|HDFC Bank EasyEMI Credit Card|
|Rewards Program ★|
Fuel Benefits ★
Annual Fee ★★★
Welcome Benefits ★★
Ease of Approval ★★
|Overall Rating ★★|
As the name suggests, HDFC Bank EasyEMI credit card’s main feature is the convenience that it provides by automatically converting big ticket purchases into EMIs. Additional cashback on online transactions and the facility to redeem cashback against statement balance are two other reasons why you would want this card. HDFC EasyEMI Credit Card may seem like a good investment; however, upon closer inspection of the terms and conditions we found that the card has a few downsides. The detailed review of the card is given below.
Key Highlights of HDFC Bank EasyEMI Credit Card
Get Purchases Directly Converted into EMIs
Under this feature, you can convert all transactions of Rs. 10,000 or more automatically into EMIs. The interest charged is 1.67% per month or 20% per annum. The processing fee for this is Rs. 99 and the tenure will be 9 months. Gold, jewellery or fuel transactions won’t be automatically converted into EMIs via this feature. Besides this, users get to avail EasyEMI facility across 1,000+ merchants.
This feature will be beneficial only to those users who frequently use their credit card for big transactions and would like to convert them into EMIs. However, online as well as offline shoppers will find that many other cards offer better rate of interest on EMIs. The rate of interest at many e-commerce sites is quite low, around 15% per annum. This makes one wonder for whom is the card designed. There are only a few transactions where this card can truly show its value.
The card has relaxed eligibility criteria as it can be availed by people earning Rs. 10,000 or more per month.
On HDFC Bank Easy EMI Credit Card, you can get the following welcome offers:
- Gift voucher worth Rs. 1,000 if you spend Rs. 1 lakh or more in a quarter. This offer is available during the first year of card issuance only.
- You will receive Rs. 1,000 Cash Points on payment of membership fee.
- As a launch offer, you will be able to earn cashback up to Rs. 1,000 per month for the first 6 months on PayZapp and SmartBuy transactions. After 6 months, the maximum cap will be Rs. 750.
CashPoints earned on payment of membership fee and additional cashback offer for 6 months is suitable for most users. However, the gift voucher is given to customers who spend at least 1 lakh in a quarter. However, there are other cards in the market with better benefits that would waive off the fee on spending the same amount or less in a year such as Citi Cashback Credit Card and SBI SimplyCLICK Card. If you find that you can spend over 1 lakh in a quarter then you are better off looking at other credit cards.
Consider Reading: 10 Best Credit Cards in India
Cashback Offer on HDFC Easy EMI Credit Card
The reward points are given in the following manner:
5% Cashback – Offered on transactions made on Amazon, Flipkart, payments made via PayZapp and SmartBuy. You can earn cashback up to Rs. 750 per month. Minimum transaction amount must be Rs. 2,000.
2.5% Cashback – Offered on online transactions excluding Amazon, Flipkart, payments made via PayZapp and SmartBuy. Minimum transaction must be Rs. 2.000. Maximum cashback of Rs. 750 can be availed per month.
1% Cashback – Offered on all offline transactions except fuel transactions. Minimum transaction amount is Rs. 100.
Cashback is also provided on EMI transactions.
Cashback is given in the form of CashPoints. The redemption value of Cashpoints is:
- 1 CashPoint = Re. 1 for redemption against statement balance
- 1 CashPoint = Re. 0.30 for redemption against flight, hotel bookings and items in rewards catalogue
HDFC Bank EasyEMI credit card’s major drawback is its cashback program. The card offers the chance to redeem cashback against statement balance. However, to use this feature user must first accumulate 2,500 reward points in a year; CashPoints expire in a year. If you do not frequently put expenses on your credit card, reaching this threshold will be difficult.
On the other hand, if you decide to redeem the CashPoints against flight or hotel bookings or from rewards catalogue then the conversion ratio is disappointing. So, if you are looking for a cashback credit card or a rewards credit card, you must also consider alternatives.