One of my most favourite ways to earn miles in the whole wide world is the HDFC Bank 10X offer. I can’t say enough about how this is my favourite promotion, and I keep coming back for me. HDFC Bank had put out 10X Rewards for International Spends earlier this year as well, which meant on all your non-INR spends, you could practically get up to 33% back as reward points (33% for the HDFC Bank Diners Club Black card, lower for other Diners Club cards).
In the last “renewal” of this promotion, HDFC Bank changed the T&C a slight bit to remind us that only swipes (physical transactions) would count for 10X going forward, and not online purchases. The other thing that I’ve had to deal with over the past few months has been the total non-acceptance of Diners Club in certain countries. There, I would resort to the use of my Prestige card which is a Visa Credit Card, but imagine the number of miles I was leaving behind.
So, this month, I started looking around about my options and turned up with a wonderful one, or so I think, even though it is a short-lived one for the moment.
It turns out, HDFC Bank is offering 10X Rewards through December 31, 2018, to those who would reload their HDFC Bank Forex prepaid cards with their HDFC Bank Credit Cards.
Here are the T&C:
- The offer is valid till 31st December 2018.
- A customer would be eligible for either debit or credit card offer.
- The offer is applicable only if Forex Card is loaded through SmartForex Portal
- Customer if communicated by HDFC Bank Ltd. Shall be eligible for 10X Reward points on loading/reloading ForexPlus Card online with HDFC Bank Credit card.
- Customer will be eligible to earn a maximum of 5,000 reward points per customer per month for the Credit card offer
- Credit card offer is valid only on credit cards with Rewards points feature (Not valid on Jet Cards, Value plus and other cards which don’t have reward points).
- The Reward points will be posted within 90 days from the month of transaction.
So, I went about ordering myself a new HDFC Bank Forex Plus card, which cost me INR 500 + GST but is valid for 5 years now. As an Imperia customer, I will get it at 50% off though I will have to chase the RM for “doing the needful.”
The card can hold 22 different kinds of currencies, including:
- US Dollar (USD)
- Euro (EUR)
- Swiss Franc (CHF)
- British Pound (GBP)
- Canadian Dollar (CAD)
- Australian Dollar (AUD)
- Japanese Yen (JPY)
- Singapore Dollar (SGD)
- UAE Dhiram (AED)
- Swedish Krona (SEK)
- Hong Kong Dollar (HKD)
- Thailand Baht (THB)
- South African Rand (ZAR)
- New Zealand Dollar (NZD)
- Omani Riyal (OMR)
- Danish Krone (DKK)
- Norwegian Krone (NOK)
- Saudi Riyal (SAR)
- Korean Won (KRW)
- Bahrain Dinar (BHD)
- Qatari Riyal (QAR)
- Kuwait Dinar (KWD)
I went for a name-engraved card which took for a week to arrive at my nearest branch, but I just picked it up yesterday. I looked up the rates, and they were not the finest in the industry. For instance, here is the forex price from HDFC Bank’s treasure yesterday. You would see, HDFC Bank asks me for INR 81.09 per Euro I’d like to buy.
On the other hand, this is BookMyForex pricing, selling at INR 79.39 for the same Euros. I have to admit; they have the finest rates I’ve used — additionally, no charges to load or reload.
But, for a large extent, the 33% rewards on Reloading using the Credit Card is a great offer. So, I think I’d be willing to pay a couple of rupees extra for those rewards in exchange for a 33% return. I’m still to load up, but I computed, and I could get 33% rewards for the first INR 16,666 I spent every month loading up on Forex, given the 10X rewards are capped at 5,000 Reward points.
There are two reasons to do this for me. First, 33% rewards on the Diners Club Black would mean I would be able to get another 5,000 Miles for money I would anyways spend. Second, I avoid the embarrassment of being refused the use of a Diners Club card at many locations. Prestige is 8 Miles/INR 100, but this is 33 Miles/INR 100, and that is a huge difference.
What do you think of my grand scheme of things? Anything I need to watch out for? Any of you have done this before?