The Freedom credit card was recently relaunched by HDFC Bank with revised rewards and benefits. Here is a review of the HDFC Bank Freedom credit card and everything you need to know about this card.
Fees and Charges
Though HDFC Bank mentions a joining and annual fee for the Freedom credit card, it is issued as LTF in most cases.
|Joining Fee||Rs 500+GST/LTF|
|Welcome Benefit||500 CashPoints (only if fee is charged)|
|Annual Fee||Rs 500+GST/LTF|
|Renewal Benefit||500 CashPoints (only if fee is charged)|
|Annual Fee Waiver||Spend Rs 50000 in a membership year|
We earn CashPoints for transactions on Freedom. Each CashPoint is equal to 15 paise for Freedom credit card.
|Category||CashPoints Earn Rate||Value||Maximum CashPoints|
|Spends on BigBasket, BookMyShow, OYO, Swiggy and Uber||10 CP/Rs 150||1%||2500|
|EMI Spends||5 CP/Rs 150||0.5%||2500|
|All other spends||1 CP/Rs 150||0.1%||No Cap|
We do not get CashPoints for below transactions:
- Wallet/Gift/Prepaid Cards
- Gift Voucher Purchase
Freedom is also eligible for SmartBuy platform cashback like other HDFC Bank credit cards. For the Freedom variant, the cap for SmartBuy cashback is Rs 1000 per calendar month.
The minimum cashpoints required for redemption are 3334 which is the equivalent of Rs 500. Cashpoints are valid for 2 years from accumulation.
We can redeem the cashpoints for statement credit or Smartbuy flights/hotel booking, Airmiles transfer , product catalog as well. All of these options have the same value for 1 Cashpoint at 15 paise. Redemption for other options is not worth going for when we get same value on statement credit.
Complimentary Airport Lounge Access
- Domestic Airport Lounge Access: Not Available
- International Airport Lounge Access: Not Available
Other Key Benefits and Charges
- Fuel Surcharge Waiver: 1% waiver for transactions between Rs 400 and Rs 5000. Maximum waiver is capped at Rs 250 per statement cycle.
- Foreign Currency Markup: 3.5%+GST ~4.13%
This is where we would evaluate if one should you get the Freedom credit card. If this is the only HDFC Bank card that you are eligible for, then yes. The reason is for HDFC Bank, one can get start with any of the cards and then upgrade to a better card in the future.
Comparing with other entry-level cards, we have better options in Amazon Pay ICICI, Flipkart Axis and Axis Ace credit cards. These offer better rewards on all spends that make them more suitable. The 0.1% reward on ‘other spends’ on Freedom credit card is a little too low.
HDFC Bank Freedom Credit Card