Regalia Credit Card launched by HDFC Bank in 2011 has been a runaway success. It redefined the credit card rewards system in India. It also prompted many other banks to launch products with similar benefits. While HDFC Bank has continued to rejig the benefits on Regalia, is it worth applying for this card now? Here is a review of the HDFC Bank Regalia credit card.
Eligibility
For fresh applications, one needs to have a net monthly income of more than Rs 1 Lakh if salaried or an ITR of more than Rs 12 Lakhs for self-employed. But, HDFC Bank relaxes these criteria by quite a bit if one already has a savings account with them.
You can also upgrade to Regalia based on the limit of your existing HDFC Bank credit card. If your existing HDFC Bank credit card has a credit limit of more than Rs 3 lakhs, you can request an upgrade to Regalia. The salary requirements are fully relaxed in this case.
Fees and Charges
In most cases, Regalia is issued as Lifetime Free based on first-year spend conditions or Smartpay or add-on cards. You will get these options when you are applying for or upgrading to Regalia.
| Joining/Renewal Fee | Rs 2500 plus taxes – Issued LTF in most cases |
| Welcome/Renewal Benefit | 2500 Reward Points if the fee is paid |
| Renewal Fee Waiver | Rs 3 Lakhs spend in a membership year |
| Variants | Visa, Mastercard, and Rupay |
Rewards
| Rewards | 4 Reward Points per Rs 150 spend |
| Wallet Loads | No Rewards |
| Insurance Spends | 4RP/Rs 150 with max Cap of 2000 RP per day |
| Return on spends | 1.3% if points are used for booking flights and hotels on Smartbuy |
HDFC Bank Regalia credit card earns 4 reward points for every Rs 150. Each reward is worth 20 to 50 paise depending on the redemption option. At 50 paise per reward point, the return on spending is 1.3%. But, we have milestone benefits and Smartbuy rewards where we earn up to 10X rewards. This increases the reward rate by quite a bit.
Milestone Benefits
- Bonus 10000 RP on spending Rs 5 lakhs in a membership year
- Bonus 5000 RP on spending Rs 8 lakhs in a membership year
Including these milestone reward points, the reward rate is a good 2.2%. But, it would have been good to see a standard 2% reward rate with extra milestone benefits.
Smartbuy Rewards
The normal/milestone rewards on Regalia might seem less for a card in this segment. This is where Smartbuy is useful. For shopping on the below merchants through Smartbuy, we get accelerated rewards which increase the overall reward rate. The Smartbuy cap for Regalia is 4000 reward points per calendar month and 2000 RP per day.
Dineout Passport Membership
The Regalia credit card comes with a conditional Dineout Passport membership benefit. To get the benefit, the cardholder needs to spend more than Rs 75000 every calendar quarter. The membership is valid for a quarter and in all cities.
Complimentary Airport Lounge Access
- Airport lounges within India: 12 complimentary visits/calendar year within India (both at domestic and international terminals). This can be availed by swiping the Visa/Mastercard/Rupay credit card at the lounge. The eligible list of lounges is available at this link.
- Airport lounges outside India: 6 complimentary visits/calendar year. For Visa/Mastercard variants, the access is with Priority Pass. For Rupay, you can directly use the Regalia credit card to access airport lounges outside India as per the list at this link.
Other Benefits
- Foreign Currency Markup: 2%
- Fuel Surcharge Waiver: 1% for transactions between Rs 400 and Rs 5000
- 24/7 concierge
- Accidental air death cover worth Rs 1 Crore
- Emergency overseas hospitalization up to Rs. 15 lakhs
- Lost Card Liability Cover up to Rs 9 lakhs
Rewards Redemption
HDFC Regalia credit card provides multiple options for redeeming the reward points. The rewards can be redeemed on the Smartbuy redemption portal.
HDFC provides the option of redeeming products from its catalog, booking flights/hotels, gift vouchers, or even cash. What differs is the value offered for your rewards for these redemption options. If booking a flight or hotel, each reward point has a value of 50p.However, if we go for products, gift vouchers, or cash the value of each reward point drops to 20p. So, if you travel the best option is to book flights on Smartbuy using reward points or transfer them to one of the Airmiles partners.
| REDEMPTION OPTION | HDFC BANK REGALIA CREDIT CARD (VALUE OF 1 RP) |
|---|---|
| Smartbuy (Flights/Hotels) | 50 paise |
| Airmiles – Intermiles, Singapore Airlines (Krisflyer), Club Vistara | 0.5 Airmiles |
| Rewards Catalogue (Including Vouchers) | Up to 35 paise |
| Cashback | 20 paise |
Final Thoughts
HDFC Bank Regalia credit card rewards might seem too low among other credit card offerings. But, it is still very much a good entry-level travel credit card. Smartbuy rewards are also a good selling point as we get up to Rs 2000 cashback every month on Regalia. Plus, the Regalia credit card also sets you on the path to an Infinia credit card upgrade which is one of the most highly rewarding credit cards in India. This is how I upgraded to Infinia as well. 🙂
If you are not into travel and are looking for better cashback redemption cards, then the Millennia or Ace credit cards are better choices.
