HDFC Bank MoneyBack Credit Card

The HDFC Bank MoneyBack Credit Card is a popular option for those who want to earn cashback on their daily purchases. It offers a range of features and benefits tailored to reward cardholders for their spending while also providing additional perks like fuel surcharge waivers and the flexibility to convert transactions into EMIs. In this detailed guide, we’ll explore everything you need to know about the HDFC Bank MoneyBack Credit Card, from its features to fees, rewards, and how to apply.

Key Features of HDFC Bank MoneyBack Credit Card

1. Cashback on Online Spending:

• Earn 2X reward points on all online transactions made with the HDFC Bank MoneyBack Credit Card. This is a significant advantage for individuals who frequently shop online, as it allows them to earn more cashback.

1. Conversion of Reward Points to Cashback:

• The standout feature of this card is the ability to convert reward points into direct cashback. For every 100 reward points accumulated, you can redeem ₹20 as cashback. This cashback is automatically credited to your credit card account and can be used to pay off outstanding balances.

1. Fuel Surcharge Waiver:

• Get a 1% fuel surcharge waiver on fuel transactions between ₹400 and ₹5,000 at all petrol pumps in India. This benefit is capped at a maximum of ₹250 per statement cycle.

1. Interest-Free Credit Period:

• Enjoy up to 50 days of interest-free credit, provided you clear your outstanding dues in full by the due date. This feature helps cardholders manage their finances more effectively and make the most of their credit limit.

1. Easy EMI Conversion:

• Large purchases made using the HDFC Bank MoneyBack Credit Card can be converted into affordable EMIs. This allows you to break down expensive transactions into manageable monthly payments without straining your budget.

1. Comprehensive Reward Point System:

• Earn 2 reward points for every ₹150 spent on all other transactions, apart from online spending. This reward system ensures that you accumulate points even on everyday expenses like groceries, utilities, and travel.

Fees and Charges Associated with HDFC Bank MoneyBack Credit Card

Before applying for any credit card, it’s important to be aware of the fees and charges involved. Here’s a breakdown of the key fees for the HDFC Bank MoneyBack Credit Card:

1. Joining Fee:

• The joining fee for the HDFC MoneyBack Credit Card is ₹500 plus taxes. However, this fee can often be waived if certain criteria are met, such as spending a minimum amount within the first 90 days of receiving the card.

1. Annual Fee:

• The annual fee is also ₹500 plus taxes, but it can be waived if your annual spending exceeds ₹50,000 in a calendar year. This makes the card relatively cost-effective for regular users.

1. Interest Rate:

• The card carries an interest rate of 3.49% per month (41.88% annually) on any outstanding balance. It’s advisable to pay off your credit card dues in full each month to avoid these interest charges.

1. Cash Advance Fee:

• A cash advance fee of 2.5% of the transaction amount (subject to a minimum of ₹500) is applicable on cash withdrawals. This fee is charged immediately, and interest accrues from the date of withdrawal.

1. Foreign Currency Transaction Fee:

• The card imposes a 3.5% markup fee on all foreign currency transactions. This fee is something to keep in mind if you frequently travel abroad or shop on international websites.

1. Late Payment Fee:

• If the cardholder fails to pay the minimum due amount by the due date, late payment charges ranging from ₹100 to ₹1,300 (depending on the outstanding balance) are applied.

Rewards Program

One of the highlights of the HDFC MoneyBack Credit Card is its reward points program. Here’s a deeper look at how it works:

1. Earning Reward Points:

• You earn 2 reward points for every ₹150 spent using the card. On online transactions, this is doubled, meaning you earn 4 reward points for every ₹150 spent on e-commerce platforms.

1. Converting Points to Cashback:

• The best part about the HDFC MoneyBack Credit Card is that reward points can be converted into cashback. Every 100 reward points can be redeemed for ₹20 worth of cashback, which is credited directly to your card account.

1. Reward Point Validity:

• The reward points earned on the card are valid for two years from the date they are credited to your account. This gives cardholders ample time to accumulate points and convert them to cashback.

