Paytm HDFC Bank SELECT Business Credit Card – Benefits, Fees & Eligibility

Introduction

The Paytm HDFC Bank SELECT Business Credit Card is a co-branded business credit card offered by HDFC Bank in partnership with Paytm, designed exclusively for Paytm customers. Positioned as a premium offering for businesses, it provides substantial cashback on Paytm Mall and Paytm App transactions, complimentary domestic airport lounge access, and a Paytm First Membership as a welcome benefit. It is particularly suited for businesses that conduct frequent transactions on Paytm and Paytm Mall.

Welcome Benefits

• Complimentary Paytm First Membership as a welcome gift, activated upon making your first transaction worth Rs. 100 or more within one year of card issuance. Paytm First is a premium subscription-based rewards & loyalty program for Paytm users, offering exclusive benefits.
• Rs. 500 worth Gift Voucher upon card activation with 6 transactions in the first 90 days (Non-EMI Spends).

Fees

• Joining Fee: Rs. 1,000 (plus applicable taxes).
• Renewal Fee: Rs. 1,000 (plus applicable taxes).
• Spend-Based Waiver:
  • First Year Fee waived upon spending Rs. 60,000 (Non-EMI spends) within the first 90 days.
  • Renewal Year Fee waived upon spending Rs. 1,00,000 (Non-EMI spends) in the 12 months period.
• Rewards Redemption Fee: No Rewards Redemption Fee on redemption of reward points towards cashback.
• Foreign Currency Markup: 3.5% (plus applicable taxes) on all foreign currency transactions.
• Interest Rates: 3.6% per month (43.2% annually) applicable on the due amount if not cleared by the payment due date.
• Fuel Surcharge Waiver: 1% fuel surcharge waived off for all transactions between Rs. 400 & Rs. 5,000. Maximum cashback of Rs. 500 per statement cycle.
• Cash Advance Charges: 2.5% of the amount transacted or a minimum of Rs. 500.

Rewards

• Cashback Rates:
  • 5% cashback on all purchases in Paytm Mall.
  • 3% cashback on all purchases in Travel & monthly bill payments through standing instructions only on Paytm App.
  • 1% cashback on all other spends.
• Movie & Dining: Up to 20% discount on partner restaurants via Dineout.
• Travel: Cashbacks can be used to book hotel/flight bookings on Smartbuy.
• Domestic Lounge Access: 12 complimentary access to Domestic Airport Lounges across the country in a calendar year (capped at 3 visits per Quarter). Visits exceeding the complimentary quota will be allowed at the discretion of the lounge and will be chargeable as per the lounge.
• Insurance Benefits: The Cardholder is eligible for Personal Accidental Death Cover and Permanent Disability Cover.
  • Base Cover of Rs. 500,000/- requires at least 1 POS / eCommerce transaction with the Co-Brand Credit Card up to 30 days prior to the date of loss.
  • Additional Accelerated Coverage of Rs. 1,000,000/- requires a minimum of 1 POS / eCommerce transaction with the Co-Brand Credit Card plus Credit Card spends of greater than Rs. 25,000 up to 30 days prior to the date of loss.
  • Additional Accelerated Coverage of Rs. 1,500,000/- requires a minimum of 1 POS / eCommerce transaction with the Co-Brand Credit Card plus Credit Card spends of greater than Rs. 50,000 up to 30 days prior to the date of loss.
• Milestone Benefits: Rs. 1,000 worth Gift Voucher on spending over Rs. 2 Lac in a year (Non-EMI Spends).

Rewards Redemption Guide

• Cashback earned on the card is given to the cardholder as Cashpoints.
• Cashpoints can be redeemed against the outstanding balance as cashback, where Re. 1 Cashpoint = Re. 1 Cashback.
• Cashpoints can also be used for redemption against other categories such as Smartbuy (Flights/Hotels), Airmiles & Product Catalogue, where Re. 1 Cashpoint = Re. 0.3.

Card Eligibility Criteria

• The age of the applicant should be a minimum of 21 years.
• The applicant should own a registered business with a stable income.
• The credit score of the applicant or their business credit score might also be considered.

Documents Required

• Identity Proof: Aadhar Card, PAN Card, Passport, Voters’ Id, Driving License (any one of these).
• Address Proof: Aadhar Card, latest months’ utility bills, Voters’ Id, Passport (any one of these).
• Proof of Income: Latest bank statements/Latest ITR.
• Other documents may include a passport-sized photograph.

Card Review

• Overall Verdict: The Paytm HDFC Bank SELECT Business Credit Card is considered one of the best business credit cards by HDFC Bank, particularly valuable for businesses that frequently use Paytm and Paytm Mall for their expenses.
• Pros: Offers up to 5% cashback on Paytm Mall purchases, 3% cashback on travel and monthly bill payments via the Paytm App, and 1% cashback on all other spends. It also provides 12 complimentary domestic airport lounge accesses, comprehensive insurance covers, and supports contactless payments. The card offers quick loans for businesses.
• Cons: The 1% cashback on general spends might be perceived as low, especially when compared to other cards with similar annual fees. The card's maximum value is realized when a significant portion of transactions occurs through Paytm and Paytm Mall.
• Who should apply: This card is ideal for business owners who frequently make purchases on Paytm Mall, pay bills, and book travel through the Paytm App, seeking to maximize cashback and benefits on their business expenditures within the Paytm ecosystem.

Important Product Details

• Get 5% cashback on all purchases made in Paytm Mall.
• Get 3% cashback on all purchases in Travel & monthly bill payments through standing instructions only on Paytm App.
• Get 1% cashback on all other spends.
• Enjoy 12 Complimentary access to Domestic Airport Lounges across the country in a calendar year (Capped at 3 visits per Quarter).
• Get a 1% fuel surcharge waiver for transactions between Rs. 400 & Rs. 5,000, with a maximum cashback of Rs. 500 per statement cycle.
• Receive complimentary Paytm First Membership as a welcome gift.
• Get Rs. 500 worth Gift Voucher with 6 transactions in the first 90 days since card activation.
• Enjoy Dining benefits with up to 20% discount on partner restaurants via Dineout.
• Benefit from Personal Accidental Death Cover and Permanent Disability Cover.
• Receive a Rs. 1,000 worth Gift Voucher on spending over Rs. 2 Lac in a year (Non-EMI Spends).
• The card is enabled for contactless payments, facilitating fast, convenient, and secure transactions.
• Offers quick loans for businesses in short durations.
• Zero cost liability on reporting a lost card to the bank’s 24-hour call center.

Other Details

• The card is enabled for contactless payments, facilitating fast, convenient, and secure payments at retail outlets.
• Offers an extended credit-free period of up to 50 days for all purchases.
• To apply online, visit HDFC Bank’s official website, navigate to 'Borrow,' then 'Cards,' select 'Credit Cards,' choose 'Business Credit Cards,' and then 'Paytm HDFC Bank Select Business Credit Card,' and click 'Apply Now' to fill in the required details.
• To apply offline, visit your nearest HDFC Bank branch with all necessary documents and fill out the physical application form.
• All benefits mentioned are subject to terms and conditions levied by HDFC Bank.