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HDFC MoneyBack Credit Card

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हिंदी में पढ़े
Updated: 27-08-2021 06:59:41 AM

 Important: As per RBI guidelines, issuance of new credit cards on Mastercard platform has been discontinued until further notice. Normal card services will continue for existing users. HDFC Bank will continue to issue the Visa variant of this card.

HDFC Moneyback is one of the most popular entry-level credit cards in India. which offers cashback on every transaction. It is best suited for frequent shoppers, especially those who prefer online shopping, as it gives 2 reward points on every retail spend and 2x reward points on online shopping. Let us have a good look at the features of this card and find out whether it would be a good pick for you.

Key Highlights of HDFC MoneyBack Credit Card

Card Ratings3.5/5
Reward Rate0.8% 
Joining FeeRs. 500 + Taxes
Rewards2 reward points on every Rs. 150 spent
2x (4) reward points on every Rs. 150 spent online
Welcome Benefit500 cash points on payment of membership fee
Milestone BenefitThe first-year membership fee is waived off on spending Rs.20,000 or above in the first 90 days
Minimum IncomeSalaried: Gross Monthly Income > Rs.25,000
Self Employed: ITR > Rs.6,00,000 per annum

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Paisabazaar’s Rating: ★★★ (3/5) Read Full Review

Features and Benefits of HDFC MoneyBack Credit Card
Other benefits of MoneyBack Credit Card
Pros and Cons of HDFC MoneyBack Credit Card
Should You Get an HDFC MoneyBack Credit Card?
HDFC MoneyBack Credit Card- Fees & Charges
Who is eligible to get an HDFC MoneyBack Credit Card?
How to Apply for HDFC MoneyBack Credit Card?
FAQs
Other Rewards Credit Card

Features and Benefits of HDFC MoneyBack Credit Card

You can get reward points on all retail transactions, excluding some specific transactions such as government bills, etc. 

100 reward points give Rs.20 cashback | 1 point is equal to Rs.0.20

  • Earn 2 reward points on every Rs.150 spent
  • 2x reward points i.e. 4 points on every Rs.150 spent online. Customers can earn up to 500 reward points per statement cycle for online spends, under the 2X RP feature

For example, if you spend Rs.15,000 on retail purchases, you will get 200 reward points and similarly, you will get 400 reward points for spending Rs.30,000 online.

Terms and conditions-

  • Reward points can be redeemed against travel benefits like flight and hotel bookings
  • Reward points are valid for 2 years from the date of accumulation
  • Reward Points can also be redeemed against statement balance

Important: A minimum balance of 2500 Reward Points is required to redeem reward points against the statement balance. 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.

The main reason why this card is so popular is due to its easy eligibility criteria (low-income requirement). The basic reward rate on HDFC Moneyback Card is reasonable when compared with rewards credit cards in the same fee range. Here are a few cards to compare:

Credit CardAnnual FeeReward PointsNet Savings
HDFC MoneybackRs.500Earn 2X Rewards on online spendsRs.484*
Rs.1,480**
Standard Chartered Platinum RewardsRs.250Earn 5 Reward Points for every Rs.150 spent at partner dining restaurantsRs.8,510*
Rs.9,782**
SBI SimplyClickRs.499Earn 10X Reward Points with partner brands like Amazon, BookMyShow, Cleartrip, Urban Clap etc.Rs.9,271*
Rs.14,541**
ICICI Bank Coral ContactlessRs.500Earn 2 Payback Points on every Rs.100 spentRs.10,636*
Rs.15,771**
IRCTC SBI PlatinumRs.500Earn 350 activation bonus Reward Points on spending Rs.500 or more within the first 45 days of issuanceRs.4,776*
Rs.9,964**

*On spending Rs.2 lakh annually **On spending Rs.4 lakh annually

Credit Card Rating

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Other benefits of MoneyBack Credit Card

  • Welcome Benefit: Earn 500 cash points after paying the membership fee. 1 cash point is equal to Rs.0.25
  • Milestone Benefit:
MilestonesBenefits
Spend Rs.50,000 in a quarterGet a Gift voucher worth Rs.500 (quarterly) | Max. gift voucher worth Rs.2000 in a year
Spend Rs.20,000 or more in the first 90 days of card issuanceGet first-year membership fee waived off
  • Renewal Fee Waiver: The annual renewal fee is also reversed on spending Rs. 50,000 in the year before the date of renewal
  • Fuel Surcharge Waiver: Fuel surcharge waiver of 1% on transactions above Rs. 400. The upper limit for fuel surcharge waiver is set at Rs. 250 (plus applicable service tax) for every billing cycle

Pros and Cons of HDFC MoneyBack Credit Card

ProsCons
Unlimited reward points across all spendings0.8% cashback rate, which is quite low
2 reward points on every Rs.150 retail spent
4 reward points on every Rs.150 online spent
The first-year fee reversed if you spend Rs. 20,000 in the first 90 days of card set-up date and renewal fee reversed if you spend Rs. 50,000 in a yearNo complimentary airport lounge access
–High foreign exchange markup fee i.e 3.5% (other HDFC cards like Regalia charge a low foreign exchange markup fee of 2%)

Should You Get an HDFC MoneyBack Credit Card?

