HDFC Bank BizPower Credit Card – Benefits, Fees & Eligibility

Introduction

The HDFC Bank BizPower Credit Card is designed as a comprehensive solution for essential business expenses, offering significant rewards and benefits. Available with a joining fee of Rs. 2,500 plus applicable taxes, this card provides up to 55 days of interest-free credit. Cardholders can earn accelerated 5X Reward Points on tax payments, vendor spends, and various business purchases, alongside complimentary domestic and international lounge access. The card also features versatile reward redemption options, including cashback, Airmiles, and vouchers, making it an ideal tool for managing and maximizing savings on business-related expenditures.

Welcome Benefits

• Get an Amazon Voucher worth Rs. 1,500 OR Amazon Prime Annual Membership + Biz Prime 6 Months subscription.
• This benefit is activated upon completing one online transaction within the first 30 days of card issuance.
• Benefits will be received within 30 days of the first transaction to the registered mobile number and email ID.
• These benefits must be redeemed within 90 days, otherwise they will expire.

Fees

• Joining Fee: Rs. 2,500 plus applicable taxes.
• Renewal Fee: Rs. 2,500 plus applicable taxes.
• Spend-Based Waiver: The renewal fee is waived if you spend Rs. 4 Lakhs or more in the previous year (or card anniversary year / 12 billing cycles).
• Rewards Redemption Fee: Rs. 99.
• Foreign Currency Markup: 2%.
• Interest Rates: 3.75% Monthly (equivalent to 45% Annually).
• Fuel Surcharge: Not specified.
• Cash Advance Charges: 2.5% of the advanced amount or Rs. 500, whichever is higher.
• Rent Payments: A 1% fee will be incurred on rent payments made through third-party merchants.
• First-year fee charge: The first-year joining fee will be charged 120 days after card issuance.

Rewards

• Standard Reward Points: Earn 4 Reward Points on every Rs. 150 spent for your business needs.
  • Exclusions for standard Reward Points: Petrol, wallet, rent, education, and EMI transactions.
• Accelerated 5X Reward Points (20 Reward Points): Earn 5X Reward Points on select business spends.
  • Applicable on minimum spends of Rs. 25,000 in a statement cycle.
  • Maximum of 5,000 Reward Points can be earned per statement cycle under the 5X category.
  • Applicable categories for 5X Reward Points:
    • Bill Payments 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
    • Google Ads
    • Meta
    • Reliance Digital
    • Vendor/Supplier & GST Payments via Swifti & SmartHub Vyapaar
• Milestone Benefits:
  • Get Gift Vouchers worth Rs. 2,500 from MakeMyTrip/Reliance Digital on quarterly spends of Rs. 2.5 Lakhs.
  • Applicable on all retail spends, excluding rent and petrol.
  • A calendar quarter is defined as Jan-Mar, Apr-Jun, Jul-Sep, and Oct-Dec.
• Lounge Access:

  • Domestic Airport Lounge Access

    • Up to 16 airport lounge accesses within India per calendar year.
    • Receive 2 complimentary lounge accesses per quarter.
    • Earn an additional 2 complimentary lounge accesses by spending Rs. 75,000 in the previous calendar quarter.
    • Eligible cardholders enjoy these additional 2 complimentary lounge visits from the 5th of each calendar quarter.

