HDFC MoneyBack Credit Card Review: Best Choice for First-time Users

HDFC MoneyBack Credit Card is one of the best cashback credit cards available in the market. At an annual fee of Rs. 500, the benefits offered on this card are quite satisfactory. Also, since HDFC Bank offers this card to customers who do not have a credit history, it happens to be the first credit card for a lot of people who are new to credit. Here is a detailed review of HDFC MoneyBack credit card.

Simple Rewards Program

The best feature of HDFC MoneyBack Credit Card is that its rewards program is not at all complicated and suits everyone’s needs. Earnings are not divided into too many categories. Here is how you will earn rewards on this card:

• Earn 2 reward points for every Rs. 150 spent across all categories
• Earn 4 reward points per Rs. 150 for online transactions

There are no conditions on the type of online transactions- you may order food online or make purchases on an online shopping website or even pay your utility bills, all online transactions will give you twice as many rewards. Remember that fuel transactions, cash advance, fees, and other charges do not earn reward points.

Welcome Bonus & Milestone Benefits

HDFC Moneyback Credit Card gives its users 500 Cash Points (applicable only on payment of membership fee).

• On spending Rs.20000 & above in the first 90 days, they will get the first-year membership fee waived off
• Spend Rs.50,000 and above in each calendar quarter and get Rs.500 worth of gift vouchers
• Spend Rs.50,000 and above in the first year and get the renewal membership fee waived off

Convert Rewards into Cashback

This feature makes the rewards program of HDFC MoneyBack credit card even simpler. You do not have to browse through the HDFC credit card rewards catalogue. Instead, you can simply convert the accumulated points into direct statement credit.

100 Reward Points = Rs. 20

So, if you have 5,000 reward points in your credit card account, you can convert it into a cashback of Rs. 1,000. You can easily avail this facility through their online reward redemption system or by calling the HDFC credit card customer care. It usually takes 10 days for cashback to be credited into your credit card account and it will reflect in the next statement.

Remember that the points will be converted into cashback only in multiples of 500 which means you must have 500 points in your card to avail this facility.

Consider Reading: HDFC MoneyBack Plus Credit Card

An Extensive Catalogue for Reward Redemption

While HDFC Bank offers the facility of converting reward points into cashback, it does not take away the option of purchasing merchandise or vouchers from the users. If you do not wish to get a cashback, you can choose an item from their extensive rewards catalogue. There are vouchers from leading brands and also merchandise from different categories.

Other Benefits on HDFC MoneyBack Credit Card

Other common HDFC MoneyBack Credit Card benefits can also be availed on this card such as revolving credit, 50-day interest-free period, chip and PIN security, etc.

Apart from these, HDFC MoneyBack Credit Card also provides lost card liability cover wherein you will not be liable for any fraudulent transaction on the card in case of lost or stolen card, if you report such loss immediately.

HDFC Bank also extends some extra privileges for its MoneyBack credit cardholders but it varies from one cardholder to another. These benefits include:

• Loan on Credit Card
• Insta Jumbo Loan
• Smart EMI
• Credit Limit Enhancement
• Add-on Card

Who Should Get HDFC MoneyBack Credit Card?

HDFC MoneyBack Credit Card is a basic card as it does not offer exclusive benefits in any particular category. However, it is also among the best low annual fee credit cards in India. For a fee of only Rs. 500, the benefits of this credit card are more than justified.

To help you decide, here are a few scenarios under which you should or should not consider getting this card.

HDFC Moneyback Credit Card

Drawbacks of HDFC MoneyBack Credit Card

As said before, the HDFC MoneyBack card is a basic one and does not offer premium privileges. Some other drawbacks include:

• Reward points are valid only for 2 years
• The cashback rate is lower as compared to other cash back credit cards in the market
• Fuel transactions are not eligible to earn rewards
• Reward redemption fee of Rs. 99 will be charged if you redeem the points for goods or vouchers from their catalogue
• The card does not offer any travel benefit at all; there are other cards in the market that offer basic travel privileges for the same annual fee or less

Bottom Line

HDFC MoneyBack Credit Card is best suited for new users as they can get easy approval. The minimum income required for the card is only Rs. 13,500 and if you have a savings account with HDFC Bank, the chances of approval are even higher. Since the annual fee is also quite low, it can be a great card to start your credit journey and build a good score. After 2-3 years of usage, you can also get an upgrade on the MoneyBack Card if the bank finds you eligible.

However, for people who already have one or two cards and need another one for specific benefits, this card may not be the right choice.