I have been a satisfied HDFC Bank customer so far, particularly with their online banking services and customer support. In the last two months of any year, I try to review and maintain all my financial instruments and business strategies in good health. I have been using a HDFC World MasterCard Credit Card, my first ever CC, since January, 2013 and using it on almost every online transaction I do and shopping terminals but never cared about the reward points I am earning or have earned so far.
I think this November is the right time to review and redeem those reward points, in this post I’ll walk you through the procedure.
Regarding reward points, my bank says:
Earn 2 Reward Points for every Rs. 150 spent on your card and 50% more Reward Points (i.e total 3 Reward Points) for every Rs. 150 spent above Rs. 75,000 per statement cycle.
Please note that the redeemed items shall be delivered to the address displayed on the page.
I was expecting an option to convert my reward points to Cash Back instead but purchasing any of those stupid stuff at overpriced prices.
My next move will be to close my existing credit card (World MasterCard) and get one which offers real money or cash back against my hard-earned :) reward points just like HDFC Platinum Edge and HDFC Titanium Edge does. They offer Rs.40 for every 100 Reward Points, so if I had any of these card my accumulated 5373 reward points would be worth Rs.2150 today.
Did I really redeem anything today? No
Every single item on their catalogue was insanely priced (assuming 1RP=Rs.0.40). Let’s say I want to redeem “Dr. Morepen Digital Thermometer Flexi” which HDFC Bank is selling for 950 reward points or Rs.380 (950×0.40) PLUS redemption charge of Rs.75, so in total Rs.455, which is triple times it’s actual market value of Rs.150.
Rewards Catalogue: http://www.hdfcbank.com/personal/rewards/simple-rewards-catalogue