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 Digital Credit Card is a pretty basic entry-level credit card. It has a joining and annual fee of Rs 149+GST. We get Rs 150 as a welcome benefit and 1% to 2% cashback on spends.
Fees and Charges
| Joining Fee | Rs 149+GST |
| Joining Fee Waiver | Spend Rs 1500 within first 30 days |
| Welcome Benefit | Rs 150 on completing 2 transactions. Minimum spend on each transaction must be Rs 250. |
| Annual Fee | Rs 149+GST |
| Annual Fee Waiver | Spend Rs 25,000 in a membership year |
Rewards
| Type of Spend | Cashpoints | Maximum Cashback |
|---|---|---|
| Scan and Pay on Paytm App – Select Merchants | 2% | Rs 250/calendar month |
| Swiggy, Uber | 2% | Rs 250/calendar month |
| Other Retail Spends | 1% | Rs 500/calendar month |
It is not clear on what are the ‘select merchants’ that get 2% with the scan and pay feature. This is not a Rupay credit card, so UPI spends are out from Scan and Pay. There is this list on the HDFC Bank credit card website, but it does not make sense either.
Grocery spends can earn maximum 1000 cashpoints per calendar month. Each cashpoint is equal to Rs 1 for the Paytm HDFC Bank Digital Credit Card.
Below transactions will not get any rewards on the Paytm HDFC Bank Select credit card:
- Wallet Spends
- Fuel Spends
- EMI Transactions
- Government Spends
Cashback Redemption
Each cashpoint is equal to Rs 1 for the Paytm HDFC Bank Digital 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
- 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 Select credit card. This will be issued as a floater card that shares the limit of your existing HDFC Bank credit card.
Coming to the Paytm HDFC Bank Digital Credit Card, it is best to skip this variant. It is a very basic card and there is no point in blocking one of your HDFC Bank credit card slots for this one. The best alternative to this Paytm HDFC Bank Digital credit card is Axis Bank Ace credit card. It will give you 2% unlimited cashback on online and offline spends. We also get 5% cashback on utility bills as an added bonus.
Frequently Asked Questions
Paytm HDFC Bank Digital Credit Card