1. Redemption Process:

• You can redeem your reward points easily by logging into your HDFC NetBanking account or through the HDFC Bank mobile app. Once the points are converted into cashback, they will be adjusted against your outstanding balance.

Eligibility Criteria for HDFC MoneyBack Credit Card

Before you apply for the HDFC Bank MoneyBack Credit Card, make sure you meet the following eligibility criteria:

1. Age:

• The applicant should be at least 21 years old and not older than 60 years for salaried individuals. For self-employed individuals, the maximum age is 65 years.

1. Income Requirements:

• For salaried individuals, the minimum monthly income should be ₹15,000. For self-employed individuals, the minimum annual income should be ₹2 lakh.

1. Credit Score:

• A good credit score (typically 700 and above) is required for approval. Your credit score plays a crucial role in determining whether you are eligible for the card and the credit limit you will be assigned.

1. Citizenship:

• Only Indian residents or citizens are eligible to apply for this card.

How to Apply for HDFC Bank MoneyBack Credit Card

Applying for the HDFC Bank MoneyBack Credit Card is a simple and straightforward process. Here’s a step-by-step guide:

1. Online Application:

• Visit the official HDFC Bank website, go to the Credit Cards section, and select the MoneyBack Credit Card. Fill out the online application form by providing the required personal and financial details, including your name, address, and income information.

1. Document Submission:

• Upload the necessary documents such as identity proof (Aadhaar card, PAN card), address proof (utility bills, driving license), and income proof (salary slips, bank statements) as part of the application process.

1. Verification and Approval:

• Once you’ve submitted the application and documents, the bank will verify your details. If everything is in order, your card will be approved, and you’ll receive it at your registered address within 7-10 business days.

1. Offline Application:

• If you prefer, you can also apply for the card by visiting any HDFC Bank branch. Fill out the application form, submit the required documents, and the bank will process your request.

Security Features of HDFC MoneyBack Credit Card

The HDFC Bank MoneyBack Credit Card comes with a range of security features to ensure safe and secure transactions:

1. EMV Chip Technology:

• The card is equipped with an EMV chip, which provides enhanced protection against fraud and unauthorized transactions. This technology makes it difficult for counterfeiters to replicate your card details.

1. Zero Liability on Lost Card:

• In case your card is lost or stolen, you can report it immediately to HDFC Bank’s 24/7 customer care. Once reported, you won’t be liable for any unauthorized transactions made on the card.

1. Instant Alerts:

• You will receive instant SMS and email alerts for every transaction made with your card. This ensures that you are always aware of how your card is being used.

1. 24/7 Customer Support:

• HDFC Bank offers round-the-clock customer support for all queries related to your credit card. You can reach out for assistance regarding transactions, lost card reporting, or any other issues.

How to Maximize the Benefits of HDFC MoneyBack Credit Card

To get the most out of your HDFC Bank MoneyBack Credit Card, here are some tips to maximize your rewards and savings:

1. Use the Card for Online Shopping:

• Since the card offers 2X reward points on online transactions, make sure to use it for e-commerce purchases. This will allow you to accumulate reward points faster, which can be converted into cashback.

1. Pay Off Your Balance in Full:

• Always try to clear your outstanding balance in full each month to avoid interest charges. By doing so, you can enjoy the benefits of the card’s interest-free period.

1. Track Your Reward Points:

• Keep an eye on your reward points balance and redeem them as soon as you reach the minimum required for cashback conversion. Don’t let your points expire.

1. Take Advantage of the EMI Facility:

• For large purchases, use the card’s EMI conversion option to spread the cost over several months. This can help you manage your finances better without incurring high interest rates.

Drawbacks of HDFC MoneyBack Credit Card

While the HDFC Bank MoneyBack Credit Card offers many benefits, it does come with a few limitations:

1. Foreign Transaction Fee:

• The 3.5% markup fee on foreign currency transactions is relatively high. If you frequently travel abroad or make international purchases, you may want to consider a card with lower foreign transaction fees.

1. Low Cashback Conversion Rate:

• The cashback conversion rate of ₹20 for every