- CashPoints Proposition
Definition: For the Freedom Credit Card, the following terms, unless the context otherwise admits, shall have the following meanings:
- CashPoints will be awarded in the customer’s credit card account under the reward points scheme.
- The CashPoints will be processed as per the following table:
| Spends on |
Maximum CashPoints per Calendar Month |
| EEarn 10X CashPoints* i.e., 10 CashPoints per ₹150 spent on -- BigBasket, BookMyShow, OYO, Swiggy & Uber |
2,500 |
| Earn 5X CashPoints i.e., 5 CashPoints per ₹150 spent on EMI spends at Merchant locations |
2,500 |
| Earn 1 CashPoint per ₹150 spent on other spends** |
- |
* Applicable for non-Emi spends done on the 5 merchants as mentioned in the table above. EMI spends on these merchants will be considered under 5X CashPoints category.
**Except Fuel and Wallet/ Gift /Prepaid Card loads & Voucher Purchase transactions.
For eg. If the cardholder spends ₹15,000 in calendar month cycle with following break up of spends
- Spends on 5 merchants: ₹9,000 | Other Spends: ₹3,000 | Fuel Spends: ₹1,500 | EMI Purchase: ₹1,500
- Out of these Fuel spends won’t be rewarded CashPoints.
- Thus, the total spends eligible for CashPoints would be ₹9,000 + ₹3,000 + ₹1,500 = ₹13,500
The CashPoints earned for the billing cycle in example would be calculated as follows:
10X CashPoints for ₹9,000 = 600
5X CashPoints on EMI transaction for ₹1,500 = 50
1 CashPoint per ₹150 for ₹3,000 = 20
Thus, the total CashPoints for the example would be 670. This will be posted in the card account in the 1st week of the next calendar month. Cardholder can redeem them as CashBack/Reward catalog/SmartBuy Travel on the Freedom Credit Card post generation of the subsequent statement.
- 10X CashPoints on 5 Merchants – Terms & Conditions
- 10X CashPoints on 5 merchants are Offered to BigBasket, BookMyShow, OYO, Swiggy & Uber
- CashPoints are an exclusive Rewards metric system created for our Credit Cardholders. CashPoints can be utilized towards CashBack redemption against the statement at the rate of 1 CashPoint = ₹0.15 for Freedom Credit Card Holders.
- The CashPoints will be posted on calendar month basis, the transaction settled in the system between 1st to 30/31st of the calendar month will be posted in the 1 st week of the subsequent calendar month.
- The transaction settled from the merchant will be eligible for Cashpoints and settlement/Posting date of the transaction will be considered for points calculation.
- The Cardholder can earn up to 2,500 CashPoints under the 10X CashPoints feature in a calendar month.
- CashPoints of 10X on select merchants are calculated basis the Terminal / merchant IDs (TIDs & MIDs) shared by the respective merchant partners. If in case the TID / MID is not available in the set-up, such transactions will not qualify for the benefit.
- CashPoints earned will be computed based on spends during the calendar month period minus any returns or refunds during the same period.
- Incase the purchase/transaction is returned/cancelled/reversed post calendar month completion. Then the equivalent CashPoints will be reversed/adjusted under the10X CashPoints category.
- CashPoints shall not be eligible for the following spends on the card,
- Fuel Spends
- Wallet loads / Gift or Prepaid Card load/ Voucher purchase*
- Cash Advances
- Payment of Outstanding Balances
- Payment of card fees and other charges
- Smart EMI / Dial an EMI transaction
- Spends beyond the capping of 2,500 shall not be considered for CashPoints posting.
- A cardholder will be eligible for 1 CashPoint per ₹150 as per product feature if he/she does a transaction through SmartBuy/PayZapp which includes transaction from these merchants also. All other existing SmartBuy/PayZapp offers will be applicable as per SmartBuy/PayZapp Terms & Conditions.
- *A cardholder will not be eligible for CashPoints on prepaid card/gift Card/ wallet load and / or voucher purchases. i.e., the transactions carried out through the Merchant Category Code (MCC) of 6540 (as defined by card networks Visa, MasterCard and RuPay) will be not considered for CashPoints even if it is from these merchants.
- 5X CashPoints on EMI spends at Merchant locations – Terms & Conditions
- The Freedom 5X feature gives the cardholder 5 times CashPoints for spending on EMIs.
- Cardholder will be getting 5X CashPoints on the below type of EMI’s
- Merchant/EasyEMI
- Aggregator EMI
- Brand EMI
- SmartEMI/Dial An EMI (DAE) is not considered under this feature.
