Credit cards are the need of the hour. Be it making a payment at your local supermarket, booking movie tickets, shopping in the mall, etc. credit cards have become an essential part of all our monetary activities. Since credit cards are so important, it is necessary to choose the right one and there is none better than HDFC MoneyBack Plus credit card. We bring to you a detailed HDFC MoneyBack Plus credit card review. We will inform you about HDFC MoneyBack Plus credit card credit limit, HDFC MoneyBack Plus credit card interest rate, MoneyBack Plus credit card lifetime free, HDFC MoneyBack Plus credit card billing cycle and also tell you the difference between MoneyBack and MoneyBack Plus Credit Card.
HDFC MoneyBack Plus Credit Card Review
HDFC is one of the most reputed banks that operate in our country, and they have a range of credit cards that you can choose from. However, the reason why we focus on MoneyBack Plus credit card will be easily understood by you by the time you reach the end of the article. But first, let us learn more about HDFC Bank.
About HDFC Bank
Housing Development Finance Corporation or HDFC Bank came into being in 1994. The bank has more than 1,50,000 people in its ranks and in the past seven years alone the company has won tons of awards for its outstanding service and various other achievements. HDFC donated 110 crores as a relief towards Covid-19 and the company is also making an effort to go carbon-neutral by 2032.
Finance-wise, the company has been churning profits year-on-year at least since 2010, showing that the bank is doing a great job and is run by competent people. The bank provides various services to its customers, which include providing a varied range of loans, wholesale banking, retail banking, etc. The bank has more than 71 million customers in the country. The country also has 16.5 million active credit cards from HDFC alone.
Features of HDFC Moneyback Plus Credit Card
This HDFC MoneyBack Plus credit card review will be incomplete without mentioning its features. You can check out all these and more by going to its official site. The key features of this credit card are:
- If you spend money on Swiggy, BigBasket, Amazon, Flipkart, or Reliance Smart SuperStore then you get 10× Cash Points.
- EMI spending on merchant locations gets you 5× Cash Points.
- You also get 2 Cash Points for every 150 rupees spent using the card. These payments exclude payments on fuel, wallet/prepaid card reload, and voucher purchases.
- If you spend 50,000 rupees or more using the card in any yearly quarter then you get gift vouchers worth 500 rupees.
- In select cities, you can also get 15% off at 2000+ premium restaurants
- Once you lose your credit card all you have to do is call the 24/7 call center and inform them. Once you have done that, there is no liability on you for any transaction fraud made after that.
- You get up to 50 interest-free days on the card from the day of purchase provided the merchant shares the charge.
- You can use the revolving credit feature at nominal rates with this credit card.
- You get a 1% fuel surcharge waiver on fuel transactions as per what is mentioned in the terms and conditions.
Some additional benefits of HDFC MoneyBack Plus Credit Card
Apart from the features mentioned above, you also get the following benefits if you use HDFC MoneyBack Plus Credit Card.
- If you pay the membership fee, then you get 500 Cash Points as a welcome benefit.
- You can earn up to 2,000 rupees worth of gift vouchers in a year.
- If you spend 50,000 rupees or more in the year using the card then the renewal membership fee is waived off.
- Using this card you can convert your big sends into EMI after having made the purchase.
- The card allows you to make contactless payments of up to 5,000 rupees.
- Cash Points can be converted to 0.25 rupees per point or be used for making various bookings or against travel benefits. The validity of Cash Points is two years from the date of the transaction.
HDFC MoneyBack Plus Credit Card Credit Limit
In our HDFC MoneyBack Plus credit card review, we now look at HDFC MoneyBack Plus credit card limit. The best thing about this credit card is not just the benefit and gifts and vouchers and schemes that it brings to its users. That was just the beginning, but now we arrive at yet another highlighting point of this credit card. The HDFC MoneyBack Plus credit card comes with varying limits.
What this means is that HDFC banks themselves have no upper limit set as a standard for all users and the limit can vary for different users depending on various factors. A person with a good credit score, good payment history, good income, or other such positive attributes can expect to have a higher limit on their credit card as opposed to someone who does not have a good credit score, payment history, or income. However, one can improve their credit score and then apply to upgrade their card.
