Aug 233 min read

HDFC Biz Grow Credit Card

HDFC Bank has launched an innovative product for freelancers, professionals and small business owners. In the fast-paced world of business, professionals are constantly seeking products to streamline their financial management and propel their operations forward. Let's dive into a detailed exploration of this credit card, unraveling its key features, benefits, pros, cons, eligibility criteria, and associated fees.

Features of HDFC Biz Grow Credit Card

Welcome Benefits

Users will get a gift voucher worth INR 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 Program - Cashback Percentage

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%. Cashback is not capped.
Reward system for tax payment and special business spend: 3.33 % cashback on (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. Special rewards are capped at: INR 375.

Contactless Payments

This credit card supports contactless payments for a hassle-free and efficient transaction experience. However, it is important to note that this is a standard feature for most of the credit cards in India.

Travel Benefits

Users can avail discount on booking through MMT MyBiz: 4% off on flights and hotels booking and discounted fares, free meal & seat selection, low fees for cancellation.

Streamlined Expense Management

Streamline your accounting processes with detailed transaction statements that facilitate better expense tracking and budgeting.

Milestone Benefits

Users will earn 2000 cash points every quarter on quarterly spending of INR 1,00,000. (all retail spending excluding rent and petrol) and users can redeem cash points against the statement. (1 CashPoint = INR 0.25)

Dining Benefits

Users will get up to 20% savings on all restaurant bill payments with Swiggy Dineout on paying via the Swiggy App

Business Insurance

Users can avail business insurance package starting at an annual concessional premium of INR 3,785.

Pros and Cons of HDFC Biz Grow Credit Card

Pros:

High credit limit for substantial spending power.
Rewards program for every transaction including tax payment.
Contactless payment support for convenience.
Tailored travel benefits for frequent flyers.

Cons:

Annual fees associated with the card.
Eligibility criteria may pose constraints for some applicants.
There is low capping limit for cashback on tax related payments.

Eligibility and Fees

Eligibility Criteria

Individuals with a stable income source and a good credit score are eligible to apply for the HDFC Biz Grow Credit Card. Last year ITR should be above INR 6 Lakhs.

Fees and Charges

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.

Good Card For Youngsters

If you are a youngster who has just started his/her professional journey the HDFC Biz Grow Credit Card can be a optimal credit card offering a suite of benefits to elevate your business journey. Dive into a world of enhanced spending power, rewards, and exclusive privileges with this innovative financial tool!