- Only EMI principal amount will be rewarded with CashPoints. Interest, processing fees & GST amounts will not be eligible for CashPoints.
- The Maximum CashPoints that can be earned under this feature is 2,500 points per Calendar Month
- If the EMI transaction is preclosed, the cardholder will be awarded only 1 CashPoint Per ₹150 on the remaining outstanding amount
- In case of Cancellation/reversal/refund of EMI transactions, CashPoints posted will get reversed from the cardholder’s account
- The CashPoints will be posted on calendar month basis, the transaction/EMI settled in the system between 1st to 30/31st of the calendar month will be posted in the subsequent month 1st week.
- The transaction settled from the merchant will be eligible for Cashpoints and settlement/Posting date of the transaction will be considered for points calculation.
- Spends beyond the capping of 2,500 shall not be considered for CashPoints posting.
- CashPoints shall not be eligible for the following spends/transactions on the card,
- Fuel Spends
- Cash Advances
- Payment of Outstanding Balances
- Payment of card fees and other charges
- Smart EMI / Dial an EMI transaction
- CashPoints earned will be computed based on spends during the calendar month period minus any returns or refunds during the same period.
- In case the purchase/transaction/EMI is returned/cancelled/reversed post calendar month completion, the corresponding CashPoints will be reversed from next month earning under the 5X CashPoints category.
- If a cardholder did an EMI spend on the 5 merchants under 10X CashPoints category, then cardholder will get 5X CashPoints.
- 1 CashPoint per ₹150 on other spends – Terms & Conditions
- The CashPoints will be posted on calendar month basis, the transaction settled in the system between 1st to 30/31st of the calendar month will be posted in the subsequent month 1st week.
- The transaction settled from the merchant will be eligible for Cashpoints and settlement/Posting date of the transaction will be considered for points calculation.
- CashPoints shall not be eligible for the following spends/transactions on the card,
- Fuel Spends
- Wallet loads / Gift or Prepaid Card load/ Voucher purchase**
- Cash Advances
- Payment of Outstanding Balances
- Payment of card fees and other charges
- Smart EMI / Dial an EMI transaction
- CashPoints earned will be computed based on spends during the calendar month period minus any returns or refunds during the same period.
- In case the purchase/transaction is returned/cancelled/reversed post calendar month completion, the CashPoints will be reversed from next month earning under the 1 CashPoint per ₹150 category.
- **A cardholder will not be eligible for 1 CashPoint per ₹150 on prepaid card/gift Card/ wallet load and / or voucher purchases i.e., the transactions carried out through the Merchant Category Code (MCC) of 6540 (as defined by card networks Visa, MasterCard and RuPay) will not qualify for CashPoints.
- SmartPay transactions will be considered under 1 CashPoint per ₹150 category.
- 0.99% Interest rate – Terms & Conditions
- The interest rate of 0.99% is a feature which offers Cardholders 0.99% interest rate on retail / non-EMI spends outstanding. It is applicable only for a period of first 90 days from the card issuance date. (Post the offer period, regular interest rate as per Most Important Terms & Conditions (MITC) will be applicable).
- As per the feature, 0.99% interest rate per month (i.e. 11.88% annually) will be applicable on outstanding amount for 1st 90 days from the card issuance date. From 91st day, regular interest rate of 3.6% per month (i.e. 43.2% annually or the then prevailing rate as mentioned in the MITC) will be applicable on the outstanding amount
- Cardholder can choose not to avail the offer (by making full payment towards retail outstanding) during the program period
- During the period of this benefit, if Cardholder opts-in to repay only the Minimum Amount Due (MAD) by the Payment Due Date (PDD), Late Payment Charges (LPC) will not be levied. However, if customer does not pay the MAD; both Late Payment Charges and Finance Charges / Interest Charges will get levied.
- During the offer period Cardholder is advised to pay the Minimum Amount Due (MAD) to keep the account in good standing. In other words, if the Cardholder fails to pay the MAD by the payment due date, then the credit card account will start ageing (towards delinquency) as per Bank’s norms
- The benefit is applicable only on Retail / non-EMI spend outstanding and not applicable for Insta loan, Insta Jumbo Loan, SmartEMI, EasyEMI, Balance transfer or Cash transactions etc.
- Cash Withdrawal, Cash on Call & Insta Loan will continue with Rate of Interest as mentioned in the Most Important Terms & Conditions document.
