Shoppers Stop Black HDFC Bank Credit Card
The Shoppers Stop Black is the ₹4,500 premium tier of the co-brand, sitting well above the ₹299 base card. It earns 7% Reward Points on Shoppers Stop spends in-store and on shoppersstop.com and 2% on everything else, with points worth a full ₹1 each only when redeemed against Shoppers Stop vouchers. The welcome kit is a ₹1,500 Shoppers Stop voucher plus a Shoppers Stop Black membership HDFC values at ₹4,500, and a monthly offer adds ₹2,000 in Reward Points for a single Shoppers Stop purchase of ₹50,000 or more. It carries 16 domestic lounge visits a year (4 a quarter) and 8 international (2 a quarter), plus accidental air death cover of ₹3 crore. HDFC publishes no spend-based waiver for the ₹4,500 fee, so the card has to earn its keep on Shoppers Stop volume alone — the fee is recovered by the welcome benefits in year one, but not in year two.
Key features
What this card is built to do — the highlights that actually matter.
Welcome Benefit
~₹6,000 in vouchers, points or cashback on card activation
7% on Online Shopping
7% Reward Points on every Shoppers Stop purchase, in-store and online. Points are worth ₹1 each against Shoppers Stop vouchers and about ₹0.20–0.25 on every other redemption route.
2% on Other
2% Reward Points on every non-Shoppers Stop purchase. Supermarkets, fuel, rent, wallet and gift-card loads, government payments, EMI, insurance and jewellery earn nothing.
️ Airport Lounge Access
16 complimentary domestic lounge visits a year (4 per quarter) and 8 international visits a year (2 per quarter)
Milestone Bonus
~₹12,000 in bonus rewards on hitting annual spend milestones
️ Insurance Cover
Accidental air death cover of ₹3 crore
Full reward structure
| Category | Type | Rate | Monthly cap |
|---|---|---|---|
| Online Shopping | reward points | 7% | — |
| Other | reward points | 2% | — |
Fees & charges
| Charge | Amount |
|---|---|
| Annual fee (incl. 18% GST) | ₹5,310 |
| Joining fee (incl. 18% GST) | ₹5,310 |
| Finance charge (APR) | 3.75% p.m. |
| Forex markup | 3.5% |
Perks & benefits
Estimated annual value beyond rewards — ~₹34,500/yr in total.
️ lounge access ~ ₹20,000 /yr
16 complimentary domestic lounge visits a year (4 per quarter) and 8 international visits a year (2 per quarter)
milestone bonus ~ ₹12,000 /yr
₹2,000 in Reward Points for a single Shoppers Stop purchase of ₹50,000 or more, claimable once a calendar month
️ insurance ~ ₹2,500 /yr
Accidental air death cover of ₹3 crore
Should you get it?
Best for: Heavy Shoppers Stop shoppers with ₹60,000+ of annual spend at the chain, Someone who wants lounge access bundled with a retail co-brand
Premium tier — a solid all-rounder for steady monthly spend.
Strongest value if you spend heavily on Online Shopping ( 7% back).
Frequent travellers benefit from the included airport lounge access.
✓ Pros
- 7% Reward Points at Shoppers Stop, worth a full ₹1 each against Shoppers Stop vouchers
- 16 domestic plus 8 international lounge visits a year — a real travel package at this price
- ₹1,500 welcome voucher and a Shoppers Stop Black membership HDFC values at ₹4,500
- ₹2,000 in points for a single ₹50,000 Shoppers Stop bill, claimable monthly
- Accidental air death cover of ₹3 crore
✕ Cons
- No spend-based fee waiver — the ₹4,500 is due every year regardless of how much you spend
- Reward Points are worth ₹1 only against Shoppers Stop vouchers; every other route pays ₹0.20–0.25
- Supermarkets, fuel, rent, wallet loads, government payments, EMI and insurance earn nothing
- Only worth the fee if your Shoppers Stop spend is genuinely large — below about ₹60,000 a year the ₹299 base variant nets more
- HDFC does not state a card network for the Black, and lists no UPI benefit for it — unlike the ₹299 base variant, whose page carries an explicit RuPay-on-UPI block
Eligibility & documents
Age
21 –60 years
Min. income
₹70,000 /mo
Employment
Salaried · Self-employed
Documents required
- PAN card
- Aadhaar / valid address proof
- Latest 3 months bank statement
- Income proof — salary slips (salaried) or ITR (self-employed)
How to redeem rewards
Ways to convert what you earn into real value.