If you are a frequent online shopper, HDFC MoneyBack Credit card can be a satisfactory option for you as you will get twice the rewards on every purchase. This card is, basically, a better option for those who are new to credit and want to start their credit journey with a low-annual fee card. For a fee of only Rs. 500, the benefits on this credit card are more than justified. Thereby, you can consider getting this card if-

  • You are a beginner and want to try a new credit card
  • You are a frequent online and offline shopper
  • You wish to earn rewards that can be converted into cashback
  • You want to build your credit score but cannot get approved for other credit cards

HDFC MoneyBack Credit Card- Fees & Charges

TitleDetails
Joining FeeRs. 500 + GST
Annual FeeRs. 500 + GST
Finance Charges3.6% p.m. | 43.2% p.a.
Late Payment ChargesFor Statement Balance:

  • Less than Rs. 100 – Nil
  • Rs.100 to Rs.500 – Rs.100
  • Rs.501 to Rs.5,000 – Rs.500
  • Rs.5,001 to Rs.10,000 – Rs.600
  • Rs.10,001 to Rs. 25,000 – Rs.800
  • Rs. 25,000 to Rs. 50,000 – Rs. 1,100
  • Over Rs. 50,000 – Rs. 1,300

Click here to know other associated fees and charges.

Who is eligible to get an HDFC MoneyBack Credit Card?

Eligibility and Documentation

CriteriaDetails
OccupationSalaried or Self-employed
Minimum Income for Salaried ApplicantsRs. 25,000 per month
Minimum Income for Self-employed ApplicantsRs. 6,00,000 per annum
Serviceable CitiesClick here for the list of eligible cities

Along with your application form, you should also submit valid proof of identity, address and income. Click here to view all the documents required.

How to Apply for HDFC MoneyBack Credit Card?

One can apply for HDFC Bank MoneyBack credit card through Paisabazaar.com in a few simple steps as given below:

  • Click here to begin your application
  • Enter the required details and proceed
  • Filter the results of HDFC credit cards and then you can find HDFC Bank MoneyBack credit card in the list
  • Click on ‘Check Eligibility’ and enter some more details to verify your eligibility for the card
  • If approved, you can fill out the detailed form and submit
  • After successful online application, you will get a call from the executive to arrange for collecting your documents at your doorstep

Alternatively, you can apply on the bank’s website directly or by visiting the nearest branch of HDFC Bank.

FAQs

What is the credit limit of HDFC Bank MoneyBack?

The credit limit is decided by the bank on several factors like the credit score, annual income and cardholder’s age. Once you apply for the credit card and your application is approved, the bank will communicate the credit limit to you.

What is the annual fee of HDFC MoneyBack?

The annual fee of HDFC MoneyBack is Rs.500 plus applicable taxes.

Can I withdraw cash from HDFC MoneyBack credit card?

Yes, you can withdraw cash from your credit card account. A fee of 2.5% – 3% is typically charged every time you withdraw cash from your credit card account. You should also note that cash withdrawals from credit cards carry finance charges from the day of such withdrawal, meaning that the interest-free period is not applicable to cash withdrawal transactions.

How do I redeem HDFC card reward points into cash?

You can redeem HDFC reward points into cash via Internet Banking. Under the redemption portal after logging in, you will see an option of converting reward points into cash. The cash credit is usually credited within 7 working days.

Other Rewards Credit Card

Credit CardAnnual FeeKey FeaturePaisabazaar Rating
ICICI RubyxRs.20002 Complimentary Movie Tickets every month from BookMyShowComplimentary round of Gold every month4.3/5
Citibank RewardsRs.1,000Get up to 20% discount on dining bills at partner restaurantsGet up to 2,500 Reward Points on using this card within first 60 days4.2/5
SBI SimplySave Rs.499Spend Rs.90,000 or more in a year to avail annual fee reversalConvert big ticket purchases into smaller EMIs at no extra cost3.7/5
American Express Membership RewardsRs.1,500Earn 1,000 membership bonus Rewards Points atleast 4 times per monthEarn 1 Membership Reward Point on every Rs.50 spent3.9/5
HDFC Bank Credit Card
(3.9/5 ) 7947 Reviews
Write a review
Jun 2, 2021
3/5
Good card with travel benefits

I got a travel-specific HDFC credit card in 2019. Luckily, I got a chance to experience its travel perks in September 2019. A good card with a satisfactory rewards rate. I highly recommend HDFC credit cards for frequent travellers.

May 25, 2021
5/5
HDFC Moneyback Credit Card

This was my first credit card and I still have it with me because of a simple rewards program and low fee. I have been able to earn good rewards with this card. Would totally recommend this for beginners.

Dec 23, 2019
4/5
Decent

It is a good credit card that gave benefits on entertainment. I am satisfied with this.

Nov 23, 2019
5/5
Just A click and all Done

Hi! i am very satisfied with the service because I got The Card in Just a single click with good limit. Really thanks to Paisabazaar and Ankit Pandey(EW04877).

Aug 28, 2019
5/5
Incredible card

It is truly addictive as the advantages are plenty. In fact, what you pay for the card is negligible if you compare it with the offerings. Now it appears I can't live without this card

Aug 28, 2019
5/5
Incredible credit card

This card has no parallel. I have used plenty of credit cards but this offers innumerable benefits. Now it appears, I can't live without this card and it is truly addictive

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