  • International Airport Lounge Access

    • Cardholders can access international lounges using Priority Pass.
    • Apply for Priority Pass for yourself and add-on members after completing a minimum of 4 retail transactions on your BizPower Credit Card.
    • Receive 6 international lounge accesses via Priority Pass per year.
    • For RuPay Cards, a Priority Pass is not required to access the 6 complimentary international lounge accesses; the RuPay Card can be used directly.
• Dining Benefits:
  • Enjoy FLAT 10% EXTRA OFF on dining bills at over 35,000 restaurants.
  • Avail up to a 7.5% discount on restaurant bill payments with Swiggy Dineout. This offer is available at over 20,000 restaurants and applies to payments made through the Swiggy app.
• Travel Benefits:
  • Avail up to 40% savings on your business travel and software purchases on SmartBuy BizDeals.
  • Business Travel Benefits via MMT MyBiz:
    • 4% off on Flights and Hotels bookings.
    • Discounted Fares.
    • Free Meal & Seat Selection.
    • Low Fees for Cancellation.
• Business Productivity Tools:
  • Instant discounts on Business Software such as Google Workspace, Tally Prime, AWS, Microsoft Azure & more via SmartBuy BizDeals - Nuclei.
  • Get GST Invoice for availing Input Tax Credit on these purchases.
• SmartBuy Offers:
  • Get up to 10X Reward Points on Flipkart, MakeMyTrip, and Apple Imagine Tresor through SmartBuy.
• SmartPay Benefits:
  • SmartPay is an automatic payment facility for utility bills using your Credit Card.
  • Get assured cashback of up to Rs. 1,800 in the first year.
  • Receive exciting e-vouchers worth up to Rs. 800 for adding 2 or more bills on SmartPay.
• Insurance Benefits:
  • Cardholders have the option to purchase a specially curated Business Insurance package, with plans starting at an annual premium of Rs. 3,785 (including GST).
  • You can choose higher Business Insurance coverage as per your business needs.
  • Insurance Plan 1 (Total Premium with GST: Rs. 3,785):
    • Fire & Burglary insurance for Shop (excluding Theft): Rs. 5,00,000
    • Cash in Safe: Rs. 25,000
    • Cash in Transit: Rs. 25,000
    • Electronic Equipment insurance (excluding terrorism): Rs. 50,000
    • Hospital Cash: Accident Only Amount Payable/Day (30 Days Cover): Rs. 1,000
    • Hospital Cash: Illness Only Amount Payable/Day (30 Days Cover): Rs. 1,000
  • Insurance Plan 2 (Total Premium with GST: Rs. 7,341):
    • Fire & Burglary insurance for Shop (excluding Theft): Rs. 10,00,000
    • Cash in Safe: Rs. 50,000
    • Cash in Transit: Rs. 50,000
    • Electronic Equipment insurance (excluding terrorism): Rs. 1,00,000
    • Hospital Cash: Accident Only Amount Payable/Day (30 Days Cover): Rs. 1,500
    • Hospital Cash: Illness Only Amount Payable/Day (30 Days Cover): Rs. 1,500
  • Insurance Plan 3 (Total Premium with GST: Rs. 14,681):
    • Fire & Burglary insurance for Shop (excluding Theft): Rs. 20,00,000
    • Cash in Safe: Rs. 1,00,000
    • Cash in Transit: Rs. 1,00,000
    • Electronic Equipment insurance (excluding terrorism): Rs. 2,00,000
    • Hospital Cash: Accident Only Amount Payable/Day (30 Days Cover): Rs. 2,000
    • Hospital Cash: Illness Only Amount Payable/Day (30 Days Cover): Rs. 2,000
  • Insurance Plan 4 (Total Premium with GST: Rs. 28,185):
    • Fire & Burglary insurance for Shop (excluding Theft): Rs. 50,00,000
    • Cash in Safe: Rs. 2,50,000
    • Cash in Transit: Rs. 2,50,000
    • Electronic Equipment insurance (excluding terrorism): Rs. 2,50,000
    • Hospital Cash: Accident Only Amount Payable/Day (30 Days Cover): Rs. 5,000
    • Hospital Cash: Illness Only Amount Payable/Day (30 Days Cover): Rs. 5,000

Rewards Redemption Guide

• Value of 1 Reward Point varies based on redemption option:
  • Cashback against statement: Up to Rs. 0.20 (e.g., 1000 RP = Rs. 200).
  • Flights and Hotel bookings on SmartBuy: Rs. 0.50 (e.g., 1000 RP = Rs. 500).
  • Product Catalogue via Netbanking and SmartBuy: Up to Rs. 0.35 (e.g., 1000 RP = Up to Rs. 350).
  • Airmiles conversion via Netbanking: 0.5 Airmiles (e.g., 1000 RP = 500 Airmiles).
  • Business Catalogue via Netbanking and SmartBuy: Up to Rs. 0.65 (e.g., 1000 RP = Up to Rs. 650).
• A minimum of 2,500 Reward Points is required to redeem points against the statement balance.
• For Flights and Hotels redemption, card members can redeem up to a maximum of 50% of the booking value through Reward Points. The remaining transaction amount must be paid via the Credit Card limit.
• With effect from 1st February 2023, card members can redeem up to 70% of product/Voucher value through Reward Points on select vouchers/products and pay the remaining amount via Credit Card.
• Unredeemed Reward Points will expire or lapse after 2 years of accumulation.
• A maximum of 60,000 Reward Points can be earned in a statement cycle.

