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Update: HDFC Millenia Credit and Debit card now give 1% cashback on wallet load. Also SBI and Axis Bank credit card too stopped giving rewards points on wallet load.
Yes 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 or any other e-wallet. Whats more for all transactions that are converted into emi also no reward points. Also insurance payments would have upper limit of 2000 reward points 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 per month.
Seriously its a bad move by HDFC Bank Card division. 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 they are super generous to 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 in part. This is done by removing most widely used category from rewards earnings.