Yes you are reading it right. HDFC has made a major change in reward points structure of it’s credit card division. No more reward points on Paytm, Phonepe, freecharge, mobikwik, payu , ola wallet on any other e-wallet. Whats more for all transactions converted into emi no reward points. Also insurance payments would have upper limit of 2000 reward points(not sure it’s per transaction or per month).
From 1st July 2017 following revision to HDFC bank credit card reward points program:
- No more reward points on any ewallet transactions (this include any kind of wallet where money can be stored) like paytm, freecharge, mobikwik, even bigbasket wallet.
- No more reward points on any transaction which is converted into emi.
- Max 2000points on insurance transactions.
Our take: HDFC Bank has gone crazy. Wallet is major spending part of many users. People gonna shift to other cards. Already Sbi has launched prime credit card which is far better than HDFC’s Regalia credit card.
On one hand it is do generous for higher end users by giving away 33% rewards value back on Diners Club which is insane. On other hand for it’s lower end users where HDFC card gives mere 0.25%-0.5% rewards value back it wants to take away even that. This is done by removing most widely used category from rewards earnings.
Good Luck HDFC Cards your days of popularity seems over. We got better cards like Yes Bank Exclusive/Preferred & SBI Prime/simply click etc.