HDFC Bank has partnered with Paytm to launch three personal credit cards- Paytm HDFC Select Credit Card, Paytm HDFC Bank Credit Card and Paytm HDFC Bank Mobile Credit Card– along with two business credit cards. Of the three personal credit cards, Paytm HDFC Select Credit Card is the most premium offering by the bank in collaboration with Paytm.
Paytm HDFC Select Credit Card comes with an annual fee of Rs. 1,000 and offers a maximum reward rate of 5% (on spends on Paytm Mall/Movies/Mini apps). The card also offers a complimentary Paytm First membership and 8 complimentary lounge access at domestic airports across the country. Read on to learn more about this co-branded offering by HDFC and Paytm.
- Joining Fee- Rs. 1,000 (plus applicable taxes)
- Renewal Fee- Rs. 1,000 (plus applicable taxes)
- Best Suited For- Shopping
- Reward Type- Reward Points
- Welcome Benefits- Complimentary Paytm First membership
Rewards and Benefits
- Movie & Dining- 5% cashback on Paytm Mall/Movies/Mini apps, 2% cashback on all other spends on Paytm, 1% cashback on all other retail spends with the card (except spends on EMIs, fuel and wallet reloads)
- Rewards Rate- 5% cashback on all spends on Paytm Mall/Movies/Mini app, 2% cashback on all other spends on Paytm, 1% cashback on all other retail spends with the card (except walleyt reloads, fuel spends and EMI spends)
- Reward Redemption- Redeem your Cashpoints as Cashback along with other redemption options. Re.1 Cashpoint =Re.1 Cashback for redemption against the statement balance. Re.1 Cashpoint = Re.0.3 for redemption against travel benefits like Flight & Hotel bookings and Rewards Catalogue at the SmartBuy Rewards Portal.
- Travel- Complimentary domestic airport lounge access
- Golf- N/A
- Domestic Lounge Access- 8 complimentary domestic airport lounge access every year (max 2 per quarter)
- International Lounge Access- N/A
- Insurance Benefits- N/A
- Zero Liability Protection- The cardholder shall not be liable for any fraudulent transaction made with the card post reporting the loss of card to the bank.
Fees & Charges
- Spend based Waiver- Joining fee waived off on spending a minimum of Rs. 50,000 within the first 90 days of card issuance, annual fee (second year onwards) waived off on the expenditure of a minimum of Rs. 1.5 lacs in the preceding 12 months.
- Rewards Redemption Fee- Nil
- Foreign Currency Markup- 3.5% of the transaction amount
- Interest Rates- 3.6% per month or 43.2% annually
- Fuel Surcharge- 1% fuel surcharge waived off on fuel purchases of a minimum of Rs. 400 (maximum waived amount capped at Rs. 500 per month)
- Cash Advance Charge- 2.5% of the transaction amount (subject to a minimum charge of Rs. 500)
- Add-on Card Fee- Nil
Product Details
- Complimentary membership of the Paytm First loyalty program as a welcome benefit.
- 5% cashback on all purchases at Paytm Mall/Movies/Mini app.
- 2% cashback on all other spends on Paytm.
- 1% cashback on all other retail spends with the card.
- 8 complimentary domestic airport lounge access across the country (max 2 per quarter).
- Gift vouchers worth Rs. 500 on the quarterly expenditure of a minimum of Rs. 50,000.
- Joining fee waived off on spending a minimum of Rs. 50,000 within 90 days of card issuance.
- Annual membership fee of the card (second year onwards) waived off on a minimum expenditure of Rs. 1.5 lacs in the preceding year.
Paytm HDFC Bank Credit Card Features and Benefits
Paytm HDFC Select Credit Card, which is the most premium of the three Paytm co-branded credit cards by HDFC, apart from earning cashback, also offers a number of additional benefits like complimentary Paytm First membership, gift vouchers, travel benefits, etc.
Welcome Benefit
You get complimentary membership of the Paytm First loyalty program with the Paytm HDFC Select Credit Card.
Milestone Benefit
- Gift vouchers worth Rs. 500 on spending a minimum of Rs. 50,000 (only non-EMI spends considered) in a calendar quarter. The gift voucher can be chosen from Health & Wellness, Shopping, Entertainment, Food delivery, etc. categories.
- The joining fee (first year’s membership fee) of the card is waived off on a minimum expenditure of Rs. 50,000 in the first 90 days of card issuance.
- Annual renewal fee (second year onwards) of the card is waived off on an expenditure of a minimum of Rs. 1.5 lacs in the preceding year.
