HDFC MoneyBack Credit Card – Suitable for New to Credit Customers

The HDFC MoneyBack Credit Card is a popular choice for beginners in India who want to start using a credit card. It gives you cashback on your purchases, especially when you shop online. This can be great if you like shopping on the internet. The benefits provided by this credit card are quite satisfactory as compared to the annual fee. In simple terms, it's a good option if you're new to credit cards and want to get started. Here's more information to help you decide if it's right for you.

Key Highlights of HDFC MoneyBack Credit Card

HDFC MoneyBack Credit Card
Best Suited For Rewards & Cashback
Joining Fee Rs. 500
Renewal Fee Rs. 500
Minimum Income Requirement
  • Salaried: Rs. 25,000 p.m.
  • Self-employed: ITR>Rs. 6 lakh p.a.
Welcome Benefit 500 Cash Points at the time of joining after the payment of membership fee.
Best Feature 4 reward points on every Rs. 150 spent online

This credit card lets you earn cashback and reward points on your purchases. An interesting feature is that you can turn your earned reward points into cashback, a rare option not available found in basic credit cards. Here are some key benefits of the HDFC MoneyBack Credit Card:

Up to 4 Reward Points

You can earn. reward points on both online and offline transactions using this credit card. However, the highest reward point benefits are offered specifically for online transactions. Here are the details:

  • 2 reward points for every Rs. 150 spent across all categories
  • 4 reward points per Rs. 150 spent on online transactions

As previously mentioned, this credit card allows you to convert your accumulated reward points into cashback, subject to the following terms and conditions:

  • 1 reward point is equal to Rs. 0.20, i.e., 100 reward points are equivalent to Rs. 20 cashback
  • A minimum balance of 2,500 reward points is required to redeem reward points against the statement balance
  • The points will be converted into cashback only in multiples of 500

Also read: Best Rewards Credit Cards in India

Other Benefits

In addition to earning reward points or cashback, The HDFC MoneyBack Credit Card comes with several extra perks. These include protection against lost card liability, savings on fuel surcharges, the option to pay in monthly installments, and many more advantages. Here are some of the additional benefits of this card:

  • Welcome Bonus: You'll receive 500 Cash Points when you join after paying the membership fee.
  • Annual Spending Bonus: If you spend Rs. 50,000 in each calendar quarter, you'll get gift vouchers worth Rs. 500.
  • Renewal Fee Waiver: Spend Rs. 50,000 in your first year, and you won't have to pay the renewal fee for your second year.
  • Fuel Surcharge Savings: Get a 1% fuel surcharge waiver (up to Rs. 250 cashback) on transactions of at least Rs. 400.
  • Lost Card Protection: If you lose your card or notice any unauthorized transactions, report them immediately to benefit from zero lost card liability.

Below mentioned are the fees and charges associated with this credit card:

Title Details
Joining Fee Rs. 500
Annual Fee Rs. 500
Finance Charges 3.6% p.m. (43.2% p.a.)
Late Payment Charges** For Statement Balance
  • Less than Rs. 100 – Nil
  • Rs.100 to Rs.500 – Rs.100
  • Rs.501 to Rs.5,000 – Rs.500
  • Rs.5,001 to Rs.10,000 – Rs.600
  • Rs.10,001 to Rs. 25,000 – Rs.800
  • Rs. 25,000 to Rs. 50,000 – Rs. 1,100
  • Over Rs. 50,000 – Rs. 1,300

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The applicant must fulfill the below-mentioned eligibility criteria to apply for HDFC MoneyBack Credit Card:

Criteria Details
Occupation Salaried or Self-employed
Minimum Income for Salaried Applicants Rs. 25,000 p.m.
Minimum Income for Self-employed Applicants ITR > Rs. 6 lakh p.a.
Documents Required Click here for the list of required documents
Serviceable Cities Click here for the list of eligible cities

