HDFC Bank Unveils Four New Business Credit Cards Tailored for SMEs and Freelancers: Features, Fees, and Payment Cycle Explained.

HDFC Bank has recently introduced an exclusive set of business credit cards designed specifically for SME players, freelancers, and professionals operating in the small and medium enterprise (SME) sector. These credit cards, named BizFirst, BizGrow, BizPower, and BizBlack, cater to the diverse financial needs of entrepreneurs and come with a host of benefits. Notably, these cards offer an extended interest-free credit period of up to 55 days, setting a new standard in the banking industry.

Key Features of the Business Credit Cards:

  1. Up to 55 Days Interest-Free Credit Period:
    • All four credit cards provide a generous interest-free credit period, lasting up to 55 days.
  2. Up to 10X Reward Points on Business Spends:
    • Users can earn rewarding points on various business-related expenses, with up to 10X reward points on select business spends.
  3. Savings on Essential Business Expenses:
    • The credit cards offer savings on crucial business expenditures, including utility bills, GST, income tax, vendor payments, business travel, and business productivity tools.
  4. Specially Curated Business Insurance Package:
    • A tailored business insurance package covers aspects such as fire & burglary, cash in safe & transit, and electronic equipment.
  5. Exclusive Business-Focused Redemption Catalogue:
    • The cards feature an exclusive redemption catalogue tailored for businesses, including offerings such as travel & hotels, Microsoft Office 365, Clear Tax, Amazon for Business, and Google Ads.
  6. EMI and Loan on Card Facility:
    • Users have access to EMI and loan facilities directly through the credit cards.

Details of Each Credit Card Variant:

  1. BizFirst:
    • Membership Fee: Rs 500
    • Joining/Renewal Fee: Rs 50,000 per year
    • Earns cash points on various spends, including EMI spends, utility bills, electronics, and Payzapp transactions.
  2. BizGrow:
    • Membership Fee: Rs 500
    • Joining/Renewal Fee: Rs 100,000 per year
    • Earns cash points on business spends and offers 10X cash points on select business spends.
  3. BizBlack:
    • Membership Fee: Rs 10,000
    • Joining/Renewal Fee: Rs 7.5 lakh per year
    • Earns reward points on business spends, with additional benefits like domestic airport lounge access.
  4. BizPower:
    • Membership Fee: Rs 2,500
    • Joining/Renewal Fee: Rs 4 lakh per year
    • Offers reward points on business spends, along with 5X reward points on selected business expenses and domestic airport lounge access.

Additionally, HDFC Bank plans to launch a GIGA Business Credit Card soon to cater to the emerging segment of freelancers and gig workers. The bank’s SME Payment Solution aims to meet the diverse payment needs of self-employed individuals, SMEs, and MSMEs.

Furthermore, HDFC Bank has recently implemented a comprehensive digital platform, integrating all payables and receivables, offering an efficient solution for superior cash-flow management. The platform streamlines supply-chain processes and includes a detailed dashboard feature for a consolidated view of both incoming and outgoing payments.

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