HDFC MoneyBack+ Credit Card Vs. HDFC MoneyBack Credit Card

As mentioned above, both MoneyBack+ Card and MoneyBack Credit Card are entry-level credit cards, suitable for new to credit customers. However, MoneyBack+, even being a superior variant, comes at an easier eligibility parameter, in comparison to MoneyBack, of Rs. 20,000 monthly income instead of Rs. 25,000. This is indeed surprising as generally, superior variants come at higher income requirements.

Considering that MoneyBack+ is an improvised version and keeping in view MoneyBack cards position and popularity in the market, lower eligibility on the superior variant, could be a step towards encouraging the newly launched MoneyBack+ Credit Card.

When it comes to charging the joining fee and rewarding with a welcome benefit in return, both of these cards are at par, as both cards charge a joining fee of Rs. 500 and offer a welcome benefit of complimentary 500 reward points. However, the difference lies in the value benefit that you can maximize along the card activation benefit, as the reward redemption rate is different for both these cards.

The redemption value for MoneyBack+ is, 1 cashpoint = Rs. 0.25 against paying statement balance, product catalog, cashback, or air miles. However, in the case of MoneyBack, it is up to Rs. 0.25 (can also be Rs. 0.20 per cashpoint in some cases). Thereby, with MoneyBack+ the welcome benefit is worth Rs. 125, whereas for MoneyBack credit card it is Rs. 100 to up to Rs. 125. Thereby, HDFC MoneyBack+ Credit Card, offers better value for welcome benefit in comparison to HDFC MoneyBack Credit Card.

Both these HDFC Credit Cards offer rewards. However, note that MoneyBack+ offers rewards in the form of CashPoints and MoneyBack offers rewards via Reward Points, as mentioned below:

MoneyBack+ offers rewards across multiple categories, such as online spends on selected popular brands, but also across EMI spends, which most cards do not. Also, note that MoneyBack+ offers rewards bifurcated into online and other spends (offline). Thus, the reward benefits on categories are very basic just like most of the entry-level cards, however, MoneyBack+ extending the benefit to EMI spends, and to selected brands, marks it a winner in comparison to MoneyBack.

However, if you are looking for benefits extended towards all online spends, then MoneyBack might seem a comparatively good option (4 Reward Points per Rs. 150 across all online spends). However, on the basis of reward redemption this value is limited, as you might earn a value benefit worth a maximum of Rs. 1 on spending Rs. 150. (on the basis of 1 reward point=Rs. 0.25 on the product catalog). This is, however, better in comparison to MoneyBack+, (as all online spends other than ones on preferred merchants are considered under ‘other spends’) as you might earn Rs. 0.5 on spending Rs. 150, (2 CashPoints on every Rs. 150 spent, on the basis of 1 reward point=0.25). However, if this spend is across the preferred merchants, mentioned above, then you are likely to earn reward benefits worth Rs. 5 on spending Rs. 150, ( as you get  20 CashPoints on spending Rs. 150).

Thereby, MoneyBack Credit Card is a good option to consider, if you are looking for reward benefits across all online spends, whereas if your online spends are inclined towards spends on Amazon, BigBasket, Reliance SuperSmart, and Swiggy, then you should consider getting MoneyBack+ card.

The redemption value offered on both these credit cards, for 1 reward point/cashpoint are mentioned in the table below:

As clear from the table above, MoneyBack+ credit card clearly offers better redemption across all categories in comparison to MoneyBack Credit Cards. Here, note that, while an equivalent benefit is offered across product catalog, air miles, on SmartBuy for flights and hotel bookings,  the redemption value varies for redemption against statement balance. For both these cards, for redemption against SmartBuy portals, you can only use reward points for up to 50% of the booking value, and the rest is to be paid via a credit card.

In the case of MoneyBack, you can redeem cash back against the statement balance, only when you have accumulated a minimum of 2500 reward points, whereas, for MoneyBack+ this limit is up to 2,000 reward points (as you redeem cash points against the balance when you have cash points equivalent to Rs. 500). Thereby, MoneyBack+ not only offers higher redemption value but also easier redemption for accumulated reward points.

While MoneyBack Credit Card does not offer any dining benefits specifically, MoneyBack+ offers dining benefits of up to 15% off at 2,000+ premium restaurants in India, in selected cities. Also, since you get 2x rewards points on every Rs. 150 spent across Swiggy, MoneyBack+ is a good option if you frequently dine out or order food online.

• Both MoneyBack+ and MoneyBack offer a renewal fee waiver on spending Rs. 50,000 or above in a year. This is an achievable limit, even if you use your credit card occasionally.
• Both these cards also offer quarterly benefits with vouchers worth Rs. 500 on spending Rs. 50,000 or above in a quarter. Thereby, you can earn additional benefits of around Rs. 2,000 in a year.

Comparative Rating

HDFC MoneyBack+ Credit Card	HDFC MoneyBack Credit Card
★★★(3.5/5)	★★★(3/5)

On a concluding note, if you are earning Rs. 20,000 and are not eligible to avail HDFC MoneyBack Credit Card, then availing MoneyBack+ is not a bad deal, indeed, beneficial as the benefits offered are better. MoneyBack+ is not only an upgraded but an improvised version as it is easier to avail, offers a higher reward rate, and even additional benefits on dining.

Undoutedly, MoneyBack+ is a better option in comparison to HDFC MoneyBack, however, before opting for this card, you must also check out other credit cards with similar benefits and fee charges, such as ICICI Amazon Pay Credit Card or Flipkart Axis Bank Credit Card. In comparison, to these, MoneyBack+ or even MoneyBack is far behind in offering similar benefits at Rs. 500 or zero annual fees.

Suggested Read: Amazon Pay ICICI Credit Card | Flipkart Axis Bank Credit Card | Amazon Pay ICICI Credit Card Vs. Flipkart Axis Bank Credit Card