Exclusive: Paytm HDFC Bank Credit Cards up for pre-booking with Introductory Offer

As announced by HDFC in a press release last month, the bank is going to launch co-branded credit cards in collaboration with one of the most popular mobile wallet and e-commerce platforms Paytm. The bank has now started pre-booking for the Paytm co-branded credit cards on Paytm App

Although there is no official info as to how many HDFC credit cards are going to be launched, but according to the information available, we can expect a total of 5 Paytm HDFC credit cards– 3 personal credit cards (including 1 digital-only card) and 2 business credit cards. While Paytm has already been offering co-branded personal credit cards in collaboration with SBI Card and citibank earlier, this is the first time that the e-commerce platform is foraying into the business credit card space.

Expected Launches

As far as the official announcement is concerned, Paytm and HDFC have revealed very limited information about the upcoming launches. Going by the information available with us, you will be getting a gift voucher worth Rs. 1,000 as an introductory offer on pre-booking the cards. Other benefits include- upto 5% cashback on spends, Rs. 75,000 worth of benefits from some of the most popular brands, gift vouchers of up to Rs. 2,000 as milestone benefits and complimentary airport lounge access. However, the specific benefits and reward rates of each credit card that is going to be launched have not been revealed. Also, there is no information regarding the annual fee of cards.

We expect the following Paytm co-branded credit cards from HDFC Bank in the next couple of weeks-

Paytm HDFC Bank Mobile Credit Card

It is going to be an entry-level digital-only (virtual) credit card. The card is expected to offer a cashback of up to 2% on Paytm Mall, Movies and Mini apps, 1% cashback on other Paytm spends and  0.5% cashback on all other online and offline spends.

Paytm HDFC Bank Credit Card

Going by the rumors, Paytm HDFC Bank Credit Card will come with complimentary membership of the Paytm First Program and offer unlimited cashback on spends on essentials, shopping, travel and entertainment categories.

The card is expected to offer up to 3% cashback on Paytm Mall, Movies and Travel, 2% cashback on other Paytm spends and 1% cashback on all other online and offline spends. Apart from this regular cashback benefit, cardholders can also earn a cashback of up to Rs. 1,200 annually- Rs. 100 cashback each month on spending Rs. 10,000 in a month (1% cashback).

Paytm HDFC Bank Select Credit Card

Just like the Paytm HDFC Credit Card, Paytm HDFC Select Credit Card is also expected to come with complimentary membership of the Paytm First Program and offer unlimited cashback on spends on essentials, shopping, entertainment and travel categories. Since Paytm HDFC Bank Select Credit Card is supposed to be the more premium variant of the Paytm HDFC Bank Credit Card, it will also come with other add-on benefits like complimentary domestic airport lounge access and gift vouchers worth Rs. 2,000 every year.

Paytm HDFC Bank Select Credit Card is also expected to offer a higher reward rate- 5% cashback on Paytm Mall, Movies and Travel, 2% cashback on other Paytm spends and 1% cashback on all other spends with the card.

Paytm HDFC Bank Business Credit Card

Like the aforementioned two personal credit cards, Paytm Business Credit Card is also rumored to come with a complimentary Paytm First membership. Since it is a business credit card, you also get a cash withdrawal limit of Rs. 10,000 without any cash advance fee. You will also get frequent subscription offers on expense management and business solutions.

In terms of reward rate, you will earn up to 3% cashback on Paytm Mall and monthly bill payments and 1% cashback on all other online and offline spends with the card.

Paytm HDFC Bank Select Business Credit Card

Paytm HDFC Bank Select Business Credit Card is supposed to be the more premium variant of the Paytm HDFC Bank Business credit card. Just like Paytm HDFC Bank Business Credit Card, Paytm HDFC Bank Select Business Credit Card also comes with complimentary Paytm First membership. You also get subscription offers on expense management and other business solutions. As an additional value-added benefit, you get a personal accident cover worth Rs. 30 lakhs with the Paytm HDFC Bank Select Business Credit Card, which you don’t get with Paytm HDFC Bank Business Credit Card.

As far as the reward rate is concerned, you earn a cashback of up to 5% on Paytm Mall, up to 3% on Paytm Travel and 1% on all other spends with Paytm HDFC Bank Select Business Credit Card.

Bottom Line

The digital-only Paytm HDFC Bank Mobile Credit Card seems to be an interesting offering by the bank. The card is targeted at new to credit millennials or first-time cardholders. We don’t know the membership of the Mobile Credit Card yet, it can be a great offering in the entry-level segment if launched as a lifetime free credit card.

As far as the other two personal credit cards are concerned, they are very much similar to Paytm co-branded SBI Credit Cards. There is absolutely no difference between Paytm HDFC Bank Select Credit Card and Paytm SBI Select Credit Card, and Paytm HDFC Credit Card and Paytm SBI Credit Card at least in terms of the reward rate.

Thanks Shivan Chauhan for sending all the images 🙂