HDFC MoneyBack+ Credit Card Review

You can earn up to 10X CashPoints via this credit card. Here are the details regarding the same:

• 10X CashPoints on Amazon, BigBasket, Flipkart, Reliance Smart SuperStore & Swiggy
• 5X CashPoints on EMI spends at merchant locations
• 2 CashPoints per Rs. 150 spent on other categories (excluding fuel, wallets loads/ prepaid card loads & voucher purchases)

With this credit card, you can earn CashPoints on every purchase, which is a great deal, especially for beginners. However, you cannot earn reward points on fuel transactions, wallet loads/ prepaid card loads & voucher purchases, which might be a drawback for people who frequently use these services. If you are a loyal customer of Amazon, BigBasket, Flipkart, Reliance Smart SuperStore & Swiggy, then this card will no doubt benefit you significantly.

You can redeem the earned CashPoints as per the below details:

• 1 CashPoint = Rupee 0.25
• CashPoints can also be used for redemption against travel benefits like flight & hotel bookings and also on the rewards catalogue at the SmartBuy rewards portal
• Cardholders can redeem up to a maximum of 50% of the booking value through CashPoints at a value of 1 CashPoint = Rupee 0.25
• For redemption against statement balance, cardholder must have minimum CashPoints equivalent to Rs. 500
• Earned CashPoints are valid only for 2 years from the date of transaction

Conversion or redemption of CashPoints into cash, air miles, hotel and flight bookings is one of the major benefits of this credit card. Generally, with basic credit cards, you cannot redeem your reward points for multiple brands. On the other hand, this credit card lets you redeem your earned CashPoints for multiple brands, which is a great option if you frequently shop or travel. However, one of the disadvantages is that reward points come with a validity of 2 years, which means you need to redeem them within two years of receiving them.

With HDFC MoneyBack+ Credit Card, you can earn welcome and annual benefits as per the below details:

• 500 CashPoints on the payment of membership fee
• Annual/ renewal fee waiver on spending Rs. 50,000 in a year

The welcome benefit of 500 CashPoints is a significant deal for the joining fee of Rs. 500, as you can later redeem these points on multiple brands. Additionally, this credit card comes with an annual spending milestone of Rs. 50,000 in a year, which sums up to approximately Rs. 4,000 per month, which is justified as compared to the renewal fee. You can easily spend Rs. 50,000 in a year and avail this credit card for free.

If you spend Rs. 50,000 or above in a calendar quarter, you can earn a gift voucher worth Rs. 500 and up to Rs. 2,000 worth of gift vouchers in a year.

However, with the discount on limited merchants and select brands, it is not easy to achieve the quarterly spending milestone benefit, which might be a disadvantage of this credit card.

Apart from the rewards specific benefits, you can also avail benefits on dining and fuel. This card also provides general benefits, including lost card liability and an interest-free credit period. Below mentioned are the details regarding the same:

• Complimentary Dineout Membership: Up to 15% off at 2,000+ premium restaurants in select cities
• Zero Lost Card Liability: Zero liability on any fraudulent transaction on reporting the loss immediately
• Interest-free Credit Period: Up to 50 days of interest-free credit period
• Fuel Surcharge Waiver: 1% fuel surcharge waiver (max. of Rs. 250 per statement cycle) on fuel transactions between Rs. 400 to Rs. 5,000

If you look at additional benefits, then this credit is not a bad deal for people who are new to credit. You can easily earn benefits while stepping into your credit journey.

Suggested read: How to build a credit history?

HDFC MoneyBack+ Credit Card comes with a decent rewards rate and also offers benefits in multiple categories. However, if you are looking for other similar credit cards, you can refer to the table below:

*Terms and conditions applicable.

HDFC MoneyBack+ Credit Card is well-suited for people who are new to credit and want to earn discounts or rewards on their purchases. Being an entry-level credit card, this card offers decent benefits on your purchases. You can apply for this credit card if you want to build a credit score but cannot get approved for other credit cards.

However, this credit card does not offer exclusive benefits in any particular category. If you want to avail exclusive benefits on a particular category, then this might not be the best option for you. In such a case, you should consider getting a credit card that offers benefits in the desired category.

To help you decide, here are a few things which you should consider while applying for this credit card:

Planning to apply for a cashback credit card? Look for the best cashback credit cards available in the market.

No doubt, being an entry-level credit card, this card offers reasonable benefits to its users. However, before applying for this credit card, you should keep these things in your mind:

• This card charges an annual fee even if you don’t use it
• No reward points can be earned on fuel transactions, wallet loads/ prepaid card loads & voucher purchases
• Reward points are valid only for 2 years
• 10X CashPoints only on select merchants
• High quarterly spending milestone

HDFC MoneyBack+ Credit Card is an upgraded version of previously launched HDFC MoneyBack Credit Card. Both the cards offer reward points on your purchases. However, with MoneyBack+, you can earn up to 10X reward points on select purchases, whereas MoneyBack offers up to 2X reward points on online purchases.

Apart from the rewards rate, MoneyBack+ comes with relaxed eligibility criteria as compared to MoneyBack. The minimum income requirement for MoneyBack is Rs. 25,000, whereas MoneyBack+ has a minimum income requirement of Rs. 20,000. So, MoneyBack+ is a well-suited option for people who are planning to apply for their first credit card.

HDFC MoneyBack+ Credit Card is well suited for new users because of its relaxed eligibility. You can opt for this credit card if you are planning to start your credit journey and don’t want to pay a high annual fee. Additionally, after 2-3 years, you can also upgrade this credit card if the bank finds you eligible. However, if you already have one or two credit cards and want another one for premium benefits in a specific category, then this card might not be the right option for you.