Alright, i’m writing this review on HDFC Bank’s Platinum Plus Credit Card not because its a wonderful choice to have one but to warn you not to choose it even if you’re offered for free. At a glance you would be surprised to see its reward points and benefits, but when you compare the card with other similar cards and when you valuate the monetary value of each reward point, you’ll end out knowing that its the least rewarding card you can ever have. Reward points are just imaginary values to lure customers to pick the card, before committing to any credot card, make sure to understand the reward points and cashback algorithm banks generally use. Its not a rocket science, its quite easy to understand.
HDFC Bank Platinum Plus Credit Card Reward Points
It seems that this Platinum Credit card is usually given as a lifetime free card to linked salary accounts. Ofcourse if you are not eligible for any other cards in HDFC Bank, you may opt for this, but i believe that wouldn’t be the case for most of you. Even in such scenario, consider upgrading to a different card as soon as you complete first 6 months with this card. The reason why i say not to choose is that the reward rate that you get from this card is as low as .28% of your spends. While the other cards like Hdfc Bank Money back Credit Card can get you reward rate as high as 1.6% which is quite high in the segment. Note that the terms “Reward Points” and “Reward Rate” are completely different.
Surprisingly, business platinum credit card which is issued only for self employed individuals is a far better variant. Both cards look similar in appearance.
HDFC Platinum Credit Card Reward Points Redemption Catalogue:
In other words, if you spend Rs.1,00,000 on platinum plus credit card you’ll earn Rs.280 worth of reward points, while with Moneyback card, you will get Rs.1,600. That’s a huge difference, isnt it? Not just that, in platinum card, you can only redeem the reward points to equivalent gift vouchers, whereas in Moneyback credit card you can get it as direct cashback to your credit card account which will be adjusted against your next statement outstanding.
To find available redemption options, Check out the updated catalogue from HDFC bank website using navigation as Products> Cards> Credit Card Rewards Program
Features of Platinum Plus Credit Card:
- CardExpert Rating: 4/10
- Reward rate: ~ 0.28% (As Reward points to Catalogue redemption)
- Accelerated Rewards on Dining: You can earn 50% more Reward points on spends of Rs.50,000 and above per statement cycle, giving you increased net reward rate of upto ~ 0.42%.
- Complementary Airport lounge access: Nil
- Fuel Surcharge Waiver: Up to Rs.1500 every year
- Foreign Exchange Markup fee: 3.5% + Service Tax
- Special Features: Free Add-on Card, no limits on earning reward points.
That’s all about the card, its the very basic card in the market, probably HDFC issues it just to increase the usage of credit card numbers for the basic advantage of 50 days credit period. As mentioned earlier, if you’re offered for this card, try to ask for Money-back or other cards, or if you already have it, you can always upgrade to a better card anytime with higher reward points. Got doubts? Feel free to drop your comments below, i would be happy to answer them.