Paytm and HDFC Bank have collaborated to introduce a series of co-branded credit cards, each offering unique features and benefits. In this article, we’ll focus on the Paytm HDFC Bank Select Credit Card, delving into its charges, rewards, and additional perks that set it apart in the competitive credit card landscape.
Key Charges
The Paytm HDFC Bank Select Credit Card comes with specific charges that users should be aware of:
- Joining Fee: Rs 1000+GST
- Annual Fee: Rs 1000+GST
Card Types and Reward Rates
The Paytm HDFC Bank Select Credit Card falls under the category of Co-Branded and Cashback cards. It offers a variable reward rate ranging from 1% to 5%, making it an attractive option for those seeking value from their credit card usage.
Ratings and Issuer
With a rating of ★★★★★3/5, the Paytm HDFC Bank Select Credit Card is issued on the Visa network, ensuring global acceptance.
Benefits Overview
Let’s explore the exclusive benefits that come with the Paytm HDFC Bank Select Credit Card.
Lounge Access and Fuel Surcharge Waiver
Cardholders enjoy access to domestic airport lounges and a fuel surcharge waiver, enhancing the overall travel experience.
Fee Structure and Waivers
Understanding the fee structure is crucial for potential users. The joining fee can be waived by spending Rs 50,000 within the first 90 days, and an annual fee waiver is applicable on spending Rs 1,50,000 in a membership year.
Paytm First Membership Benefits
The Paytm HDFC Bank Select Credit Card provides access to Paytm First, offering unique advantages beyond the standard Paytm First membership. Some exclusive benefits include:
- Rs 30 cashback on adding a minimum of Rs 500 to the Paytm wallet.
- 1000 cashback points on 5 eligible UPI transactions monthly.
- 6 months of premium subscriptions to SonyLIV and ZEE5.
Reward Structure
Understanding the cashback structure is crucial for maximizing benefits. The Paytm HDFC Bank Select Credit Card offers varying cashback rates for different types of spends, including Paytm transactions, Swiggy, AJIO, Big Basket, Uber, and other retail spends.
Milestone Benefit
Cardholders can enjoy a milestone benefit of receiving gift vouchers worth Rs 500 by spending Rs 50,000 in a calendar quarter. However, the eligible categories for this benefit need clarification.
Cashback Redemption and Other Details
Cashback Redemption
Each cashpoint earned is equivalent to Rs 1 and is automatically credited to the card statement in the first week of the month after statement generation. Cashpoints can also be redeemed for SmartBuy (Flights/Hotels) or the product catalogue.
Complimentary Airport Lounge Access
The Paytm HDFC Bank Select Credit Card provides domestic airport lounge access with eight complimentary visits in a calendar year, capped at two visits per quarter. However, international airport lounge access is not available.
Other Benefits and Charges
Additional perks include a fuel surcharge waiver on transactions ranging from Rs 400 to Rs 5000, with a maximum waiver of Rs 500 per statement cycle. The card incurs a foreign currency markup of 3.5%+GST (~4.13%), and the interest rates are set at 3.6% per month or 43.2% annually.
Conclusion
In conclusion, while the Paytm HDFC Bank Select Credit Card offers enticing rewards, it’s essential to consider individual preferences and spending patterns. For those prioritizing a more flexible cashback system, the SBI Cashback card might be a preferable alternative.
Frequently Asked Questions
- Do we get Paytm First membership on renewal of Paytm HDFC Bank Select Credit Card?
- The article does not provide information on membership renewal benefits.
- Do we get complimentary airport lounge access on the Paytm HDFC Bank Select Credit Card?
- Yes, cardholders receive domestic airport lounge access as mentioned in the benefits section.
- Is the Paytm HDFC Bank Select credit card available on Rupay?
- No, the card is currently only issued on Visa.
By providing a comprehensive overview of the Paytm HDFC Bank Select Credit Card, this article aims to assist potential users in making informed decisions based on their financial preferences and lifestyle.