Introduction to HDFC Bharat CashBack Card
The HDFC Bharat CashBack Card is a versatile credit card designed to provide substantial savings and cashbacks on everyday expenses. Catering primarily to the needs of budget-conscious consumers, this card offers impressive cashback rates across various spending categories such as travel, fuel, groceries, and bill payments. With a relatively low income requirement for eligibility, the HDFC Bharat CashBack Card is accessible to a wide range of customers, making it a popular choice for those looking to maximize their savings on routine expenditures. In this review, we will delve into the cardโs features, benefits, eligibility criteria, fees, user experience, and how it stacks up against similar products in the market.
HDFC BHARAT CASHBACK CARD
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Joining Benefits of HDFC Bharat Cashback Credit Card
- Welcome Benefit:
- โน50 cashback on your first transaction within 30 days of card issuance.
- Cashback on Essential Spends:
- 5% cashback on:
- Fuel purchases
- Utility bill payments
- Mobile recharges
- Grocery shopping
- Cashback on Other Spends:
- 5% cashback on EasyEMI and PayZapp transactions.
- 1% cashback on all other retail spends.
- Fuel Surcharge Waiver:
- 1% waiver on fuel surcharge at all petrol pumps across India (for transactions between โน400 and โน5,000).
- Annual Fee Waiver:
- Annual fee waived on spending โน20,000 in a year.
- Interest-Free Period:
- Up to 50 days of interest-free credit on purchases.
- Easy EMI Conversion:
- Option to convert big-ticket purchases into easy monthly installments.
- Security Features:
- EMV chip-enabled card for enhanced security against counterfeiting and skimming.
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HDFC Bharat CashBack Card Features
The HDFC Bharat CashBack Card offers a range of features designed to provide significant savings across various spending categories:
Category A: Travel, Fuel, Grocery, and Bill Payments
- Travel: Earn 5% cashback on ticket bookings through IRCTC.
- Fuel: Get 5% cashback on fuel expenses along with a 1% surcharge waiver, saving up to Rs. 250 per billing cycle (minimum transaction of Rs. 400).
- Grocery: Enjoy 5% cashback on grocery spends.
- Bill Payments & Mobile Recharges: Avail 5% cashback on bill payments and mobile recharges made through the Bharat Credit Card.
Category B: Payment Platforms
- PayZapp/EasyEMI/SmartBUY: Earn 5% cashback on spends through these platforms.
Cashback Limits
- Category A: Maximum cashback per month is Rs. 150 (combined).
- Category B: Maximum cashback per month is Rs. 150 (combined).
Note
- Recharges bundled with mobile purchases or conducted at outlets selling mobile accessories do not qualify for cashback.
- Wallet loading transactions are excluded from cashback.
- Transactions overlapping between Category A and B will receive credit under one feature only.
- Cashback eligibility is determined based on the Merchant Category Code (MCC).
Rewards Points
- Cashback is retained as reward points, posted in the next statement, and can be redeemed as cashback against the statement balance (1 point = 1 Re).
- Redemption of reward points for cashback is capped at 3,000 points per calendar month.
- Cardholders can redeem up to 70% of the product/voucher value through reward points on select vouchers/products.
HDFC Bharat CashBack Card Eligibility
To qualify for the HDFC Bharat CashBack Card, applicants must meet the following criteria:
Salaried Individuals
- Age: Minimum 21 years, maximum 60 years.
- Income: Gross monthly income should exceed Rs. 12,000.
Self-Employed Individuals
- Age: Minimum 21 years, maximum 65 years.
- Income: Income Tax Return (ITR) should be greater than Rs. 2 lakhs per annum.
Pricing and Plans of HDFC Bharat CashBack Card
The HDFC Bharat CashBack Card is designed to offer substantial savings and cashback benefits at a relatively low cost. Below is a detailed look at the pricing and plans associated with this card:
Membership Fees
- Joining Fee: Rs. 500 plus applicable taxes.
- Renewal Fee: Rs. 500 plus applicable taxes, charged annually.
Taxes
- Goods and Services Tax (GST): The GST rate is 18%, effective from 1st July 2017, replacing the previous Service Tax, KKC, and SBC of 15%.