Travel Benefits
Paytm HDFC Bank Select Credit Card entitles the cardholder to 8 complimentary lounge access every year (max 2 per quarter) at domestic airports across India.
Fuel Surcharge Waiver
You get a 1% waiver on the surcharge applicable on fuel purchases made with HDFC Paytm Select Credit Card. The waiver is applicable only on fuel transactions greater than Rs. 400 and the max waived amount is capped at Rs. 500 per statement cycle.
Paytm HDFC Select Credit Card Rewards
Paytm HDFC Bank Select Credit Card is a cashback-based credit card. As it is a Paytm co-branded card, the cashback earned is given as Paytm Gift Vouchers. You earn as cashback of-
- 5% on spends on Paytm Mall/Movies/Mini apps.
- 2% on other spends on Paytm.
- 1% on all other retail spends with the card.
Reward Redemption
The cashback earned on the Paytm HDFC Bank Select Business Credit Card are given to the cardholder as Cashpoints. Cashpoints can also be redeemed by the customer against outstanding balance as cashback or can be used for redeeming against other categories such as Smartbuy (Flights/Hotels), Airmiles & Product Catalogue.
Paytm HDFC Select Credit Card Fees & Charges
- Annual Fee: HDFC Bank charges an annual fee of Rs. 1,000 (plus applicable taxes) for Paytm HDFC Bank Credit Card.
- Interest Rate: An interest rate of 3.6% per month or (43.2% annually) is applicable on the due amount on the card if the cardholder is unable to clear all the dues by the payment due date.
- Cash Advance Fee: HDFC Bank levies a cash withdrawal fee of 2.5% of the withdrawn amount (subject to a minimum fee of Rs. 500) on cash withdrawals with the card from ATMs.
- Forex Mark-up Fee: A foreign currency mark-up fee of 3.5% of the transaction amount is applicable on all foreign currency transactions made with Paytm HDFC Bank Select Credit Card.
Add-on Cards
You can get up to 4 add-on credit cards with your Paytm HDFC Bank Credit Card for no extra fee.
Advantages of Paytm HDFC Bank Select Credit Card
- Paytm First Membership: You get complimentary annual membership of the Paytm First loyalty program with the Paytm HDFC Bank Select Credit Card that entitles you to exclusive discounts and deals on Paytm and partner brands.
- Gift Voucher: You get a complimentary gift voucher worth Rs. 500 on spending a minimum of Rs. 50,000 with the card in a given quarter (thus a maximum benefit of RS. 200 in a year).
- Domestic Airport Lounge Access: Paytm HDFC Select Credit Card also entitles the cardholders to complimentary access to domestic airport lounges across the country.
Drawbacks of Paytm HDFC Bank Select Credit Card
- HDFC Paytm Select Credit Card might not be a good pick for you if you do not spend on Paytm/Paytm Mall frequently as the reward rate that the card offers on other merchants is just 1%.
- The membership fee of the Paytm HDFC Select Credit Card is Rs. 1,000/annum which is higher than its competitors like Amazon Pay ICICI Bank Credit Card (lifetime free) and Flipkart Axis Bank Credit Card (Rs. 500/annum). While ICICI Bank Amazon Pay Credit Card does not offer any complimentary airport lounge access, Flipkart Axis Bank Card does come with 4 complimentary airport lounge access per annum.
Paytm HDFC Bank Select Credit Card Customer Care
HDFC Bank provides 24×7 customer care support to its credit card customers. Cardholders can dial the bank’s 24×7 helpline numbers 1860 267 6161 or 61606161 (prefix STD code) to report the loss of card to the bank or in case any assistance is required. Cardholders traveling abroad may dial 022 61606160 to reach HDFC’s overseas customer care desk.
Conclusion
Paytm HDFC Select Credit Card is very much similar to the Paytm SBI Card Select in terms of the reward rate and benefits. The card offers a good reward rate on 5% on Paytm Mall/Movies/Mini apps and a decent reward rate of 2% on other spends on Paytm. However, the reward rate on other retail spends is just 1%, which is lower than what one expects from a card with an annual fee of Rs. 1,000.
Apart from the reward rate, you also get complimentary domestic airport lounge access as a travel benefit with the card, and since it is a Paytm co-branded credit card, you are also entitled to complimentary membership of the Paytm First loyalty program.
Considering, all the benefits that the card comes bundled with, we can say Paytm HDFC Select Credit Card is suitable for you if you use prefer Paytm mall for online shopping and book movie tickets via Paytm Movies.
