Paytm HDFC Credit Cards Launched: Checkout the Rewards, Benefits and Fees

As announced by HDFC in a press release last month, the bank has launched Co-branded Paytm HDFC credit cards in collaboration with the mobile payment platform Paytm. The launch, which was expected in October during the festive season, was delayed and HDFC has finally added the 5 Paytm cobranded credit cards on its website today.

 

HDFC Paytm Credit Cards Launched

HDFC Bank today launched 5 co-branded credit cards in collaboration with Paytm. Pre-bookings for the cards had been started in the last month itself.

Being co-branded credit cards, the cards offer extra benefits on transactions made at Paytm/Paytm Mall/Movies/Mini. All 5 credit cards have been launched on the Visa payment network as MasterCard is currently not allowed to onboard new customers.

The following 5 credit cards have been launched by HDFC today in collaboration with the mobile payment platform Paytm-

Paytm HDFC Bank Credit Card

It is an entry-level shopping credit card by HDFC Bank in partnership with Paytm. The card comes with a monthly membership plan with a membership fee of Rs. 49 (plus GST) per month. Some of the key features of the card are as under-

• Complimentary Paytm First Membership as a welcome benefit.
• 3% cashback on Paytm Mall, Movies and Mini apps.
• 2% cashback on other spends on Paytm.
• 1% cashback on all other retail spends.
• 1% cashback (up to Rs. 100 per month) on the expenditure of a minimum of Rs. 10,000 in a month.
• The monthly membership fee of Rs. 49 is waived off on spending a minimum of Rs. 5,000 in a month (EMI spends not included).

Paytm HDFC Bank Mobile Credit Card

It is the most basic Paytm co-branded credit card launched by HDFC. This card also comes with a monthly membership plan and comes with a monthly membership fee of Rs. 29 (plus GST). Some of the salient features of the card are –

• 2% cashback on Paytm Mall, Movies and Mini apps.
• 1% cashback on other Paytm spends.
• 0.5% cashback on all other retail spends with the card.
• The cardholder will get all the benefits of the Paytm HDFC Credit card if they spend a minimum of Rs. 10,000 per month with the card for 3 consecutive months.
• The monthly fee of Rs. 29 is waived off on a minimum monthly expenditure of Rs.2,500 with the card (EMI spends not included).

Paytm HDFC Bank Select Credit Card

It is a mid-level shopping credit card. Unlike the aforementioned two Paytm HDFC Credit Cards, Paytm HDFC Select Credit Card comes with an annual membership plan and comes with an annual membership fee of Rs. 1,000 (plus GST). Following are some of the key features of the card-

• Complimentary membership of the Paytm First loyalty program as a welcome benefit.
• 5% cashback on purchases at Paytm Mall, Movies and Mini apps.
• 2% cashback on other Paytm spends.
• 1% cashback on all other retail spends.
• 8 complimentary domestic airport lounge access every year (max 2 per quarter).
• Gift vouchers worth Rs. 500 on a minimum quarterly expenditure of Rs. 50,000 (EMI spends not included).
• Joining fee (first year’s membership fee) of the card waived off on a minimum expenditure of Rs. 50,000 within the first 90 days of card membership and the renewal fee (second year onwards) waived off on a minimum expenditure of Rs. 1.5 lacs (EMI spends not included) in the preceding 12 months.

Paytm HDFC Bank Business Credit Card

As the name suggests, Paytm HDFC Business Credit Card is targeted at businesses (small businesses in particular). It is an entry-level credit card and comes with a membership fee of Rs. 500 (plus GST) per annum. Some of the key features of the Paytm HDFC Bank Business Credit Card are as under-

• Complimentary Paytm First membership as a welcome benefit.
• 3% cashback on all purchases made on Paytm Mall.
• 3% cashback on monthly bill payments through standing instructions via the Paytm app.
• 1% cashback on all other spends with the card.
• A gift voucher worth Rs. 250 on making a minimum of 6 transactions within 90 days of card issuance.
• A gift voucher worth Rs. 500 on spending a minimum of Rs. 1 lac in a year (excluding EMI spends).

Paytm HDFC Bank Select Business Credit Card

It is a mid-level co-branded shopping credit card. The card comes with a membership fee of Rs. 1,000 (plus GST) per annum. Following are some of the key features of the Paytm HDFC Select Credit Cards-

• Complimentary membership of the Paytm First loyalty program as a welcome benefit.
• A cashback of 5% on all spends at Paytm Mall.
• 3% cashback on travel and monthly bill payments through standing instructions.
• 1% cashback on all other spends with the card.
• 12 complimentary domestic airport lounge access every year (max 3 per quarter).
• A complimentary gift voucher worth Rs. 500 on making a minimum of 6 transactions within 6 months of card issuance.
• A complimentary gift voucher worth Rs. 1,000 on an annual expenditure of a minimum of Rs. 2 lacs (EMI spends excluded).
• A comprehensive insurance cover including a permanent accidental death cover and a permanent disability cover worth up to Rs. 30 lacs.

Bottom Line

The Paytm HDFC Bank Credit Card and the Paytm HDFC Bank Select Credit Card are very much similar to their SBI counterparts- Paytm SBI Credit Card and Paytm SBI Credit Card Select in terms of the rewards and benefit that they offer. What is new about the Paytm HDFC Bank Credit Card is that it comes with a monthly membership plan.

With the launch of the Paytm HDFC Bank Business Credit Card and Paytm HDFC Bank Business Select Credit Card, Paytm plans to leverage its large customer base of retail merchants spread across the country. Paytm Mobile credit card is a virtual-only card and comes with a very minimal membership fee of just Rs. 29 per month. The Mobile credit card also offers a decent cashback of 2% on Paytm Mall, Movies and Mini spends.

Considering the reward rate and the benefits that the 5 Paytm HDFC Credit Cards offer, one may consider one of these cards, depending upon their spending habits, if they prefer shopping from Paytm Mall and books movie tickets via Paytm Movies.