HDFC MoneyBack+ Credit Card
A card that made sense in 2018 and struggles to justify itself in 2026. The 0.5% base reward rate is below what several lifetime-free cards now offer, and the ₹500 annual fee means you start each year already in the red. HDFC Bank has kept this card alive for legacy customers but has not made it competitive.
By Ashutosh · Updated June 2026
To break even on the ₹500 fee at 0.5% rewards, you need ₹1,00,000 in annual spend generating ₹500 in points — just to cover the fee, not earn anything extra. Amazon Pay ICICI is free, earns 5% on Amazon and 1% elsewhere, and requires no annual spend justification. Even IDFC FIRST Millennia, also lifetime free, earns 2% on online and 1% on offline spends. The only scenario where MoneyBack Plus makes sense is if you already hold it and the fee is auto-waived via HDFC Bank's ₹50,000 annual spend threshold.
An existing HDFC Bank customer who already holds this card, hits the ₹50,000 annual spend threshold for fee waiver, and wants a simple no-category-thinking card with a familiar bank.
You are evaluating new credit cards — there are multiple free-for-life options with 2x to 10x better reward rates that you should consider first.
1 reward point/₹150 (~0.5% effective) · Basic rewards card · 500 welcome points
PROS
- Low fee waiver threshold
- Simple reward structure
- Good for building HDFC credit history
CONS
- Very low reward rate (0.5%)
- No standout features
- No lounge access
- Fee Waiver Achievement: The annual fee of ₹500 is waived if you spend ₹50,000 in the prior year — about ₹4,166/month. If you use this card for any recurring bill payments or subscription spends, hitting ₹50K is achievable, effectively making it a free card for existing holders.
- HDFC Bank Relationship Building: Holding an HDFC credit card (even a basic one) for 12-24 months with good repayment history creates a pathway to upgrading to higher-tier HDFC cards like Regalia Gold or Millennia. The credit history and relationship banking benefits can be worth more than the reward rate differential.
- Backup Card for HDFC Netbanking Integration: HDFC Bank credit cards integrate tightly with HDFC netbanking for auto-pay, instant statements, and credit limit management. If you are already an HDFC savings account holder, this card sits neatly in your existing banking dashboard with minimal friction.
Amazon Pay ICICI is lifetime free and earns 5% on Amazon for Prime members versus MoneyBack Plus's 0.5% everywhere. On ₹3,000/month Amazon spend, that is ₹150/month or ₹1,800/year in extra rewards, with zero annual fee.
Lifetime free, 2% on online spends, 1% on offline. At ₹20,000/month mixed spend, Millennia earns ₹300/month versus MoneyBack Plus's ₹100/month — 3x the return with no fee. The decision is straightforward.
MoneyBack Plus earns 0.5% on flight and hotel bookings. ICICI MMT earns an effective 4% on MakeMyTrip bookings with redemption benefits. At ₹50,000/year on travel, that difference is ₹1,750 in additional reward value.
MoneyBack Plus offers no fuel benefits and no surcharge waiver. The 1.8% fuel surcharge effectively costs you money on petrol purchases. ICICI HPCL Coral at ₹500/year gives 2% cashback plus surcharge waiver on HPCL fuel — a meaningful net positive.
If you are already locked into MoneyBack Plus and do not want to close it (to preserve credit history), pair it with Amazon Pay ICICI for free. Use Amazon Pay ICICI for all online spend where it earns 5%; use MoneyBack Plus for offline spends where both earn about the same low rate. Total fee stays ₹500.
IDFC FIRST Millennia is free and adds 2% on online spends. Keep MoneyBack Plus for the HDFC relationship and fee waiver, use Millennia as your primary online card. Between the two, your blended reward rate rises significantly above 0.5%.
What is the reward redemption rate on CashPoints from this card?
MoneyBack Plus earns CashPoints at 1 point per ₹150 spent — an effective rate of 0.67 paise per rupee before devaluation. You can redeem CashPoints against your statement or convert to Airmiles at 1 CashPoint to 1 AirMile, but the base accumulation rate is very slow compared to current competitive cards.
Can I upgrade from MoneyBack Plus to a better HDFC card?
Yes. HDFC Bank allows product upgrades for existing cardholders. After 6-12 months of good repayment history and income eligibility, you can request an upgrade to HDFC Millennia, Regalia Gold, or Tata Neu Plus depending on your income tier. Call HDFC customer care or apply through netbanking under the credit card upgrade section.
What is the annual fee waiver condition?
Spend ₹50,000 or more in the 12 months before your renewal date and the ₹500 annual fee is waived for the next year. This equals roughly ₹4,166/month of card usage — achievable if you put utility bills, subscriptions, or fuel on the card.
Is there an interest-free EMI option on this card?
Yes, HDFC Bank offers no-cost EMI on this card at select merchants and for online purchases. Eligibility depends on the merchant offer, your credit limit, and minimum purchase amount (usually ₹3,000 or more). The EMI is processed interest-free but the processing fee (if any) should be checked at checkout.
Does this card have any lounge access benefit?
No. MoneyBack Plus has no lounge access benefit — not domestic, not international. If airport lounge access matters to you, this card offers nothing in that category. Even ₹499/year cards like HDFC Tata Neu Plus offer conditional lounge access, making MoneyBack Plus look worse in comparison.
Is this card good for UPI transactions?
MoneyBack Plus is a Visa or Mastercard — it does not natively work on UPI. However, certain wallets and apps allow credit card-funded UPI (where RBI permits credit lines via UPI). MoneyBack Plus rewards do not apply to UPI transactions even if the card is linked — rewards apply only to standard swipe/online/contactless credit card transactions.