HDFC Bank BizGrow Credit Card – Benefits, Fees & Eligibility

Introduction

The HDFC Bank BizGrow Credit Card is designed for small businesses and enterprises, offering a robust reward structure and significant savings on business expenses. It comes with an affordable joining fee of Rs. 500 plus applicable taxes, which can be waived upon achieving a spend milestone. Cardholders can benefit from up to 55 days of interest-free credit and accelerated rewards on a wide range of business-related spends, including bill payments, tax payments, travel, and productivity tools. Additionally, it offers dining discounts, fuel surcharge waivers, and optional business insurance packages, making it a comprehensive solution for managing business finances.

Welcome Benefits

• Get a Gift voucher worth Rs. 250 on making one transaction on the Biz Grow Credit Card within the first 37 days of card issuance.
• Voucher is redeemable on top brands like Amazon, Swiggy & more.

Fees

• Joining Fee: Rs. 500 + Applicable Taxes
• Renewal Fee: Rs. 500 + Applicable Taxes
• Spend-Based Waiver: Spend Rs. 1 Lakh in an anniversary year (12 billing cycles) to get the Renewal Fee waived for the next renewal year.
• Rewards Redemption Fee: Rs. 99
• Foreign Currency Markup: 3.5%
• Interest Rates: 3.75% Monthly (45% Annually)
• Fuel Surcharge:
  • 1% fuel surcharge waiver at all fuel stations across India.
  • Applicable on minimum transaction of ₹400 and maximum transaction of ₹5000.
  • Maximum Cashback of ₹250 per statement cycle.
• Cash Advance Charges: 2.5% or Rs. 500 (whichever is higher)

Rewards

• General Spends: Earn 2 Cash Points on every Rs. 150 spent for your business needs.
• Accelerated Rewards (10X Cash Points): Earn 10X Cash Points (20 Cash Points on every Rs. 150 spent) on select Business spends such as:
  • Bill Payment via Payzapp & SmartPay.
  • Income Tax/ Advance Tax payment via eportal.incometax.gov.in.
  • GST payment via payment.gst.gov.in.
  • Hotel & flight booking on MMT MyBiz powered by SmartBuy BizDeals.
  • Business Productivity tools like Tally, Office 365, AWS, Google, Credflow, Azure & more via SmartBuy BizDeals - Nuclei.
  • Dmart.
  • Cleartax.
  • Condition: 10X Cash Points are applicable on minimum spends of Rs. 10,000 in a statement cycle.
  • Maximum: Maximum 1,500 Cash Points can be earned per statement cycle from these accelerated categories.
  • Maximum 15,000 CashPoints can be earned in a statement cycle across all categories.
• Milestone Benefits: Earn 2000 CashPoints every quarter on quarterly spends of Rs. 1,00,000 (on all retail spends excluding rent and petrol).
• Dining Benefits:
  • Enjoy FLAT 10% EXTRA OFF on dining bills at 35K+ restaurants when paying with your HDFC Bank BizGrow Card.
  • Discount with Swiggy Dineout.
• SmartBuy BizDeals:
  • Avail up to 40% savings on your Business travel and software purchase.

  • Business Travel Benefits via MMT MyBiz:

    • 4% off on Flights and Hotels booking.
    • Discounted Fares, Free Meal & Seat Selection, Low Fees for Cancellation.

  • Business Productivity Tools via Nuclei:

