HDFC Freedom Credit Card is a cashback credit card offered by HDFC. Customers can enjoy accelerated reward points on regular as well as exclusive purchases. The same points can be redeemed for cash or to purchase products from the HDFC’s rewards catalogue.
Other benefits offered by the card include fuel surcharge waiver, zero liability on lost card, interest free credit and other exclusive offers that get added as and when introduced.
The card has been recently upgraded with new features and benefits to attract new customers. Existing customers, who availed the cards on or before 7 December 2017, will, however, continue to have old features and benefits till 9 February 2018 and from 10 February 2018 they can enjoy new features.
Here Are Some Of The Features That Are Associated With It:
The accrued reward points will get added in the next statement. Card holders can redeem the points for cash that is for every 100 points they can earn Rs.1 or purchase something from the rewards catalogue, where 100 points can be exchanged for Rs.15.
Cashback for the reward points will be credited in the multiples of Rs.500.
The limits will be communicated to the customers at the time of card delivery and the same will be mentioned in all the monthly statements. The cash advance limit on the card is typically 40% of the credit limit.
The limits are subject to revision based on the card usage. The bank may, however, inform any change in the credit limit immediately along with the reason through an SMS or e-mail followed by a written confirmation.
If the card offers cash advance feature, there will be no interest free period for the transaction and the interest will be levied from the date of withdrawal till the payment is made in full.
Annual and renewal fee: The annual fee and renewal fee for the Freedom card is different for each card member and will be communicated at the time of applying for the card. The minimum annual/renewal fee for HDFC Freedom card is typically Rs.500.
Cash advance fee: The cash advance fee of 2.5% of the transaction amount will be levied for every ATM withdrawal using the card, provided the card offers the cash advance facility.
Finance charges: Finance charges are applicable only when the cardholder chooses not to pay the outstanding due in full and on all the cash withdrawals without any interest-free period.
The charges will be debited from the cardholder’s account till the outstanding is paid in full. In case, the customer carries forward any payment, finance charge will be calculated by average daily balance method and the same will be applied to the carried forward balance as well as to the fresh billing.
Late Payment Charges: If minimum amount due on the card is not paid by the due date, late payment charges will be applicable based on the bill amount as follows:
|Statement Balance||Late Payment Fee|
|Less than Rs.100||NIL|
|Rs.100 to Rs.500||Rs.100|
|Rs.501 to Rs.5000||Rs.400|
|Rs.5001 to Rs.10000||Rs.500|
|Rs.10001 and above||Rs.750|
Over limit charges: If the usage on the cash exceeds the credit limit, over limit charges of 2.5% of the over limit amount will be applied.
|Charge/Fee Type||Amount of Charge/Fee|
|Payment return charges||2% of payment amount (Min. of Rs.450)|
|Cash processing fee||Rs.100|
|Rewards redemption fee||Rs.99 per redemption request|
|Balance transfer processing charges||2% of balance transfer amount or Rs.250, whichever is higher|
|Railway ticket purchase fee||1.8% of the transaction amount + GST|
|Reissue of lost, stolen or damaged card||Rs.100|
|Outstation cheque processing charge||Cheque value up to Rs.5,000 - Rs.25 Cheque value above Rs.5,000 - Rs.50|
|Foreign currency transactions||Bank charges cross currency mark-up of 3.5%|
The HDFC Freedom card comes with chip card technology that makes tampering or copying the card impossible. Further, the technology makes it easy to make point of sale (POS) transactions with the card. Users just need to dip the card at chip-enabled POS terminals while they can swipe as usual at non-chip based terminals.
The accumulated reward points can be redeemed for both cash and rewards. You can fill the request form available at the form centre and send it to HDFC Chennai address.
Alternatively, requests can also be made through net banking. The cash redemption option is available under ‘Cards > Enquire > Redeem Reward Points > Cash Redemption’ in the net banking account.
Yes, card holders can apply for a supplementary card with the Freedom card. The applicants should be either parents, spouse, children or sibling of the primary card holder. Children and siblings applying for the add-on card should be above 18 years of age.