🎁 Shoppers Stop vouchers: the only route that pays a full ₹1 per Reward Point
🎁 Cashback against the statement: about ₹0.20 per point
🎁 Rewards catalogue and SmartBuy: about ₹0.20–0.25 per point
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
Gift vouchers (SmartBuy) Brand & e-gift vouchers
SmartBuy flights & hotels BEST Up to ₹0.50/pt on travel via SmartBuy
The concern There is no spend-based fee waiver at all. The ₹1,500 voucher and ₹4,500 Black membership cover the fee comfortably in year one, but from year two the card must return ₹4,500 of value on its own, and points fall to ₹0.20–0.25 the moment you redeem them for anything other than Shoppers Stop vouchers.
The bottom line
For dedicated Shoppers Stop patrons, the Black variant delivers substantial co-branded return: a 7% reward rate backed by a 1:1 redemption ratio on store vouchers, complemented by an extensive airport lounge entitlement of 16 domestic and 8 international visits per year. However, the non-waivable ₹4,500 recurring annual fee demands disciplined spend calculation past the introductory year. Unless an applicant regularly channels at least ₹60,000 per year into Shoppers Stop purchases, the ₹299 entry card generally provides superior net returns despite its lower baseline earn rate.
Sources & verification
Fees, reward rates, and benefits for the Shoppers Stop Black HDFC Bank 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 2026-08 · 4 changes · last change May 2026
▲ Revaluation ▼ Devaluation ◆ Neutral / reversed
2026 1 change — 1 cut
▼ 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.
Verification: HDFC Bank ↗ · Confidence: High
2025 3 changes — 3 cuts
▼ Fee Effective 1 Jul 2025
1% fee added on rent, wallet loads and online gaming
No category surcharge on rent, wallet loads or gaming → 1% on rent (cap Rs 4,999 per transaction); 1% on wallet loads and on online skill-based gaming above Rs 10,000 a calendar month (cap Rs 4,999 a month)
HDFC's MITC: "Rent Pay Transactions: W.e.f. 1st July 2025, 1% fee on transaction amount will be levied on rental transactions... Fee capped at Rs 4999 per transaction"; "Wallet Loading (excl PayZapp) - W.e.f. 1st July 2025, 1% fee will be levied on Wallet loading spends exceeding Rs 10,000 in a calendar month"; "Online Skill based Gaming - W.e.f. 1st July 2025, 1% fee... exceeding Rs 10,000 in a calendar month". These are charges on top of the fact that most HDFC cards already earn zero reward points on the same categories - you pay to spend, and earn nothing for it. PayZapp wallet loads are exempt from the wallet fee.
Verification: HDFC Bank ↗ · Confidence: High
▼ Fee Effective 1 Jul 2025
1% fee on utilities above Rs 50,000 and on third-party education payments
No surcharge on utility or education payments → 1% on utility spends above Rs 50,000 a calendar month (cap Rs 4,999 a month); 1% on education paid through third-party apps
HDFC's MITC: "Utility Charges: 1% fee will be levied on utility spends exceeding Rs 50,000 per Calendar month for consumer cards... Fee capped at Rs 4999 per month"; "Education Charges: 1% fee... on Education transactions done through third party applications like (but not limited to) CRED, Nobroker, Cheq etc." Paying school or college fees DIRECTLY to the institution is not charged - only routing them through a third-party app is. A 1% fee also applies to fuel transactions above Rs 15,000.
Verification: HDFC Bank ↗ · Confidence: High
▼ Reward Effective 1 Jul 2025
Insurance reward points capped, online gaming stops earning
Insurance uncapped on most cards; online skill-based gaming earned points → Insurance capped at 2,000 reward points a month (5,000 on Diners Black, 10,000 on Infinia); online skill-based gaming earns nothing
HDFC's MITC: "With effect from 1st July 2025, Reward Points accrued for insurance transactions will have a maximum cap of... 2000 per month for all other credit cards" and "With effect from 1st July 2025, Online Skill-Based gaming transactions will not earn Reward Points/CashPoints on all the cards." Insurance premiums are a common way to hit a milestone quickly, so the cap matters more than its size suggests.
Verification: HDFC Bank ↗ · Confidence: High
Each change links to the issuer's own document — bank T&C, MITC, notice, press release or product page — where one is public. Where the bank published nothing, it's marked CardAdvisor Research and verified against the card's current terms. Independent of the live terms shown above. This timeline is one card's slice of our market-wide change record across every tracked card.
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Quick summary
Type Premium credit card
Reward rate 2%–7%
Best for Heavy Shoppers Stop shoppers with ₹60,000+ of annual spend at the chain
Joining fee ₹4,500
Annual fee ₹4,500
Reviewed by
Devchandra Sah · Cards tested, miles earned, trips booked — for over a decade
Last verified 5 Aug 2026
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