Card Eligibility Criteria

• Age: Self-employed Indian citizens aged between 21 years to 65 years.
• Income: Annual Income Tax Returns (ITR) above Rs. 12 Lakhs.
• Application Documents: Customers can apply for the credit card using their ITR, GST returns, bank statements, and merchant payment reports.

Card Review

The HDFC Bank BizPower Credit Card offers an excellent reward program tailored for business expenses. With a standard earning rate of 4 Reward Points per Rs. 150 spent on most transactions and an impressive value of up to ₹0.65 per Reward Point, it provides substantial savings for its annual fee of ₹2,500. The accelerated 5X Reward Points on key business categories like tax payments, vendor spends, Google Ads, and Reliance Digital are particularly beneficial for small to medium enterprises aiming to optimize their operational costs. While specific insurance benefits are not automatically provided, the option to purchase comprehensive business insurance packages adds a layer of security. This card is highly recommended for small to medium enterprises looking for a strong rewards program on their business expenditures.

Important Product Details

• Positive Highlights:
  • Up to 55 days interest-free credit period.
  • Earn 4 Reward Points per Rs. 150 on most business spends.
  • Accelerated 5X Reward Points (20 Reward Points) on crucial business spends like bill payments, tax payments, software purchases, and flight/hotel bookings.
  • Complimentary domestic lounge access (up to 16 visits annually, with conditions).
  • Complimentary international lounge access (6 visits per year via Priority Pass or RuPay card).
  • Welcome benefits include Amazon Vouchers or Amazon Prime + Biz Prime memberships.
  • Milestone benefits offer valuable gift vouchers on quarterly spends.
  • Renewal fee waiver on achieving a spend milestone.
  • Dining discounts of up to 10%.
  • Business travel and software purchase savings via SmartBuy BizDeals.
  • Optional Business Insurance packages available for purchase.
  • Low foreign currency markup charge of 2%.
  • Zero lost card liability with Rs. 9 lakh credit liability cover.
  • Ability to pay Income Tax and GST using the card.
  • Convenient EMI conversion options for large purchases.
• Negative Highlights (or considerations):
  • Rewards redemption fee of Rs. 99.
  • High interest rate of 3.75% per month (45% annually) if balances are not paid in full.
  • A 1% fee is applied to rent payments made through third-party merchants.
  • Specific insurance benefits are not inherent but must be purchased as separate packages.

Other Details

• Interest Free Credit Period: Up to 55 days.
• PIN Setting Process: Set your card PIN easily via MyCards (https://mycards.hdfcbank.com/), IVR (Call 1860 266 0333 from registered mobile number), Mobile Banking, or Net Banking.
• Contactless Payment: Your card is enabled for contactless payments. For transactions up to ₹5,000, no PIN is required in India. For amounts ₹5,000 or higher, the Credit Card PIN must be entered for security.
• Manage Your Card on the Go: Access your card 24/7 via the HDFC Bank MyCards platform (https://mycards.hdfcbank.com/). This allows you to enable online & contactless usage, view transactions, Reward Points, statements, manage usage/limits, enable & disable services, and check credit card outstanding/due date.
• Set Card Control: Enable various card services and controls using MyCards (preferred), EVA, WhatsApp Banking, or Net Banking.
• Credit Liability Cover: Rs. 9 lakh.
• Smart EMI: Convert your large spends into EMIs after purchase.
• Easy EMI: Choose an EMI option for large online or in-store purchases, with details like EMI amount, total loan amount, and interest rate displayed at the time of transaction.
• Customer Care Details:
  • Toll-Free: 1800 1600 / 1800 2600
  • Email: customerservices.cards@hdfcbank.com