HDFC MoneyBack Credit Card
The HDFC Moneyback Credit Card is designed to give you rewards in the form of points for every purchase you make, no matter how small. You get 500 Cash points each year as a welcome and renewal bonus, after paying the joining or renewal fee. Additionally, if you spend enough throughout the year, the renewal fee can be waived. For every Rs. 150 you spend online, you earn 4 reward points, and for every Rs. 150 spent in other categories, you get 2 reward points.
You can use these reward points to get cashback, book flights or hotels through SmartBuy, or choose from a range of products and vouchers. You can also earn gift vouchers every quarter based on how much you spend. This card is a great choice for beginners who are new to credit cards. It provides good rewards for both online and offline purchases, and there are plenty of ways to redeem the points you accumulate.
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 use HDFC MoneyBack Credit Card for PayZapp transactions without any charges?
Yes, you can link your card to PayZapp and use it for payments or adding money without any charges.
What is the credit limit for HDFC MoneyBack Credit Card?
There is no fixed limit. The limit depends on your income and credit score. It can range from Rs. 25,000 to Rs. 2 lakh. The exact limit will be shared when you get the card.
Does this card have Zero Liability Protection for fraudulent transactions?
Yes, if any fraudulent transactions are made on your card and reported on time, you won’t be held liable.
What are the downsides of the HDFC MoneyBack Credit Card?
While it offers good cashback, some downsides are fewer reward points, higher points required for redemption, and no extra benefits like travel or dining perks.
How can I redeem my reward points for cash?
To redeem points for cash, you need at least 2,500 points. Every 100 points equals Rs. 20, and the cash will be credited to your card balance.
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