- The benefit is applicable only to cardholders to whom the card has been issued on or after October 01, 2021. i.e., this benefit shall not be applicable to cardholders to whom the Freedom card has been issued before October 01, 2021. Additionally, this benefit will not be applicable to existing cardholders who are upgraded or migrated to Freedom card.
The following illustration will indicate the method of calculating the interest rate of 0.99% on Freedom Credit Card. Assuming Card is issued on 15th of Oct'21 and statement generation date is 10th of every month
Interest rate of 0.99% illustration |
Date |
Transaction |
Amount ( In Rs ) |
Outstanding
amount ( In Rs ) |
15-Oct |
Card Issued on 15th Oct |
|
|
16-Oct |
Purchase of household items |
10,000.00 |
10,000.00 |
19-Oct |
Purchase of garments |
5,000.00 |
15,000.00 |
25-Oct |
Purchase of groceries |
5,000.00 |
20,000.00 |
10-Nov |
Statement generation date ( First Statement Cycle ) |
Total amount due: Rs. 20,000.00
Minimum amount due : Rs.10,00.00 |
20,000.00 |
20-Nov |
Minimum amount Due paid ( Late Payment charges will be applicable besides finance charges if minimum amount due is not paid ) |
1,000.00 |
19,000.00 |
25-Nov |
Purchase of groceries |
2,000.00 |
21,000.00 |
30-Nov |
Purchase of garments |
4,000.00 |
25,000.00 |
10-Dec |
Interest Amount to be paid ( Calculated at 0.99% rate ) |
213.19 |
25,213.19 |
10-Dec |
Statement generation date ( Second Statement Cycle ) |
Total amount due: Rs. 25,213.19 Minimum amount due : Rs.1,270.00 |
25,213.19 |
11-Dec |
Total Outstanding Amount ( Inclusive of applicable taxes ) |
|
25,251.56 |
15-Dec |
Minimum amount Due paid ( Late Payment charges will be applicable besides finance charges if minimum amount due is not paid ) |
1,270.00 |
23,981.56 |
25-Dec |
Purchase of household items |
1,500.00 |
25,481.56 |
31-Dec |
Purchase of tickets |
750.00 |
26,231.56 |
10-Jan |
Interest Amount to be paid ( Calculated at 0.99% rate ) |
254.61 |
26,486.17 |
10-Jan |
Statement generation date ( Third statement Cycle ) |
Total amount due: Rs. 26,486.17 Minimum amount due : Rs.1,330.00 |
26,486.17 |
11-Jan |
Total Outstanding Amount ( Inclusive of applicable taxes ) |
|
26,532.00 |
12-Jan |
Purchase of household items |
3,000.00 |
29,532.00 |
20-Jan |
Minimum amount Due paid ( Late Payment charges will be applicable besides finance charges if minimum amount due is not paid ) |
1,330.00 |
28,202.00 |
25-Jan |
Purchase of groceries |
2,000.00 |
30,202.00 |
02-Feb |
Purchase of garments |
4,000.00 |
34,202.00 |
10-Feb |
Interest Amount to be paid ( Calculated at 3.6% interest rate post 90 days
& 0.99% till 90 days on outstanding amount ) |
1,054.76 |
35,256.76 |
10-Feb |
Statement generation date ( Fourth statement Cycle ) |
Total amount due: Rs. 35,256.76
Minimum amount due : Rs.1,770.00 |
35,256.76 |
11-Feb |
Total Outstanding Amount ( Inclusive of applicable taxes ) |
|
35,446.62 |
Refer below table for detailed interest amount calculation on outstanding amount which is posted on the statement generation date:
Interest Calculation |
Amount
( In Rs) |
Interest amount to be paid on 10th Dec |
Interest on outstanding amount of Rs.20000.00 from 11th Nov to 19th Nov (i.e for 9 days) |
58.59 |
Interest on outstanding amount of Rs.19000.00 from 20th Nov to 24th Nov (i.e for 5 days) (After
payment of Minimum Amount Due on 20th Nov) |
30.92 |
Interest on outstanding amount of Rs.21000.00 from 25th Nov to 29th Nov (i.e for 5 days) (Includes Rs.2000 purchase of groceries on 25th Nov) |
34.18 |
Interest on outstanding amount of Rs.25000.00 from 30th Nov to 10th Dec (i.e for 11 days)
(Includes Rs.4000 purchase of garments on 30th Nov) |
89.51 |
Total Interest amount to be paid |
213.19 |
Interest amount to be paid on 10th Jan |
Interest on outstanding amount of Rs.25251.56 from 11th Dec to 14th Dec (i.e for 4 days) |
32.88 |
Interest on outstanding amount of Rs.23981.56 from 15th Dec to 24th Dec (i.e for 10 days) (After
payment of Minimum Amount Due on 15th Dec) |
78.06 |
Interest on outstanding amount of Rs.25481.56 from 25th Dec to 30th Dec (i.e for 6 days)
