HDFC Bank- one of India’s leading private sector banks- offers a gamut of credit cards for the specific needs of customers in India. HDFC MoneyBack Credit Card has been designed to return a portion of what they spend to the cardholders. 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 or can also be converted into direct statement credit.
HDFC Bank MoneyBack Credit Card – Features
Following are some unique features of HDFC MoneyBack Credit Card:
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 ₹ 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 ₹ 150 spent
- 2X reward points on online spends
- 100 reward points are equal to ₹ 20 as cashback
- Reward points earned on the HDFC Bank MoneyBack Credit Card are valid for a period of 2 years from the date they were earned.
Waiver of Fuel Surcharge: The upper limit for fuel surcharge waiver is set at ₹ 250 (plus applicable service tax) for every billing cycle.
Transaction Security: 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.
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.
Revolving Credit: 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.
HDFC Bank MoneyBack Credit Card – Benefits
You can enjoy the following benefits on HDFC MoneyBack credit card:
Savings on the Purchase of Fuel: The MoneyBack Credit Card customer can enjoy yearly savings of up to ₹ 250 per statement cycle on fuel transactions.
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 ₹ 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 ₹ 50,000 in the year before the date of renewal.
HDFC Bank MoneyBack Credit Card- Fees and Charges
Here are a few important fees and charges related to this credit card-
|Type of Fee/Charge||Amount|
|Annual Fee||₹ 500|
|Cash Advance Charges||2.5% of amount withdrawn or ₹ 500 whichever is higher|
|Add-on Card Fee||Nil|
|Overlimit Charges||2.5% of overlimit amount, subject to a minimum of ₹ 500|
|Railway Ticket Purchase Fee||1.8% of the transaction amount + GST|
|Reissue of Lost, Stolen or Damaged Card||₹ 100|
|Payment Return Charges||2% of Payment amount subject to minimum of ₹ 450|
|Cash Processing Fee||₹ 100 (for all card payments made by depositing in HDFC
Bank branches or ATMs)
|Balance Transfer Processing Charges||1% of BT amount or ₹ 250, whichever is higher|
|Late Payment Charges||For Statement Balance:
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.
The applicant should have a regular source of income with a minimum monthly take home of ₹ 13,000 per month.
Both Resident Indians and NRIs can apply for HDFC Bank MoneyBack credit card.
How to Apply for HDFC Bank MoneyBack Credit Card
One can apply for HDFC Bank MoneyBack credit card through Paisabazaar.com in a few simple steps as given below:
Step 1– Visit Paisabazaar.com and go to the credit card section.
Step 2– Enter the required details and proceed.
Step 3– Filter the results of HDFC credit cards and then you can find HDFC Bank MoneyBack credit card in the list.
Step 4– Click on ‘Check Eligibility’ and enter some more details to verify your eligibility for the card.
Step 5– If approved, you can fill out the detailed form and submit.
After successful online application, you will get a call either from Paisabazaar’s team or directly from the bank. An executive of the bank will come to collect your documents at your doorstep.
Alternatively, you can apply on the bank’s website directly or by visiting the nearest brand of HDFC Bank.