Paytm and HDFC Bank have launched a number of credit cards in collaboration in order to benefit from each other's vast customer network. Paytm HDFC Bank Select Business Credit Card is one such credit card launched by the two companies in collaboration. In this comprehensive review, we will delve into the key features, benefits, fees, and potential drawbacks of this credit card, providing you with the insights you need to make an informed decision.
Features and Benefits
1. Cashback Rewards
With the Paytm HDFC Bank Select Business Credit Card, users can enjoy attractive cashback offers on various business expenses, from travel bookings to utility payments. The cashback is as follows:
Users will get 5% cashback on purchases on Paytm (recharge, utility, travel, movies + Mini app) with a maximum limit of INR 1500 per month.
3% cashback on accelerated categories like Swiggy, AJIO, Big Basket & Uber with a maximum limit of INR 500 per month.
1% cashback on all other retail transactions with a maximum limit of INR 2000 per month.
This feature not only helps in cost savings but also rewards you for your everyday spending.
2. Welcome Benefits
Users get Paytm First membership which can be availed upon a minimum one transaction of INR 100 Milestone benefit is applicable only for the first year of the card issuance and a gift voucher worth INR 500 upon card activation with 4 transactions in the first 30 days.
3. Milestone Benefits
Credit card holder will get INR 1000 worth of gift vouchers on spends of INR2 Lac in a year.
4. Travel Benefits
Frequent travelers will appreciate the travel-centric perks that come with this credit card, such as 12 complimentary access to domestic airport lounges across the country in a calendar year and nsurance coverage.
5. Dining Benefits
Credit card holders will get upto 20% off on dining through Dineout.
Drawbacks
While the Paytm HDFC Bank Select Business Credit Card offers a host of advantages, it's important to consider some potential drawbacks. Such as:
Milestone benefit is applicable only for the first year of the card issuance.
Overall cashback redemption is capped at 3000 points per month.
No free movie tickets.
Fees and Charges
The key fee and charges associated with this credit card are as follows:
Joining fee: INR 1000 plus taxes. The first-year fee is waived upon spending INR. 60,000 within the first 90 days.
Annual fee: INR 1000 plus taxes. Renewal Year Fee waived upon spending Rs. 1,00000 (Non-EMI spends) in the 12 months.
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.
Interest rate: 3.75% monthly, 45.0% annually.
Conclusion
In conclusion, the Paytm HDFC Bank Select Business Credit Card is an above average credit card. 5% cashback + 12 airport lounge visits make it a good deal for freelancers and small business owners.
Remember, when choosing a credit card, it's essential to prioritize your individual requirements and financial objectives. Whether you value cashback rewards, premium services, or travel benefits, the Paytm HDFC Bank Select Business Credit Card has something to offer for professionals seeking a comprehensive financial tool.
Read our detailed review of the card here.
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