What is 1 CashPoint worth?

Each CashPoint converts to ₹0.20 when applied against your statement. This is down from ₹0.25, a change HDFC made effective 1 November 2025 via an MITC update that specifically names the MoneyBack+. ⚠ Oddly, HDFC's own card terms, republished on 15 May 2026, still list "1 CashPoint = Upto ₹0.25" — we go with 20 paise since the MITC document is newer, carries regulatory standing, is dated, and the word "Upto" in the older terms is broad enough to cover it anyway. Working through the math, the 10X rate on the five partner merchants comes out to 20 points per ₹200 spent, or roughly 2.0% effective return, while everything else nets around 0.20%. These percentages reflect actual redemption value rather than the raw points-per-₹100 figure — this card's strongest category is online shopping at 2% (capped at ₹500 in rewards monthly), against 0.2% elsewhere.

The 10X CashPoints rate applies to five merchants — Flipkart, Amazon, Swiggy, Reliance Smart and BigBasket — up to a monthly ceiling of 2,500 points, with grocery spend further limited to 1,000 points a month within that. Everything else, including UPI transactions, earns the base rate of 2 CashPoints per ₹200.

Is there a minimum for redemption?

Yes. You'll need to accumulate at least 2,000 CashPoints, equal to ₹500, before you can redeem them against your statement.

Is there any lounge access?

No. This card is built around cashback rewards, not travel perks, so lounge access isn't part of the package.

What is the annual fee waiver?

Spend ₹50,000 across the year and the ₹500 annual fee is waived entirely — one of the more accessible waiver thresholds among comparable cards. Without hitting that mark, the renewal fee comes to ₹500 plus 18% GST, or ₹590 all-in, which is what actually shows up on the statement. To put the threshold in perspective, ₹50,000 a year works out to roughly ₹4,167 a month.

How has the HDFC MoneyBack+ Credit Card changed over time?

The Value Timeline on this page documents 10 tracked changes to the card dating back to 2021 — 9 of them devaluations, no improvements, with the remainder being neutral events tied to launches or restructures. The latest entry raised the dynamic currency conversion markup to 1.75% on 15 May 2026. Each recorded change links back to its source so you can verify the figures directly against the issuer's documents.

Has the HDFC MoneyBack+ Credit Card been devalued recently?

Yes — 7 devaluations have hit this card within the last 24 months by our tracking. Most recently, the dynamic currency conversion markup rose from 1% to 1.75%, effective 15 May 2026. You'll find the complete dated history, including what changed and where it's sourced from, in the Value Timeline further down this page.

When did the HDFC MoneyBack+ Credit Card's fees last change?

The last fee change happened on 15 May 2026, when the dynamic currency conversion markup increased from 1% to 1.75%. Current fees are listed in the fees table on this page, while the Value Timeline covers every earlier fee change we've recorded.

How did the HDFC MoneyBack+ Credit Card change in 2026?

In 2026 this card has seen 2 tracked changes, both of them cuts: the earning denominator widened from ₹150 to ₹200 (roughly a 25% cut in effective earn rate), and the dynamic currency conversion markup climbed to 1.75% — both effective 15 May 2026. The more significant of the two was the earn-rate change: previously 20 CashPoints per ₹150 on the 10X tier and 2 per ₹150 on the base rate, now 20 per ₹200 and 2 per ₹200 respectively. Full sourcing and dates for each event are available in the Value Timeline on this page.

HDFC BankENTRY

HDFC MoneyBack+ Credit Card

4.0 / 5SarvCred Editorial Review

Check my eligibility

HDFC Bank

HDFC MoneyBack+ Credit Card

Name: HDFC MoneyBack+ Credit Card
Brand: SarvCred
Rating: 4 (1 reviews)

Entry levelFee variesDining

The HDFC MoneyBack+ is an entry card built around 10X CashPoints (20 per ₹200, ~2.0% at ₹0.20/point) on Flipkart, Amazon, Swiggy, Reliance Smart and BigBasket — capped 2,500 CashPoints a month (grocery sub-capped 1,000/month) — and 2 CashPoints per ₹200 (~0.20%) on everything else, including UPI — though UPI earning applies only to the RuPay variant, and this row is Mastercard. The ₹500 fee waives at ₹50,000 of annual spend, with 500 CashPoints each as welcome and renewal benefits. ⚠ A CashPoint is worth ₹0.20 against your statement, not ₹1 — HDFC cut it from ₹0.25 on 1 November 2025. HDFC's own card T&C, republished 15 May 2026, still prints "1 CashPoint = Upto ₹0.25"; the MITC is newer, regulatory and carries an effective date, so we carry 20 paise and flag the conflict. Set expectations at the accelerated categories rather than the base.

Key features

What this card is built to do — the highlights that actually matter.

🎁

Welcome Benefit

~₹100 in vouchers, points or cashback on card activation

⭐

2% on Online Shopping

10X CashPoints (20 per ₹200, ~2.0% at ₹0.20/point) — capped 2,500 CashPoints/month. ⚠ HDFC also caps grocery at 1,000 CashPoints a month but prints that rule under the BASE-rate section, so whether it bites BigBasket and Reliance Smart inside the 10X tier is genuinely ambiguous. Assume it can.

⭐

0.2% on Other

2 CashPoints per ₹200 (~0.20% at ₹0.20/point) on all other spends. Fuel, rent, government, wallet/gift-card loads and EMI earn nothing. UPI earning applies only to the RuPay variant.

