HDFC Bank Purchase Moneyback Credit Card – Benefits, Fees & Eligibility

Introduction

The Purchase MoneyBack Credit Card, issued by HDFC Bank, is a commercial credit card designed to help businesses transform their expenses into earnings. It offers an interest-free credit period of up to 50 days, cashback on business expenses, and wide global acceptance. Key differentiating benefits include a low foreign currency mark-up and exclusive savings on business travel and software purchases.

Fees

• Joining Fee: NIL
• Renewal Fee: NIL
• Interest Rates: 1.99% per month (23.88% annually) on the outstanding amount when revolving.
• Foreign Currency Markup: 2.5% on international transactions.
• 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.
• Late Payment Fees:
  • ₹100 for amounts between ₹100 and ₹500.
  • ₹750 for amounts above ₹10,000. (Fees vary based on total amount due).
• Payment Return Charges: 2% of the payment amount, subject to a minimum charge of ₹450.
• Retrieval Fee: ₹125 per chargeslip.
• Railway Ticket Purchase Fee: 1.8% of the transaction amount if payment is made through the HDFC Bank payment gateway.
• Rent Payment Fee: 1% fee on rent payments made via credit cards on platforms like CRED, Paytm, and others, with a maximum charge of ₹3,000 per transaction.
• Fuel Surcharge: Not explicitly mentioned as a surcharge by the bank. Fuel spends are classified as "Special MCC spends" which are excluded from cashback eligibility.
• Electricity Payment Surcharge: No surcharge at the Bank’s end on electricity payments. However, if the biller surcharges on their website for payment through credit card, that charge will be applicable.

Rewards

• CashBack:
  • Up to 1% CashBack on all retail purchases.
  • Monthly rebate limit capped to ₹10 Lacs/month.
  • Cashback Eligibility:
    • All general spends above ₹5 lakhs are eligible for cashback.
    • Utility payments above ₹10 lakhs are eligible for cashback.
    • Cashback is not eligible if EMI has been opted for.
    • Excludes BBPS Spends and Fuel Spends.
    • If the customer is delinquent for any product within the bank, they will not receive cashback for their Purchase card spends in the delinquent month. Any missed cashback due to delinquency will not be processed or paid in subsequent months.
  • Special MCC Spends: Include spends on merchants such as Taxes, Government related services, Telecom, Groceries, Fuel, Utility, Insurance, Education, Home décor, Railway, Restaurant, Taxi, Toll fees, Bus lines, Charity, Political organisations, Religious organisations, Beauty shops, Barber shops, Child care services, Real estate agents & rentals, Legal services, Halls, Studios, Laundry services, Agricultural co-operatives, Electrical contractors, Civic, Tax preparation services, Social organisations, Fraternal organisations, Department stores, Supermarkets, Bakeries and Confectionery stores. These are generally excluded from cashback or have specific conditions.
  • General MCC Spends: Spends other than the above-mentioned special MCCs.
• Travel Benefits:
  • 4% off on hotel & flight booking on MMT MyBiz powered by SmartBuy BizDeals.
  • Discounted fares, free meal & seat selection, and low fees for cancellation.
  • Up to 40% savings on business travel and software purchases on SmartBuy.
• Productivity Benefits:
  • Access to tools like Tally, Office 365, AWS, Google, Credflow, Azure & more via SmartBuy BizDeals-Nuclei.
  • Instant discount on business software such as Google Workspace, Tally Prime, AWS, Microsoft Azure & more.
• Interest-free Credit Period: Up to 50 days of interest-free credit from the date of purchase (subject to submission of the charge by the Merchant). The credit period is 30 + 20 Days.

Important Product Details

• Positive Highlights:
  • NIL Joining and Renewal Fees.
  • Interest-free credit period of up to 50 days.
  • Low foreign currency mark-up of 2.5%.
  • Cashback on general business expenses and utility payments.
  • Significant savings and discounts on business travel and software.
  • Enhanced control over expenses with transaction and merchant category restrictions.
  • Contactless payment enabled for convenience.
  • Ability to issue multiple cards (up to 5) to a company.
• Negative Highlights:
  • Cashback is not eligible for EMI spends, BBPS spends, and Fuel spends.
  • Monthly cashback is capped at ₹10 Lacs.
  • Cashback is forfeited if the customer is delinquent on any bank product.
  • Specific fees apply for late payments, payment returns, railway ticket purchases, and rent payments.

Other Details

• Better Control on Expenses:
  • Restrictions can be placed on the Purchase MoneyBack card as per transaction and vendor/merchant category for better control.
  • Provides better control on expenses based on spends data reports on expense patterns.
  • Merchant Category Code (MCC) wise restriction is possible; relevant MCC group/promo id needs to be selected by corporate on the MID while submitting the application.
• Revolving Credit: The corporate can revolve 30% (Minimum Amount Due - MAD) of the Total Amount Due (TAD). While calculating the MAD, other charges such as interest, fee, GST, etc., are excluded.
• Contactless Payment: The Purchase MoneyBack Credit Card is enabled for Contactless Payments at retail outlets. In India, contactless payments are allowed for a maximum of ₹5,000 for a single transaction without a PIN. For amounts higher than or equal to ₹5,000, the cardholder must enter the Credit Card PIN for security reasons.
• Payment Options: Payments can be made via cheque, auto debits, or online modes such as NEFT, RTGS. Full payment needs to be made by the corporate to the Bank.
• Auto-debit Option: Auto-debit option for Credit Card payment is possible on the Purchase MoneyBack Card.
• Multiple Cards: Multiple Purchase MoneyBack Cards can be issued to a company as per their requirement, up to a maximum of 5 cards.
• Terms and Conditions: All banking offerings are governed by specific Most Important Terms and Conditions, which should be thoroughly reviewed by the user.