HDFC Bank MoneyBack Plus Credit Card
The HDFC MoneyBack Plus Credit Card is an upgraded version of the regular MoneyBack Card, with the same ₹500 joining and annual fee but better rewards. You can earn up to 20 CashPoints for every ₹150 spent on select partner brands like Amazon, Flipkart, BigBasket, Swiggy, and Reliance Smart SuperStore. These points can be used for bill payments, shopping, Airmiles, and more. You also get up to 20% off at over 2,000 restaurants, a fuel surcharge waiver, and a chance to get your annual fee waived based on your yearly spending. If you meet spending goals, you can earn ₹500 gift vouchers every quarter and up to ₹2,000 in welcome rewards.
This card is perfect for beginners, with a low income requirement of just ₹25,000 per month. It focuses on everyday spending but does not offer travel benefits like airport lounge access. Also, there are no reward points on fuel, and grocery rewards are capped at 1,000 points. Still, with a reward rate of up to 3.33% and useful features, the MoneyBack Plus is a simple and rewarding option for those looking to save on daily expenses.
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.
HDFC Bank MoneyBack Plus Credit Card - Features & Benefits
The HDFC Bank MoneyBack Plus Credit Card is one of the most popular entry-level cashback credit cards in India. It is designed for individuals who want a simple, reliable, and affordable credit card for everyday expenses such as online shopping, dining, utility payments, and fuel purchases. The card offers cashback in the form of CashPoints along with milestone rewards, dining discounts, fuel surcharge waiver, and UPI payment support. Due to its easy reward structure and low annual fee, it is suitable for both first-time credit card users and regular spenders.
Key Highlights of HDFC MoneyBack Plus Credit Card
- Cashback in the form of CashPoints on most spends
- Higher rewards on popular online and retail brands
- Quarterly milestone gift vouchers
- Dining discounts through Swiggy Dineout
- Fuel surcharge waiver benefit
- UPI-enabled RuPay variant
- Annual fee waiver on meeting spending criteria
Reward Points and Cashback Structure
The HDFC MoneyBack Plus Credit Card offers cashback as CashPoints on eligible transactions. These CashPoints can be redeemed in multiple ways, making the card flexible and useful for daily expenses.
Cardholders earn accelerated rewards on selected partner brands. Purchases made at Amazon, Flipkart, Big Basket, Reliance Smart Superstore, and Swiggy earn 10X CashPoints. This means users receive 20 CashPoints for every ₹150 spent at these merchants. The monthly cap for bonus CashPoints under this category is 2,500 points, which makes the card attractive for frequent online shoppers.
All other eligible spends earn 2 CashPoints for every ₹150 spent. Transactions made through SmartPay are also included in this reward category, ensuring that regular monthly expenses also earn cashback.
CashPoints are not earned on the following transaction types:
- Fuel purchases
- Wallet and prepaid card loads
- Rent payments
- Government transactions
- Smart EMI conversions
- Voucher purchases
- Cash advances
- Payment of outstanding balances
- Credit card fees and charges
CashPoints Value and Redemption Options
Each CashPoint earned on the HDFC MoneyBack Plus Credit Card has a value of ₹0.25. In simple terms, 4 CashPoints are equal to ₹1. This fixed value makes it easy for cardholders to calculate the actual cashback they are earning.
CashPoints can be redeemed in the following ways:
- Statement credit through HDFC NetBanking, with a minimum redemption of 500 CashPoints
- Flight and hotel bookings on the HDFC SmartBuy platform, where CashPoints can cover up to 50 percent of the booking value
- Redemption against products available in the rewards catalog
- Conversion into air miles at the rate of 1 CashPoint equal to 0.25 air miles
Welcome and Renewal Benefits
HDFC Bank provides 500 CashPoints as a welcome benefit to new MoneyBack Plus Credit Card holders. These points are credited after joining and completing the required initial usage.
In addition, cardholders receive 500 CashPoints every year on card renewal. This benefit adds value for long-term users and helps offset the annual renewal fee.