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If you frequently shop online, The HDFC MoneyBack Credit Card could be a great choice for you. It offers extra reward points for online purchases, making it particularly appealing. This card is especially suitable for individuals who are new to credit and prefer not to pay a high annual fee. With an annual fee of Rs. 500, this credit card provides valuable benefits to its users. You can consider applying for the HDFC Bank Credit Card if:

  • You are a beginner and want to start your credit journey
  • You are a frequent online and offline shopper
  • You want to earn rewards that can be converted into cashback
  • You want to build your credit score but cannot get approved for other credit cards

If you are looking for other credit cards that offer benefits similar to MoneyBack, then you can refer to the cards mentioned in the table below:

Credit Card Annual Fee Reward Points
HSBC Smart Value Credit Card Rs. 500 3X reward points on your spends on online, dining and telecom categories
Standard Chartered Platinum Rewards Rs. 250 5 reward points on every Rs. 150 spent on dining and fuel
SBI SimplyClick Credit Card Rs. 499 10X reward points on online spends with partners (Amazon, BookMyShow, Lenskart, Apollo24X7, Netmeds, Cleartrip and Eazydiner)
ICICI Bank Coral Contactless Rs. 500 2 PAYBACK points on every Rs. 100 spent
IRCTC SBI Platinum Credit Card Rs. 300 10% value back as reward points on booking tickets through IRCTC

Important: As per RBI guidelines, issuance of new credit cards on Mastercard platform has been discontinued until further notice. Normal card services will continue for existing users. HDFC Bank will continue to issue the Visa variant of this card.

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1. How can I apply for HDFC MoneyBack Credit Card?

You have the option to apply for the HDFC MoneyBack Credit Card through both online and offline channels. To apply offline, you can visit your nearest HDFC Bank branch and complete the application form in person. On the other hand, if you prefer to apply online, you can visit the official HDFC Bank website to initiate the application process.

2. What is HDFC MoneyBack Credit Card Limit?

The bank determines the credit limit based on various factors, including your credit score, annual income, and your age as a cardholder. The specific credit limit is not disclosed until you submit a credit card application. After your application is approved, the bank will then inform you of the assigned credit limit.

3. Can I withdraw cash from HDFC MoneyBack credit card?

Yes, it is possible to withdraw cash from your credit card account. However, please be aware that the bank typically imposes a cash advance fee, which is either 2.5% of the withdrawn amount or Rs. 500 (whichever is greater). It's important to note that cash withdrawals made using your credit card accrue finance charges from the day of withdrawal. This means that the interest-free period that applies to regular card transactions does not apply to cash withdrawal transactions.

4. How can I redeem HDFC MoneyBack Credit Card reward points into cash?

To convert your accumulated reward points into cash, you can do so through internet banking. After logging in to your account, navigate to the redemption portal. Here, you'll find an option to exchange your reward points for cash. Simply click on this option to initiate the redemption process. Typically, the cash credit will be processed and credited to your account within 7 working days.

5. How can I check my HDFC MoneyBack Credit Card statement online?

To access your credit card statement online, you can follow these steps:

1. Visit the official HDFC Bank website. 2. Log in to your account using your credentials. 3. Navigate to the 'Cards' section. 4. Select the 'Enquire' option to view your statement.

Alternatively, you can also use the HDFC mobile banking app to download your credit card statement for a more convenient experience.

6. Does HDFC MoneyBack Credit Card offer a smart EMI option?

Certainly! With this credit card, you have the option to turn large purchases into monthly installments, making it easier to manage your expenses. You can use this feature for various categories like insurance, groceries, medical expenses, fuel, utilities, clothing, education, electronics, and travel. However, it's important to note that you cannot use this feature for purchases related to gold and jewellery.

7. What is the interest-free period offered on HDFC MoneyBack Credit Card?

The HDFC MoneyBack Credit Card provides an interest-free period of up to 50 days. This period begins from the date of your purchase, and it is contingent upon the merchant submitting the charge.

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