HDFC Bank UPI RuPay Credit Card
Gaurav
HDFC Bank, the biggest private bank in India, has launched a new UPI RuPay credit card. This card lets you link it with your UPI ID and use it for payments on apps like Paytm, PhonePe, Mobikwik, Google Pay, and more. It's the first time you can link a credit card to UPI and make transactions with it.
The card is designed to make transactions easy and safe on UPI apps like BHIM. It also offers up to 3% cashback on certain types of spending, both on UPI and regular transactions. One thing to note is that this card is virtual, meaning you won't receive a physical card.
Read on to learn more about its features and benefits.
Rewards and Benefits
Movie & Dining
3% Cashpoints on Dining spends
Domestic Lounge Access
N/A
Rewards Rate
You can earn CashPoints as follows:
- 3% CashPoints on grocery shopping, supermarket purchases, dining, and PayZapp transactions. (You can earn a maximum of 500 Points in a month)
- 2% CashPoints on utility payments (You can earn a maximum of 500 Points in a month)
- 1% CashPoints on other purchases, except rent, wallet loads, EMI, fuel, insurance payments, and government-related payments. (You can earn a maximum of 500 Points in a month)
- 3% CashPoints on grocery shopping, supermarket purchases, dining, and PayZapp transactions. (You can earn a maximum of 500 Points in a month)
- 2% CashPoints on utility payments (You can earn a maximum of 500 Points in a month)
- 1% CashPoints on other purchases, except rent, wallet loads, EMI, fuel, insurance payments, and government-related payments. (You can earn a maximum of 500 Points in a month)
Golf
N/A
Travel
N/A
Insurance Benefits
N/A
International Lounge Access
N/A
Reward Redemption
The CashPoints you earn on the HDFC Bank UPI RuPay Credit Card can be used to pay off your credit card bill. Each CashPoint is worth ₹0.25.
Fees & Charges
Interest Rates
3.6% per month or 43.2% per annum
Spend-Based Waiver
If you spend ₹25,000 or more in a year before your credit card renewal date, you will not have to pay the renewal fee from the second year onward.
Rewards Redemption Fee
Rs. 99 plus taxes
Cash Advance Charges
2.5% of the withdrawal amount or Rs. 500, whichever is higher
Foreign Currency Markup
3.50 +GST
Fuel Surcharge
N/A
What should you consider before applying for a credit card in India?
Before applying for a credit card in India, consider the following factors:
- Eligibility Criteria: Check the age, income, credit score, and employment status requirements set by the bank or financial institution.
- Credit Score: A higher credit score increases your chances of approval and may result in better offers. Ensure your credit score is in good standing.
- Interest Rates and Fees: Compare annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction fees. These can vary significantly between cards.
- Rewards and Benefits: Look for cards that offer rewards, cashback, discounts, or other perks that align with your spending habits.
- Credit Limit: Make sure the credit limit offered is in line with your financial needs. Avoid over-borrowing, which can lead to high-interest charges.
- Repayment Terms: Understand the repayment options, minimum payment amount, and due dates. Consider how easily you can manage timely payments to avoid interest accumulation.
- Card Type and Features: Choose a card type (e.g., standard, premium, travel, etc.) based on your requirements. Some cards offer more benefits for specific categories like travel, shopping, or dining.
- Bank’s Reputation: Opt for a bank with a good track record of customer service and transparency. Read reviews and consider their customer support accessibility.
- Hidden Charges: Be aware of any hidden fees, such as annual fees, balance transfer charges, and cash withdrawal fees.
- Credit Utilization: Ensure you can manage your spending within the credit limit to maintain a healthy credit utilization ratio, which impacts your credit score.
- Long-Term Financial Plans: Think about how the credit card will fit into your long-term financial goals and avoid accumulating unnecessary debt.
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