HDFC Bank has partnered with Swiggy, launched its first ever credit card i.e, HDFC Swiggy Credit Card. As the name suggests, the card will offer exclusive discounts and membership with Swiggy. For foodies, who are the regular customers of Swiggy, this card is very helpful and gives good offers and discounts on the card along with other discounts as we will see in today's review. For the first time, Swiggy has tied up with a credit card issuer.
Eligibility criteria and charges
- Joining fees (1st year): ₹500 + GST
- Annual fees (2nd year onwards): ₹500 + GST
- Spend based annual fee waiver: On spends of ₹2 lacs in anniversary year.
The eligibility criteria is that the applicant should be an Indian citizen and must be 21-60 years of age in case of salaried, and 21-65 years of age in case of self-employed people. However, the minimum monthly salary of ₹25,000, or in case of self-employed people, an ITR return of ₹6 lacs or more per annum is required.
However, the spends made on cash on call, balance transfer and cash withdrawal from the ATMs will not be considered for renewal waiver.
Complimentary 3 months Swiggy One membership and if you already have Swiggy One, it will be extended by 3 more months.
Reward rate - Cashback
10% cashback on Swiggy: You will get a flat 10% cashback on food ordering, Instamart, Dineout and Genie from the Swiggy platform. A maximum cashback of ₹1,500 is applicable per statement cycle. However, the cashback is not applicable on spends made on Swiggy Money Wallet, Swiggy Minis, and Swiggy Liquor. Also, you wouldn’t earn cashback on transactions of less than ₹100.
5% cashback on online spends: You will get 5% cashback on online spends made on apparels, departmental stores, electronics, entertainment, home decor, pharmacies, personal care, local labs, online pet shops and discount stores like Flipkart, Amazon, Meesho, BookMyShow, Ola, Nykaa, 1mg, Myntra and Ajio. A maximum cashback of ₹1,500 is capped per billing cycle. However, gift cards purchased from any online store won’t get any cashback.
1% cashback on other categories: You will get 1% cashback on other categories and the maximum cashback of ₹500 is provided in a billing cycle. However, the excluded categories are fuel spends, EMI (all types), wallet loads, jewellery, rent, government related transactions and other categories as prescribed under the terms and conditions.
The cashback earned through the spends on HDFC Swiggy Credit Card, will be made in the form of Swiggy Money, which is an e-wallet of Swiggy and which can only be used on the Swiggy app. The money earned on the card will only be used on food ordering, Instamart, Dineout and Genie from the Swiggy platform. However, the Swiggy Money will expire post 1 year of earning the cashback. The value of 1 unit of Swiggy Money Cashback is equivalent to ₹1.
Zero lost card liability: In the unfortunate event of losing your Swiggy HDFC Bank Credit Card, and reporting it immediately to the call centre, the cardholder has zero liability on any fraudulent transactions made on his/her credit card.
Interest free credit period: You can get up to 50 days of interest-free period on your Swiggy HDFC Bank Credit Card.
Revolving credit: The credit card will provide the facility at a nominal interest rate.
Add-on cards: You will get up to 3 complimentary add-on cards for family members.
Travel benefits: There are currently no complimentary airport lounge or spa benefits provided on the HDFC Swiggy Credit Card platform.
- Foreign currency markup charges: 3.50 % of the transaction amount + GST
- Interest rate: 3.6% per month, or 43.2% per annum.
- Add-on card fees: NIL
- Fuel surcharge waiver: NIL
Swiggy HDFC Bank Credit is a best-in-class product that offers accelerated benefits on Swiggy app and online shopping. Additionally, get a cashback on usage of the card on all other offline spends as well.
On activation of the card, you will also get a Swiggy One membership as a welcome benefit for 3 months. The card is designed specifically for Swiggy users and customers who have affinity towards online shopping. HDFC Bank is offering this card in partnership with Swiggy.
Rohit Gyanchandani is Managing Director at Nandi Nivesh Private Limited