HDFC Bank, one of India’s leading financial institutions, has announced significant changes to its credit card rewards program. These modifications, set to take effect on October 1, 2024, will primarily impact holders of the prestigious Infinia and Infinia Metal Cards. Let’s delve into the details of these changes and what they mean for cardholders.
New Restrictions on Reward Point Redemptions
The most notable changes involve caps on reward point redemptions for specific products:
1. Apple Products: Cardholders can now redeem points for only one Apple product per calendar quarter on the Smartbuy platform.
2. Tanishq Vouchers: Redemptions for Tanishq vouchers will be limited to 50,000 reward points per calendar quarter.
These restrictions apply exclusively to Infinia and Infinia Metal Cards, potentially affecting high-value purchases that cardholders traditionally made using their reward points.
Changes Implemented in September 2023
In addition to the upcoming changes, HDFC Bank had already introduced several modifications in September 2023:
1. Utility Transactions: Reward points are now capped at 2000 per calendar month.
2. Telecom & Cable Transactions: Similar to utility transactions, these are also capped at 2000 reward points per month.
3. Education Payments: Payments made through third-party apps like CRED, Cheq, and MobiKwik no longer earn reward points. However, direct payments to educational institutions still qualify.
4. Easy EMI Transactions: These transactions no longer earn reward points (applicable to MoneyBack+ and Freedom cards).
Reward Point Accumulation
For eligible transactions, cardholders continue to earn 3 reward points for every Rs. 150 spent. This applies specifically to Regalia First & Business Regalia First cards.
Infinia Credit Card Details
The HDFC Bank Infinia Credit Card, available by invitation only, comes with the following features:
1. Joining/Renewal Fee: Rs. 12,500 + applicable taxes
2. Welcome Bonus: 12,500 reward points upon fee realization and card activation
3. Fee Waiver: Annual fee waived for spending Rs. 10 lakhs or more in the preceding 12 months
4. Lounge Access: Unlimited complimentary access to over 1,000 airport lounges worldwide using Priority Pass
Impact on Cardholders
These changes may significantly affect how cardholders use their rewards, particularly those accustomed to redeeming points for high-value items like Apple products or Tanishq vouchers. The new quarterly limits mean that cardholders will need to plan their redemptions more carefully throughout the year.
While these changes may seem restrictive, they reflect the evolving landscape of credit card rewards programs. HDFC Bank cardholders, especially those with premium cards, should review these changes carefully and adjust their spending and redemption strategies accordingly. As always, it’s crucial to read the fine print and stay informed about any updates to credit card terms and conditions.
