HDFC Bank offers 5X rewards for ForexPlus card loads – Is it a smart move? | Mint

If you frequently travel abroad to different countries, having a forex card in the wallet can be quite useful. HDFC Bank offers various forex cards under the HDFC Bank ForexPlus cards range. Currently, HDFC Bank is running a limited-time offer that gives 5X reward points on loading or reloading the ForexPlus cards with specified credit cards. In this article, we will discuss the details of this offer and whether one should avail it.

What are the HDFC Bank ForexPlus cards?

The HDFC Bank ForexPlus cards offer a safe and easy way to carry foreign currency on your international trip. Spending abroad through a forex card is usually better than using foreign currency cash, traveller’s cheques or debit/credit cards.

As per the HDFC Bank website, the ForexPlus cards are offered in various variants. Two of the popular variants include:

1. Multicurrency Platinum ForexPlus Chip Card: It can be loaded in 22 currencies. So, you need not worry about forex fluctuations in these currencies once you load the card.
2. Regalia ForexPlus Card: The card has zero cross-currency conversion mark-up charges. So, you can load the card in US Dollars and use it anywhere without worrying about cross-currency conversion charges.

5X reward points on loading forex cards through credit cards

Now that we briefly understand forex cards and some of the variants offered by HDFC Bank, let us understand the forex card loading offer. HDFC Bank is offering 5X reward points on loading or reloading ForexPlus cards with specified credit cards. The offer is applicable from 1st January to 31st March 2025.

The offer is applicable when the ForexPlus cards are loaded using any of the following credit cards:

1. HDFC Bank Regalia First,
2. HDFC Bank Regalia,
3. HDFC Bank Regalia Activ,
4. HDFC Bank Regalia Gold,
5. HDFC Bank Diners Privilege,
6. HDFC Bank Diners Black,
7. HDFC Bank Diners Black Metal,
8. HDFC Bank Infinia and
9. HDFC Bank Infinia Metal Credit Card

How many reward points can you earn?

The maximum reward points a customer can earn is 15,000 reward points per calendar month during the offer period. The 5X reward points will be credited as: 1X reward points + 4X additional reward points.

The additional 4X reward points are capped at 15,000 reward points per calendar month. There is no capping on the 1X reward points.

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The minimum transaction value must be Rs. 15,000 or above to be eligible for the additional 4X reward points. Transactions below Rs. 15,000 will earn the base reward rate (1X). The transaction amount considered for qualifying for 5X reward points excludes any applicable taxes, fees, or surcharges.

The 5X reward points that you will earn for various credit cards will be calculated as follows.

The 5X reward points will be credited to the customer’s credit card account in the 1st week of the subsequent calendar month. For example, the reward points earned for March will be credited to the customer’s credit card account in the 1st week of April.

Card loading for 5X reward points

The forex card must be loaded from one of the below URLs to qualify for the 5X reward points:

1. hdfcbankprepaid.hdfcbank.com/hdfcportal/index
2. getprepaidcard.hdfcbank.com/index.aspx
3. hdfcbankprepaid.hdfcbank.com/hdfcportal/quickreloadnew

Factors to consider

Do consider the ForexPlus card issuance fee, reloading fee, forex mark-up charges, cross currency conversion mark-up charges, ATM cash withdrawal fee and daily cash withdrawal limits, balance enquiry fee, etc. For example, HDFC Bank mentions the Multicurrency Platinum ForexPlus Chip Card has 0% forex charges. However, some users have reported that the exchange rates offered at the time of card loading or reloading are higher. Three users have reported the exchange rates are higher by 1.67% to 2.5%. So, a higher exchange rate at the time of loading or reloading reduces the benefit of the 0% forex charges.

You must consider the ForexPlus card issuance and loading fees. For example, the HDFC Bank Multicurrency Platinum ForexPlus Chip Card has an issuance fee of Rs. 500 + Taxes. However, you can get it waived under one of the Forex card offers. If you load the card with a minimum of US $1000 or more (equivalent currency), the issuance fee will be waived. The offer is applicable to all HDFC Bank ForexPlus cards.

The offer is valid till 31st March 2025. It is valid for new ForexPlus card applications made by retail customers. The card application must be made from the following URL: https://getprepaidcard.hdfcbank.com

Should you take the offer?

Do you have any international trips coming up in the near future? If yes, the next thing to consider is whether you have one of the HDFC Bank credit cards that can be used to earn 5X reward points under this offer.

For example, the Diners Black and Infinia cards can give you good benefits under this offer if you load your ForexPlus card with these credit cards. So, if you have these credit cards, you may consider going for the 5X reward points offer.

If you don’t have these credit cards, you may consider the difference between the reward rate and the various fees. If the fees outweigh the reward rate, you may consider other options. Some banks offer some debit and credit cards with 0% cross-currency mark-up.

Gopal Gidwani is a freelance personal finance content writer with 15+ years of experience. He can be reached at LinkedIn.