HDFC Bank Corporate Platinum Credit Card – Benefits, Fees & Eligibility

HDFC Bank Corporate Platinum Credit Card

Introduction

The HDFC Bank Corporate Platinum Credit Card is a popular business credit card designed to simplify business expenses while offering attractive benefits across various categories. It provides a decent reward rate, comprehensive travel benefits including complimentary domestic lounge access, and extensive insurance coverage. This card empowers business owners with enhanced reporting tools to track employee expenses, set spending limits, and generate customized reports on expenditures, categories, and behavior for better-informed business decisions. Additionally, it offers features like a fuel surcharge waiver, up to 50 days of interest-free credit, and an advanced reconciliation process, making it a valuable tool for modern businesses.

Fees

• Joining Fee: NIL
• Renewal Fee: Nil
• Rewards Redemption Fee: Rs. 99 per redemption request (plus applicable taxes)
• Foreign Currency Markup: 3.5% on all foreign currency spends. These charges will be billed on your subsequent statement within 60 days of the date of visit. Currency conversion rate is applicable as on the date of settlement.
• Interest Rates: 3.49% per month (41.88% per annum) on the due amount if not cleared by the payment due date.
• Fuel Surcharge: 1% fuel surcharge waiver on fuel transactions between Rs. 400 to Rs. 5,000 only, across all petrol pumps. The fuel surcharge waiver is capped at Rs. 500 per statement cycle (GST Applicable).
• Cash Advance Charges: 2.5% of the withdrawal amount, subject to a minimum charge of Rs. 500.
• Late Payment Fee: An interest rate of 3.49% per month (41.88% per annum) is applicable on the due amount on the card if the cardholder is unable to clear all the dues by the payment due date.
• Goods and Services Tax (GST): The applicable GST would be dependent on place of provision (POP) and place of supply (POS). If POP and POS is in the same state then applicable GST would be CGST and SGST/UTGST else, IGST. GST for Fee & Charges / Interest transactions billed on statement date will reflect in the next month's statement. GST levied will not be reversed on any dispute on Fee & Charges / interest.

Rewards

• Reward Points Earning: Earn 3 Reward Points for every Rs. 150 spent.
• Reward Points Cap: A maximum of 6,000 reward points can be earned per statement cycle.
• Domestic Lounge Access: Enjoy 2 complimentary domestic airport lounge visits quarterly, totaling 8 domestic airport lounge accesses annually.
• Corporate Liability Waiver Insurance: The card offers Corporate Liability Waiver Insurance.
• Insurance Protection: Comprehensive insurance covers are provided for the primary cardholders.
  • Air Accidental Death: Nominated kin will receive a compensation of Rs. 1 Crore.
  • Emergency Medical Expenses: Protection worth up to Rs. 1 lakh against any medical emergency when traveling outside your home country.
  • Flight Delay: Cover of up to INR 15,000 available to the primary card holder.
  • Loss of Checked Baggage: Cover of up to INR 15,000 available to the primary card holder.
  • Missed Connecting International Flight: Cover of up to INR 15,000 available to the primary card holder.
• Exclusive SmartBuy Corporate Portal: An exclusive earn and burn portal for Corporate Credit cardholders.
  • Redeem Reward Points instantly for airline ticket booking, hotel booking, and items from the reward redemption catalogue.
  • 1 Reward Point = INR 0.30 when redeemed on offers.smartbuy.hdfcbank.com/corporate.
• SmartBuy BizDeals Benefits: Avail up to 40% savings on business travel and software purchases via smartbuy.hdfcbank.com/business.
  • Business Travel Benefits via MMT MyBiz: Includes discounted fares, free meal & seat selection, and low fees for cancellation.
  • Business Productivity Tools via Nuclei: Offers instant discounts on business software such as Google Workspace, Tally Prime, AWS, Microsoft Azure & more.
• Interest-Free Credit Period: Avail up to 50 days of interest-free period on your HDFC Bank Corporate Platinum Credit Card from the date of purchase (subject to the submission of the charge by the Merchant).
• Fuel Surcharge Waiver: Receive a 1% fuel surcharge waiver on transactions between Rs. 400 and Rs. 5,000 at all petrol pumps, capped at Rs. 500 per statement cycle (GST Applicable).
• Enhanced Reporting Tools:
  • Easy accessible online reporting tool anytime, anywhere.
  • Get customized reports on expenses, spend categories, and behavior for better informed business decisions.
  • View detailed transaction information at employee level.
• Advanced Reconciliation Process:
  • Get consolidated reports for transactions across the globe.
  • Easy integration with existing accounting systems.
  • Paperless claims, eliminating the need to save bills.
  • Faster and efficient processing.
  • Simplified reconciliation and compliance tasks.
• Greater Savings:
  • Up to 50 Days Credit Period.
  • Better negotiations with airlines, hotel chains, etc., allowing better savings for the business.
• Contactless Payment: The card is enabled for contactless payments, facilitating fast, convenient, and secure payments at retail outlets. In India, payment through contactless mode is allowed for a maximum of ₹5000 for a single transaction without a PIN. For amounts higher than or equal to ₹5000, the cardholder must enter the Credit Card PIN for security reasons.
• Zero Liability Protection: The card comes with Zero Protection liability against any fraudulent transactions if reported within a stipulated time to HDFC 24x7 customer care.