(Includes Rs.1500 purchase of household items on 25th Dec) |
49.76 |
Interest on outstanding amount of Rs.26231.56 from 31st Dec to 10th Nov (i.e for 11 days)
(Includes Rs.750 for purchase of tickets on 31st Dec) |
93.92 |
Total Interest amount to be paid |
254.61 |
Interest amount to be paid on 10th Feb |
Interest on outstanding amount of Rs.26532.00 for 11th Jan (i.e for 1 day) |
8.64 |
Interest on outstanding amount of Rs.29532.00 from 12th Jan to 13th Jan (i.e for 2 days)
(Includes Rs.3000 purchase of household items on 12th Jan) |
19.22 |
Interest on outstanding amount of Rs.29532.00 from 14th Jan to 19th Jan (i.e for 6 days) (Includes Rs. 3000 purchase of household items on 12th Jan & Interest calculated at 3.6% post offer period of 90 days) |
209.72 |
Interest on outstanding amount of Rs.28202.00 from 20th Jan to 24th Jan (i.e for 5 days) (After payment of Minimum Amount Due on 20th Jan) |
166.89 |
Interest on outstanding amount of Rs.30202.00 from 25th Jan to 1st Feb (i.e for 8 days) (Includes
Rs.2000 purchase of groceries on 25th Jan) |
285.97 |
Interest on outstanding amount of Rs.34202.00 from 2nd Feb to 10th Feb (i.e for 9 days) (Includes Rs.4000 purchase of garments on 2nd Feb) |
364.32 |
Total Interest amount to be paid |
1054.76 |
- To Note:
- Interest Calculated = (outstanding amount*interest rate p.m.*12 months*no of days)/365
- GST @18% is applicable on interest amount
- Late payment Charges will be applicable besides finance charges if Minimum Amount Due (MAD) is not paid within Payment Due Date. Refer Most Important Terms & Conditions document for detailed information on Late payment fee and other fee related information
- Other Benefits –Terms & Conditions
- Welcome Benefit of 500 CashPoints will be given to the cardholder if the joining membership fee is paid.
- Renewal Benefit of 500 CashPoints will be given to the cardholder if the renewal membership fee is paid.
- 1% Fuel Surcharge waiver on fuel transactions (Minimum transaction of ₹400, Maximum transaction of ₹5,000 & Maximum waiver of ₹250 per statement cycle). Fuel surcharge varies from 2.5% to 1% of fuel transaction amount. The rate of surcharge may vary depending on the fuel station and their acquiring bank. Taxes as applicable shall apply further. In any case, Bank shall be giving a maximum waiver of 1% in case of any dispute, subject to limit applicable limits
- CashPoints Redemption –Terms & Conditions
- Earnings will be given in the form of CashPoints, which can be redeemed by the customer against the statement balance. The CashPoints will be posted as Reward Points only.
- The redemption against the statement balance will be at the rate of 1 CashPoint = ₹0.15, and can be done via Net Banking login, Phone Banking, or physical redemption form.
- The minimum CashPoints balance required for redemption against the statement balance is 3,334 CashPoints or equivalent of ₹500.
- CashPoints can also be used for redemption against travel benefits like Flight & Hotel bookings and Rewards Catalogue at the SmartBuy Rewards Portal, at a value of 1 CashPoint = ₹0.15
- For redemption against Flights and Hotels via SmartBuy, Credit Card members can redeem up to a maximum of 50% of the booking value through Cash Points (1 CashPoint = ₹0.15). Rest of the transaction amount will have to be paid via the HDFC Bank Credit Card.
- Unredeemed CashPoints will expire/lapse after 2 years of accumulation.
- Minimum transaction of ₹150 and multiples of ₹150 is considered for CashPoints posting
- If the cardholder opts for redemption as CashBack against statement, there will be no redemption handling charges.
- If the cardholder opts for redemption of the cashpoints via reward catalogue, there will be debit of
₹99+Taxes towards redemption handling charges.
For more/ latest product information, Most Important Terms & Conditions & Card Member Agreement, always refer to the product page on the bank website www.hdfcbank.com.
- For quick access to Most Important Terms & Condition, please click here
- For quick access to Card Member Agreement, please click here
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