HDFC Purchase Credit Card – Benefits, Fees & Eligibility

HDFC Purchase Credit Card

Introduction

The HDFC Purchase Credit Card is a fundamental business credit card designed by HDFC Bank to streamline the purchasing process for corporate entities. Its primary objective is to enhance process efficiency and provide superior control over company expenses. This card facilitates payments to vendors with improved oversight, enabling corporates to effectively track and manage their expenditures. While HDFC Bank offers more premium business cards, the HDFC Purchase Credit Card serves as an excellent starting point for businesses seeking a basic yet effective tool for expense management.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3.5% (plus applicable taxes)
• Interest Rates: Up to 2.95% per month
• Fuel Surcharge:
  • The surcharge itself is typically 1% to 2.5% of the transaction amount.
  • A waiver of 1% to 2.5% on fuel surcharge is offered at all filling stations across India. The exact waiver amount depends on the fuel station and the acquiring bank.
• Cash Advance Charges: 2.50% of the withdrawn amount, subject to a minimum charge of Rs. 500.

Rewards

The HDFC Purchase Credit Card is primarily an expense management tool and is not structured as a traditional reward-earning card. It does not offer typical reward points on transactions for redemption. However, it provides significant savings and benefits through its associated programs:

• Credit Period: Up to 45 days of credit period on the Purchase Card.
• 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:
    • Discounted Fares
    • Free Meal & Seat Selection
    • Low Fees for Cancellation
  • Business Productivity Tools via Nuclei:
    • Instant discounts on business software such as Google Workspace, Tally Prime, AWS, Microsoft Azure, and more.
  • Hotel & flight booking services available through MMT MyBiz, powered by SmartBuy BizDeals.
  • Access to business productivity tools like Tally, Office 365, AWS, Google, Credflow, Azure & more via SmartBuy BizDeals - Nuclei.

Rewards Redemption Guide

Given that this card is not a traditional reward-earning card, there is no specific guide for redeeming points or cashback. The benefits are primarily offered as direct savings or discounts through platforms like SmartBuy BizDeals and MMT MyBiz.

Card Eligibility Criteria

• Basic Criteria for Companies:
  • The company should be at least two years old.
  • The company must have a minimum annual turnover of Rs 25 crores.
• Applicant Criteria (for individual cardholders within the corporate structure):
  • The applicant's age should be between 21 years to 65 years.
  • The applicant should have a registered business with a stable income.
  • The credit score of the applicant may also play an important role.
• Issuance: HDFC Bank Purchase Cards are issued upon satisfactory execution of all documents and completion of all checks & formalities, as per the Bank’s Policy.

Documents Required

• Identity Proof: Aadhar Card, PAN Card, Driving License, Voter’s Id, or Passport.
• Address Proof: Aadhar Card, Utility bills of latest months, Passport, etc.
• Business Documents: Business registration certificate, latest audited ITR.
• Other: Passport-sized photograph.

Card Review

The HDFC Purchase Credit Card is a straightforward and practical solution for corporates aiming to efficiently manage and monitor their daily expenses. It excels in providing better control over expenditures by allowing restrictions on transactions and merchant categories, offering consolidated spend reports, and facilitating a paperless purchase process. The card's key strengths lie in its ability to reduce transaction processing time, lower costs for high-volume and low-value transactions, and eliminate the need for multiple payment systems. It also offers valuable additional savings and benefits through the SmartBuy BizDeals platform, including discounted business travel and software. As a lifetime free credit card with zero joining and annual fees, it presents a cost-effective option for businesses.

However, it is crucial to note that this card is not designed for earning traditional rewards points, cashback, or luxury lifestyle benefits typically associated with personal or premium business credit cards (e.g., movies, dining, travel lounges, golf, or insurance benefits). Its purpose is purely functional: to optimize corporate procurement and expense management. Therefore, it is an excellent choice for businesses primarily focused on financial efficiency and control rather than lavish perks.

Important Product Details

• Expense Management & Control:
  • Streamlines the purchase process with a convenient paperless system, enhancing manpower productivity.
  • Allows all direct company expenses to be centrally accounted on the HDFC Bank Purchase Credit Card.
  • Reduces transaction processing time and overall cost for high volume & low value transactions.
  • Eliminates the need for multiple payment systems, invoices, and cheques.
  • Enables placement of restrictions on cards based on transaction and vendor/merchant category for better control.
  • Provides better control over expenses through spend data reports on expense patterns.
  • Advance payments & consolidated spend reports assist in better negotiation with suppliers.
• Financial Benefits & Savings:
  • Offers up to 45 days of credit period on the Purchase Card.
  • Provides up to 40% savings on business travel and software purchases via SmartBuy BizDeals.
  • Features discounted fares, free meal & seat selection, and low fees for cancellation on business travel via MMT MyBiz.
  • Offers instant discounts on business software (e.g., Google Workspace, Tally Prime, AWS, Microsoft Azure) via Nuclei.
• Fees & Charges:
  • Lifetime free credit card with zero joining and annual fees.
  • Rewards redemption fee is Nil.
  • Foreign Currency Markup is 3.5% (plus applicable taxes).
  • Interest rates can be up to 2.95% per month.
  • Fuel Surcharge waiver ranging from 1% to 2.5% at all filling stations across India.
  • Cash Advance Charges: 2.50% of the withdrawn amount (minimum Rs. 500).
• Security: Comes with Zero Protection Liability against any fraudulent transactions made on the credit card if reported within a stipulated time to HDFC 24x7 customer care.
• No Traditional Rewards: This card is not designed for earning traditional reward points on transactions.

Other Details

• How to Apply:
  • Online:
    • Visit the official website of HDFC Bank.
    • Navigate to the 'borrow' section, then select 'Cards' and subsequently 'Credit Cards'.
    • Under the Business Credit Cards category, select the HDFC Purchase Credit Card.
    • Click on 'Apply Now' and complete the digital application form.
    • Proceed with further steps as instructed.
  • Offline:
    • Visit your nearest HDFC Bank branch.
    • Bring all the required documents.
    • Fill out the physical application form available at the branch.