Before you start reading about this card, you should know that it is only available to existing members. If you don’t already have this credit card, then you’ll be wasting your time reading this piece.
This is a cash back credit card from HDFC bank that lets you get up to 5% cash back on some of your purchases.
“Up to” is the key here though, the 5% cash back is only applicable if you make purchases from railways, hospitals and medical stores.
- If you spent your money on grocery, departmental stores, supermarkets or restaurants, then you will get just 1.5% cash back.
That is not really bad in itself, but there is an additional condition which states that the cash back on this credit card will be credited to your account only if the balance due is more than Rs.10,000. That is going to be a major dampener for people like me who donâ€™t spend that much on a credit card every month.
There is one more final condition in getting the cash back â€“ you canâ€™t get more than Rs.500 back per month.
Here are the some of the fee of this card. To take a look at the detailed fee structure, visit this link.
- Annual Fee: Rs 700
- Interest: 3.25% per month or 39% annually
- Cash advance charges: 2.5% of amount withdrawn or Rs 300 (whichever is higher)
These were some interesting things I found about the HDFC Value Plus cash back credit card. I havenâ€™t looked at many cash back credit cards to get a sense of where this one stands vis-a-vis others, but having the reward structure laid out clearly should help you in getting a fair idea of how useful it is to you.