Update: This is an outdated product. If you’re already holding it or thinking to get this as a fresh card, consider taking HDFC Millennia credit card instead.
Hdfc Moneyback Credit Card – the best cashback credit card in india
Hdfc Moneyback Credit Card is one of the best cashback credit cards available in the India which gives reward points on all retail spends with few exceptions like government bills and such. The accumulated reward points can be redeemed to cashback at the rate of Rs.40 for every 100 points you earn through spending.
This is one of the very few credit cards that gives you reward points across all expenses, i mean, almost all other credit cards with cashback feature usually gives you cashback on certain spends like supermarket expenses, groceries, etc. But with this card, you can earn reward points on all spend categories. Also, unlike other credit cards you can earn unlimited rewards, however, make sure to redeem them within 2 years as they expire post that duration.
On every purchase you make you’ll accrue reward points which can be converted into direct cashback into your credit card account which gets adjusted in next billing cycle. The most exciting thing about the card is that You get 2x reward points on online spends. So this is the best credit card in beginner level if you’re making quite a lot of online purchases.
Tip: If your monthly expenses are less, you can also use HDFC platinum DEBIT card to avail 1% cashback up to Rs.750 per month.
How to Redeem HDFC Moneyback Reward Points to Cash:
Update: You can now redeem points from the net banking itself. No longer need to follow below steps.
Thanks to our reader “balaji” for the info. To redeem your reward points on your Titanium Edge / Platinum Edge / MoneyBack / Solitaire / Business MoneyBack credit card towards CashBack, fill the form and drop it at your nearest HDFC Bank Credit Cards drop box. Terms & conditions are,
- Cashback will be credited to your card account within 10 working days from the date of receipt of this form.
- Cashback though credited within 10 working days will reflect only in your subsequent credit card statement.
- Minimum 500 Reward Points (as per the last statement balance) should be available in card account, to process this request.
- Maximum Reward Points available for redemption will be as per the last statement.
- Redemption fee of Rs. 75 will not be applicable while redeeming Reward Points as cashback.
This is an awesome feature of the card. For example, if you have 10,000 points on this card, you can get Rs.4000 as cash credit on your Credit card billing Account. So you don’t need to deal with limited catalog redemption options as like other cards.
Critical Update: From June 1st 2016 onwards, 1 Reward Point= Rs.0.30 (it was 0.40 earlier) and all online spends gives you only 2X reward points (it was 3X earlier). Now the most popular product of HDFC gets devalued heavily.
Are you a self employed professional/businessman? You can get HDFC Business Moneyback card instead of the retail card. Business Variant still gets you 3X reward points on many catagories.
Features of Hdfc Moneyback Credit Card:
- CardExpert Rating: 2.5/5
- Reward rate: Upto 0.8% Cashback (As Reward points to Cashback redemption)
- Cashback Conditions: You get only 0.4% Cashback on merchant outlets/stores. 0.8% cashback on all Online retail spends.
- Complementary Airport lounge access: Nil
- Fuel Surcharge Waiver: Capped at Rs. 250 every billing cycle (S.Tax applicable).
- Foreign Exchange Markup fee: 3.5% + Service Tax
- Renewal Fee Waiver: First year fee reversed if you spend Rs. 10,000 in first 90 days of card set-up date and renewal fee reversed if you spend Rs. 50,000 in a year (Else Renewal Fee: Rs.500)
- Special Features: No limits on earning reward points.
If you’re a beginner getting started with a new credit card, HDFC bank’s Moneyback Credit Card is the must have card in your wallet. Almost anyone can apply for this card who has a savings account with HDFC bank and approval is quite easy for this card. Have you used this card? Do reply with your comments below 🙂
Looking for other similar cashback credit cards?
Checkout the latest list of Best Cashback Credit Cards in India