What are they?
The two new credit cards launched by HDFC Bank Ltd are meant especially for women customers.
Credit limit and costs
The Solitaire credit card comes with a credit limit of Rs 60,000-2 lakh, while the Solitaire Premium will offer Rs 2-5 lakh. The rate of interest on Solitaire Premium card is 2.95% per month or 35.4% per annum. For the Solitaire card, the rate is 3.15% per month or 37.8% per annum. The annual fee for Solitaire credit cards is Rs 999, while Solitaire Premium will cost you Rs 2,499.
The number of interest-free days on both the cards is 50 days and add-on cards are free for lifetime. The late payment fee would depend upon the outstanding balance on the card and can go up to Rs 600. Both the cards would be replace at a cost of Rs 100.
With the Solitaire card, you get a free health check-up package from Thyrocare, a company that provides diagnostic tests for comprehensive health evaluation. Also, every transaction at Thyrocare will come at a 20% discount.
In Solitaire Premium, you would get a free health check-up package from Apollo Hospitals.
You will be able to avail these benefits 30 days after paying the annual charges.
How are these different?
Like most other credit cards available in the market, these too offer benefits, including rewards points, air miles redemption scheme and membership to various high-end hotels and shopping discounts at shopping outlets.
But they stand out for their social initiative. Both the cards will contribute a portion of all spends to a non-governmental organization (NGO) it has tied up with for the annual education expenses of 60 girl children. Also, both the types of cards will offer you a waiver on fuel surcharge when you buy fuel worth Rs 400-5,000 across all fuel stations.
Mint Money take
Almost all the credit cards offer benefits similar to what these two cards are offering. The costs in these cards are also similar to that in premium cards. What we liked is the surcharge waiver across all fuel stations and not just where the bank has installed its electronic data capture machines, which is usually the case with other credit cards.
If you are someone who has a social cause at heart, this card lets you do your bit by contributing to the cause of education for the girl child. However, you can donate to an NGO on your own and even get tax deduction under section 80G of the Income-tax Act if the NGO is registered with the income-tax department.