Rewards Redemption Guide

• Reward Points can be redeemed for miles against leading International and Domestic airlines, hotels, and catalogue options.
• Reward points are valid for up to 2 years.
• Reward points will not be accrued on transactions made towards rent payment.
• For Airmiles redemption in NetBanking, please complete Frequent Flyer registration beforehand.
• To enable international usage and upgrade your international daily limit, you can do so effortlessly through NetBanking.

Card Eligibility Criteria

• Age: The applicant’s age should be between 21 years and 65 years.
• Business Ownership: The applicant should own a registered business with a stable income.
• Credit Score: The credit score of the applicant or the business might also be an important factor to be considered.

Card Review

The HDFC Bank Corporate Platinum Credit Card is an excellent choice for corporates and business owners who frequently incur travel and operational expenses. It offers a solid reward rate of 3 Reward Points for every Rs. 150 spent, with a monthly cap of 6,000 reward points, which can be redeemed for travel and catalogue options. A significant advantage is the 8 complimentary domestic lounge accesses per year, making business travel more comfortable, although it lacks international lounge access. The comprehensive insurance covers, including air accidental death up to Rs. 1 Crore and various travel-related covers, provide substantial peace of mind.

Pros:

• Decent reward rate on all spends.
• Generous domestic airport lounge access.
• Extensive insurance coverage for primary cardholders, including high air accidental death cover.
• Advanced tools for expense tracking, reporting, and reconciliation simplify business operations.
• Up to 50 days of interest-free credit period.
• Valuable savings through SmartBuy Corporate Portal and BizDeals on travel and software.
• No joining or renewal fees.
• Zero Liability Protection against fraudulent transactions.

Cons:

• No international lounge access.
• Reward points do not accrue on rent payments.
• Rewards redemption fee applies per request.
• Foreign currency markup is 3.5%.

Overall, the HDFC Bank Corporate Platinum Credit Card is a highly valuable asset for businesses focused on efficient expense management, travel benefits, and comprehensive protection. It delivers significant value, especially for those with considerable domestic travel and recurring business software/service needs.

Important Product Details

• Earn 3 Reward Points for every Rs. 150 spent with the card, up to a maximum of 6,000 reward points per statement cycle.
• Enjoy 8 complimentary domestic airport lounge accesses per year (2 per quarter).
• Benefit from Corporate Liability Waiver Insurance.
• Receive Insurance Protection up to Rs. 1 Crore for Air Accidental Death.
• Avail up to 50 days of interest-free credit period.
• Get a 1% Fuel surcharge waiver on transactions between Rs. 400 and Rs. 5,000, capped at Rs. 500 per statement cycle.
• Comprehensive insurance covers for the primary cardholders including Emergency Medical Expenses, Flight Delay, Loss of Checked Baggage, and Missed Connecting International Flight.
• Access to the Exclusive SmartBuy Corporate Portal for offers and instant reward redemption.
• Redeem Reward Points for miles against leading International and Domestic airlines, hotels, and catalogue options.
• Reward points are valid for up to 2 years.
• The card is enabled for contactless payments for quick and secure transactions.
• Utilize SmartBuy BizDeals for up to 40% savings on business travel via MMT MyBiz and instant discounts on business software via Nuclei.
• No Joining Fee and no Renewal Fee.
• Offers Advanced Reconciliation Process and Better Visibility through Enhanced Reporting Tools for efficient business management.
• Zero Liability Protection for fraudulent transactions.

Other Details

How to Apply For The HDFC Bank Corporate Platinum Credit Card?

You can apply for the HDFC Bank Corporate Platinum Credit Card online or offline:

• Offline Application: Visit your nearest HDFC Bank branch with all required documents and fill out a physical application form.
• Online Application:
  • Visit HDFC Bank’s official website.
  • Under the 'Pay' section, select 'Cards' and then 'Credit Cards'.
  • Under the category ‘Commercial Credit Cards,’ choose the ‘HDFC Bank Corporate Platinum Credit Card.’
  • Click on ‘Apply Now’ and fill in the online application form.

Documents Required

• Identity Proof: Aadhar Card, PAN Card, Voter’s Id, Driving License, or Passport.
• Address Proof: Latest months’ utility bills, Aadhar Card, or Passport.
• Additional Documents: Passport-sized photograph, audited ITR, etc., might be required.