💳

Annual Fee Waiver

Fee of ₹500 + 18% GST (₹590 all-in)/yr fully waived when you spend ₹50,000/year

🎯

Milestone Bonus

~₹1,000 in bonus rewards on hitting annual spend milestones

Full reward structure

Category	Type	Rate	Monthly cap
Online Shopping	reward points	2%	₹500
Other	reward points	0.2%	—

Fees & charges

Charge	Amount
Annual fee (incl. 18% GST)	₹590
Joining fee (incl. 18% GST)	₹590
Finance charge (APR)	3.75% p.m.
Forex markup	3.5%

Perks & benefits

Estimated annual value beyond rewards — ~₹1,600/yr in total.

🎯

milestone bonus ~ ₹1,000 /yr

₹500 gift voucher (Swiggy/Myntra/Pizza Hut/Apollo etc. via GyFTR) each calendar quarter on ₹50,000 of net spend in that quarter — up to ~₹2,000 a year if you clear it every quarter

⛽

fuel waiver ~ ₹600 /yr

1% fuel surcharge waiver at all fuel stations (₹400–₹5,000 per txn), capped ₹250/statement cycle

Should you get it?

Best for: HDFC account holder wanting simple cashback, Frequent EMI user — electronics, appliances, ₹25K-50K salary, primary bank is HDFC, Step-up from a basic HDFC debit card

Entry tier — great for first-time and lower-spend users.

Strongest value if you spend heavily on Online Shopping ( 2% back).

✓ Pros

10X CashPoints (~2.0%) on Flipkart, Amazon, Swiggy, Reliance Smart and BigBasket
Simple statement-credit redemption (minimum 2,000 CashPoints / ₹500)
500 CashPoints each as welcome and renewal benefits
₹50K annual waiver is one of the easiest fee waivers in the HDFC portfolio

✕ Cons

A CashPoint is worth ₹0.20 against the statement, not ₹1 — the headline 10X is really ~2.0%
HDFC cut that from ₹0.25 on 1 November 2025, and widened both denominators ₹150 to ₹200 in May 2026
No lounge access or lifestyle perks
Designed for HDFC account holders — value outside HDFC ecosystem is limited
10X is capped at 2,500 CashPoints/month; outside the five partner brands you earn ~0.20%

Eligibility & documents

Age

21 –60 years

Min. income

₹20,000 /mo

Employment

Salaried · Self-employed · Student

Documents required

PAN card
Aadhaar / valid address proof
Latest 3 months bank statement
Income proof — salary slips (salaried) or ITR (self-employed)
Recent passport-size photograph

How to redeem rewards

Ways to convert what you earn into real value.

🎁 Statement credit at ₹0.20 a CashPoint (₹0.25 before 1 Nov 2025) — minimum 2,000 CashPoints, ₹50 fee

🎁 Online rewards catalogue (vouchers, merchandise) — ₹99 + taxes handling charge per redemption

🎁 Flight & hotel bookings via SmartBuy

🎁 Maximum 15,000 reward points earned per statement cycle; points lapse after 2 years

What your HDFC Reward Points are worth

Realistic value per point by redemption route — the difference is what most people leave on the table.

Statement credit / catalogue Standard catalogue & cashback

₹ 0.30 /pt

Gift vouchers (SmartBuy) Brand & e-gift vouchers

₹ 0.30 /pt

SmartBuy flights & hotels BEST Up to ₹0.50/pt on travel via SmartBuy

₹ 0.50 /pt

The concern CashPoints redeem at low fixed value and the non-EMI earn rate is weak — outside the EMI niche, Millennia dominates it.

The bottom line

This card makes sense as a starter option if your spending genuinely falls within its 10X partner merchants, but it's worth being realistic about the numbers: since 1 November 2025 each CashPoint has been worth ₹0.20, which brings the headline 10X rate down to an effective ~2.0%, capped at 2,500 points monthly. Spend outside those five merchants and the return drops to roughly 0.20% — workable for a first card, but not something to build a spending strategy around. It's also worth flagging that the MoneyBack+ wasn't spared HDFC's May 2026 changes, with both the base and 10X earning denominators stretched from ₹150 to ₹200.

Sources & verification

Fees, reward rates, and benefits for the HDFC MoneyBack+ Credit Card are taken from HDFC Bank 's official Most Important Terms & Conditions (MITC) and fee schedule — see the card's official page . Last verified 5 Aug 2026 . Reviewed by Devchandra Sah . Always confirm current details on the issuer's site before applying. How we research →

Independence. CardAdvisor is an independent editorial publication. We are not affiliated with, endorsed by, sponsored by, or authorised to act for HDFC Bank . All issuer names, product names, and payment-network marks are the property of their respective owners and appear here for identification and comparison only. Card faces shown on this site are our own original illustrations — we do not display or host issuer card artwork or logos.

Value timeline

Every real-world change to this card's rewards, fees and benefits we've tracked — newest first, each linked to its source.

Tracking since 2021 · 10 changes · last change May 2026

▲ Revaluation ▼ Devaluation ◆ Neutral / reversed

2026 2 changes — 2 cuts

▼ Fee Effective 15 May 2026

Dynamic currency conversion markup raised to 1.75%

1% markup → 1.75% markup

HDFC's MITC: "Dynamic currency conversion Markup Fee: With effect from 15th May 2026, a Markup fee of 1.75% will be levied on all transactions carried out in Indian Currency at an international location or at merchants which are located in India but registered overseas." This is separate from, and stacks on top of, the card's ordinary foreign-currency markup. It is the charge you pay for accepting a terminal's offer to bill you in rupees while abroad - always decline that offer and pay in the local currency. It also catches India-based purchases from merchants registered overseas, which is easy to trigger without leaving the country. The PIXEL MITC dates the same change 17 May 2026.