Paytm HDFC Bank Mobile Credit Card – Benefits, Fees & Eligibility

Introduction

The Paytm HDFC Bank Mobile Credit Card is an entry-level credit card issued by HDFC Bank in partnership with Paytm. It is positioned as an affordable option, offering up to 2% cashback on Paytm app spends, a 1% fuel surcharge waiver, and an opportunity to unlock benefits of a superior card through milestone spends.

Fees

• Joining Fee: ₹149 + GST
• Annual Fee: ₹149 + GST (monthly membership fee)
• Spend-Based Waiver: Annual Fee Waiver on spends of ₹25,000 or more in the previous year.
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3.5% on all foreign currency transactions
• Interest Rates: 3.75% per month (45% annually)
• Fuel Surcharge Waiver: 1% fuel surcharge waiver capped at ₹250 per month. Applicable on all fuel transactions worth ₹400 or more.
• Cash Advance Charges: 2.5% of the transacted amount, subject to a minimum of ₹500.

Rewards

• Rewards Rate:
  • 2% cashback on Paytm Mall, Paytm movies, and Mini app spends, with a maximum cap of ₹250.
  • 1% cashback on all other spends on the Paytm app, with a maximum cap of ₹250.
  • 0.5% cashback on all other online & offline purchases, with a maximum cap of ₹500.
  • No cashback is earned on selected spends, including EMI transactions, rent, fuel purchases, and wallet reloads.
• Movie & Dining: Up to 20% discount on partner restaurants via Dineout.
• Milestone Benefits: On achieving a spend of ₹10,000 or more in 3 consecutive months, you can unlock the benefits of the Paytm HDFC Bank Credit Card, which is a superior version of this card.

Rewards Redemption Guide

• The cashback earned on the card is given to the cardholder as Cashpoints.
• Cashpoints can be redeemed against the outstanding balance as cashback, where Re. 1 Cashpoint = Re. 1 Cashback.
• Cashpoints can also be used for redemption against other categories such as Smartbuy (Flights/Hotels), Airmiles & Product Catalogue.
• For redemption against travel benefits like Flight & Hotel bookings and Rewards Catalogue at the SmartBuy Rewards Portal, Re. 1 Cashpoint = Re. 0.3.

Card Review

The Paytm HDFC Bank Mobile Credit Card is an entry-level credit card designed for individuals looking for an affordable option to start their credit journey. It provides decent saving benefits primarily focused on Paytm app usage.

• Pros:
  • Up to 2% cashback on specific Paytm app spends.
  • 0.5% cashback on all other retail spends.
  • 1% fuel surcharge waiver on transactions above ₹400.
  • Annual fee waiver on achieving a reasonable spend target.
  • Opportunity to unlock benefits of a superior card through milestone spends.
  • Dining discounts via Dineout.
• Cons:
  • Cashback benefits are capped monthly.
  • No cashback on essential categories like fuel, rent, and wallet reloads.
  • High foreign currency markup fee of 3.5%.
  • High interest rate of 45% annually.
  • Lacks premium benefits such as lounge access, golf, or comprehensive insurance.

Important Product Details

• Earn 1%-2% cashback on your spends on the Paytm app.
• Receive an assured cashback of 0.5% on all other retail spends.
• Unlock exclusive benefits of the Paytm HDFC Credit Card by spending ₹10,000 or more in 3 consecutive months.
• The annual membership fee can be waived on spends of ₹25,000 in the previous year.
• Benefit from a 1% fuel surcharge waiver on all transactions above ₹400, capped at ₹250 per month.
• Enjoy up to 20% discount on partner restaurants via Dineout.
• A foreign currency markup of 3.5% applies to all international transactions.
• The interest rate is 3.75% per month (45% annually).
• Cash advance charges are 2.5% of the transacted amount, with a minimum of ₹500.
• No cashback is earned on EMI transactions, rent, fuel purchases, and wallet reloads.

Other Details

• The card is currently discontinued.
• It is one of three credit cards issued by HDFC Bank in partnership with Paytm, positioned as the most basic and affordable option.