- GST depends on the place of provision (POP) and place of supply (POS). If both are in the same state, CGST and SGST/UTGST are applicable; otherwise, IGST is applied.
- GST for fees and charges billed on the statement date will reflect in the next month's statement.
- GST levied will not be reversed on any disputes related to fees, charges, or interest.
Important Terms
- Inactive Card Cancellation: The bank reserves the right to cancel the card if it remains inactive (not used for any transaction) for a continuous period of six months. Prior written notice will be sent to the registered email address, phone number, and/or communication address before cancellation.
These pricing details are straightforward, making the HDFC Bharat CashBack Card a cost-effective option for those who frequently spend in the designated categories and want to maximize their cashback benefits.
User Experience
The HDFC Bharat CashBack Card is designed to provide a seamless and rewarding user experience. Here's an overview of what cardholders can expect:
Application and Approval Process
- Ease of Application: Applying for the HDFC Bharat CashBack Card is straightforward. Prospective cardholders can apply online through the HDFC Bank website or visit a local branch.
- Approval Time: The approval process typically takes a few days, provided all required documents and eligibility criteria are met.
Spending and Cashback
- Rewarding Everyday Expenses: Cardholders enjoy 5% cashback on key spending categories like travel (IRCTC bookings), fuel, groceries, and bill payments. This makes it particularly appealing for those with regular expenditures in these areas.
- Cashback Redemption: Cashback is credited as reward points, which are posted in the next statement. These points can be redeemed against the statement balance, with 1 reward point equaling 1 rupee. The redemption process is simple and can be done through the HDFC Bank customer portal.
Digital Integration
- Online Management: Cardholders can manage their accounts online through the HDFC Bank net banking portal or the mobile app. This includes tracking expenses, redeeming reward points, and paying bills.
- Security Features: The card comes with EMV chip technology, providing enhanced protection against unauthorized transactions. Additionally, cardholders can set transaction alerts and monitor their spending in real-time.
Customer Support
- Support Channels: HDFC Bank offers multiple channels for customer support, including a dedicated helpline, email support, and in-branch assistance.
- Response Time: The bank is known for its prompt and efficient customer service, addressing queries and concerns swiftly.
HDFC Bharat CashBack Card Overview
| ๏ปฟFeature | Details |
|---|---|
| Type of Card | Cashback Credit Card |
| Annual Fee | Rs. 500 + GST |
| Joining Fee | Rs. 500 + GST |
| Reward Rate | 5% cashback on select categories |
| Renewal Fee | Rs. 500 + GST |
HDFC Bharat CashBack Card Benefits
Beyond the core features and cashback offers, the HDFC Bharat CashBack Card provides several additional perks and benefits that enhance its overall value:
Safety and Security
- EMV Chip Card Technology: The card is equipped with EMV chip technology, which offers enhanced security against unauthorized use, providing peace of mind when shopping online or at physical stores.
- Fraud Liability Cover: Cardholders are protected against fraudulent transactions with a liability cover, ensuring minimal risk in case of card loss or theft.
Interest-Free Credit Period
- Interest-Free Days: The card offers up to 50 interest-free days from the date of purchase, subject to the timely submission of charges by the merchant. This feature allows cardholders to manage their cash flow more effectively.
Revolving Credit
- Nominal Interest Rates: Cardholders can enjoy the flexibility of revolving credit at nominal interest rates, allowing them to carry a balance if needed without incurring exorbitant interest charges.
Fuel Surcharge Waiver
- 1% Fuel Surcharge Waiver: In addition to the 5% cashback on fuel, cardholders also benefit from a 1% fuel surcharge waiver on transactions, saving up to Rs. 250 per billing cycle (minimum transaction of Rs. 400).
Annual Savings Illustration
- Savings Example: Using the card for typical monthly expenses can lead to significant annual savings. For example:
- IRCTC bookings: Rs. 800/month = Rs. 10,000/year, resulting in Rs. 500 cashback.
- Fuel: Rs. 800/month = Rs. 10,000/year, resulting in Rs. 500 cashback.
