HDFC MoneyBack Plus RuPay Credit Card Review
Finding a credit card that hits the sweet spot between perks, cost, and flexibility is like stumbling upon buried treasure. Out of all the options, the HDFC MoneyBack Plus Credit Card really shines, offering tons of rewards and convenience while giving you a sense of financial freedom.
In this blog post, we're going to dive into what makes the HDFC MoneyBack Plus Credit Card tick, looking at its features, benefits, and any possible downsides. Whether you're a seasoned credit card pro looking to get the most out of your rewards or a newbie trying to figure out the credit card maze, our breakdown aims to give you the info you need to make a smart choice.
Features and Benefits
The HDFC MoneyBack Plus Credit Card is a financial tool designed to reward users for their spending. It is particularly beneficial for those who prefer cashback as a form of reward over other types of rewards, such as travel miles or points. Here's a detailed look at the features and benefits of the HDFC MoneyBack Plus Credit Card:
Key Features:
CashPoints Accumulation: Users will get 10 CashPoints on Amazon, BigBasket, Flipkart, Reliance Smart SuperStore & Swiggy, with a value of 1 reward point = INR 0.25. Special cashback percentage: 2.5% (cashback capped at INR 625 per month). 5 CashPoints on EMI spends at partner merchant locations, EMI cashback rate: 1.25% (Cashback capped at INR 625 per month). 2 cashback points on all other spends, general cashback rate: 0.33%.
Quarterly Spend-Based Benefits: A ₹500 gift voucher is awarded for every ₹50,000 spent per calendar quarter, encouraging the consistent use of the card.
Dining Privileges: Up to 20% discount at partner restaurants via Swiggy Dineout, enhancing the dining experience for food enthusiasts.
Fuel Surcharge Waiver: A 1% fuel surcharge waiver on fuel transactions within specified limits, which can lead to substantial savings for regular commuters.
Additional Benefits:
Zero Lost Card Liability: Offers protection against fraudulent transactions in case the card is lost, provided the loss is reported immediately to the bank's call center.
Interest-Free Credit Period: Cardholders can enjoy up to 30 days of interest-free credit, which is beneficial for managing cash flow and avoiding interest charges.
Revolving Credit: The option of revolving credit is available at a nominal interest rate, allowing users to carry their balances forward to the next billing cycle.
Contactless Payments: The card supports contactless payments for quick and secure transactions at retail outlets, with a limit of ₹5000 per transaction in India.
UPI transactions: Users can link their RuPay credit card directly to their UPI app and can make UPI transactions using this credit card. You can link your HDFC MoneyBack Plus Credit Card to UPI is a simple process. Here's a guide to help you:
Step 1: Open your UPI app.
Step 2: Look for the "Add Credit Card" or "Link Credit Card" option.
Step 3: Select HDFC Bank as your issuing bank.
Step 4: Enter your credit card details and complete the verification process.
Step 5: Set your UPI PIN.
Step 6: Start using your HDFC MoneyBack Plus credit card for UPI payments!
Welcome and Renewal Benefits:
Welcome Benefit: New cardholders receive 500 CashPoints upon payment of the membership fee.
Renewal Offer: The renewal membership fee can be waived by spending ₹50,000 or more in an annual year.
Potential Drawbacks
Limited Reward Earning: Fuel transactions, a common spending category for many, are excluded from reward point accumulation. This further reduces the potential cashback you can earn.
Reward Redemption Fee: Unlike some cashback cards with free redemptions, HDFC charges a Rs. 99 fee if you choose to redeem your points for vouchers or merchandise from their catalog. This eats into your already low rewards.
No Premium Benefits: The card lacks perks like airport lounge access or travel insurance, which are commonly found in cards with similar annual fees. If you travel frequently, this card won't provide any additional benefits.
Short Reward Validity: The earned reward points expire in just 2 years. This can be a disadvantage if you're someone who doesn't use their credit card regularly and might forget about accumulated points.
Conclusion
In a nutshell, the HDFC MoneyBack Plus Credit Card is a great pick for those who want rewards and easy use from their financial tools. Its straightforward rewards program lets you earn back on your everyday buys, making it a sweet deal for frequent shoppers. Plus, perks like retail discounts and no fuel surcharges add extra value, but be sure to see if it suits your spending style compared to the annual fee. If the HDFC MoneyBack Plus Credit Card matches your spending habits and lifestyle, it could be a smart addition to your wallet. Just like with any financial product, it's important to go through the terms and conditions and think about your personal financial situation before deciding.
If you want to read a more detailed review of this card and find out its AI-powered unbiased rating, click here.
FAQs
Q: What is the interest rate on HDFC Moneyback Plus Credit Card?
The interest rate on the HDFC Moneyback Plus Credit Card can vary depending on your creditworthiness, but it typically falls around 43.2% per annum.
Q: Who is eligible for the HDFC Moneyback Plus Credit Card?
To be eligible for the HDFC Moneyback Plus Credit Card, you must:
Be an Indian citizen between 21 and 65 years old (depending on employment type).
Have a minimum gross monthly salary of Rs. 20,000 (salaried) or Rs. 6 lakhs annually (self-employed).
Meet HDFC Bank's creditworthiness criteria.
Q: Are there any fees associated with the card?
The HDFC Moneyback Plus Credit Card has a joining fee of Rs. 500, which can be waived if you have an existing HDFC savings account or meet specific annual spending criteria. An annual fee of Rs. 500 applies from the second year onward, subject to a waiver under similar conditions. Additionally, there's a Rs. 99 fee for redeeming rewards as vouchers or merchandise.
Q: What are the benefits of the HDFC Moneyback Plus Credit Card besides cashback?
The card offers a 1% fuel surcharge waiver on transactions between Rs. 400 and Rs. 5,000 (up to Rs. 250 per billing cycle), zero lost card liability if reported promptly, and an interest-free period of up to 30 days on purchases.
Q: How do I apply for the HDFC Moneyback Plus Credit Card?
You can apply for the HDFC Moneyback Plus Credit Card online through the HDFC Bank website or by visiting a branch. You'll need to submit KYC documents, income proof, and a completed application form.
Q: What documents do I need to apply for the card?
For KYC verification, you'll need your PAN card, address proof, and ID proof. Additionally, you'll need documents like salary slips or Form 16 (for salaried individuals) to prove your income.
Q: Is there a minimum spending requirement to keep the card active?
No, there is no minimum spending requirement to keep the HDFC Moneyback Plus Credit Card active. However, to waive the annual fee in subsequent years, you might need to meet a specific annual spending threshold.
Q: How long do my reward points on the HDFC Moneyback Plus Credit Card remain valid?
Reward points earned on the HDFC Moneyback Plus Credit Card expire in 2 years from the date they are credited to your account.
