This festive season, HDFC Bank is offering some of its most popular credit cards without the usual annual or joining fees. This special offer is valid until December 31, 2024, for certain cards, and until October 31, 2024, for others. Here’s everything you need to know about this limited-time opportunity.
Credit Cards Included in the Offer
HDFC Bank is waiving the annual fee on these select credit cards:
- Swiggy HDFC Bank Credit Card
- Tata Neu Plus HDFC Bank Credit Card
- Tata Neu Infinity HDFC Bank Credit Card
For the Freedom Credit Card and BizFirst Credit Card, the offer is only valid until October 31, 2024. This means you’ll need to apply by these deadlines to enjoy the waiver.
Important Details to Consider
The waiver only applies to the initial annual or joining fee. Keeping the card free of extra fees in the future depends on how much you spend. Many credit cards have minimum spending requirements—if you don’t meet this requirement, you may have to pay a renewal fee and other additional charges later on. To avoid any surprises, be sure to read the fine print, especially the terms and conditions, to fully understand the spending requirements tied to each card.
What is an Annual Fee, and Why is it Waived?
An annual fee is a yearly charge many banks apply to credit card accounts. Some banks attract new cardholders by waiving this fee in the first year. However, to maintain this benefit, cardholders often need to meet a set spending limit. For example, HDFC Bank’s Visa Signature Card waives its annual fee if the cardholder spends ₹15,000 within the first 90 days of issuance.
Annual Fees on HDFC Cards in this Offer
Here are the usual annual fees for the cards with waived fees under this festive offer:
- Tata Neu Plus: ₹499
- Tata Neu Infinity: ₹1499
- Swiggy HDFC Bank, Freedom HDFC Bank, and BizFirst: ₹500 each
Who Can Get a Fee Waiver?
Fee waivers are typically offered to customers with a good credit history, which includes a strong credit score, low credit utilization, and a consistent record of paying bills on time. HDFC Bank states that customers with a good financial profile may be eligible for a “lifetime free” credit card, meaning no joining or annual fees at all. These offers are usually available during festival seasons or special promotions.
Are There Truly “Lifetime Free” Credit Cards?
While some credit cards are advertised as “lifetime free,” they’re often available only to select customers. For instance, high-income earners, individuals with a strong relationship with the bank, or long-term credit users might be offered such cards. For everyone else, keeping the card fee-free typically depends on meeting annual spending requirements set by the bank.
Other Possible Charges on “Free” Cards
A “lifetime free” or annual fee-waived credit card does not mean the card is entirely without costs. You may still incur charges for certain services or actions, such as withdrawing cash from an ATM with your credit card or spending over your approved credit limit. If you don’t pay your full credit card bill by the due date, interest charges as high as 3.75% per month may also apply.
HDFC Bank clarifies that these charges depend on how you use the card. “If you only use the card for online and in-store purchases and always pay your bills on time, your credit card can remain free of any extra charges,” the bank said.
Take advantage of this festive offer, but remember to review the terms and conditions carefully. This ensures that you fully understand the spending requirements and potential charges, helping you make the most of the HDFC Bank credit card that’s right for you.