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HDFC Money-Back Credit Card Review - Should You Avail this Credit Card?

Updated on: 14 Dec 2021 // 41 min read // Credit Cards
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HDFC Money-Back Credit Card Review - Should You Avail this Credit Card?

HDFC Money-back credit card is a good choice for the ones who are going in for the credit card experience for the first time. This card also helps in building the credit score as it is provided for customers without a credit history also. If your intention to avail of the credit card facility is to build a credit score that will help you for future loans, HDFC money-back credit card is the one. The HDFC money-back credit card benefits are immense when compared with the annual fee, which is nominal. Also, you will get reward points on almost all transactions, and if you are a frequent shopper, then you can avail of the benefits most.

Key Highlights of HDFC Money-Back Credit Card

The key highlights of HDFC money back  credit card are:

  • Get two reward points for every Rs.150/- spent with the card
  • Get two times reward points for every Rs. 150/- spent on online transactions
  • The reward points can be accumulated and converted into cashback at the rate of Rs. 20 /-for every 100 points.
  • Welcome gifts in the form of 500 bonus points on activation of the credit card
  • Nominal annual fee at Rs. 500/-
  • Vast milestone benefits for a specified annual spend.
  • Waiver of fuel surcharge

Benefits of HDFC Money-Back Credit Card

The rewards program of HDFC money back credit card is not complicated by categorising. The HDFC money back credit card benefits are as mentioned below:

Rewards Program

There is no categorisation for the rewards program. It is made very simple and for the benefit and needs of everyone who is using a credit card.

  • Two reward points for every  Rs. 150/- spent on all categories.
  • Two times the reward points for every Rs. 150/- spent on online transactions, including shopping, payment of utility bills, booking travel tickets, and food order online.

Some of the transactions like spends on fuel, cash advance, charges like fees etc do not earn reward points.

Milestone Rewards and Welcome Gift

You can benefit  by spending specified amounts within the time frame set as given below:

  • Waiver of first-year membership fee on spending over Rs. 20000/- within 90 days of the activation of the card.
  • Gift vouchers worth Rs. 500/- on spending Rs. 50000/- and above during a calendar quarter.
  • Waiver of renewal fee on spending Rs. 50000/- and above during the first year.
  • Five hundred bonus points as a welcome gift on payment of membership fee

Conversion of reward points into cashback

The reward points can be collected and later redeemed as cashback. This facility enables the conversion of reward points into cash at the rate of Rs. 20/- for every 100 points that can be adjusted towards the credit card dues. 

The procedure for the conversion of reward points into cashback is very simple. You can redeem the reward points through the online redemption program or even call the HDFC credit card, customer care number to place a request for the cashback. The turnaround time for the conversion is usually 10 days. The cashback credit to your credit card account will reflect in the subsequent statement. The conversion will be done in multiples of 500, so a minimum of 500 reward points will be required for money-back. The validity period for the accumulated points is two years, within which it has to be redeemed.

HDFC Gifts Catalogue

The  HDFC Money back credit card rewards redemption is not limited to cashback. You also have the option of purchasing merchandise listed in the gifts catalogue or even opt for vouchers from leading brands.

Apart from the above benefits, there is various other HDFC money back credit card benefits.

  • The HDFC money back credit card is enabled for contactless payment that facilitates quick and secure payment for retail purchases. However, contactless payments are permitted only for a maximum amount of Rs. 5000/-. For purchases beyond Rs. 5000/- PIN is required as a part of security measures.
  • Reward points can be redeemed for hotel and flight bookings. The payment can be made through reward points at the rate of Rs. 25/- for every 100 points. Up to 50% of the value of the booking can be made through reward points.
  • A revolving credit facility is available at an attractive interest rate. 
  • An interest-free period of up to 50 days from the date of purchase will be provided. 
  • A facility of zero cost liability will be provided wherein for any fraudulent transaction on the card in the event of loss or theft of the card; the cardholder will not be liable for the fraudulent transaction on reporting the fraud immediately to the  HDFC 24 x 7 customer care helpline.
  • There are other added privileges like 
    • Conversion of liability to  EMI
    • Instant loan on credit card
    • Add-on credit
    • Limit enhancement

Advantages & Disadvantages of HDFC Bank Money-Back Credit Card

The advantages of HDFC Bank Money back credit card are:

  • Numerous reward points on all retail purchases without any categorisation
  • Two reward points for every Rs. 150/- on retail purchases
  • 2x reward points for every Rs. 150/- spent on online transactions, including food orders, hotel and flight bookings,  and shopping.
  • Waiver of the membership fee if Rs 20000/- and above spent within 90 days from the date of card activation.
  • Renewal fee waived if Rs. 50000/- and above spent in a year.
  • Option to convert accumulated reward points into cash back that can be utilised to pay off the credit card dues.

The disadvantages of HDFC Money back credit card  are:

  • The foreign exchange mark up fee is on the higher side when compared to other cards of HDFC. The foreign exchange mark up fee charged for HDFC money back credit card is 3.5% as against  2% for some of the other HDFC credit cards.
  • The card does not offer the most sought after facility, i.e., complimentary airport lounge access.
  • The cashback rate is at 0.8%, which is comparatively very low.

