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

Introduction

The HDFC Bank Purchase Reward Credit Card is a commercial credit card designed for businesses, offering an interest-free credit period of up to 45 days and a streamlined purchase process. Its primary differentiating benefits include limitless cashback on all transactions, with up to 1.25% cashback on regular business expenses, and significant savings through SmartBuy BizDeals on business travel and software purchases.

Fees

• Joining/Renewal Fees: Nil
• Reissue of Lost, Stolen, or Damaged Card: ₹100 per card re-issued
• Payment Return Fee: 2% of payment amount, subject to a minimum of ₹450
• Retrieval Fee (Chargeslip): ₹125 per Chargeslip
• Interest Rate (on outstanding amount past due date): 2.95% per month (35.4% annually)
• Late Payment Fees:
  • ₹100 for amounts between ₹100 and ₹500
  • Up to ₹750 for amounts above ₹10,000
• Cash Processing Fee: 1% of the transaction amount
• Railway Ticket Purchase Fee: 1.8% of the transaction amount if payment is made through the HDFC Bank payment gateway
• Rent Payment Fee: 1% of the total transaction amount, applicable from the second rental transaction of the calendar month
• Card Validation Fee: ₹2 (non-reversible)
• Goods and Services Tax (GST): Applicable GST depends on the place of provision (POP) and place of supply (POS). GST for fees, charges, and interest transactions billed on the statement date will reflect in the next month's statement and will not be reversed on any dispute.

Rewards

• CashBack Benefits:
  • Up to 1.25% CashBack on regular business expenses.
  • Monthly cashback is capped at ₹25 lakh per card.
  • CashBack is eligible for all types of General MCC spends and Special MCC spends.
  • CashBack Eligibility Criteria: Total spends in a month (excluding EMI & fuel spends) must be above ₹50 lakh.
  • CashBack Exclusions: EMI spends and fuel spends are not eligible for cashback. If an EMI option is opted and the transaction does not convert into EMI, the spend is still not eligible for cashback.
  • Customers will not receive cashback if they are delinquent for any product within the bank in the delinquent month, and any missed cashback will not be processed later.
• 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:
    • 4% off on Flights and Hotels booking.
    • Discounted Fares, Free Meal & Seat Selection, Low Fees for Cancellation.
  • Business Productivity Tools via Nuclei:
    • Instant discount on Business Software such as Google Workspace, Tally Prime, AWS, Microsoft Azure & more.
• Business Benefits:
  • Hotel & flight booking on MMT MyBiz powered by SmartBuy BizDeals.
  • Premium tools like Tally, Office 365, AWS, Google, Credflow, Azure & more via SmartBuy BizDeals - Nuclei.
  • Ability to load funds over and above the credit limit to utilize as per requirements (Pre-Fund).
• Process Benefits:
  • Zero paperwork for requisitions, purchase orders, invoices, and supplier payments, leading to better manpower productivity.
  • Direct company expenses are centrally accounted for on the HDFC Bank Purchase Credit Card.
  • Reduces transaction processing time and overall cost of high-volume / low-value transactions.
  • Eliminates the need for multiple payment systems, invoices & cheques.
  • Restrictions can be placed on cards based on transaction and vendor/merchant category for better control (Variable Controls).
• Banking Benefits:
  • Advance payments using HDFC Bank Purchase Cards, combined with consolidated spend reports, help strengthen negotiation power and secure better discounts from suppliers.
  • Consolidated spend reports to negotiate better with suppliers.
  • Reduced transaction processing time and overall cost of high volume / low value transactions.
• Interest-free Credit Period: Get up to 45 days of interest-free credit from the date of purchase (subject to submission of the charge by the Merchant).
• Contactless Payment: The card is enabled for Contactless Payments at retail outlets. In India, contactless payments are allowed for a maximum of ₹2,000 for a single transaction without a PIN; for amounts higher than or equal to ₹2,000, the Card holder must enter the Credit Card PIN.
• Electricity Payment: No surcharge at the Bank’s end on electricity payment through the card. However, if the biller surcharges on their website for payment through Credit Card, then the same will be applicable.

Rewards Redemption Guide

• CashBack can be redeemed for exciting rewards, gift vouchers, or statement credit.

Card Eligibility Criteria

• Corporate Cards are issued by HDFC Bank on the recommendation of the company named in the application form to facilitate payment of expenses incurred for bonafide business purposes.
• Multiple Purchase Reward Cards can be issued to a company as per their requirement, up to a maximum of 10 cards.

Important Product Details

• Positive Highlights:
  • Nil joining and renewal fees.
  • Up to 1.25% cashback on business expenses.
  • Up to 45 days interest-free credit period.
  • Significant savings on business travel and software via SmartBuy BizDeals (up to 40%).
  • Streamlined expense management with zero paperwork and centralized accounting.
  • Ability to set transaction and merchant category restrictions for better control.
  • Option to pre-fund the card over the credit limit.
  • Contactless payment enabled.
  • No bank surcharge on electricity payments.
  • Virtual cards can be created.
• Negative Highlights:
  • High monthly spend threshold (above ₹50 lakh) required to be eligible for cashback.
  • Cashback is capped at ₹25 lakh per card per month.
  • EMI and fuel spends are excluded from cashback.
  • Various fees apply for reissuance, payment returns, late payments, cash processing, railway ticket purchases, and rent payments.
  • Cashback is not provided if the customer is delinquent for any bank product.

Other Details

• Credit Period: The credit period on Purchase Reward Credit Cards is 30 + 15 Days = 45 days.
• Credit Limit Rotation: For example, if the credit limit is ₹10,000 and total spends are ₹50,000, credit limit rotation is 5X.
• Merchant Category Code (MCC) Restrictions: MCC-wise restriction is possible on the card; relevant MCC group/promo ID needs to be selected by the corporate on the MID while submitting the application.
• Auto-debit Option: Auto-debit is available for credit card payments.
• 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 on or before the due date, else interest charges would be applicable.
• Virtual Cards: Virtual cards can be created on the Purchase Reward Card through the Corporate Service Portal. A maximum of 300 virtual cards can be created on a Purchase Reward Card in a day.
• Address Change/Update: Address can be changed/updated by writing an email to corporateassist@hdfc.bank.in, logging on to the HDFC Bank Corporate Portal, or by downloading the Application form for the change of Contact details - Credit cards.
• Special MCC Spends & General MCC Spends: Special MCC spends include, but are not limited to, 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.
• Most Important Terms and Conditions: Specific terms and conditions govern the use of this banking offering, and thorough review is recommended.