    • Instant discount on Business Software such as Google Workspace, Tally Prime, AWS, Microsoft Azure & more.
    • Get GST Invoice for availing Input Tax Credit.
• SmartPay Benefits:
  • Get assured cashback up to Rs. 1800 in the first year.
  • Exciting e-vouchers worth up to Rs. 800 for adding 2 or more bills on Smart Pay.
• Business Insurance Benefit:
  • Secure your business with a specially curated Business Insurance package starting at an annual premium of Rs. 3,785.
  • The basic package includes:
    • Fire & Burglary insurance for Shop up to Rs. 5 lacs.
    • Cash in Safe/Transit up to Rs. 25,000.
    • Electronic Equipment insurance (excluding terrorism) up to Rs. 50,000.
    • Hospital Cash: Accident only amount payable per day up to Rs. 1000 (30 Days Cover).
    • Hospital Cash: Illness only amount payable per day up to Rs. 1000 (30 Days Cover).
  • Cardholders have the option to choose higher Business Insurance cover as per their Business need:
    • Insurance Plan 1 (Total Premium with GST: Rs. 3,785): Fire & Burglary for Shop (Rs. 5,00,000), Cash in Safe (Rs. 25,000), Cash in Transit (Rs. 25,000), Electronic Equipment (Rs. 50,000), Hospital Cash Accident/Day (Rs. 1,000), Hospital Cash Illness/Day (Rs. 1,000).
    • Insurance Plan 2 (Total Premium with GST: Rs. 7,341): Fire & Burglary for Shop (Rs. 10,00,000), Cash in Safe (Rs. 50,000), Cash in Transit (Rs. 50,000), Electronic Equipment (Rs. 1,00,000), Hospital Cash Accident/Day (Rs. 1,500), Hospital Cash Illness/Day (Rs. 1,500).
    • Insurance Plan 3 (Total Premium with GST: Rs. 14,681): Fire & Burglary for Shop (Rs. 20,00,000), Cash in Safe (Rs. 1,00,000), Cash in Transit (Rs. 1,00,000), Electronic Equipment (Rs. 2,00,000), Hospital Cash Accident/Day (Rs. 2,000), Hospital Cash Illness/Day (Rs. 2,000).
    • Insurance Plan 4 (Total Premium with GST: Rs. 28,185): Fire & Burglary for Shop (Rs. 50,00,000), Cash in Safe (Rs. 2,50,000), Cash in Transit (Rs. 2,50,000), Electronic Equipment (Rs. 2,50,000), Hospital Cash Accident/Day (Rs. 5,000), Hospital Cash Illness/Day (Rs. 5,000).

Rewards Redemption Guide

• Cash Points can be redeemed in multiple ways:
  • Cashback against statement: 1 CashPoint = Up to Rs. 0.25 (e.g., 1000 CP = Rs. 250). A minimum of 2500 Cash Points is needed to redeem Cash Points against the statement balance.
  • Redeem on SmartBuy (against Flights/Hotel booking): 1 CashPoint = Rs. 0.25 (e.g., 1000 CP = Rs. 250). For flights and hotels redemption, credit card members can redeem up to a maximum of 50% of the booking value through Cash Points. The rest of the transaction amount will have to be paid via the Credit Card limit.
  • Redeem against Product Catalogue via Netbanking & SmartBuy: 1 CashPoint = Up to Rs. 0.25 (e.g., 1000 RP = Up to Rs. 250). With effect from 1st February 2023, cardmembers can redeem up to 70% of product/voucher value through Cash Points on select vouchers/products and pay the remaining amount via Credit card.
  • Redeem against Business Catalogue via Netbanking & SmartBuy: 1 CashPoint = Up to Rs. 0.30 (e.g., 1000 RP = Up to Rs. 300).
• Unredeemed Cash Points will expire/lapse after 2 years of accumulation.

Card Eligibility Criteria

• Applicant Type: Self Employed Indian Citizen.
• Age: Between 21 years to 65 years.
• Income: Annual ITR above Rs. 6 Lakhs.
• Documents Required: Customers can apply for the credit card using ITR, GST returns, Bank Statements, and Merchant payment report.

Card Review

The HDFC Bank BizGrow Credit Card is an excellent choice for small businesses and enterprises due to its competitive fee structure, attractive rewards program, and valuable benefits tailored for business operations. While the card does not offer lounge access, its overall reward structure, particularly the 10X Cash Points on essential business categories, makes it highly appealing for local and small businesses. Its low joining fee, coupled with a renewal fee waiver on spending Rs. 1 Lakh annually, adds to its affordability. The integrated business insurance options and various payment solutions like SmartPay and SmartBuy BizDeals further enhance its utility for business owners.

