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.
The key highlights of HDFC money back credit card are:
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:
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.
Some of the transactions like spends on fuel, cash advance, charges like fees etc do not earn reward points.
You can benefit by spending specified amounts within the time frame set as given below:
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.
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 advantages of HDFC Bank Money back credit card are:
The disadvantages of HDFC Money back credit card are:
|Minimum amount payable||5% of the monthly bill amount with a minimum of Rs. 200/-|
|Annual/Renewal fee||Rs. 500/- plus applicable GST|
|Add-on card fee||Nil|
|Interest on revolving credit||3.49% per month|
|Conversion charges for auto EMI||For 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 charges||2.5% 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 charges||2% of the amount to be paid with a minimum of Rs. 450/-|
|Cash payment charges||Rs. 100/- for a cash payment of credit card bill.|
|Fee for rewards redemption||Rs. 99/- for every redemption request. No charges for conversion of reward points to cashback|
|Processing charges for a balance transfer||1% 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 ticket||1% of the ticket amount|
|Charges for a duplicate card on loss/damage||Rs. 100/-|
|Foreign currency mark-up charges||3.5% of the transaction|
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.
A person looking for the following options while applying for a credit card should opt for an HDFC money back credit card.
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.
There are some basic documents required for completing the HDFC money back credit card application process.
Valid KYC documents(anyone)
Income Proof for salaried individuals
Income Proof for self-employed individuals
To apply for an HDFC money back credit card, follow the simple steps below:
You can also apply for the credit card by submitting the application with relevant documents at the nearest branch of HDFC bank.
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.