HDFC Bank Fleet Credit Card – Benefits, Fees & Eligibility

Introduction

The HDFC Bank Fleet Credit Card is a commercial credit card designed by HDFC Bank to streamline fleet management for businesses. Positioned as a specialized tool for fleet operators, its primary purpose is to facilitate fuel procurement from oil marketing companies. Key differentiating benefits include a complete fuel surcharge waiver, flexible credit periods of up to 37 days, and comprehensive expense management features through detailed reports.

Fees

• Joining/Renewal Fees: Nil
• Cash Processing Fee: 1% of the amount for all cash payments of card dues.
• Reissue of Lost, Stolen or Damaged Card: ₹100/- per card re-issue.
• Convenience Fee (applicable only on Dealer card): ₹300 per transaction.
• Late Payment Fees:
  • ₹100 for amounts between ₹100 and ₹500.
  • ₹750 for amounts above ₹10,000.
• Non-payment charges: 2.95% per month, amounting to 35.4% annually.
• Payment Return Charges: 2% of the payment amount, subject to a minimum charge of ₹450.
• Retrieval Fee: ₹125 per charge slip.
• Interest Rates: A flat interest rate is charged on purchase transactions made by Fleet operators, which varies as per the credit period offered by HDFC Bank.

Rewards

• Fuel Surcharge Waiver: Not applicable on fuel purchase transactions, leading to cost savings for fleet operators.
• Complimentary Travel Insurance: Protection against unforeseen travel-related incidents.
• Exclusive Deals and Discounts: Access to special offers on hotels, travel bookings, and business services.
• Reduced Transaction Processing Time: Helps lower the overall cost of high volume and low-value transactions.
• Enhanced Expense Control: Detailed spend data reports provide insights into expense patterns.
• Improved Negotiation Power: Advance payments and consolidated spending reports facilitate better negotiations with suppliers.

Card Review

The HDFC Bank Fleet Credit Card is an ideal solution for businesses and fleet operators focused on optimizing fuel procurement and managing related expenses. Its core strength lies in its specialization, offering a complete fuel surcharge waiver and flexible credit periods, which directly translate to cost savings and improved cash flow management. The card's dedicated corporate support, higher credit limits, and detailed reporting capabilities make it a robust tool for corporate fleet operations. However, its primary limitation is its restricted usage, as it can only be used for fuel purchases from selected oil marketing companies. Additionally, the requirement to clear 100% of the Minimum Amount Due without revolving credit means businesses must maintain strict payment discipline. Despite these restrictions, for its intended purpose, the card offers significant operational and financial benefits.

Important Product Details

• Positive Highlights:
  • Nil Joining and Renewal Fees.
  • Complete Fuel Surcharge Waiver on fuel expenses.
  • Multiple flexible credit period options, ranging from 15 to 37 days.
  • Customised Credit Card statements tailored to chosen credit cycles.
  • Easy expense management with detailed reports.
  • Dedicated corporate support team available for assistance.
  • Higher credit limits specifically designed for corporate fleet operations.
  • Cash advance facilities accessible at ATMs globally.
  • Complimentary travel insurance against unforeseen travel incidents.
  • Exclusive deals and discounts on hotels, travel bookings, and business services.
  • Reduces transaction processing time and overall cost for high-volume, low-value transactions.
  • Enables better negotiation with suppliers through consolidated spending reports.
• Negative Highlights:
  • Card usage is strictly restricted to purchasing fuel from selected oil marketing companies only.
  • No revolving credit is allowed; 100% Minimum Amount Due (MAD) must be cleared by the due date.
  • A flat interest rate is charged on purchase transactions, varying by credit period.
  • Cash Processing Fee of 1% applies to all cash payments of card dues.
  • Reissue of Lost, Stolen or Damaged Card incurs a fee of ₹100/-.
  • A Convenience Fee of ₹300 per transaction is applicable only on Dealer cards.
  • Late Payment Fees apply, ranging from ₹100 to ₹750 based on the total amount due.
  • Non-payment charges are significant at 2.95% per month (35.4% annually).
  • Payment Return Charges are 2% of the payment amount, with a minimum of ₹450.
  • A Retrieval Fee of ₹125 is charged per charge slip.

Other Details

• The HDFC Bank Fleet Credit Card is a Purchase Credit Card, a type of commercial credit card.
• It is used by Fleet Operators for procuring fuel from oil marketing companies using an HDFC Bank Purchase Credit Card.
• Fleet Cards can be used on designated portals of oil marketing companies for recharging their respective online wallets.
• Payment settlement to the Oil Marketing Company happens on T+1 day, where T is the transaction date (next working day of HDFC Bank).
• Credit cycle period options include 22 days (15+7), 28 days (21+7), and 37 days (30+7).
• The minimum payment amount is 100% Minimum Amount Due (MAD) to be cleared by the due date; no revolving of credit is allowed.
• Documentation and loyalty card issuance for the fleet owner are the responsibility of the Oil Marketing Company’s officer.
• Commercial Credit Card approvals are at the sole discretion of HDFC Bank Limited and are subject to documentation and verification as per the Bank's requirement. Interest rates are subject to change.