HDFC Bank launches 'PIXEL' virtual credit cards: Know benefits
HDFC Bank has introduced 'PIXEL Play' and 'PIXEL Go,' marking the debut of India's first fully digital credit cards. Accessible through its PayZapp app, these cards provide customers with a comprehensive digital experience, including card management, rewards access, EMI dashboard viewing, statements, notifications, and more. The bank has established a joining fee of ₹500, that can be waived if the customer spends ₹20,000 within 90 days of issuance.
Eligibility criteria for virtual credit cards
The 'PIXEL Play' card is available to salaried individuals aged between 21 and 60 years who earn a monthly income of ₹25,000. Self-employed individuals aged between 21 and 65 years with a yearly taxable income of ₹6 lakh are also eligible. The 'PIXEL Go' card has similar criteria but also includes salaried individuals earning ₹8,000 per month.
Customization and application process
HDFC Bank stated that the virtual cards empower customers with customization and choice, by enabling them to select their preferred categories and favorite merchants/platforms. The application process is entirely online through the PayZapp app. Customers can choose a card design that reflects their personality, decide their preferred payment cycle, and change their chosen merchant every three months without any additional cost.
Key features and limitations
The digital credit cards are app-centric, requiring customers to be comfortable managing finances through an app. While customers can align their preferred payment cycle with their salary timeline, the interest-free period is 50 days from the date of purchase, similar to physical credit cards. However, unlike physical cards, cash withdrawal using these digital cards is not possible.
