MoneyBack Credit Card Review 2022

HDFC MoneyBack Credit Card is one of the best and oldest cashback credit cards available in India. This is one of the few credit cards available in India th

at gives cashback in all expenses except Wallet expenses.

However, MoneyBack Credit Card is an outdated product of the HDFC Card. You can request, HDFC customer care to upgrade the latest version HDFC Millennia Credit Card. If you still have HDFC Moneyback Credit Card, you should know everything about this credit card and how to utilize it.

HDFC MoneyBack Credit Card


  • Joining Fees: Rs. 500+GST
  • Annual Fees: Rs. 500+GST

As per HDFC Website, The joining fee is Rs.500; however, this credit is pre-approved to anyone who has a saving account in HDFC bank and has a decent income source. One of my readers opened a saving account in HDFC and got a Pre-approved offer of HDFC Moneyback Credit Card without any Joining and Annual Fees within 3 months of opening the account. Here is the image of Pre-approved offers of HDFC Card.

in-principle approval of HDFC MoneyBack Credit Card
in-principle approval of HDFC MoneyBack Credit Card

In short, most of the time this credit card is issued without any Joining and Annual Fees. However, if you are unable to get a Lifetime free credit card offer, you an get Annual fees waiver by Spending Rs.50,000 in the previous year.

Welcome Benefit

  • Spends Rs. 2,00,000: You will get 500 Cash Points ( Equal to Rs.500)
  • However, these benefits are applicable when you pay joining fees.

It is evident from above welcome benefits, that HDFC bank compensate the joining fees with welcome benefits of 500 cash points, however you still loose GST on top of it.

Benefits/Rewards program.

Regular Rewards

  • Regular Rewards:  2 Reward Points on every Rs.150 spent (0.27%)
  • Accelerated Rewards: 4 Reward Points on every Rs.150 spent online (0.54%)
  • 1 Reward Point Value: Rs.0.30 (To be adjusted as a statement credit)

The rewards rate is meager than other Entry Level Credit cards like Amazon Pay ICICI Bank Credit Card. You will get only 0.27% on the merchant, and 0.53% on Online retail spends.

With effect from 15th July 2020, you can only earn up to 500 Reward Points per statement cycle for online spends, under the 2X RP feature. This is again the devaluation of the MoneyBack Credit Card.

Milestone Benefits

  • Spends Rs.50,000: Get Rs.500 Gift Voucher every Quarter
  • The Total Gift voucher that can be earned in a Financial year is Rs.2000

The Milestone benefits accelerate the overall reward rate of this credit card, If you spend Rs.2,00,000 in the year then you can earn additional 2% rewards on your spending.

If We combine the regular rewards rate and accelerated rewards rate, (0.27%+2%). The Over all reward rate is 2.27% which is great on entry level credit card.

Other Benefits

Fuel Surcharge Waiver

  • 1% fuel surcharge waiver at all fuel stations across India.
  • on minimum transaction of Rs. 400. The maximum Cash Back of Rs. 250 per statement cycle

Smart EMI

  • You can convert  big spends into EMI after purchase with low interest rate.

Pros and Cons of MoneyBack Credit Card


  • Easy Approval
  • 2.30% Combined rewards rate


  • No Lounge access benefits
  • Low rewards rate if quarterly spends is below 50K

Eligibility Criteria

The Eligibility Criteria is minimal, this is a pre-approved credit card for the most of HDFC Saving account holder. Below Eligibility Criteria for HDFC MoneyBack Credit Card.

For Salaried Indian national

  •  Age: Min 21 yrs & Max 60 Yrs,
  • Gross Monthly Income should be more than Rs.25,000

For Self Employed Indian national

  •  Age: Min 21 yrs & Max 65 Yrs,
  •  Income: ITR should be above Rs.6.0 Lakhs per annum


If you do not have a credit card to date and you wish to apply for a new credit card, then HDFC MoneyBack Credit Card can be a good start for you. If you have a Saving account in HDFC Bank or have opened a saving account recently, then pre-approved offers to wait for you.

If can also Check Best Entry level credit card here.

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