Swiggy HDFC Bank credit card revises cashback plan: All you need to know

In a move that sets it apart from other banks currently reducing credit card rewards, Swiggy’s HDFC Bank credit card is introducing a revised cashback structure. This new structure comes into effect on June 21.

Revised cashback benefits

From June 21, the way cashback is handled will change significantly. Instead of cashback appearing as Swiggy Money on the Swiggy app, it will now be reflected directly on your credit card statement. This means the cashback will directly reduce your statement balance for the next month.

Direct balance reduction: Cashback earned will reduce your next month's statement balance.

Monthly update: If your statement is generated on the 21st of each month, the cashback earned in the previous month will appear in that statement.

An HDFC Bank spokesperson noted, "These changes are made to help you keep track of your finances more easily and use your cashback more efficiently."

Until June 20, cashback will continue to show up on your Swiggy app as usual.

No change in rewards

The cashback rewards remain unchanged. Here’s a quick rundown:

10% cashback: On all Swiggy app transactions.

5% cashback: On online spending.

1% cashback: On other categories.

Validity

For those with cashback already credited as Swiggy Money, it remains valid for one year. Users have until 21 June 2025 to redeem their balance via the Swiggy app.

What is the Swiggy HDFC Bank Credit Card?

The Swiggy HDFC Bank Credit Card is designed to offer benefits to users of the Swiggy app and those who do online shopping. Cardholders can earn cashback on Swiggy app transactions, online shopping, and even offline purchases. Additionally, new cardholders receive a complimentary Swiggy One membership for three months as a welcome benefit. This card is a product of the collaboration between HDFC Bank and Swiggy, catering specifically to their customer base.

Fees and charges

Joining and renewal fee: Rs 500 plus applicable taxes.

Fee waiver: Spend Rs 2,00,000 or more in a year before your credit card renewal date to get the renewal fee waived.

However, certain transactions are excluded from the Rs 2,00,000 spend eligibility for the fee waiver, including:

Cash on call

Balance transfer

Cash withdrawal

Cashback will not be accrued for the following transactions:
 

Wallet loads

Rent payments

Government-related transactions

Fuel

Jewellery

Insurance

All types of EMI

Cash advances

Purchase of travellers’ cheques

Purchase of foreign currency and fees

Interest charges and penalties

Any other categories as decided from time to time

These exclusions will be applicable to offline spends as well.

Key takeaways

Enhanced benefits: Ideal for Swiggy users and online shoppers.

Complimentary Swiggy One Membership: Available for three months upon activation.

Fees and waivers: Manage your spending to potentially waive the renewal fee.