Update: This product is outdated. If you own it or are considering a new card, consider the HDFC Millennia credit card instead.
HDFC MoneyBack Credit Card – a popular cashback card in India
HDFC MoneyBack Credit Card has been a popular cashback option in India, offering reward points on most retail spends with a few exceptions such as government bill payments. Accumulated reward points could be converted to cashback at the rate of Rs. 40 for every 100 points earned through spending.
Unlike many cashback cards that restrict rewards to specific categories like groceries or supermarkets, this card awarded points across a broad range of spend types. Rewards were unlimited, though points expired after two years, so timely redemption was important.
Every eligible purchase accrued reward points that could be converted to a cashback credit on the card account and reflected on the subsequent billing cycle. The card offered higher points for online purchases—historically promoted as 2X reward points on online spends—making it suitable for users who shop frequently online.
Tip: If your monthly expenses are low, consider using an HDFC Platinum debit card to get 1% cashback up to Rs. 750 per month.
How to Redeem HDFC MoneyBack Reward Points to Cash:
Update: Redemption through netbanking is now available. Previously, to convert points to cashback you had to fill the bank’s redemption form and submit it at an HDFC Bank credit cards drop box. The terms for that process included:
- Cashback would be credited to the card account within 10 working days from receipt of the form.
- Although credited within 10 working days, the cashback would reflect only in the next credit card statement.
- A minimum of 500 reward points (as per the last statement balance) was required to process the request.
- Maximum redeemable points were limited to the points shown on the last statement.
- No redemption fee of Rs. 75 applied when redeeming reward points as cashback.
This redemption approach allowed flexibility compared with fixed catalog redemption options. For example, 10,000 points could be converted into a Rs. 4,000 cash credit on the card account under the previous valuation.
Critical update: From June 1, 2016 the valuation changed to 1 reward point = Rs. 0.30 (previously Rs. 0.40) and online spends earned 2X points (down from 3X). These changes reduced the effective benefit rate of the product.
If you are a self-employed professional or run a business, HDFC offered a Business MoneyBack variant which in some cases continued to provide higher reward multipliers on selected categories.
Features of HDFC MoneyBack Credit Card
- CardExpert Rating: 2.5/5
- Reward rate: Up to 0.8% cashback (when reward points are converted to cashback)
- Cashback conditions: Approximately 0.4% cashback at merchant outlets and up to 0.8% on online retail spends (based on point conversion rates at the time)
- Complementary airport lounge access: None
- Fuel surcharge waiver: Capped at Rs. 250 per billing cycle (service tax applicable)
- Foreign exchange markup fee: 3.5% + service tax
- Renewal fee waiver: First year fee reversed if you spend Rs. 10,000 within the first 90 days of card issuance; annual fee waived if you spend Rs. 50,000 in a year (otherwise renewal fee: Rs. 500)
- Special features: No caps on earning reward points
If you are new to credit cards, HDFC MoneyBack has historically been an accessible option for many customers, especially those who already hold an HDFC savings account. Approval was generally straightforward for eligible applicants. If you have used this card, consider sharing your experience with other readers.
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