HDFC Bank has been creating waves with its credit cards, especially business credit cards. Today, we delve into the specifics of the HDFC Bank Biz Grow Credit Card, offering a comprehensive look at its advantages, drawbacks, fees, and overall overview to help you make an informed decision for your business needs.
Overview of HDFC Bank Biz Grow Credit Card
The HDFC Bank Biz Grow Credit Card is a specialized offering designed to cater specifically to the needs of business owners/freelances/professionals. By offering extremely useful benefits, this credit card aims to empower entrepreneurs in managing their expenses and optimizing their cash flow efficiently. With its widespread acceptability and tailored features, this card emerges as a promising financial companion for businesses of all scales.
Benefits of HDFC Bank Biz Grow Credit Card
Welcome benefit: Users will get a gift voucher worth Rs.250 on making one transaction on this credit card within the first 37 days of card issuance. This gift voucher is redeemable on top brands like Amazon, Swiggy & more.
Reward system: Users will receive 2 cash points on spending Rs.150. General cashback rate:0.33%, effective cashback rate on SmartBuy (against flights/hotel booking): 0.33%. Effective cashback rate against product catalogue via net banking & SmartBuy: Up to 0.33%. Effective cashback rate against business catalogue via net banking & SmartBuy: 0.4%.
Milestone benefit: Users will earn 2000 cash points every quarter on quarterly spending of Rs. 1,00,000. (all retail spending excluding rent and petrol) and users can redeem cash points against the statement. (1 CashPoint = Upto Rs.0.25).
Users can maximize business savings with 10X cash points on selected business spends such as (a)bill payment via Payzapp & SmartPay,(b) Income Tax/ Advance tax payment via eportal.incometax.gov.in, (c) GST payment via payment.gst.gov.in., (d) hotel & flight booking on MMT MyBiz by SmartBuy BizDeals, (e) business productivity tools like Tally, Office 365, AWS, Google, Credflow, Azure & more via SmartBuy BizDeals - Nuclei,(f) Dmart, (g) Cleartax.
Fuel surcharge waiver: 1% fuel surcharge waiver at all fuel stations across India.
Dining benefits: Users will get up to 20% savings on all restaurant bill payments with Swiggy Dineout on paying via the Swiggy App.
Users can avail business insurance package starting at an annual premium of Rs.3,785.
Drawbacks and Considerations
However, alongside its array of benefits, there are certain considerations to ponder before opting for the HDFC Bank Biz Grow Credit Card:
Low general cashback rate.
A maximum of 15,000 cash points can be earned in a statement cycle.
Unredeemed cash points will expire after 2 years of accumulation.
10X cash points will be rewarded on minimum spending of Rs. 10,000 in a statement cycle and a maximum of 1500 cash points can be awarded per statement cycle.
No airport lounge access.
Fees and Charges
The HDFC Bank Biz Grow Credit Card comes with a competitive fee structure, encompassing annual fees, renewal charges, transaction fees, and interest rates.
Joining fee: INR 500/- plus taxes.
Annual fee: INR 500/- plus taxes.
Foreign currency markup: 3.50%.
Fuel surcharge: 1% subject to a minimum transaction of INR 400 and a maximum transaction of INR 5000.
Cash advance fee: 2.5% or INR 500 whichever is higher.
Late payment charges: INR 100 to 1300.
Reward redemption fee: INR99 per redemption request.
Interest rate: 3.75% monthly, 45.0% annually.
In conclusion, the HDFC Bank Biz Grow Credit Card USP is the cashback it offers on tax payment. By weighing the pros and cons, understanding the fee structure, and aligning it with their business requirements, entrepreneurs can leverage this credit card effectively to propel their business growth and financial well-being.
Read a detailed review of this card and our rating of the card here.
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