Pros

• Low joining fee of Rs. 500.
• High reward rate with 10X Cash Points on select business categories.
• Renewal fee waiver based on annual spend.
• Offers significant savings on business travel and software purchases.
• Provides specialized business insurance options.
• Includes benefits like fuel surcharge waiver and dining discounts.

Cons

• No lounge access provided with this card.

Important Product Details

• Up to 55 days Interest Free Credit Period.
• Earn 2 Cash Points on every Rs. 150 spent for business needs.
• Earn 10X Cash Points on select business spends (e.g., bill payments, income tax, GST, hotels & flights on MMT MyBiz, business productivity tools, Dmart, Cleartax).
• 10X Cash Points are applicable on minimum spends of Rs. 10,000 in a statement cycle, with a maximum of 1,500 Cash Points per cycle from accelerated categories.
• Milestone Benefit: Earn 2000 CashPoints every quarter on quarterly spends of Rs. 1,00,000 (excluding rent and petrol).
• Welcome Benefit: Gift voucher worth Rs. 250 on one transaction within 37 days of card issuance.
• Redemption Value: 1 Cash Point = up to Rs. 0.25 for cashback/flights/products, and up to Rs. 0.30 for business catalogue.
• Unredeemed Cash Points expire after 2 years.
• Fuel Surcharge Waiver: 1% on transactions between Rs. 400-5000, max Rs. 250 per cycle.
• Dining Benefits: FLAT 10% EXTRA OFF at 35K+ restaurants.
• Make GST and Income Tax/Advance Tax payments using the credit card.
• Access to SmartBuy BizDeals for up to 40% savings on business travel and software.
• Business Insurance package available starting at Rs. 3,785 annually, covering fire & burglary, cash, electronic equipment, and hospital cash.
• Offers Smart EMI and Easy EMI options for large purchases.
• Zero Lost card liability with a credit liability cover of Rs. 3 lakh upon immediate reporting.
• The card is best suited for small businesses and enterprises.

Other Details

• GST Payment: Can be made using the Business Credit Card via payment.gst.gov.in.
• Income Tax/Advance Tax Payment: Can be made using the Business Credit Card via eportal.incometax.gov.in.
• SmartPay: An automatic payment facility for utility bills on your Credit Card. Steps to enable SmartPay are available via Netbanking and Mobile Banking.
• Smart EMI: Option to convert big spends into EMI after purchase.
• Easy EMI: Choose EMI option for large online or in-store purchases with plan details displayed at the time of transaction or on the charge slip.
• Zero Lost Card Liability: In case of card loss, report immediately to Customer Care Toll Free Number: 1800 1600 / 1800 2600 for zero liability on fraudulent transactions. Credit liability cover is Rs. 3 lakh.
• PIN Setting Process:
  • Using MyCards: Visit mycards.hdfcbank.com, enter registered mobile number and OTP, select "Biz Grow Credit Card", choose "Set Pin" and enter 4-digit PIN.
  • Using IVR: Call 1860 266 0333 from registered mobile number, key in last 4 digits of card, validate with OTP, set 4-digit PIN.
  • Using Mobile Banking: Login, go to "Cards" section, select "Biz Grow Credit Card", choose "Change Pin", enter 4-digit PIN and confirm, authenticate using OTP.
  • Using Net Banking: Login, click on "Cards", visit "Request" section, choose "Instant Pin generation", select card number, enter 4-digit PIN.
• Contactless Payment: Card is enabled for contactless payments. Allowed for a maximum of ₹5000 for a single transaction without PIN in India. Amounts equal to or higher than ₹5000 require PIN.
• Manage Your Card on the Go: Access card details 24/7 via HDFC Bank MyCards platform (mycards.hdfcbank.com) to:
  • Enable online & contactless usage.
  • View transactions, Cash Points, and statements.
  • Manage online usage, contactless usage, set limits, enable & disable features.
  • Check credit card outstanding and due date.
• Set Card Control: Enable services using MyCards (preferred), EVA, WhatsApp Banking, or Net Banking.
• Customer Care Details:
  • Toll Free: 1800 202 6161 / 1860 267 6161
  • Email: customerservices.cards@hdfcbank.com