HDFC in the recent past has launched a number of UPI credit cards HDFC k UPI RuPay Biz Credit Card is a credit card launched with Rupay network acceptable across india. The USP of the card is that it can be linked to any UPI app on credit card holder's phone and thereafter can be used for UPI payment through QR or any other mode.
Pros:
Seamless UPI Integration: This card offers the convenience of easy UPI integration, enabling quick and hassle-free transactions.
Reward system: 3 cash points on groceries, supermarket & dining spends & PayZapp transactions, maximum 500 points per month. 1 cash point = INR 0.25. Effective cashback rate: 0.75%. 2 cash points on utility spend, maximum 500 points per month. Effective cashback rate: 0.50%. 1% cash points on other spends (excluding rent, wallet loads, EMI, fuel & education categories), maximum 500 points per month. Effective cashback rate: 0.25%.
Enhanced Control: Businesses can set transaction limits and track expenses effectively, providing better control over finances.
Waiver: Users can waive their renewal membership fee by spending INR 25,000 and above annually.
Cons:
Limited Acceptance: Being a RuPay card, it may face limited acceptance compared to international card networks in some scenarios.
Capping: Cashback redemption is capped at 50,000 reward points per calendar month.
Limited benefits: No dining and lounge benefits.
Fees: While the fees are competitive, businesses need to be mindful of any associated charges that may impact their bottom line.
Fees and Eligibility:
The HDFC Bank UPI RuPay Biz Credit Card comes with a nominal annual fee, making it a cost-effective choice for many businesses. Below are the key fees charged by HDFC:
Joining fee: INR 250 plus taxes.
Annual fee: INR 250 plus taxes. The renewal fee is waived upon spending INR. 25,000 within a year.
Foreign currency markup: 3.50%
Fuel surcharge: NA
Cash advance fee: 2.5% or INR 500 whichever is higher.
Late payment charges: INR 100 to 1300.
Interest rate: 3.75% monthly, 45.0% annually.
Eligibility: The HDFC website has not provided the eligibility for the card. It seems that all Indian adults with a stable income can apply for this credit card.
In Conclusion:
For professionals seeking a reliable financial tool to optimize business transactions and expenses, the HDFC Bank UPI RuPay Biz Credit Card emerges as a promising choice especially given its UPI integration. With its seamless integration, robust security features, and attractive cashback rewards, this card can be a great tool for for managing financial operations effectively.
However, it is important that individuals looking for value add benefits will be disappointed by this card. The card does not offer movie benefits, airport lounge benefits, or dining benefits.
You can read more about this card here: https://www.myrupaya.in/credit-card-products/hdfc-bank-upi-rupay-biz-credit-card
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