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HDFC Bank just announced the launch of another entry-level credit card- MoneyBack Plus Credit Card. With this launch, the bank added yet another cashback credit card to its large portfolio of credit cards. HDFC MoneyBack+ Credit Card is supposed to be an upgraded version of the already in market HDFC MoneyBack Credit Card.
HDFC MoneyBack+ Credit Card Features
As the name itself suggests, HDFC Bank MoneyBack+ Credit Card is a cashback credit card. You earn cashback as CashPoints which can be adjusted against the card’s statement balance, can be transferred to partner airlines loyalty programs, or can be redeemed for purchasing products from HDFC’s product catalog or flight/hotel bookings on SmartBuy. Some of the salient features of the Moneyback+ Credit Card are as under-
Cashback Rate:
HDFC MoneyBack Plus Credit Card earns you 2 CashPoints per Rs. 150 spent on general spends. You earn 5X CashPoints on EMI spends at merchant locations, and 10X CashPoints on Amazon, Flipkart, Big Basket, Reliance Smart, Swiggy and SuperStore. You can earn a maximum of 2,500 CashPoints at accelerated rate in a given payment cycle.
The CashPoints earned on the card can be redeemed against product purchases (from the HDFC product catalog), flight/hotel bookings on SmartBuy, AirMiles or cashback (adjustment against the card’s statement balance).
| Monetary value of CashPoints (in Rs.) | |||
| Product Catalog | Flights/Hotels on Smartbuy | Cashback | Airmiles |
| 0.25 | 0.25 | 0.25 | 0.25 |
The redemption of the CashPoints earned on the card is subject to the following conditions-
- For redemption of CashPoints against flight/hotel bookings via SmartBuy, a maximum of 50% of the amount can be paid as CashPoints.
- For adjustment of CashPoints against the card’s statement balance, you must have a minimum of 200 CashPoints (equivalent to Rs. 50).
- The CashPoints earned on the card are valid for a period of 2 years from the date of accumulation.
Welcome/Renewal Benefit:
You get 500 CashPoints as a welcome benefit on card set-up and every year the card membership is renewed, subject to realization of the membership fee.
Milestone Benefits:
You get a gift voucher worth Rs. 500 on the quarterly expenditure of Rs. 50,000 or above. You can earn a maximum of 4 gift vouchers in a year (worth Rs. 2,000).
Other Benefits:
- You get a discount of up to 15% at over 2,000 restaurants across India with a complimentary Dineout Membership Pass.
- You get a 1% fuel surcharge waiver at all filling stations across India for transactions between Rs. 400 and Rs. 5,000 (max waiver capped at Rs. 250 per month).
Membership Fee and Eligibility
The joining and renewal membership fee of HDFC MoneyBack+ Credit Card is Rs. 500 per annum (plus GST). The membership fee is waived off on a minimum annual expenditure of Rs. 50,000.
To be eligible for HDFC MoneyBack+ Credit Card, you must satisfy the following eligibility criteria-
| Self-employed Applicants | Salaried Applicants | |
| Minimum Income | Rs. 20,000 per month | Rs. 6 lakh per annum |
| Age | 21 to 60 years | 21 to 65 years |
The Competition
HDFC MoneyBack+ Credit Card is a decent credit card in the entry-level segment as it comes with an annual membership fee of just Rs. 500 and does not have very strict eligibility criteria. The card however receives good competition from HDFC’s own MoneyBack (older version of MoneyBack+ Card) and Millennia credit cards.
While HDFC MoneyBack Credit Card also comes with the same membership fee of Rs. 500 per annum and offers the same reward rate on general spends (reward rates on specific spends categories are different though), HDFC Millennia Credit Card comes with a membership fee of Rs. 1,000 per annum and offers a better reward rate than the former two. The following chart compares benefits, membership fee and eligibility criteria of HDFC MoneyBack+, MoneyBack and Millennia credit cards-
| HDFC MoneyBack+ Credit Card | HDFC MoneyBack Credit Card | HDFC Millennia Credit card | |
| CashPoints Earning |
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| CashPoints Redemption |
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| Welcome/Renewal Benefits |
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| Milestone Benefits |
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| Additional Benefits |
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| Membership Fee |
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| Eligibility |
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Bottom Line:
HDFC MoneyBack+ Credit Card is definitely a decent offering in the entry-level segment. It can be a really good pick for you if you’re someone who frequently purchases products on EMIs as you get 5X CashPoints on EMI spends, or if you shop a lot from HDFC partner merchants which include some of the most popular e-commerce websites like Amazon, Flipkart, BigBasket, etc.
On the other hand, the older MoneyBack Credit Card earns you 2X CashPoints on all online transactions. So, if spends on other online transactions account for a substantial portion of the total spends on your card, you might consider the older MoneyBack Credit Card.
For most people, the latest MoneyBack+ credit card will better suit their needs as you not only earn 5X CashPoints on online shopping giants including Amazon and Flipkart and 10X CashPoints on EMI spends, but also get a better CashPoint redemption rate (1 CashPoint = Rs. 0.25).
However, if you’re eligible for HDFC Millennia Credit Card and willing to pay a membership fee of Rs. 1,000, there is no reason to not choose the Millennia Card over either of MoneyBack and MoneyBack+ as you not only get a better reward rate but also get complimentary domestic airport lounge access with the Millennia Card.