- Groceries: Rs. 800/month = Rs. 10,000/year, resulting in Rs. 500 cashback.
- Bill payments/recharges: Rs. 500/month = Rs. 6,000/year, resulting in Rs. 300 cashback.
- PayZapp: Rs. 1,000/month = Rs. 12,000/year, resulting in Rs. 600 cashback.
- EasyEMI and SmartBuy: Rs. 1,000/month each = Rs. 12,000/year each, resulting in Rs. 600 cashback each.
HDFC Bharat CashBack Card: Comparative Analysis
| ๏ปฟFeature | HDFC Bharat CashBack Card | SBI SimplySAVE Card | ICICI Bank Coral Contactless Credit Card | Axis Bank Neo Credit Card | Kotak Mahindra Essentia Platinum Credit Card |
|---|---|---|---|---|---|
| Joining Fee | Rs. 500 + GST | Rs. 499 + GST | Rs. 500 + GST | Rs. 250 + GST | Rs. 1,499 + GST |
| Renewal Fee | Rs. 500 + GST | Rs. 499 + GST | Rs. 500 + GST | Rs. 250 + GST | Rs. 749 + GST |
| Annual Fee Waiver | Not Available | Waived on annual spends of Rs. 1 lakh | Waived on annual spends of Rs. 1.5 lakhs | Not Available | Waived on annual spends of Rs. 1.25 lakhs |
| Cashback on Groceries | 5% (max Rs. 150/month) | 2.5% (max Rs. 100/month) | 2.5% (max Rs. 100/month) | 5% on Grofers and BigBasket (max Rs. 500/month) | 10% on Groceries (max Rs. 500/month) |
| Cashback on Fuel | 5% (max Rs. 150/month) | 2.5% (max Rs. 100/month) | 1% surcharge waiver (max Rs. 100/month) | 1% surcharge waiver (max Rs. 400/month) | 1% surcharge waiver (max Rs. 350/month) |
| Cashback on Bill Payments | 5% (max Rs. 150/month) | 2.5% (max Rs. 100/month) | 2.5% (max Rs. 100/month) | 5% on Bill Payments (max Rs. 200/month) | 1% on Utility Bills |
| Cashback on Online Spends | 5% on PayZapp, EasyEMI, SmartBUY (max Rs. 150/month) | 10 Reward Points per Rs. 100 spent on dining, movies | 2 Reward Points per Rs. 100 spent online | 10% on Partner Sites (Flipkart, Amazon, etc.) | 5% on Online Shopping (max Rs. 750/month) |
| Fuel Surcharge Waiver | 1% (up to Rs. 250/month) | 1% (up to Rs. 100/month) | 1% (up to Rs. 100/month) | 1% (up to Rs. 400/month) | 1% (up to Rs. 350/month) |
| Interest-Free Period | Up to 50 days | Up to 50 days | Up to 48 days | Up to 50 days | Up to 48 days |
| Additional Benefits | EMV chip security, fraud liability cover | 2000 Bonus Points on spends of Rs. 2000 in 60 days | Free railway lounge access, dining discounts | Welcome benefits worth Rs. 500 | Fuel surcharge waiver, dining discounts |
| Eligibility (Salaried) | Min age 21, income > Rs. 12,000/month | Min age 21, income > Rs. 20,000/month | Min age 23, income > Rs. 20,000/month | Min age 18, income > Rs. 15,000/month | Min age 21, income > Rs. 25,000/month |
| Eligibility (Self-Employed) | Min age 21, ITR > Rs. 2 lakh/annum | Min age 21, ITR > Rs. 2.5 lakh/annum | Min age 23, ITR > Rs. 3 lakh/annum | Min age 18, ITR > Rs. 2 lakh/annum | Min age 21, ITR > Rs. 3 lakh/annum |
Summary of Comparative Analysis
The comparative analysis of the HDFC Bharat CashBack Card with similar cashback cards from major Indian banks reveals several key points:
HDFC Bharat CashBack Card
- Strengths: Offers high cashback rates (5%) on essential categories like travel, fuel, groceries, and bill payments. It has a low joining and renewal fee of Rs. 500 plus applicable taxes and provides a 1% fuel surcharge waiver.
