MoneyBack+ credit card is one of the recent launches from HDFC Bank after the RBI ban was lifted. It is an upgrade for the basic entry-level MoneyBack card from HDFC Bank. The MoneyBack+ is a cashback card that works just like the Millennia but with lower rewards. Here is a review of the HDFC Bank MoneyBack+ credit card and everything you need to know about this card.
Fees and Charges
Though HDFC Bank mentions a joining/annual fee for the MoneyBack+ credit card, it is issued as LTF in most cases. HDFC Bank is running an LTF offer now as well. The LTF offer comes with either Smartpay or spend conditions for first 90 days.
| Joining/Renewal Fee | Rs 500 plus taxes – Issued as LTF in most cases |
| Welcome/Renewal Benefit | 500 CashPoints (only if fee is charged) |
| Annual Fee Waiver | On spends of Rs 50000 in a card membership year |
Cashback
We earn CashPoints for transactions on MoneyBack+. Each CashPoint is equal to 25 paise for MoneyBack+ credit card.
| CATEGORY | CASHPOINTS EARN RATE | VALUE | MAXIMUM CASHPOINTS |
|---|---|---|---|
| Spends on Amazon, BigBasket , Flipkart, Reliance Smart SuperStore & Swiggy | 20 CP/Rs 150 | 3.3% | 2500 |
| EMI Spends | 10 CP/Rs 150 | 1.7% | 2500 |
| All other spends | 2 CP/Rs 150 | 0.3% | No Cap |
We do not get CashPoints for below transactions:
x Fuel
x Wallet/Gift/Prepaid Cards
x Gift Voucher Purchase
Milestone Rewards
We get gift vouchers worth Rs 500 on spends of Rs 50000 per calendar quarter. This gives an extra 1% return over the regular cashback.
The gift voucher options are Big Basket, BookMyShow, Uber, Pizza Hut and PVR.
Smartbuy Rewards
MoneyBack+ is also eligible for Smartbuy platform cashback like other HDFC Bank credit cards. The cap for Smartbuy cashback is Rs 1000 per calendar month.
Rewards Redemption
The minimum cashpoints required for redemption are 2000. Cashpoints are valid for 2 years from accumulation.
We can redeem the cashpoints for statement credit or flights/hotel booking on Smartbuy. Redemption for flights/hotels on Smartbuy is not worth going for when we get same value on statement credit.
| REDEMPTION OPTION | VALUE |
|---|---|
| Statement Credit | 1 Cashpoint = Rs 0.25 |
| Flights/Hotels on Smartbuy (Max 50% of booking amount) | 1 Cashpoint = Rs 0.25 |
Final Thoughts
This is where we would evaluate if one should you get the MoneyBack+ credit card. If this is the only HDFC Bank card that you are eligible for, then yes. The reason is for HDFC Bank, one can get start with any of the cards and then upgrade to a better card in the future.
Comparing with other entry-level cards, we have better options in Amazon Pay ICICI, Flipkart Axis and Axis Ace credit cards. These offer better rewards on all spends that make them more suitable. The 0.3% reward on ‘other spends’ on MoneyBack+ credit card is a little too low. But, if you can spend Rs 50000 in a calendar quarter to get the milestone benefit, then the MoneyBack+ card gets a lot better.
