MoneyBack Credit Card
MyRupaya Ratings
Product Details
Credit Card Name :
MoneyBack Credit Card
Bank Name :
HDFC Bank
Type :
Lifestyle Credit Card
Interest Rate :
3.6% per month (43.2% per annum)
Eligibility :
For Salaried Indian national
Age: Min 21 yrs & Max 60 Yrs,
Gross Monthly Income> ₹25,000
For Self Employed Indian national
Age: Min 21 yrs & Max 65 Yrs,
Income: ITR > ₹6.0 Lakhs per annum
Pros
Welcome Benefit: Users will receive 500 cash points on payment of membership fee.
Reward System: Users will get 2 reward points for every Rs 150 spent. 2X reward points i.e. 4 reward points for every Rs. 150 spent online. 1 reward point = ₹0.20. Effective cashback rate 0.4%. Online cashback rate: 0.8%.
Milestone Benefit: Every quarter, users can get a gift voucher worth Rs. 500 on spends of Rs 50,000. Up to Rs. 2,000 worth of gift vouchers in a year.
Revolving credit facility available.
Exclusive dining privileges are available like Up to 20 % savings on all restaurant bill payments via Swiggy Dineout (20k + restaurants).
Fuel Surcharge waiver benefit available.
Cons
Lower cashback rate:
Compared to other cashback cards in the market, the cashback rate offered by HDFC MoneyBack is relatively lower.
Fuel transactions are not eligible for earning rewards, which can be a significant drawback for frequent fuel users.
Limited rewards redemption options:
While the card offers cashback as a redemption option, it lacks flexibility in terms of other reward options.
Some users might prefer cards with more diverse reward redemption options, such as travel miles or gift cards to specific retailers.
Pros & Cons
Welcome Benefits
Users will receive 500 cash points on payment of membership fees.
Rewards System
Users will get 2 reward points for every Rs 150 spent. 2X reward points i.e. 4 reward points for every Rs. 150 spent online. 1 reward point = ₹0.20. Effective cashback rate 0.4%. Online cashback rate: 0.8%.
International Forex Markup
3.5%
Welcome Benefits and Reward System
Special Features
Every quarter, get a gift voucher worth Rs. 500 on spends of Rs 50,000.
Earn up to Rs. 2,000 worth gift vouchers in a year.
Eligibility Criteria
For Salaried Indian national
Age: Min 21 yrs & Max 60 Yrs,
Gross Monthly Income> ₹25,000
For Self Employed Indian national
Age: Min 21 yrs & Max 65 Yrs,
Income: ITR > ₹6.0 Lakhs per annum
Benefits
No annual fee.
Welcome benefits.
Milestone benefits.
Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
Go to the HDFC Bank website and click on the "Credit Cards" tab.
Click on the "MoneyBack Credit Card" link.
Click on the "Apply Now" button.
Fill out the application form and submit it.
Here are the documents that you need to submit along with your application form:
Proof of identity (e.g., passport, driving license, PAN card) Proof of address (e.g., bank statement, utility bill) Proof of income (e.g., salary slip, tax return)
The processing time for the application is usually 7-10 working days.
Once your application is approved, you will receive the card in the mail within 15-20 working days.
Contact Details
1800 202 6161 or 1860 267 6161,
send an SMS to 730 8080 808,
or even use WhatsApp to send a message to 707 0022 222.
Account Opening and Procedure
Recommended Credit Cards
Pros:-
Change the text to include your own content. Adjust the font, size or scale to customize the style.
Cons:-
Welcome Benefit: Users will receive 500 cash points on payment of membership fee.
Reward System: Users will get 2 reward points for every Rs 150 spent. 2X reward points i.e. 4 reward points for every Rs. 150 spent online. 1 reward point = ₹0.20. Effective cashback rate 0.4%. Online cashback rate: 0.8%.
Milestone Benefit: Every quarter, users can get a gift voucher worth Rs. 500 on spends of Rs 50,000. Up to Rs. 2,000 worth of gift vouchers in a year.
Revolving credit facility available.
Exclusive dining privileges are available like Up to 20 % savings on all restaurant bill payments via Swiggy Dineout (20k + restaurants).
Fuel Surcharge waiver benefit available.
Lower cashback rate:
Compared to other cashback cards in the market, the cashback rate offered by HDFC MoneyBack is relatively lower.
Fuel transactions are not eligible for earning rewards, which can be a significant drawback for frequent fuel users.
Limited rewards redemption options:
While the card offers cashback as a redemption option, it lacks flexibility in terms of other reward options.
Some users might prefer cards with more diverse reward redemption options, such as travel miles or gift cards to specific retailers.
If you are new to credit and want to get started, you can apply for this credit card. In comparison to the annual cost, the perks provided by this credit card are fairly excellent.
HDFC Bank MoneyBack Credit Card
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Fees & Charges
Joining/Renewal Membership Fee – Rs. 500/- + Applicable Taxes.
Cash advance fee: 2.5%, with a minimum of ₹ 500.
Interest Rates: 3.60% p.m. 43.20% p.a.
Late Payment Charges: Less than ₹100 = Nil ₹100 to ₹500 = ₹100/- ₹501 to ₹5,000 = ₹500/- ₹5,001 to ₹10,000 = ₹600/- ₹10,001 to ₹25,000 = ₹800/- ₹25,001 to ₹50,000 = ₹1100/- More than ₹50,000 = ₹1300/-
Foreign Currency Transactions Fees: 3.5%.
Reward Redemption Fees: Rs. 99/-
Fuel Surcharge
1% Fuel Surcharge waiver on fuel transactions (Minimum transaction of ₹400, Maximum transaction of ₹5,000 & Maximum waiver of ₹250 per statement cycle)
Billing Cycle
30 Days