HDFC Platinum Times Credit Card
The HDFC Platinum Times Credit Card is called the "Entertainment Card" by HDFC Bank. It's great for people who love movies, dining out, and shopping. This card was created with Times Internet to help young people save money and earn rewards. You get 10 reward points for spending Rs. 150 on weekday dining and 3 points for every Rs. 150 spent on other things. You can use these points by logging into your HDFC net banking account.
The card costs Rs. 1,000 per year, but the fee is waived if you spend Rs. 2.5 lakh in a year. You also get a 50% discount on movie tickets and extra points for dining on weekends. The interest rate is 40.8% per year. It’s a good option for beginners who want simple and fun benefits at a low cost.
However, this card is mostly about dining and movie perks. If you want more rewards like travel benefits or cashback on all transactions, you may want to consider other cards. But for movie lovers and foodies, it’s definitely worth checking out.
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 my HDFC Platinum Times Credit Card for international purchases?
Yes, you can use the card for international transactions. A 3.50% mark-up fee applies to all transactions abroad, including retail and online purchases. This fee also applies to transactions in India if the POS machine is located in another country, like duty-free shops.
Which card is better: HDFC Titanium Times or HDFC Platinum Times Credit Card?
The key difference is the reward points and annual fees. The Titanium Times card charges an annual fee of Rs. 500 (waived if Rs. 1.50 Lakh is spent), while the Platinum Times card charges Rs. 1,000 annually (waived if Rs. 2.50 Lakh is spent).
Does the HDFC Platinum Times Credit Card offer cashback or Airmiles?
The card doesn't offer cashback, but you can convert your reward points into Airmiles. You'll receive 100 Intermiles for every 1,000 reward points.
What are the best features of the HDFC Platinum Times Credit Card?
The card is most beneficial for movie and dining-related purchases due to its rewards structure.
What is the minimum payment required on the HDFC Platinum Times Credit Card?
You are required to pay at least 5% of your outstanding balance, with a minimum amount of Rs. 200.
How do I redeem my reward points from the Platinum Times Credit Card?
You can redeem your reward points via net banking or post, following the detailed instructions in the card guide.
Can I transfer balances from other credit cards to the HDFC Platinum Times Credit Card?
Yes, you can transfer balances from other credit cards to the Platinum Times card. The balance transfer fee is Rs. 250 or 1% of the transferred amount, whichever is greater.
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