HDFC Bank – one of India’s leading private sector banks offers a gamut of credit cards for the specific needs of customers in India. Their MoneyBack Credit Card has been designed to return a portion of what they spend to the cardholder. This means that more purchases lead to greater savings. One can also consider this as earning money on shopping. The cashback is in the form of rewards points, which can be utilised for further shopping.
HDFC Bank MoneyBack Credit Card – Features
MoneyBack Reward Programme
Rewards points earned on purchases made using the HDFC Bank MoneyBack Credit Card can be easily redeemed for an impressive range of gifts and air miles from an exclusive rewards catalogue. An important point to note is that only retail purchases qualify for reward points. Fuel transactions, cash advance, fees and other charges do not earn reward points. Also, transactions where the total amount is less than Rs. 150 do not accrue any reward points.
Another thing to keep in mind is that a cardholder who is redeeming reward points against the outstanding amount on their card has to pay the minimum due amount. Details of MoneyBack rewards are given below:
- 2 reward points accrue for every Rs. 150 spent
- 100 reward points are equal to Rs. 30 as cashback (valid for the items from the rewards catalogue)
Online purchases made by using the HDFC Bank MoneyBack Credit Card offer higher reward points. The bank is giving impetus to online spending, making it more lucrative for customers. HDFC Bank MoneyBack Credit Card members earn 100% more reward points on online spends. In other words, online shopping is 2 times more rewarding. These reward points are credited in the next billing cycle. This scheme is valid for only those transactions that are deemed ‘online’ based on the Merchant Category Codes (MCCs) defined by Visa and Mastercard.
Waiver of Fuel Surcharge
The upper limit for fuel surcharge waiver is set at Rs. 250 (plus applicable service tax) for every billing cycle.
HDFC Bank has gone to greater lengths in order to provide the latest security infrastructure to HDFC Bank MoneyBack Credit Card customers. It has made efforts to ensure the safety and security of transactions.
The HDFC Bank MoneyBack Credit Card has the EMV® chip technology that is a global standard for credit cards. It sets the new standard for security of credit card transactions. Such cards can be used at both chip-enabled POS machines as well as regular non-chip POS card swipe machines. To use a card at a chip-enabled machine, the card does not need to be swiped. It simply needs to be tapped against the machine. This is the payment method of the future that eliminates the problems created by errant card readers or faulty magnetic strips. Since, this is still relatively new technology in India, the card also has a magnetic strip to be used with swipe machines. For online transactions, the card needs to be registered with Visa or Mastercard SecureCode Verification. This is a one-time requirement. However, online transactions are layered with additional layers of security that include OTPs.
Zero Liability on Loss of Credit Card
HDFC Bank MoneyBack Credit Card members must immediately report the loss of card to the bank. They can do this with ease by calling on their 24 hour helpline. This absolves them from any liability if any fraudulent transactions are made using the credit card after reporting its loss.
HDFC Bank MoneyBack Credit Card customers get the benefit of revolving credit at a nominal rate of interest rate.
Interest Free Credit
HDFC gives a 50-day interest-free window to make the payment after a purchase. This period starts from the date of the purchase, provided the merchant submits the charge. This gives the cardholder sufficient time to make the payment without incurring any extra charges. This is especially helpful for people who get their purchases reimbursed from their employer. If a person spends the money while travelling, they do not need to rush the reimbursement process. With 50 days payment room, one can comfortably complete the trip and complete their office documentation without worrying about having to pay extra.
Validity of Reward Points
Reward points earned on the HDFC Bank MoneyBack Credit Card are valid for a period of 2 years from the date they were obtained. This means that the cardholder can wait and accumulate a fair number of points if one wishes to purchase a special item in the catalogue. At the same time, the presence of a limit also invites cardholders to actually utilise their rewards instead of wasting them.
Credit Card Offers
HDFC Bank also gives frequent lucrative offers on their range of credit cards. They include discounts for shopping online, buying movie tickets, additional cashback, extra reward points, booking hotels and flights, etc. Such offers, especially during the holiday season, can enhance one’s shopping experience significantly. Some of these offers are only available after the cardholder uses a promo code. Thus, it pays to be aware of current offers. HDFC sends details of these offers via email and phone alerts. HDFC also maintains a website called ‘SmartBuy’ at https://offers.smartbuy.hdfcbank.com that contains all the latest offers and deals.
HDFC Bank MoneyBack Credit Card – Benefits
Savings on the Purchase of Fuel
The MoneyBack Credit Card customer can enjoy yearly savings of up to Rs. 1,800 on fuel transactions. This is based on the assumption that the cardholder will spend Rs. 6,000 on fuel every month. Considering the rising costs of fuel across the world, this can prove a lot of relief.
Waiver of First Year’s Fee
HDFC Bank MoneyBack Credit Card members can gain from the reversal or waiver of the first year’s fee if they spend a minimum of Rs. 10,000 within 90 days starting from the card set-up date.
Reversal of Renewal Fee
The annual renewal fee is also reversed, if the cardholder spends Rs. 50,000 in the year before the date of renewal.
HDFC Bank MoneyBack Credit Card – Eligibility Criteria
The eligibility details for the HDFC Bank MoneyBack Credit Card are same as standard industry eligibility criteria for similar credit cards. Few of their important rules are:
- Salaried Employees – The minimum and maximum age for salaried individuals is 21 years and 60 years respectively.
- Self-Employed Individuals – The minimum and maximum age for self-employed people is 21 years and 66 years respectively.