HDFC Bank MoneyBack Plus Credit Card
The HDFC Bank MoneyBack Plus Credit Card is an improved version of the previous MoneyBack Card. Both come with the same joining and annual fee of ₹500, but the Plus variant offers better rewards. You can earn up to 10X (20) CashPoints for every ₹150 spent on certain partner brands. These points can be redeemed for bill payments, products, Airmiles, and more. Additionally, you can get gift vouchers worth ₹2,000 by spending a specified amount within a set time.
When it comes to dining, the card offers up to a 20% discount at over 2,000 premium restaurants across the country. Other benefits include waivers on fuel surcharges and the chance to get your annual fee waived based on how much you spend.
The MoneyBack Plus Card offers a reward rate of up to 3.33%, making it a great choice for everyday expenses. You can also earn ₹500 worth of gift vouchers each quarter based on your spending. With its straightforward features and valuable savings, it’s a practical option for those looking for a reliable and rewarding credit card.
Rewards and Benefits
Fees & Charges
What should you consider before applying for a credit card in India?
Key Considerations Before Applying for a Credit Card in India:
- Eligibility Criteria: Ensure you meet the eligibility requirements, which typically include age, income, credit score, and employment status as defined by the issuing bank or financial institution.
- Credit Score: A strong credit score can significantly improve your chances of approval and result in more favorable terms, such as lower interest rates or higher credit limits. Verify that your credit score is healthy before applying.
- Interest Rates and Fees: Compare the annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction charges associated with various cards. These costs can vary widely and impact the overall value of the card.
- Rewards and Benefits: Evaluate the rewards, cashback, discounts, or other perks offered by the card to ensure they align with your spending patterns. Some cards may provide better benefits in specific categories, such as travel, shopping, or dining.
- Credit Limit: Review the credit limit offered by the card to ensure it meets your financial needs. Avoid applying for cards with excessive limits if you are concerned about managing debt, as this can lead to higher interest charges.
- Repayment Terms: Understand the repayment structure, including the minimum payment amount, payment due dates, and any associated penalties. Being clear about these terms can help you manage payments effectively and avoid interest buildup.
- Card Type and Features: Choose a card type that matches your specific needs—whether standard, premium, or specialized cards like those offering travel rewards or dining privileges. Ensure the features of the card align with your lifestyle and spending habits.
- Bank’s Reputation: Opt for a financial institution with a proven reputation for customer service and transparency. Consider researching customer reviews and assessing their support channels to ensure reliable service.
- Hidden Charges: Be aware of any hidden fees, including annual fees, balance transfer charges, foreign transaction fees, or cash withdrawal charges. These can add up over time and affect the overall cost-effectiveness of the card.
- Credit Utilization: Maintain a balance within your credit limit to avoid high credit utilization ratios, which can negatively impact your credit score. Responsible use of credit is essential for maintaining financial health.
- Long-Term Financial Plans: Consider how the credit card fits into your overall financial strategy. Avoid accumulating unnecessary debt and choose a card that supports your long-term financial goals without adding financial strain.
Can I withdraw cash using my HDFC MoneyBack Plus Credit Card?
Yes, you can withdraw cash using your HDFC MoneyBack Plus Credit Card. However, keep in mind that there is a fee for doing so. The bank charges 2.5% of the amount you withdraw, with a minimum fee of ₹500. It's usually better to avoid withdrawing cash with your credit card because the fee can be quite high.
Can I earn a fuel surcharge waiver on every transaction via HDFC MoneyBack Plus Credit Card?
No, you can’t get a fuel surcharge waiver on every transaction. You can earn a waiver of 1% on transactions between ₹400 and ₹5,000. However, there is a limit to this waiver, and the maximum you can earn in a statement cycle is ₹250. You can use this waiver at any petrol pump that accepts your credit card.
Do I get any UPI linked benefits on the card?
Yes, you can get UPI linked benefits if you have the RuPay variant of the HDFC MoneyBack Plus Credit Card. For every ₹200 spent through UPI transactions, you will earn 2 reward points.
What is the maximum limit of an HDFC MoneyBack Plus Credit Card?
Since the HDFC MoneyBack Plus Credit Card is a basic credit card, the credit limit is not very high. The maximum limit for this card can be around ₹1.5 lakhs, depending on your eligibility.
Do I get any renewal benefits with the HDFC Bank MoneyBack Plus Credit Card?
Yes, when you renew your MoneyBack Plus Credit Card, you will get 500 bonus CashPoints as a reward for renewing your card.
What is the maximum CashPoint value I can earn with HDFC MoneyBack Plus Credit Card?
With the HDFC MoneyBack Plus Credit Card, you can only earn up to 2,500 CashPoints each month. This limit applies when you use the 10X CashPoints offer on specific brands or earn 5X CashPoints on EMI purchases.
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