Fees and Charges

Charge DescriptionSchedule
Minimum amount payable5% of the monthly bill amount with a minimum of Rs. 200/-
Annual/Renewal feeRs. 500/- plus applicable GST
Add-on card feeNil
Interest on revolving credit3.49% per month
Conversion charges for auto EMIFor all transactions above Rs. 10000/- excluding fuel, jewellery and gold. The  EMI will be for nine months. The interest rate will be 20% p.a.and the processing fee will be Rs, 99/-
Cash Advance charges2.5% of the cash advance with a minimum of Rs. 500/-
Late payment penalty

Bill amount                Charges

Rs. 100/-                    Nil

Rs. 101 to 500           Rs. 100

Rs. 501 to 1000         Rs. 300

Rs. 1001 to 5000       Rs. 500

Rs. 5001 to 10000     Rs. 600

Rs. 10001 to 25000   Rs. 800

Rs. 25001 to 50000   Rs.1100

Above Rs. 50000       Rs.1100

Charges for over-limit

2.5% of the overdrawn amount with a minimum of Rs. 500


 

Payment dishonour charges2% of the amount to be paid with a minimum of Rs. 450/-
Cash payment chargesRs. 100/- for a cash payment of credit card bill.
Fee for  rewards redemptionRs. 99/- for every redemption request. No  charges for conversion of reward points to cashback
Processing charges for a balance transfer1% of the balance transfer amount with a minimum of Rs. 250/-
Charges for duplicate statement (hard copy)Rs. 10/- per copy
Charges for purchase of railway ticket1% of the ticket amount
Charges for a duplicate card on loss/damageRs. 100/-
Foreign currency mark-up charges3.5% of the transaction

Why Should You Opt for HDFC Money-Back Credit Card

If you are applying for a credit card for the first time, then an HDFC money back credit card is the best choice.  For starters, who want to build a credit score, this card is ideal as it is issued to persons without a credit score. You can create a credit history by using this card and by making the payments on or within the due date. A good credit score is required if you have to avail of a personal loan or any other big-ticket loan like a home loan, business loan, etc.

If you are a compulsive online shopper, then this card is the most suited for you. You will earn double the reward points for transactions online. Two reward points are provided for every Rs.150/- spent on retail purchases, whereas 2x reward points are provided for all online transactions, including online food orders, utility bills payment, hotel and flight ticket bookings, etc.

If the cashback is your preference for redeeming the reward points, you should not have a second thought about picking up an HDFC money back credit card. You get redemption of  Rs. 20/- for every 100 reward points. 

Who should opt for HDFC Money back credit card?

A person looking for the following options while applying for a credit card should opt for an HDFC money back credit card.

  • Applying for a new card for the first time and do not have a credit score.
  • Want to build a credit score for future loan requirements. This card is issued to customers without a credit score and thus enables them to start building a credit score with this card.
  • Better reward points for online transactions
  • Conversion of reward points to cashback

Eligibility Criteria

The main advantage in preferring this card is that the card is issued even to customers without a credit score. However, there are other criteria that have to be fulfilled to qualify for the card.

For salaried individuals

  • The applicant should be an Indian national.
  • The age of the applicant should be between 21 years to  60 years
  • The applicant should have a monthly salary above Rs. 25000/-

For self-employed individuals

  • The nationality of the applicant should be Indian.
  • The age of the applicant should be between 21 years to 65 years
  • The annual income of the applicant as per ITR should be above Rs. 6.00 lakhs.

Documents Required

There are some basic documents required for completing the HDFC money back credit card application process.

Valid KYC documents(anyone)

  • Aadhar Card
  • Voter’s ID card
  • Passport
  • Driving Licence
  • PAN card

Income Proof for salaried individuals

  • Latest salary slips (3 months)
  • Form 16 and ITR (latest)
  • Bank account statement for the last six months showing salary credit

Income Proof for self-employed individuals

  • Audit financials like balance sheet and profit and loss account for the last three years.
  • ITR with  income computation for the last three years
  • Bank account statement for the previous one year

How to apply for an HDFC money back credit card?

To apply for an HDFC money back credit card, follow the simple steps below:

  • Visit the official website of the bank
  • Under  the option, ‘personal’ choose ‘cards.’
  • A page will open up where you will have to enter your mobile number and the validation code.
  • Verify the mobile number with the OTP sent to the registered mobile number.
  • On verification, you will be directed to a page where you will have to provide personal details like name, date of birth, PAN, email id and contact address. On completion, you will have to click on the ‘continue button.
  • On the next page, you will have to give employment details and the income details and enter a verification code.
  • A list of eligible cards will be displayed.
  • Click on the HDFC money back credit card and submit the application.
  • Upload the required documents.
  • You will get an acknowledgement for having received the application.
  • The approval will be communicated on the review of the application and the documents.

You can also apply for the credit card by submitting the application with relevant documents at the nearest branch of HDFC bank.

Final Verdict

HDFC Moneyback credit card is a super saver credit card that provides cash back for every spend on the card. Easy approval being the greatest advantage, this card is the best choice for persons for whom this is the first card. Also, this is the best card for beginners without a credit score as it is issued to customers who do not have a credit score. You can build the much-required credibility for future loans by building a good credit score with this card. You will also be entitled to up-gradation of the card if eligible.

For customers who already have credit cards and are looking for credit cards with better benefits, this card may not be the most suitable one. This card does not provide categorised rewards like lifestyle rewards, travel and dining rewards etc.  The most important privilege, i.e., free access to airport lounges, is not offered for this card. In a nutshell, beginners without a credit score will be the most benefited from this card.