HDFC Bank, a prominent player in the financial industry renowned for its credit card offerings, has recently stirred concerns among its cardholders due to significant alterations in the benefits and terms of service. These modifications have left customers without their accustomed perks, leading to a degree of dissatisfaction among the bank’s credit card users.
Revised Credit Card Benefits:
One of the most notable changes is the revision of benefits for HDFC Bank credit card users. These alterations primarily affect those who frequently used the complimentary lounge access feature. Previously, cardholders enjoyed monthly complimentary lounge access, but as of December 1, 2023, this privilege has been restricted to just two free passes.
Spending Thresholds and Quarterly Divisions:
In addition to the changes in lounge access, HDFC Regalia credit card holders now face a new spending threshold. To maintain eligibility for specific benefits, cardholders are required to spend a minimum of ₹100,000 every quarter. The calendar year has been divided into four quarters, each spanning a three-month period, creating a quarterly expenditure requirement.
New Borrowing Rules and Reward Redemption:
For cardholders seeking to borrow funds using their HDFC Regalia credit card, a set of new rules has been introduced. After making expenditures, cardholders are directed to visit the Regalia SmartBuy page on the HDFC Bank website to access specific benefits and borrowing options.
Voucher Redemption for Benefits:
HDFC Bank has also introduced a voucher-based rewards system, allowing customers to redeem the benefits they’ve accrued through their spending. This initiative is part of the bank’s strategy to streamline its rewards system and foster more active engagement with its services.
Customer Concerns and HDFC Bank’s Response:
The bank’s decision to amend credit card terms has sparked discussions and concerns among users, particularly regarding the reduced benefits that were once readily accessible. While HDFC Bank has yet to respond to customer feedback, the changes have prompted cardholders to evaluate their credit card choices and assess their alignment with their financial goals.