A card that comes with no limit surely makes this HDFC credit card one of the most preferred options. To pair it up with another eye-grabbing aspect we now look at the interest rate of this credit card which further establishes the case for this credit card to be the first choice for you.
HDFC MoneyBack Plus Credit Card Interest Rate
Next on our HDFC MoneyBack Plus credit card review, we have HDFC MoneyBack Plus credit card interest rate. For this credit card owners need to know that they are being charged a 3.6% interest on a monthly basis while yearly they are being charged a 43.2% interest rate.
The price for obtaining this card is very low at 500 rupees which too can be waived off if you spend 50,000 rupees in a year using this card. On all foreign currency transactions, you can expect to be charged a 3.5% foreign currency markup fee when using this card. The cash advance fee is very low at 2.5% when withdrawing at least a minimum amount of 500 using this credit card.
When you take into consideration all the above charges, including the interest rate payable on this credit card, you can come to the conclusion that you are getting more than a decent bargain when you sign up for this card. For a small sum of 500, you get an all-rounder card that charges you a pretty decent amount for stuff and in return also provides you with a lot of vouchers and gifts on each purchase.
MoneyBack Plus Credit Card Lifetime Free
As established above, the card is available for an amount of 500 rupees. The card is an entry-level card and for its level and what it charges you, the card provides a more than satisfactory experience and is thus preferred by various people. However, when we talk about MoneyBack Plus credit card lifetime free, sadly there is no such thing that exists.
The card commands a charge and this charge can be waived off only if you meet the criteria of spending more than 50,000 rupees in a year on this card. In that case, you do not have to pay for membership renewal anymore. However, that applies to just one annual year; to keep getting the benefit you need to make sure that you meet the criteria each year.
Also Read: 10 Best HDFC Credit Cards to Apply for
HDFC MoneyBack Plus credit card billing cycle
Every bank has its own billing cycle and for HDFC this 30-day cycle is separate from the usual 30 days of the month. On the passing of these 30 days, you get a 20-day period from the date of bill generation to clear outstanding dues. HDFC gives billing dates based on the types of cards and a few other factors, barring a few fixed bill dates which cannot be shifted. The bank currently also takes no requests for changing the billing cycle and the usual cycle for HDFC comes on the 15th or 16th day of the month. Therefore, the HDFC MoneyBack Plus credit card billing cycle can also be assumed to be around the same time with a few factors playing a part in moving the cycle further ahead or a bit behind.
Difference Between MoneyBack and MoneyBack Plus Credit Card
There are many differences between Moneyback and MoneyBack Plus credit card and some:
- Using MoneyBack credit cards gets the user reward points as opposed to Cash Points that the MoneyBack Plus users get. Also for the plus variant, you can earn 10×, 5×, or 2× points when spending on certain fixed items, whereas for a normal moneyback card you can earn only up to 0.67% of purchased items.
- With the plus variant, you can get 15% off on 2000+ premium restaurants in various cities. No such benefit exists for the normal moneyback card.
- Cash Points can be redeemed for making bookings, earning cashbacks, getting other rewards, etc. on the plus variant; however, for the normal card, you can only withdraw it as cash.
- Moneyback Plus gets you 0.25 rupees in exchange for a Cash Point, whereas a reward point on moneyback only gets you 0.20 rupees unless you redeem money from the Smart Buy rewards portal in which case you get 0.25 rupees against a point.
- While renewal can be waived off for both cards by following the set procedure, for a normal moneyback card the user can also get a waiver on the joining fee if they spend 20,000 rupees in the first 90 days of obtaining the card.
- The reward redemption charge and foreign currency markup for both the cards are the same; however, with the plus variant, the tax applicable is not charged to the user.
As we draw close to the end of this article we can’t help but think that we have provided a fair and thorough HDFC MoneyBack Plus credit card review. We told you about HDFC MoneyBack Plus credit card credit limit, HDFC MoneyBack Plus credit card interest rate, MoneyBack Plus credit card lifetime free, HDFC MoneyBack Plus credit card billing cycle and concluded with pointing out the difference between MoneyBack and MoneyBack Plus Credit Card. If you want to get a new credit card, MoneyBack Plus might be the right choice.