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 Select credit card offers Paytm First membership as a welcome benefit and a cashback of 1% to 5% on spends. Additionally, there is also a milestone benefit to get a Rs 500 GV on spending Rs 50,000 in a calendar quarter.
Fees and Charges
| Joining Fee | Rs 1000+GST |
| Joining Fee Waiver | Spend Rs 50,000 within first 90 days |
| Welcome Benefit | Paytm First Membership |
| Annual Fee | Rs 1000+GST |
| Annual Fee Waiver | Spend Rs 1,50,000 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 Select 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, Travel, Movies, Mini | 5% | Rs 1500/calendar month |
| Swiggy, AJIO, Big Basket & Uber | 3% | Rs 500/calendar month |
| Other Retail Spends | 1% | Rs 2000/calendar month |
Grocery spends can earn maximum 1000 cashpoints per calendar month. Each cashpoint is equal to Rs 1 for the Paytm HDFC Bank Select Credit Card. The Paytm HDFC Bank Select Credit Card gets a much higher cashback and maximum cap than the lower variant Paytm HDFC Bank 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
Milestone Benefit
- Get Gift Vouchers worth Rs 500 on spending Rs 50,000 in a calendar quarter.
- The choices seem to be Health & Wellness, Shopping, Entertainment, Food delivery, etc. but the brand options are not clear.
- Qualifying spends do not include EMI, wallet and rental spends.
HDFC Bank should have kept this as cashback instead of this gift voucher thing just like they do on the lower variant.
Cashback Redemption
Each cashpoint is equal to Rs 1 for the Paytm HDFC Bank Select 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: 8 complimentary visits in a calendar year (Capped at 2 visits per Quarter). The access is via Dreamfolks to this list of lounges.
- 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 500 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.
The Paytm HDFC Bank Select credit card offers decent rewards but at this point SBI Cashback is a better option.
Frequently Asked Questions
Paytm HDFC Bank Select Credit Card
