Wednesday, May 22, 2024

HDFC Bank Revises Fee Structure of These HDFC Credit Cards with Effect from Jan 1, 2023

HDFC Bank, the largest credit card issuer in India, has updated its reward points programme and pricing structure for credit card users which will be in effect from January 1, 2023. While rent payments won’t accrue reward points, according to the bank, government and education related transactions will earn reward points only on specific HDFC credit card types. There will also be different caps and limits on reward points earned via different HDFC credit card types. 

Here is the updated reward points programme and pricing structure of different HDFC credit cards

  • The bank informed its customers that the maximum number of reward points that can be redeemed per calendar month for hotel and flight reservations on the bank’s SmartBuy portal is 150,000 reward points for the Infinia cards, 75,000 reward points for the Diners Black cards, and 50,000 reward points for all other HDFC credit card types.
  • Likewise, the redemption of Tanishq vouchers reward points will be capped to 50,000 reward points every calendar month for the Infinia HDFC credit card types.
  • With effect from February 1, 2023, the maximum amount of cashback that can be redeemed per calendar month on the EasyEMI Millennia, Millennia, Bharat, Pharmeasy, and Paytm cards will be 3,000 reward points for the Millennia and 50,000 points for all other cards.
  • Reward point redemption will be capped at 70% of the entire value for a few products and vouchers, however this rule does not apply to Infina and Diners Black cards.
  • The bank has also emphasized that only the following HDFC credit card types can receive rewards points for purchases involving the government transactions: Best Price Save Smart, CSC Small Business Moneyback, Business Moneyback, Flipkart Business, Paytm Business, Retailio, Pinelabs, Best Price Save Max, Business Regalia First, and Business Regalia. Similarly, on some cards, purchases made for educational purposes will not qualify for reward points.
  • Additionally, they have set monthly reward point caps for grocery purchases at 2,000 for Diners Black, Regalia Gold, Infinia cards, Regalia First, Regalia, Diners Clubmiles, Business Regalia, Diners Privilege, Business Regalia First, Diners Premium, and Tata Neu Infinity cards, and 1,000 for all other HDFC credit card types.
  • The bank stated that a fee of 1% of the entire transaction amount will be assessed on rent payments made via third-party merchants starting with the second rental transaction of a calendar month.
  • A dynamic and static conversion markup fee of 1% would also be levied, the bank said, whenever a consumer undertakes a transaction (online or in-store) in Indian currency at a foreign location or with a merchant based in India but registered abroad.

Note that when it comes to HDFC credit card balance check, you can utilize NetBanking to gain immediate online access to your HDFC Bank credit card account where you can manage and track your credit card activities as well as pay your credit card bills.

HDFC Credit Card Types and Features

The purpose for which a credit card will be used might be a major determining factor to select a card for yourself. Since there isn’t a single card that can meet everyone’s demands, here are  some of the top HDFC credit card types to help you determine which ones are best suited for you.

  1. HDFC Bank Regalia Credit Card

This high-end credit card is perfect for those who fly frequently, purchase online (ideally on foreign websites because it has the least foreign currency markup), and enjoy dining out because their Dineout membership offers a 25% discount at participating restaurants. It occasionally offers great opportunities to earn 5X to 10X more reward points.

  1. INFINIA Credit Card Metal Edition

The card is based on reward points and users can earn points for purchases like insurance, education, and rent. It provides limitless access to golf and airport lounges for people who travel frequently and for golf aficionados.

  1. Business MoneyBack

This card offers a  5% cash back rebate and reward points,which are available simultaneously. The maximum cash back every billing cycle is ₹250, but there is no maximum for reward points. For the first year, current account holders have superior facilities, but starting with the second year, everyone gets the same things. The card also offers the ability to reverse POS transactions. If the user needs to pay bills totaling more than ₹10,000, this card will be useful.

The Bottom Line

The charge structure for paying the rent via third-party merchants has been updated by HDFC Bank. The bank’s website states that the fee for making such a payment will now be 1 percent of the transaction’s total amount. This fee will be deducted from the second month’s rental payment. 

The bank has also modified the reward points based system and the fees for overseas transactions. You will now be required to pay a conversion fee of 1% if you do any in-person or online transactions in Indian rupees abroad. Transactions with merchants situated within the country who are registered in some other nation will also be subject to this tax.

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