Redeeming HDFC Bank credit card reward points for catalog vouchers is generally one of the less valuable options. Catalog vouchers typically deliver significantly lower value—often roughly 50% less—compared with travel redemptions or transfer opportunities.
That said, voucher redemptions suit cardholders who rarely travel and prefer immediate shopping value. HDFC’s voucher catalog includes options such as Amazon Pay vouchers, which are convenient for everyday purchases.
From time to time HDFC runs short-term promotions that improve the redemption rate for vouchers. A current promotional window offers better value for select premium cards. Details of the offer are:
- Offer: Redeem reward points for vouchers at 1 point = 0.70 INR
- Offer period: 31 July to 2 August 2024
- Available only to HDFC Infinia and Diners Club Black credit cardholders
- Source: HDFC SmartBuy offer listing
To take advantage of this deal, sign in to HDFC SmartBuy, select the applicable card under “Privileges,” then navigate to the rewards section and open the rewards catalog. Use the brand filter to locate eligible vouchers and proceed with redemption.
HDFC has run similar voucher redemption promotions in previous years—examples include events in 2021 and 2022. It did not appear widely in 2023, but the promotion has returned in 2024 for Infinia and Diners Club Black cardholders.
Keep in mind that while this voucher rate can be attractive for non-travellers or those seeking quick, guaranteed value, it generally underperforms when compared to targeted points transfer or travel redemption opportunities. Recently HDFC has offered enhanced transfer bonuses to partner programs—for example, a past Accor transfer promotion with a 75% bonus effectively increased the per-point value to roughly 1.5 INR. In such cases, choosing voucher redemptions at 0.70 INR per point would leave substantial value on the table.
Ultimately, redemption choice depends on your priorities: immediate shopping convenience at about 0.70 INR per point, or potentially higher value via travel transfers and bonus offers if you can use them.