The Paytm HDFC Credit Card – All You Need To Know
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The Paytm HDFC Credit Card is a co-branded credit card issued by Paytm and HDFC Bank. It offers a variety of benefits, including cashback on Paytm spends, accelerated cashback on select categories, and free airport lounge access.
The Paytm HDFC Bank Credit Card is a good option for those looking for a credit card that offers cashback rewards on Paytm spends and other benefits. However, it is important to note that some fees are associated with the card, such as the monthly membership fee and the foreign currency processing fee.
Key features of the Paytm HDFC Credit Card
Here are some of the key features of the Paytm HDFC Card:
- Cashback on Paytm spends: You can earn 3% cashback on all Paytm spends, including recharges, bill payments, travel, movies, and more. The maximum cashback per month is Rs. 500.
- Accelerated cashback on select categories: You can also earn 3% cashback on Swiggy, AJIO, Big Basket, and Uber. The maximum cashback per month is Rs. 500.
- Free airport lounge access: Complimentary access to over 80 airport lounges in India.
- No annual fee: There is no year on year fee for the Paytm Credit Card. However, a monthly membership fee of Rs. 49 plus GST exists.
- Low-interest rate: The interest rate on the Paytm Credit Card is 3.6% per month or 43.2% annually.
The Paytm Credit Card is a good option for people who use Paytm frequently and want to earn cashback on their spending. It is also a good option for people who travel frequently and want access to airport lounges.
Eligibility criteria for the Paytm HDFC Credit Card
Here are the eligibility criteria for the Paytm HDFC Credit Card:
- Age: You must be 18 years old to apply for this card.
- Residence: You must be a local of India.
- Income: You must have a lowest annual income of Rs. 3 lacks.
- Credit score: You must have a least credit score of 750.
- Employment status: You must be either salaried or self-employed.
- Documents: You will need to provide the following documents to apply for this card:
- Identity proof: Aadhar Card, PAN Card, Voter ID, Driving License, etc.
- Address proof: However, Utility bills of the newest months, Aadhar Card, Passport, etc.
- Income proof: The latest bank accounts or salary slip-ups in case of salaried individuals, and latest audited ITR in case of self-employed people.
If you meet these principles, you can apply for the Paytm HDFC Credit Card online or through the Paytm app. The application process is quick and laid-back, and you can usually get a decision within a few days.
Benefits of Paytm HDFC Credit Card
Here are some of the benefits of the Paytm HDFC Credit Card:
- Cashback: You can earn up to 5% cashback on your purchases, with a maximum cashback of Rs. 1,500 per month on Paytm and Rs. 500 per month on accelerated categories like Swiggy, AJIO, Big Basket, and Uber. You also earn 1% cashback on all other retail transactions.
- Zero annual fees: You can waive the first year’s annual fee if you spend Rs. 50,000 in the initial 90 days of card of the issuance. The renewal fee can also be waived if you spend Rs. 1,50,000 yearly.
- Fuel surcharge waiver: And also You can get a 1% fuel addition waiver on fuel transactions, capped at Rs. 250 per statement cycle.
- Up to 50 days of interest-free credit: You get a grace period of up to 50 days on your credit card purchases, so you don’t have to pay interest until the due date.
- Other benefits include complimentary airport lounge access, gift vouchers, and travel insurance.
limitations of the Paytm HDFC Credit Card
Here are some of the limitations of the Paytm HDFC Credit Card:
- Monthly membership fee: You must pay a monthly membership fee of Rs. 49 plus GST.
- High-interest rate: The interest rate on this credit card is 3.6% per month or 43.2% per annum.
- Foreign currency markup fee: This credit card’s foreign currency markup fee is 3.5% of the transaction amount.
Overall, the Paytm HDFC Credit Card is a good option for people who want to earn cashback on their purchases, especially on Paytm and accelerated categories. It also has other benefits, like complimentary airport lounge access and travel insurance. However, you need to know the monthly membership fee and the high-interest rate before applying for this card.