Introduction:

The HDFC MoneyBack+ Credit Card is a versatile card designed for those who want to earn rewards on their everyday spending. This card provides an enhanced cashback experience, especially for those who frequently shop online. With competitive reward rates and various additional benefits, it’s an excellent choice for individuals looking to maximize their savings.

Key Highlights:

  • Welcome Benefits:
    • Get 500 CashPoints on the payment of the membership fee.
  • Reward Points/Cashback:
    • 10X CashPoints on spends at Amazon, Flipkart, BigBasket, Swiggy, and Reliance Smart SuperStore (20 CashPoints per Rs. 150 spent, capped at 2,500 points per month).
    • 5X CashPoints on EMI spends at merchant locations (10 CashPoints per Rs. 150 spent, capped at 2,500 points per month).
    • 2 CashPoints per Rs. 150 spent on other categories, excluding fuel, wallet reloads, and voucher purchases.
  • Complimentary Benefits: Up to 3 add-on cards for family members at no additional cost.

Fees and Charges:

  • Joining Fee: Rs. 500 + GST.
  • Annual Fee: Rs. 500 + GST (waived on annual spends exceeding Rs. 50,000).
  • Interest Charges: 3.6% per month (43.2% annually).
  • Foreign Currency Markup: 3.5% of the transaction amount.
  • Cash Advance Fee: 2.5% of the transaction amount, subject to a minimum of Rs. 500.

Additional Benefits:

  • Fuel Surcharge Waiver: 1% waiver on fuel surcharge for transactions between Rs. 400 and Rs. 5,000, capped at Rs. 250 per statement cycle.
  • Contactless Payments: Enabled for fast and secure transactions.
  • Utility Bill Payment: Pay your utility bills using the SmartPay facility.
  • Balance Transfer on EMI: Transfer the outstanding balance of other banks’ credit cards to your MoneyBack+ Card and pay back in EMIs at a lower interest rate.

Pros and Cons:

Pros
  • High reward rates on online shopping at major e-commerce platforms.
  • Affordable joining and annual fees.
  • Complimentary add-on cards for family members.
Cons
  • No complimentary airport lounge access.
  • Reward points are valid for only 2 years from the date of accrual.
  • No reward points on fuel transactions, wallet reloads, and voucher purchases.

Eligibility Criteria:

  • Age: 21 to 65 years.
  • Income: Minimum monthly income of Rs. 20,000 for salaried individuals and annual income of Rs. 6 lakhs for self-employed individuals.
  • Credit Score: Good credit history required.

Reward Redemption:

  • CashPoints Redemption:
    • 1 CashPoint = Rs. 0.25 for redemption against statement cash.
    • 1 CashPoint = Rs. 0.25 for flight/hotel bookings through SmartBuy (up to 50% of the booking value).
    • Minimum 500 CashPoints required for redemption against statement balance.
  • Milestone Benefits:
    • Gift vouchers worth Rs. 500 on spending Rs. 50,000 in a calendar quarter.
    • Earn up to Rs. 2,000 worth of gift vouchers in a year.

Comparison with SimplyCLICK SBI Credit Card:

Feature HDFC MoneyBack+ Credit Card SimplyCLICK SBI Credit Card
Joining Fee Rs. 500 + GST Rs. 499 + GST
Annual Fee Rs. 500 + GST (waived on annual spends of Rs. 50,000) Rs. 499 + GST (waived on annual spends of Rs. 1 lakh)
Welcome Benefits 500 CashPoints Rs. 500 Amazon voucher
Reward Points/Cashback 10X on Amazon, Flipkart, BigBasket, Swiggy, Reliance; 5X on EMI spends; 2X on other spends 10X on partner websites; 5X on other online spends; 1X on other spends
Fuel Surcharge Waiver 1% (Rs. 400 - Rs. 5,000) 1% (Rs. 500 - Rs. 3,000)
Foreign Currency Markup 3.5% + GST 3.5% + GST
Cash Advance Fee 2.5%, min Rs. 500 2.5%, min Rs. 500

Conclusion:

The HDFC MoneyBack+ Credit Card is an excellent entry-level card for individuals who frequently shop online. With high reward rates on major e-commerce platforms and additional benefits like fuel surcharge waivers and contactless payments, it provides significant value. However, if you are looking for premium features such as lounge access, you might want to consider other cards with higher annual fees.