Paytm HDFC Bank Credit Card Review

Paytm and HDFC Bank have a set of three co-branded credit cards. There is a basic virtual only card, the Paytm HDFC Bank Digital Credit Card. Then, we have the Paytm HDFC Bank Credit Card and Paytm HDFC Bank Select Credit Card. These two are issued as physical cards with Select being the highest variant among the three co-branded cards. The Paytm HDFC Bank credit card offers Paytm First membership as a welcome benefit and a cashback of 1% to 3% on spends. Additionally, there is also a milestone benefit to get extra 1% cashback on spending Rs 10,000 in a calendar month.

Fees and Charges

Joining Fee	Rs 500+GST
Joining Fee Waiver	Spend Rs 30,000 within first 90 days
Welcome Benefit	Paytm First Membership
Annual Fee	Rs 500+GST
Annual Fee Waiver	Spend Rs 50,000 in a membership year

Paytm First Membership Benefits

Paytm First is a membership program that offers extra benefits and rewards on the Paytm app. The membership we get with the Paytm HDFC Bank credit card has different benefits from the regular Paytm First membership that we can purchase. Below are some of the good benefits that are missing. So, the welcome benefit on this card is as good as none!

Rs 30 cashback on adding minimum Rs 500 to Paytm wallet.
1000 cashback points each on 5 eligible UPI transactions in a month
6 months SonyLIV premium subscription
6 months ZEE5 premium subscription

Rewards

Type of Spend	Cashpoints	Maximum Cashback
Paytm Recharge, Utility, Movies, Mini	3%	Rs 500/calendar month
Other Paytm Spends	2%	Rs 500/calendar month
Other Retail Spends	1%	Rs 1000/calendar month

Grocery spends can earn maximum 1000 cashpoints per calendar month. Each cashpoint is equal to Rs 1 for the Paytm HDFC Bank Credit Card.

Below transactions will not get any rewards on the Paytm HDFC Bank credit card:

Wallet Spends
Fuel Spends
EMI transactions
Government Spends

Milestone Benefit

Get Rs 100 cashback on spending Rs 10,000 in a calendar month
Qualifying spends do not include EMI, wallet and rental spends

Cashback Redemption

Each cashpoint is equal to Rs 1 for the Paytm HDFC Bank Credit Card. This is automatically credited to the card statement in the first week of the month after statement generation.

We can also redeem Cashpoints for SmartBuy (Flights/Hotels) or product catalogue. But, in this case 1 Cashpoint is equivalent to 30 paise. So, it is not advisable to go for this option.

There are no rewards redemption charges for statement credit.

Complimentary Airport Lounge Access

There is no complimentary airport lounge access on the Paytm HDFC Bank credit card.

Domestic Airport Lounge Access: Not Available
International Airport Lounge Access: Not Available

Other Benefits & Charges

Fuel Surcharge Waiver: 1% surcharge waiver on fuel transactions of value from Rs 400 to Rs 5000. Maximum waiver of Rs 250 per statement cycle.
Foreign Currency Markup: 3.5%+GST ~4.13%
Interest Rates: 3.6% per month or 43.2% annually

Final Thoughts

Paytm has got co-branded credit cards with SBI Card, HDFC Bank and Axis Bank. All the three are pretty similar in rewards and benefits. But, there is a small difference in the approach taken by these three partners. It is easy to hold three credit cards at the same time from SBI Card and Axis Bank. But, it is not so easy in case of HDFC Bank.

So, do take the core cards from HDFC Bank like Regalia Gold etc. before you take up this co-branded Paytm HDFC Bank credit card. This will be issued as a floater card that shares the limit of your existing HDFC Bank credit card.

The Paytm HDFC Bank credit card offers decent rewards but we also get similar or better rewards on cashback credit cards. Some of the options you can explore are SBI Cashback and Axis Ace.

Frequently Asked Questions