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

Introduction

The Paytm HDFC Bank Select Credit Card, issued by HDFC Bank in partnership with Paytm, is positioned as the most premium offering among their co-branded personal credit cards. This card, which is currently discontinued, offered a maximum reward rate of 5% cashback on spends made on Paytm Mall/Movies/Mini app, along with 8 complimentary domestic airport lounge accesses annually and gift vouchers on achieving quarterly spend milestones.

Welcome Benefits

• The joining fee is waived off on spending a minimum of Rs. 50,000 within the first 90 days of card issuance.

Fees

• Joining Fee: Rs. 1,000 + GST
• Renewal Fee: Rs. 1,000 + GST (Annual Fee)
• Spend-Based Waiver:
  • Joining fee waived off on spending a minimum of Rs. 50,000 within the first 90 days of card issuance.
  • Annual fee (second year onwards) waived off on the expenditure of a minimum of Rs. 1.5 lacs in the preceding 12 months.
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3.5% of the transaction amount
• Interest Rates: 3.6% per month or 43.2% annually
• Fuel Surcharge Waiver: 1% fuel surcharge waived off on fuel purchases of a minimum of Rs. 400 (maximum waived amount capped at Rs. 500 per month).
• Cash Advance Charges: 2.5% of the transaction amount (subject to a minimum charge of Rs. 500).
• Add-on Cards: Up to 4 add-on credit cards can be obtained for no extra fee.

Rewards

• Reward Type: Cashback, given as Paytm Gift Vouchers (Cashpoints).
• Reward Rate:
  • 5% cashback on all spends with the Paytm app (Recharge, Utility, Travel, Movies & Mini App). The maximum cap is Rs. 1,500 per month.
  • 3% cashback on select brands like Ajio, Swiggy, Uber, and BigBasket. The maximum cap is Rs. 500 per month.
  • 1% cashback on all other eligible retail spends with the card. The maximum cap is Rs. 2,000 per month.
  • No cashback is earned on fuel, rental payments, and government spends.
• Movie & Dining:
  • 5% cashback on Paytm Movies.
  • 20% discount via Dineout.
• Travel:
  • 8 complimentary domestic airport lounge access every year (maximum 2 per quarter).
• Milestone Benefit:
  • Gift vouchers worth Rs. 500 on spending a minimum of Rs. 50,000 (only non-EMI spends considered) in a calendar quarter. The gift voucher can be chosen from Health & Wellness, Shopping, Entertainment, Food delivery, etc.
• International Lounge Access: Not applicable.
• Golf: Not applicable.
• Insurance Benefits: Not applicable.

Rewards Redemption Guide

• Cashpoints can be redeemed as Cashback against the statement balance, where Re.1 Cashpoint = Re.1 Cashback.
• Cashpoints can also be redeemed against travel benefits like Flight & Hotel bookings and Rewards Catalogue at the SmartBuy Rewards Portal, where Re.1 Cashpoint = Re.0.3.
• The cashback earned is given to the cardholder as Paytm Gift Vouchers.
• Paytm Gift Vouchers can be redeemed for spends on Paytm or anywhere Paytm is accepted as a payment method.

Card Review

• Overall Verdict: The Paytm HDFC Bank Select Credit Card is ideal for individuals who frequently use Paytm for their daily spends. It was the most premium variant among the co-branded cards issued by Paytm and HDFC Bank.
• Pros:
  • Most premium variant out of the HDFC Paytm co-branded cards.
  • Offers 5% cashback on Paytm purchases and 3% cashback on popular brands like Ajio, Swiggy, BigBasket, and Uber.
  • Includes 8 complimentary domestic lounge accesses per year, with a maximum of two per quarter.
  • Joining fee can be waived for spending Rs. 50,000 within 90 days.
  • Renewal fee can be waived for spending Rs. 1.5 Lakhs in the anniversary year.
• Cons:
  • Milestone benefits could have been better.
  • The rate of cashback is just 1% on non-Paytm spends, making it less rewarding for general retail purchases.
  • There are several better credit card options available at a similar Rs. 1,000 membership fee, such as the Amazon Pay ICICI Bank Credit Card (lifetime free) and Flipkart Axis Bank Credit Card (Rs. 500/annum, with four complimentary airport lounge accesses).
  • May not be a good choice if you do not frequently spend on Paytm/Paytm Mall.

Important Product Details

• The card is currently discontinued.
• Offers 5% cashback on all purchases at Paytm Mall/Movies/Mini app.
• Provides 8 complimentary domestic airport lounge accesses across the country (maximum 2 per quarter).
• Gift vouchers worth Rs. 500 are awarded on a quarterly expenditure of a minimum of Rs. 50,000.
• The joining fee is waived off on spending a minimum of Rs. 50,000 within 90 days of card issuance.
• The card’s annual membership fee (second year onwards) is waived if a minimum of Rs. 1.5 lacs is spent in the preceding year.

Other Details

• HDFC Bank provides 24x7 customer care support for credit card customers.
• Helpline numbers: 1860 267 6161 or 61606161 (prefix STD code).
• Overseas customer care desk: 022 61606160.