When you sign up for a credit card, you sign up for all the benefits on that credit card. There is no option to customize the benefits based on your spending preferences. In fact, you tend to select cards based on your expenditure patterns.
For instance, you apply for ICICI Amazon Pay credit card if Amazon is your preferred retailer. OR for Flipkart Axis credit card if you shop more on Flipkart. If you travel extensively, you might want to sign up for a MakeMyTrip co-branded credit card. OR if you order food online frequently, you might want to sign up for a Zomato or Swiggy co-branded credit card.
Now, while trying to optimize credit card rewards, it is possible that you may end up with too many credit cards in your wallet.
Let us say you spend a lot on travel and dining. To maximize the rewards on both these categories, you might have to sign up for two different credit cards. A card that offers benefits on travel sites such as MakeMyTrip or GoIbibo and another that gives benefits for spending on Zomato or Swiggy.
How would you react if I were to tell you that there is a credit card that allows you to select categories/merchants where you earn better rewards? I am talking about HDFC Bank Pixel Play Credit Card. Let us find out more about this credit card.
HDFC Bank Pixel Play Credit Card: Benefits
You can select any 2 of the following 5 categories (merchants_ when expenses will earn you 5% cashback.
- Dining & Entertainment Category – BookMyShow & Zomato
- Travel Category – MakeMyTrip & Uber
- Grocery Category – Blinkit & Reliance Smart Bazaar
- Electronics Category – Croma & Reliance Digital
- Fashion Category – Nykaa & Myntra
You can select the categories based on your expense pattern.
You can get 3% cashback on any merchant of your choice — Amazon OR Flipkart OR Payzapp.
For all other expenses, you will earn 1% cashback. There is no cap on how much cashback you can earn.
This feature is quite interesting. However, you must note that interests keep changing. What if you spend more on groceries today and on travel after a couple of years? Can you change the cashback categories or preferred retailers to optimize your rewards? I don’t know. You will have to check with the bank.
HDFC Bank Pixel Play Credit Card: Digital Credit card
HDFC Bank Pixel Play is the first all-digital credit card from HDFC Bank. A virtual credit card in simple terms. You can’t swipe this card at retail outlets because there is no physical card. However, you can use the card for online payments. And even for Tap-and-pay payments using your phone.
Eligibility and Charges
- Salaried: Age between 21 and 60 years. Gross monthly income > 25,000
- Self-employed: Age between 21 and 65 years. Income in ITR > 6 lacs per annum
- Joining fee: Rs 500 + GST. You can get joining fee waived if you spend Rs 20,000 within 90 days of joining
- Renewal fee: Rs 500 + GST Renewal fee shall be waived off if you spend more than Rs 1 lac on the card in the previous year
How is cashback issued?
Cashback will be issued in the form of cashpoints (specific term is Pixel cashpoints). These cashpoints can be managed from Payzapp mobile app. Pixel cashpoints are valid for 2 years from the date of accumulation. Once you have accumulated at least 1,000 cashpoints, you can transfer these points to Payzapp wallet and purchase brand vouchers of your choice within Payzapp. I don’t like when rewards are offered in this fashion. This is so convoluted.
Firstly, you get Pixel cashpoints. I don’t know if these are the same as cashpoints defined here. On this link, 1 Cashpoint = Re 1.
Secondly, once the money moves to Payzapp wallet, you are required to purchase vouchers from the list of partner brands. I would have preferred the freedom to spend the cashback amount the way I want and not be restricted to purchasing vouchers from select brands.
I would prefer simpler ways of cashback such as the one offered AmazonPay ICICI and Flipkart Axis credit card.
HDFC Bank Pixel credit card is certainly a novelty, at least to me. By allowing you to select merchants for higher cashbacks, the credit card allows you flexibility, and puts you in position to earn better rewards across multiple merchants with a single card. However, I do not like how cashback points-to-actual benefit conversion process works. It could have been much simpler.