HDFC Bank has in the recent past launched a number of Rupay credit cards. HDFC Bank Biz First Credit Card is one such credit card which is on the Rupay network instead of being associated with Master Card or Visa. Let's delve into a comprehensive review to uncover the features, benefits, drawbacks, eligibility criteria, fees, and charges associated with this card.
Features and Benefits:
Reward System
The card offers below par cashback rate, we have elaborated on the cashback system below:
3% cash points on EMI spend, a maximum of 1,000 cash points/calendar month.Effective cashback rate: 0.45%.
2% cash points on utility bills, electronics, SmartPay & Payzapp transactions, a maximum of 500 cash points/calendar month. Effective cashback rate: 0.3%.
1% cash points on all other spends including UPI spends, maximum 500 cash points/calendar month. Effective cashback rate: 0.15%.
Insurance Coverage
Credit card holders can avail of business insurance at a discounted annual premium of INR 3,785.
Welcome Benefits
Credit card holders will get a gift voucher worth Rs.250 on making one transaction within the first 37 days of card issuance. The gift voucher is redeemable on top brands like Amazon, Swiggy & more.
Milestone Benefits
Users will earn 2000 cash points every quarter on quarterly spending of INR 75,000 & above ( All retail spending excluding rent and petrol).
UPI Benefits
The credit card can be linked to any UPI app and used thereafter for making UPI payments.
Dining Benefits
Users will get up to 20% savings on all restaurant bill payments with Swiggy Dineout on paying via the Swiggy App.
Cons:
There are a number of cons associated with the card, such as:
A maximum of 15,000 cash points can be earned in a statement cycle.
A minimum of 2500 cash points is needed to redeem cash points.
Unredeemed cash points will expire after 2 years of accumulation.
No airport lounge access.
Eligibility:
To be eligible for the HDFC Bank Biz First Credit Card, individuals should meet the following criteria:
The applicant must be a self-employed Indian citizen.
The applicant must be aged between 21 yrs. to 65 Yrs.
Annual ITR above Rs 6 Lakhs
Fees and Charges:
Following fee and charges are associated with the credit card:
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: INR 99 per redemption request.
Interest rate: 3.75% monthly, 45.0% annually.
Conclusion:
In conclusion, the HDFC Bank Biz First Credit Card is an average business credit card. Certain features which are considered standard are missing such as free airport lounge visits and free movie tickets. Even the cashback rate is below par.
You can read our rating of the card and a more detailed review here,
Remember, always conduct thorough research and assess your business requirements before choosing a credit card that aligns with your financial goals.
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