Is Paytm HDFC Bank Select Credit Card - The Best Paytm Credit Card? An Unbiased Review
- Abhijeet Saxena
- Nov 25, 2024
- 3 min read
HDFC has launched a number of unique credit cards in India such as the Swiggy HDFC Credit Card. The Paytm HDFC Bank Select Credit Card is another unique credit card from HDFC's stable. The card has become a popular choice among credit card users in India. This review breaks down the card's features, drawbacks, fees, and eligibility to assist potential users in making a smart decision.
Benefits of the Paytm HDFC Bank Select Credit Card
Reward System
Creditcard holders get 5% Cashback on purchases on Paytm App [recharge + utility bill payment + movie tickets + Mini App].Max cashback capped at INR 1500 per month.
Creditcard holders get 3% cashback on preferred merchants such as Swiggy, AJIO, Big Basket & Uber. Max cashback capped at INR 500 per month.
Creditcard holders get 1% cashback on all other retail spend. Max cashback capped at INR 2000 per month.
Welcome Benefit
Creditcard holders get Free Paytm First membership. Paytm first is a premium subscription-based rewards & loyalty program by Paytm for its users.
Milestone Benefit
Creditcard holders get gift voucher worth INR 500 on spending INR 50,000 in any quarter.
Dining Benefit
Creditcard holders get up to 20 percent discount on partner restaurants via Swiggy Dineout while using your credit card.
Other Perks
Creditcard holders get 8 free visits to domestic airport lounges across India in a calendar year (capped at 2 visits per quarter).
Cons of the Paytm HDFC Bank Select Credit Card
Despite the advantages, the Paytm HDFC Bank Select Credit Card has some drawbacks.
Low cashback rate for non-paytm spends.
The card does not offer free movie tickets.
Fees and Charges
Being aware of the fees and charges is key for any prospective cardholder.
Annual Membership Fee: Rs.1000 + GST First Year Fee waived upon spending Rs.50,000 (Non-EMI Spends) within the first 90 days.
Cash advance fee: 2.5% or r ₹500 whichever is higher.
Interest Rates: 3.75% per month i.e, 45.00% 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 %.
Fuel Surcharge: 1% of the Transaction amount
Reward Redemption Fees: Rs. 99/-
Eligibility Criteria for the Paytm HDFC Bank Select Credit Card
Before applying for the Paytm HDFC Bank Select Credit Card, prospective cardholders must ensure they meet the eligibility criteria.
Applicants typically must be 21 to 60 years old and possess a monthly income of at least ₹30,000. This requirement helps ensure users can manage card payments effectively.
A strong credit score is also vital for approval. However, please note that on the HDFC website, minimum Cibil score threshold for this credit card has not been mentioned. Lenders look at credit history to assess risk, making it important for applicants to be informed about their scores before applying.
Additionally, only Indian residents can apply for this card, which may limit access for some interested users.
Final Thoughts
The Paytm HDFC Bank Select Credit Card offers a mix of benefits and a healthy cashback rate. There are no major cons with the card. Above all the card alsos has a low eligibility threshold. The card is ideal for individuals who are looking for an all rounder credit card. Overall this card is the best credit card from Paytm in the market.
Prospective users should assess these aspects alongside their spending habits and financial situations to determine whether this credit card aligns with their needs. By doing so, individuals can make an educated choice about whether the Paytm HDFC Bank Select Credit Card is the right fit for them.
If you want to read a more detailed review of this card and find out its AI-powered unbiased rating click here.
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