HDFC Bank Business MoneyBack Credit Card – Benefits, Fees & Eligibility

HDFC Bank Business MoneyBack Credit Card

Introduction

The HDFC Bank Business MoneyBack Credit Card is a business-centric credit card offered by HDFC Bank, featuring a low annual fee and designed to cater to various business transactions. Cardholders can earn reward points and cashback on their spending. It comes with a joining fee and annual renewal charges of ₹500 each, though the renewal fee can be waived. Key benefits include 4 Reward Points for every ₹150 spent online and 2 Reward Points for every other ₹150 spent. Additionally, the card offers an attractive 5% cashback on Telecom, Utility, Government, and tax payments. The reward structure is spend-based, encouraging more rewards with higher expenditure. Other valuable features include zero lost card liability, a fuel surcharge waiver, dining benefits, and annual spending-based benefits. The card also supports contactless payments and provides No-Cost EMI options, making it a valuable tool for Small and Medium Enterprises (SMEs) for significant business transactions like purchasing furniture or making bulk expenditures.

Fees

• Joining Fee: ₹500 + GST
• Renewal Fee: ₹500 + GST
• Spend-Based Waiver: The next year's annual membership fee is waived if you spend ₹50,000 in a year.
• Rewards Redemption Fee: ₹99 per redemption request, plus applicable taxes.
• Foreign Currency Markup: 3.5%
• Interest Rates: 3.6% per month (equivalent to 43.2% per annum).
• Fuel Surcharge: 1% fuel surcharge is waived for all transactions between ₹400 and ₹5,000. The maximum cashback for fuel surcharge waiver is capped at ₹250 per statement cycle.
• Cash Advance Charges: 2.5% of the withdrawal amount, subject to a minimum charge of ₹500.

Rewards

• Reward Points Earning:
  • Earn 4 Reward Points on every ₹150 spent online.
  • Earn 2 Reward Points on every ₹150 spent on all other categories.
• Cashback Benefits:
  • Get 5% Cashback on Telecom, Utility, Government, and Tax Payments.
• Dining Benefits:
  • Save up to 20% on dining bills when paid through Swiggy Dineout.
• Milestone Benefits:
  • Earn 2,500 Bonus Reward Points on annual spends of ₹1,80,000.
• Fuel Surcharge Waiver:
  • Receive a 1% waiver on fuel surcharge for transactions between ₹400 and ₹5,000. The maximum waiver is ₹250 per statement cycle.
• Lost Card Liability:
  • Enjoy zero cost liability on reporting a lost card to the bank's 24-hour call center.
• No-Cost EMI:
  • Offers No-Cost EMI options for purchasing furniture, making bulk spends, and facilitating large business transactions.
• Reward Points Validity:
  • Reward points earned are valid for two years from the accumulation date.

Rewards Redemption Guide

• Cashback Redemption:
  • Accumulated Reward Points can be redeemed for Cashback, where 100 Reward Points are equivalent to ₹20.
  • A minimum redemption amount of ₹2,500 is required for cashback.
• Gifts and Air Miles Redemption:
  • Reward Points can also be redeemed for exciting gifts and air miles from an exclusive rewards catalogue, at the applicable redemption rate.
• Redemption Channels:
  • Redemption can be done through net banking.
• Redemption Fee:
  • A Reward redemption fee of ₹99 per request, plus applicable taxes, will be charged on all redemptions.
• Reward Points Exclusions:
  • No reward points are awarded for spending made on wallet, EMI, rent, education, and fuel categories.

Card Eligibility Criteria

• Category: Self-Employed
• Age: 21 Years to 65 Years
• Income: Minimum ₹6,00,000 per annum

Card Review

The HDFC Bank Business MoneyBack Credit Card stands out as a strong option for business professionals, offering substantial opportunities to accumulate reward points. It is particularly well-suited for Small and Medium Enterprises (SMEs) and individuals who frequently make business transactions.

Who Should Apply

• Every business professional.
• Small and Medium Enterprises (SMEs).
• Individuals looking for reward points on various business transactions.

Pros

• Generous Reward Structure: Offers 4 Reward Points on online spends and 2 Reward Points on other spends for every ₹150, along with a significant 5% cashback on essential business payments like telecom, utility, government, and taxes.
• Dining Benefits: Provides up to 20% off on dining bills through Swiggy Dineout.
• Fuel Surcharge Waiver: A valuable benefit for businesses with vehicle fleets or frequent fuel expenses.
• Milestone Rewards: Incentivizes higher spending with bonus reward points on achieving annual spend thresholds.
• Financial Security: Features zero lost card liability for peace of mind.
• Flexible Spending: Includes No-Cost EMI options for large business purchases.
• Fee Waiver: The annual renewal fee can be waived by meeting a reasonable spend target.
• Cashback Redemption: Offers the flexibility to convert reward points into cashback for bill payments.

Cons

• Annual Fees: A joining and renewal fee of ₹500 + GST applies, though the renewal fee is waivable.
• Reward Redemption Fee: A charge of ₹99 + taxes per redemption request can diminish the value of smaller redemptions.
• Foreign Transaction Charges: A 3.5% foreign currency markup can be high for international business travel or purchases.
• Interest Rates: The high interest rate of 3.6% per month (43.2% per annum) makes carrying a balance expensive.
• No Welcome Benefits: Lacks initial perks or bonus points upon card activation.
• No Travel or Lifestyle Benefits: Does not offer benefits like lounge access, golf, or insurance, which might be important for some business travelers.
• Reward Exclusions: Specific spending categories such as wallet, EMI, rent, education, and fuel do not earn reward points, which could be a drawback for certain business expenses.

Important Product Details

• Reward Points:
  • Earn 4 Reward Points on every ₹150 spent online.
  • Earn 2 Reward Points on every ₹150 spent on other transactions.
• Cashback:
  • Get 5% Cashback on Telecom, Utility, Government, and Tax Payments.
• Dining Savings:
  • Save up to 20% on dining bills through Swiggy Dineout.
• Fuel Surcharge Waiver:
  • 1% waiver on fuel surcharge for transactions between ₹400 and ₹5,000, with a maximum waiver of ₹250 per statement cycle.
• Milestone Benefit:
  • Receive 2,500 Bonus Reward Points on annual spends of ₹1,80,000.
• Zero Lost Card Liability:
  • Protection against unauthorized transactions if the card is reported lost promptly.
• No-Cost EMI:
  • Available for significant business purchases.
• Annual Fee Waiver:
  • Renewal fee waived upon spending ₹50,000 in a year.
• Joining Fee: ₹500 + GST.
• Renewal Fee: ₹500 + GST.
• Rewards Redemption Fee: ₹99 per request + applicable taxes.
• Foreign Currency Markup: 3.5%.
• Interest Rates: 3.6% per month (43.2% per annum).
• Cash Advance Charges: 2.5% of withdrawal amount (minimum ₹500).
• Reward Point Exclusions: No reward points on wallet, EMI, rent, education, and fuel payments.
• Reward Point Validity: Points are valid for two years from the date of accumulation.
• Cashback Redemption Minimum: Minimum ₹2,500 for cashback redemption.

Other Details

• Card Type: Business Credit Card
• Best Suited For: Business Expenses
• Contactless Payment: The card supports contactless payment technology.