HDFC Bank is making the festive season even brighter by waiving annual fees on select popular credit cards. Through December 31, customers can enjoy this offer on the Swiggy HDFC Bank Credit Card, Tata Neu Plus HDFC Bank Credit Card, and Tata Neu Infinity HDFC Bank Credit Card. For the Freedom Credit Card and BizFirst Credit Card, the waiver is valid through October 31.
Keep in mind, though, that only the annual or joining fee is being waived initially, and keeping the card free from renewal fees depends on meeting spending requirements. Always read the terms and conditions to understand the fine print, as you may incur renewal and other fees if the required annual spending threshold isn’t met.
Understanding the Annual Fee on Credit Cards
An annual fee is a recurring charge that most banks impose to maintain a credit card account. It’s generally charged upon joining, but banks often incentivize new cardholders by waiving this fee. However, cardholders must meet a specified spending target within a certain period to continue enjoying these benefits.
For instance, HDFC Bank notes that “most credit cards charge an annual fee, but these can be waived if minimum spending is met.” For example, the HDFC Bank Visa Signature Card waives its annual fee if ₹15,000 is spent within 90 days from issuance. Currently, the Tata Neu Plus Credit Card has an annual fee of ₹499, while the Tata Neu Infinity Credit Card is priced at ₹1499. The Swiggy HDFC Bank Credit Card, Freedom HDFC Bank Credit Card, and BizFirst Card each come with an annual fee of ₹500.
Who Qualifies for a Fee Waiver?
Fee waivers are often available for customers with strong credit profiles, which include a good credit score, low credit utilization ratio, and a solid repayment history. According to HDFC Bank, “if you are a credit-worthy customer, the bank may offer you a lifetime free credit card with no joining or annual fees.” Banks often provide such offers during festive seasons or other special promotions.
