HDFC Bank Credit Cards

Summary of HDFC Bank's New Credit Card Rules Effective from August 1, 2024

HDFC Bank is introducing new rules and charges for its credit card customers starting August 1, 2024:

• Rental Transactions: A 1% fee, capped at Rs 3,000 per transaction, will be applied when paying rent through platforms such as CRED, PayTM, Cheq, MobiKwik, Freecharge, etc.

• Fuel Transactions:

  • Consumer Cards: No extra fees for transactions below Rs. 15,000. A 1% fee, capped at Rs 3,000, for transactions above Rs 15,000.
  • Business Cards: No additional fee for transactions below Rs. 30,000. A 1% fee, capped at Rs 3,000, for spending over Rs 30,000 per transaction.

• International/Cross Currency Transactions: A 3.5% markup fee will be levied. The markup fee remains at 2% for premium cards such as Infinia, Diners Black, etc., and 2.5% for 6E Rewards Indigo XL.

• Late Payment Fees have been revised as follows:

  • Rs 0 for outstanding < = Rs 100
  • Incremental fees ranging from Rs 100 to Rs 1,300 for outstanding amounts of Rs 101 to over Rs 50,000.

• Rewards Redemption towards Statement Credit: A Rs 50 redemption fee applies, not applicable to premium cards like Infinia, Diners Black, etc.

• Finance Charges: A finance charge of 3.75% per month is applicable if the full amount isn't paid, relevant to all transactions. For premium cards, the finance charge is 1.99% per month.

• Easy-EMI Processing Fee: A charge of up to Rs 299 for availing the Easy-EMI option at any store.

All fees are subject to GST, and the merchant category codes are defined by the network (Visa, Mastercard, etc.), not HDFC Bank. Charges described do not apply to Pixel Credit cards, with only the Rental Transaction Charge applicable to Commercial Credit Cards.

HDFC Bank has announced some changes to their credit card fees and rewards structure, effective from August 1, 2024. Here's a summary of the key changes:

• Charges for using third-party apps: There will be a 1% fee (capped at Rs 3,000) for using third-party payment apps like CRED, Paytm, etc. to pay rent or educational expenses with your HDFC credit card.
• Changes in fees for high-value transactions:
  • A 1% fee (capped at Rs 3,000) applies to utility bill payments exceeding Rs 50,000 (Rs 75,000 for business cards) on consumer credit cards.
  • Fuel purchases above Rs 15,000 (Rs 30,000 for business cards) on consumer credit cards will incur a 1% fee (capped at Rs 3,000).
• Revised rewards for Tata Neu cards: The cashback structure for UPI payments made using Tata Neu Infinity and Tata Neu Plus credit cards is changing. You'll earn more NeuCoins if you use the Tata Neu UPI ID compared to other UPI IDs.

There's good news for Swiggy HDFC Bank credit cardholders! In May 2024, HDFC Bank announced a major change to the cashback program. Previously, the cashback earned was credited as Swiggy Money, restricting users from spending it on the Swiggy app. Now, the cashback is directly applied to your credit card statement, offering more flexibility. This update makes the Swiggy HDFC Bank credit card a more attractive option for those who frequently order food and groceries on Swiggy.

Here are some additional details to consider:

• The new cashback structure applies to transactions made after June 21st, 2024.
• You can still enjoy other benefits like the complimentary 3-month Swiggy One membership and World Tier Mastercard privileges.

HDFC Bank has introduced the Pixel Play Credit Card, India's first virtual credit card, with unique features like:

1. Customization: You can choose cashback merchants, card design and billing cycle date.
2. Convenience: Entirely digital onboarding and management through HDFC Bank's PayZapp app.
3. Benefits: Up to 5% cashback, contactless payments, in-app EMI conversion, and exclusive dining discounts.

• 5% Cashback on choice of any two packs
  • Dining & Entertainment Category – BookMyShow & Zomato
  • Travel Category – MakeMyTrip & Uber
  • Grocery Category – Blinkit & Reliance Smart Bazaar
  • Electronics Category – Croma & Reliance Digital
  • Fashion Category – Nykaa & Myntra
• 3% Cashback on choice of any one E-commerce merchant: Amazon or Flipkart or PayZapp
• 1% Unlimited Cashback across all other spends

Who can apply?

• For Salaried:
  • Age: Min 21 yrs & Max 60 Yrs
  • Income: Gross Monthly Income > Rs 25,000
• For Self Employed
  • Age: Min 21 yrs & Max 65 Yrs
  • Income: ITR > Rs 6.0 Lakhs per annum

The cards come in four variants - BizFirst, BizGrow, BizPower, and BizBlack - and offer benefits like interest-free credit periods, rewards on business spend, and insurance coverage.

1. BizFirst: Entry-level card with 55 days interest-free period, 3% cashback on EMI spends, 2% on utilities & electronics, 1% on other spends. 
2. BizGrow: Offers higher 5% cashback on business spends like GST, income tax, vendor payments, travel, business tools, and 1% on other spends. 
3. BizPower: Premium card with 5X reward points on fuel spending, accelerated rewards on travel, dining, and utilities, and airport lounge access. 
4. BizBlack: Flagship card with maximum rewards on all categories, complimentary airport lounge access, travel insurance, and other premium benefits. 

Starting from 1 December, the lounge access program will be tied to one's credit card spending. To avail of the lounge benefits, a credit card user must spend Rs. 1 lakh or more in a single calendar quarter, i.e., January-March, April-June, July-September, October-December. Only two complimentary lounge access vouchers will be available per quarter as part of the milestone benefit for users.

HDFC Bank has introduced the upgraded HDFC Diners Club Metal Edition Credit Card, setting it apart from the previous HDFC Diners Club Black Credit Card. The key differentiators between the two cards are as follows:

• Annual Fee Waiver: The metal edition requires cardholders to spend 8 lakhs annually to enjoy an annual fee waiver, whereas the plastic card's threshold is 5 lakhs in annual spends.
• Welcome Benefit: The new Metal Edition card offers a Swiggy One annual membership as a welcome benefit, replacing the earlier Forbes and MMT Black offerings. In contrast, the plastic card provided a 3-month Swiggy One membership, alongside Forbes and MMT Black.
• Milestone Benefit: The Metal Edition introduces a new milestone benefit, granting cardholders 10,000 Bonus Reward Points on a quarterly basis. However, it no longer features the old benefits amongst cult.fit Live 1 month membership/ BookMyShow /TataCLiQ /Ola cabs vouchers worth Rs. 500

This revamped credit card caters to the evolving preferences and spending patterns of customers, providing additional perks and benefits.

HDFC Bank and Marriott International have launched a co-branded credit card in India, called the Marriott Bonvoy HDFC Bank Diners Club International Credit Card. The card is the first hotel co-branded credit card in India. It offers a number of benefits to cardholders, including:

• Complimentary Marriott Silver Elite Status
• Up to 4 free night awards
• Accelerated Marriott Bonvoy points earning on travel, dining, and entertainment
• Airport lounge access
• Travel insurance

Swiggy is reportedly teaming up with HDFC Bank to introduce a co-branded credit card. By doing so, Swiggy would join the increasing number of e-commerce platforms like Flipkart, Myntra, and Paytm, which have already launched their own co-branded credit cards.
Swiggy's strategic decision to venture into the co-branded credit card space is aimed at strengthening customer loyalty and involvement by offering supplementary advantages and incentives through the card.