicable for several categories like fuel, wallet loads, education, rental, government, and EMI transactions.

Overall, this card is an excellent choice for individuals seeking a pocket-friendly credit card with maximum benefits, particularly if their spending habits align with the Paytm platform.

Important Product Details

• Complimentary Paytm First membership as a welcome gift.
• Earn up to 3% cashback on Paytm recharge, utility, movies, and Mini App spends.
• Earn up to 2% cashback on other Paytm spends.
• Earn up to 1% cashback on other retail spends.
• Earn a cashback of up to ₹1,200 annually under the milestone program.
• Spend-based waiver of annual membership fee.
• 1% fuel surcharge waiver up to ₹250 per month.
• Up to 50 days of interest-free credit from the date of purchase.
• Ability to convert large transactions to SmartEMI after purchase.
• Contactless payment enabled for improved purchase experience (up to ₹5,000 without PIN in India).
• Protection against fraudulent transactions made on the credit card if reported immediately (Zero Cost Card Liability).
• Revolving credit available at a nominal interest rate.
• Simple card management via HDFC Bank MyCards.

Other Details

• The interest-free period can be up to 50 days.
• Card management and controls can be enabled/modified through various channels:
  • Netbanking: Log in, go to Cards Tab > Select card > Manage card > Manage Domestic and International Limits.
  • Mobile Banking App: Log in, go to ‘Cards’ section > Select card > Click ‘Manage Limits’.
  • MyCards Portal: Visit mycards.hdfc.bank.in, log in with registered mobile number and OTP, go to ‘Card Control’ tab.
  • PayZapp App: Open PayZapp, tap ‘MyCards’ tab > Select ‘Go to MyCards’, log in, tap ‘Card Control’ tab.
  • WhatsApp Banking: Send "Credit Card" to 7070022222, choose "Manage My Card", then "Domestic / International/ Enhance limits".
  • IVR: Contact toll-free numbers 1800 1600 or 1800 2600 (8 am to 8 pm) or 022-61606160 for overseas travel assistance.
• Goods and Services Tax (GST) is applicable on all fees, charges, and interest transactions, effective July 1, 2017. GST levied will not be reversed on any dispute.
• The processing time for receiving the credit card can vary; information on the expected timeline will be provided upon application approval.
• The credit card limit may vary based on factors like credit history, income, and other eligibility criteria, determined during the application process.
• For detailed terms and conditions, refer to the Most Important Terms and Conditions document for HDFC Bank's banking offerings.