Quarterly Milestone Benefits
The HDFC MoneyBack Plus Credit Card offers attractive milestone rewards for consistent spending. If a cardholder spends ₹50,000 or more in a quarter, they receive a gift voucher worth ₹500.
Since there are four quarters in a year, users can earn gift vouchers worth up to ₹2,000 annually by meeting the spending requirement in each quarter. This feature is especially useful for users with steady monthly expenses.
Dining Benefits
The card offers dining discounts through Swiggy Dineout. Cardholders can avail a flat ₹200 discount on dining bills with a minimum order value of ₹2,000.
This offer is valid at more than 2,000 premium restaurants across India and is applicable only when the payment is made using the HDFC MoneyBack Plus Credit Card via Swiggy Dineout. It adds good value for users who dine out frequently.
Fuel Surcharge Waiver
HDFC MoneyBack Plus Credit Card provides a 1 percent fuel surcharge waiver on fuel transactions. You can claim a fee waiver of up to ₹250 in each billing cycle.
This benefit helps reduce the extra cost associated with fuel purchases and is useful for cardholders who spend regularly on fuel.
UPI Enabled Credit Card Feature
The HDFC MoneyBack Plus Credit Card is offered on both Visa and RuPay networks. Cardholders who opt for the RuPay variant can link their credit card to UPI apps and make UPI payments directly using the credit card.
UPI transactions made using the RuPay variant earn 2 Reward Points for every ₹150 spent, with a monthly cap of 500 Reward Points. This feature is ideal for users who prefer UPI for daily transactions while still earning rewards.
Annual Fee and Waiver Condition
The annual renewal fee for the HDFC MoneyBack Plus Credit Card is ₹500. However, this fee is waived if the cardholder spends ₹50,000 or more in the previous year.
Because of this spend-based waiver, many users can enjoy the card benefits without paying any annual fee, making it a cost-effective credit card for long-term use.
Eligibility Criteria for HDFC MoneyBack Plus Credit Card
| Applicant Type | Age Limit | Income Requirement |
|---|---|---|
| Salaried Individuals | 21 to 60 years | Minimum ₹20,000 per month |
| Self-Employed Individuals | 21 to 65 years | Minimum ₹6 lakh annually |
| Credit Profile | - | Decent credit score required |
Credit Limit Information
HDFC Bank does not assign a fixed credit limit for the MoneyBack Plus Credit Card. The credit limit varies from one cardholder to another and depends on factors such as income, credit score, repayment history, and overall credit behaviour.
Cardholders with a lower credit limit can request an enhancement by maintaining timely repayments and approaching HDFC Bank through customer care, online banking services, or a branch visit.
Credit Card Bill Payment Options
Paying the HDFC MoneyBack Plus Credit Card bill is easy and flexible. Cardholders can choose from multiple payment methods, including HDFC Bank BillDesk and HDFC NetBanking. Users who have accounts with other banks can also pay their bills using NEFT.
Apart from bank channels, digital platforms such as Paytm, CRED, PhonePe, and CheQ can also be used to pay credit card bills conveniently.
Customer Care Support
HDFC Bank offers 24x7 customer support for MoneyBack Plus Credit Card users. For immediate assistance, cardholders can call the toll-free number 1800 266 4332. Queries can also be sent via email to customerservices.cards@hdfcbank.com.
HDFC MoneyBack Plus Credit Card Review
HDFC MoneyBack Plus Credit Card is a strong choice for users looking for a basic cashback credit card with useful everyday benefits. With a reward rate of up to 3.33 percent on select brands, quarterly milestone vouchers, dining discounts, fuel surcharge waiver, and UPI-enabled payments, the card delivers good overall value. Its simple reward structure, flexible redemption options, and annual fee waiver condition make it ideal for managing regular expenses while earning steady cashback.
Can I withdraw cash using my HDFC MoneyBack Plus Credit Card?
Yes, you can take out 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 won’t get a fuel surcharge waiver for 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.
Leave a Reply