Swiggy HDFC Bank Credit Card will now add cashback to monthly statements for greater benefits
Starting June 21, 2024, Swiggy, India's leading on-demand convenience platform, and HDFC Bank will revise its cashback structure on its Swiggy HDFC Bank co-branded credit card to provide greater benefits to its cardholders. The new cashback structure will now credit and adjust earned cashback directly against the cardholder’s outstanding balance in their monthly credit card statement, rather than as Swiggy Money on the Swiggy app. This change aims to provide cardholders with greater financial flexibility by reducing their statement balance for the next billing cycle.
The new structure comes as a standout benefit to consumers, offering unmatched value and enhancing the overall user experience. Since its launch in July 2023, the Swiggy HDFC Bank credit card has seen tremendous growth, with the card base increasing by approximately 70% in the first four months of this year alone, highlighting its popularity and the substantial benefits it offers to users.
Cardholders will continue to enjoy the older benefits of
- 10% cashback on all Swiggy app transactions, including food delivery, quick commerce grocery delivery, and dining out.
- 5% cashback on online spending across 1000+ e-commerce platforms, including Amazon, Flipkart, Myntra, Nykaa, Uber and various other platforms.
- 1% cashback on other category spends.
Additionally, as a welcome benefit, cardholders will enjoy a complimentary 3-month Swiggy One membership, offering benefits across food, grocery, dining out, and pick-up and drop services. For a limited time, Swiggy is also offering either a lifetime free card option or an INR 500 Swiggy Money voucher for customers who apply and activate the credit card through the Swiggy app.
The Swiggy HDFC Bank credit card can be applied through the Swiggy app or the HDFC Bank website.
This enhanced cashback structure is part of Swiggy's ongoing efforts to innovate and provide unmatched value to its users, ensuring a seamless and rewarding experience for all.
In my opinion this is a great move by Swiggy HDFC card. The earlier cashback structure in the form of Swiggy Money was not loved by cardholders, and there was some criticisim of it. This should help boost the adoption rate. Also, with introduction of Life Time Free offer for select customers, Swiggy HDFC is also removing the membership charges hurdle for cardholders. However, one of the biggest drawback of this card is that it does not reveal the names of 1,000+ brands, from which, cardholders can get 5% cashback. This is a big point of frustration as you do not know whether you will get cashback on your spends or not. However, I did come across one site (https://swiggyhdfcmcccode.com/swiggy-hdfc-mcc-codes/) that is trying to create more transparency in this area by revealing the names of brands. Although the overall list is still small, I am hoping that the list will grow overtime.
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