HDFC Bank Launches 4 New SME Business Credit Cards: Know More About Eligibility, Fees And Features

n a move to bolster its card business and tap into the thriving small and medium-sized business (SME) sector, HDFC Bank has recently launched four credit cards - BizFirst, BizGrow, BizPower, and BizBlack. These cards promise an array of benefits, including an industry-best interest-free credit cycle, substantial savings on essential business expenditures, and exclusive rewards tailored for SMEs.

The newly introduced business credit cards are designed to cater to the diverse needs of SMEs, offering a host of advantages that can significantly impact their financial health. According to the press release issued by HDFC Bank on February 6, 2024, key benefits include:

Up to 55 Days Free Credit Period

HDFC Bank's business credit cards offer an interest-free credit cycle, spanning up to 55 days, providing businesses with ample flexibility and helping them manage their cash flows effectively.

Up to 10x Reward Points on Business Spends

Cardholders stand to benefit from up to 10 times the reward points on crucial business expenditures.

Diverse Range of Business Spends Covered

The credit cards cater to a broad spectrum of business needs, including bill payments, tax payments, vendor payments, business travel, and investments in business productivity tools.

Specially Curated Business Insurance Package

HDFC Bank has incorporated a specially curated business insurance package, addressing critical aspects such as fire and burglary, cash in safe and transit, and coverage for electronic equipment.

Exclusive Business-Focused Redemption Catalogue

Cardholders gain access to an exclusive redemption catalogue with a business-centric focus. This includes offerings in the realms of travel, hotels, Microsoft Office 365, Clear Tax, Amazon for Business, and Google Ads.

EMI and Loan on Card Facility

Credit cards provide the convenience of an EMI and loan facility directly through the card, offering businesses a flexible financing option.

Credit Card for Freelancers/GIG Workers

Recognizing the evolving landscape of self-employment, with freelancers and GIG workers emerging as a significant segment, HDFC Bank is set to launch the GIGA Business Credit Card.

HDFC Bank acknowledges the rise of freelancers and GIG workers as a noteworthy and growing segment within the self-employed category. The bank, in response to this trend, will soon introduce the GIGA Business Credit Card. This card is expected to address the requirements of freelancers and GIG workers, providing them with a dedicated financial tool for their professional endeavours.

Let's delve into the details of each credit card as outlined on the HDFC Bank website:

Biz Black Metal Edition Credit Card

Eligibility: Self-employed Indian citizens aged 21 to 65 with an annual ITR above Rs 21 Lakhs.
Fee: Rs 10,000 (waived on spending Rs. 1.5 lakh within the first 90 days).
Features:
Up to 55 days Interest-Free Credit Period.
Earn 5 Reward Points on every Rs.150 spent for business needs.
Unlimited Airport lounge access globally for primary and add-on card members.
5X Reward Points on select business spends, including bill payments, income tax, GST, hotel, and flight bookings.
Exclusive business-focused redemption catalogue covering travel, hotels, Microsoft Office 365, and more.
EMI and loan on card facility.

BizPower Credit Card

Eligibility: Self-employed Indian citizens aged 21 to 65 with an annual ITR above Rs 12 Lakhs.
Fee: Rs 2,500 (waived on spending Rs. 4 lakh during the anniversary year).
Features:
Up to 55 days Interest-Free Credit Period.
Earn 4 Reward Points on every Rs.150 spent for business needs.
5X Reward Points on select business spends, including bill payments, income tax, GST, hotel, and flight bookings.
Additional benefits like 16 domestic airport lounge accesses, 6 international lounge accesses via Priority Pass, and more.

BizGrow Credit Card

Eligibility: Self-employed Indian citizens aged 21 to 65 with an annual ITR above Rs 6 Lakhs.
Fee: Rs 500 (waived on spending one lakh rupees during the anniversary year).
Features:
Up to 55 days Interest-Free Credit Period.
Earn 2 Cash Points on every Rs.150 spent for business needs.
10X Cash Points on select business spends, including bill payments, income tax, GST, hotel, and flight bookings.
Fuel surcharge waiver and dining benefits.

BizFirst Credit Card

Eligibility: Self-employed Indian citizens aged 21 to 65 with an annual ITR above Rs 6 Lakhs.
Fee: Rs. 500 (waived on spending Rs. 50,000 during the anniversary year).
Features:
Up to 55 days Interest-Free Credit Period.
Earn cash points on everyday business spending.
3% CashPoints on EMI spends, 2% on utility bills, electronics, SmartPay & Payzapp transactions, and 1% on all other spends.
Fuel surcharge waiver and dining benefits.
Business Insurance Benefit: Specially curated insurance package at an annual premium of Rs.3,785 (including GST).

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