- Limitations: Cashback is capped at Rs. 150 per month for both Category A and Category B, and there is no annual fee waiver based on spending.
SBI SimplySAVE Card
- Strengths: Provides 2.5% cashback on groceries, fuel, and bill payments with a straightforward rewards program. Offers an annual fee waiver on annual spends of Rs. 1 lakh.
- Limitations: Lower cashback rate compared to HDFC Bharat and a lower cap on cashback per month.
ICICI Bank Coral Contactless Credit Card
- Strengths: Offers reward points on various spends, including online transactions. Includes free railway lounge access and dining discounts.
- Limitations: Lower cashback rates on specific categories and a higher spending requirement for the annual fee waiver.
Axis Bank Neo Credit Card
- Strengths: Provides 5% cashback on partner sites like Flipkart and Amazon, and offers significant cashback on groceries and bill payments.
- Limitations: Lower overall cashback caps and fewer additional perks compared to competitors.
Kotak Mahindra Essentia Platinum Credit Card
- Strengths: Offers a high cashback rate (10%) on groceries and a reasonable rate on online shopping, along with a fuel surcharge waiver.
- Limitations: Higher joining fee and stringent eligibility criteria for self-employed individuals.
Pros and Cons of HDFC Bharat CashBack Card
Analyzing the HDFC Bharat CashBack Card's features and benefits, here are the key pros and cons to consider:
Pros
- High Cashback Rates: Offers 5% cashback on essential categories like travel (IRCTC), fuel, groceries, and bill payments, which can lead to significant savings.
- Fuel Surcharge Waiver: Additional 1% fuel surcharge waiver on transactions, making it highly beneficial for frequent drivers.
- Low Fees: The joining and renewal fees are relatively low at Rs. 500 plus applicable taxes, making it accessible to a broader audience.
- Interest-Free Period: Up to 50 days of interest-free credit allows cardholders to manage their finances more effectively.
- Reward Points Redemption: Cashback is converted to reward points which can be redeemed against the statement balance, providing flexibility in utilizing rewards.
- Security Features: Equipped with EMV chip technology for enhanced security against fraud and unauthorized transactions.
- Broad Eligibility: Accessible to both salaried and self-employed individuals with modest income requirements.
Cons
- Cashback Cap: The monthly cashback cap of Rs. 150 for Category A and Rs. 150 for Category B limits the total potential cashback.
- Category Restrictions: Cashback is limited to specific spending categories, which may not cover all types of expenses for some users.
- No Annual Fee Waiver: Unlike some competitors, there is no waiver for the annual fee based on spending.
- Limited Additional Benefits: While the card offers substantial cashback, it lacks other premium benefits like travel insurance, airport lounge access, or higher reward points for other types of spends.
- GST Impact: GST on fees and charges adds to the cost, and these charges are non-reversible in case of disputes.
- Inactive Card Cancellation: The bank reserves the right to cancel the card if it remains inactive for six months, which might inconvenience some users.
Conclusion and Overall Rating
The HDFC Bharat CashBack Card stands out as a valuable option for individuals seeking to maximize savings on everyday expenditures. With its attractive 5% cashback on essential categories such as travel, fuel, groceries, and bill payments, this card is tailored for the budget-conscious consumer. The additional benefits of a 1% fuel surcharge waiver and an interest-free period of up to 50 days further enhance its appeal.
While the card has a relatively low joining and renewal fee, its straightforward structure and user-friendly rewards system make it accessible and easy to manage. The EMV chip technology provides an added layer of security, ensuring peace of mind for cardholders.
However, the monthly cashback caps and category-specific rewards may limit the total savings for some users. Despite these limitations, the HDFC Bharat CashBack Card offers significant value for those whose spending habits align with the cardโs reward categories.
The HDFC Bharat CashBack Card is a strong contender in the cashback credit card segment, particularly suited for individuals who frequently spend on travel, fuel, groceries, and bill payments. Its combination of high cashback rates, low fees, and robust security features makes it a worthwhile option for many consumers.
