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

Paytm HDFC Bank Select Business Credit Card

Introduction

The Paytm HDFC Bank Select Business Credit Card is a co-branded business credit card, a collaboration between HDFC Bank and Paytm, designed specifically for Paytm customers and businesses that frequently transact on Paytm and Paytm Mall. This card offers various benefits including accelerated cashback on Paytm transactions, complimentary domestic airport lounge access, and a fuel surcharge waiver. Cardholders can also avail of quick business loans and enjoy features like contactless payments and interest-free credit for up to 50 days. It is a good option for businesses looking to maximize rewards on their Paytm-related expenses.

Welcome Benefits

• Paytm First Membership:
  • Receive a complimentary Paytm First Membership, a premium subscription-based rewards & loyalty program offering exclusive benefits.
  • Membership can be availed upon a minimum of one transaction of Rs. 100 or more.
  • The Paytm First membership will be activated within 15 working days upon meeting the transaction criteria within one year of card issuance.
  • Please Note: This feature will not be applicable for customers onboarded on or after September 10, 2024.
• Activation Benefit:
  • Enjoy a Rs. 500 worth Gift Voucher upon card activation.
  • To qualify, make 4 non-EMI transactions in the first 30 days from card activation.
  • Another source states qualification requires 6 non-EMI transactions in the first 90 days from card activation.
  • Qualified customers will be communicated regarding the availing of Gift Vouchers.

Fees

• Joining Fee: Rs. 1,000 + GST (or plus applicable taxes).
• Renewal Fee: Rs. 1,000 + GST (or 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-month 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) on the due amount if not cleared by the payment due date.
• Fuel Surcharge Waiver:
  • 1% fuel surcharge waived off on fuel transactions.
  • Applicable on minimum transactions of Rs. 400 and maximum transactions of Rs. 5,000.
  • Maximum waiver of Rs. 250 per statement cycle (as per one source).
  • Maximum waiver of Rs. 500 per statement cycle (as per another source).
• Cash Advance Charges: 2.5% of the amount transacted or a minimum of Rs. 500.

Rewards

• Cashpoints Benefits:
  • 5% Cashpoints on purchases on Paytm (Recharge, Utility, Travel, Movies, Mini App, and Paytm Mall purchases). Max. Cap per Calendar Month - 1500 Cashpoints.
  • 3% Cashpoints on Accelerated Categories like Swiggy, AJIO, Big Basket, Uber, and monthly bill payments through standing instructions on Paytm App. Max. Cap per Calendar Month - 500 Cashpoints.
  • 1% Cashpoints on all other retail transactions. Max. Cap per Calendar Month - 2000 Cashpoints.
• Exclusions for Cashpoints:
  • Fuel, EMI, Wallet loads, Rent payments, and Education related transactions will not earn Cashpoints.
  • With effect from July 1, 2025, Online Skill Based gaming transactions will not earn Cashpoints.
• Movies & Dining:
  • Up to 20% discount on partner restaurants via Dineout.
• Travel:
  • Cashpoints 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.
  • A nominal charge of Rs. 2 will be charged to the Credit Card for Lounge Access.
  • Visits exceeding the complimentary quota may be allowed at the discretion of the lounge and will be chargeable as per the lounge's policy.
• International Lounge Access: Not applicable.
• Golf: Not applicable.
• Milestone Benefit:
  • Enjoy Rs. 1,000 worth Gift Voucher on spends of Rs. 2 Lakh in a year.
  • This excludes EMI, Wallet, and Rental Spends.
  • Qualified customers will be communicated for availing Gift Vouchers.
  • This offer is only applicable from 1 year of card issuance.
• Insurance Benefits (Discontinued):
  • The Cardholder was eligible for Personal Accidental Death Cover + Permanent Disability Cover.
  • This feature has been discontinued with effect from February 1, 2023, for all Cardholders.
  • Historical Coverage Details (Pre-Feb 1, 2023):
    • Base Cover: Rs. 5 Lakh for Personal Accidental Death Cover + Permanent Disability Cover. Condition: At least 1 POS/E-COM Transaction in last 30 days.
    • Accelerated Cover I: Rs. 10 Lakh for Personal Accidental Death Cover + Permanent Disability Cover. Condition: 1 POS/E-COM Transaction in last 30 days + Spends greater than Rs. 25,000.
    • Accelerated Cover II: Rs. 15 Lakh for Personal Accidental Death Cover + Permanent Disability Cover. Condition: 1 POS/E-COM Transaction in last 30 days + Spends greater than Rs. 50,000.
    • Total Historical Cover: Rs. 30 Lakh.
    • Policy period for the above coverage was from February 1, 2022, till January 31, 2023. It was activated on a monthly basis as per given conditions.

Rewards Redemption Guide

• The cashback earned on the Paytm HDFC Bank Select Business Credit Card is given as Cashpoints.
• Cashpoints can be redeemed as Cashback against the statement balance.
  • Re. 1 Cashpoint = Re. 1 Cashback for redemption against the statement balance.
• Cashpoints can also be used for redeeming against other categories such as travel benefits (Flight & Hotel bookings) and the Rewards Catalogue at the SmartBuy Rewards Portal.
  • Re. 1 Cashpoint = Re. 0.3 for redemption against travel benefits and Rewards Catalogue at the SmartBuy Rewards Portal.
• Cashpoints for a particular calendar month shall be accrued in your card account in the first week of the subsequent month on a cumulative basis.

Card Eligibility Criteria

• Eligibility Rules:
  • 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 his business credit score might also be considered.
• Documents Required:
  • Identity Proof: Aadhar Card, PAN Card, Passport, Voters’ Id, Driving License (any one).
  • Address Proof: Aadhar Card, latest months’ utility bills, Voters’ Id, Passport (any one).
  • Proof of Income: Latest bank statements/Latest ITR.
  • Other documents like a passport-sized photograph may also be required.

Card Review

The Paytm HDFC Bank Select Business Credit Card stands out as a strong co-branded business credit card for users heavily engaged with Paytm and Paytm Mall for their business expenses. Its primary strength lies in the accelerated cashback offers, providing up to 5% on Paytm Mall purchases and 3% on travel and monthly bill payments through the Paytm App. While the 1% cashback on other spends might seem modest compared to some general-purpose cards, its value is significantly enhanced if the majority of business transactions occur within the Paytm ecosystem.

Beyond cashback, the card offers substantial lifestyle benefits including 12 complimentary domestic airport lounge accesses annually, dining discounts, and valuable milestone gift vouchers. The fuel surcharge waiver adds to the savings. While the historical insurance cover has been discontinued, the other benefits make it a compelling choice. This card is particularly well-suited for business owners who frequently use Paytm for various operational expenses and seek to consolidate rewards within a digital ecosystem. Its contactless payment facility, interest-free credit period, and Smart EMI options further enhance its convenience and utility for managing business finances.

Important Product Details

• High Cashback on Paytm Ecosystem: Earn 5% Cashpoints on purchases on Paytm (Recharge, Utility, Travel, Movies, Mini App, Paytm Mall) and 3% Cashpoints on accelerated categories like Swiggy, AJIO, Big Basket, Uber, and monthly bill payments on Paytm App.
• Domestic Airport Lounge Access: Enjoy 12 complimentary visits to Domestic Airport Lounges per calendar year (capped at 3 visits per quarter).
• Fuel Surcharge Waiver: 1% waiver on fuel transactions between Rs. 400 and Rs. 5,000, with a maximum waiver of Rs. 250 or Rs. 500 per statement cycle.
• Welcome & Activation Benefits: Receive complimentary Paytm First Membership and a Rs. 500 Gift Voucher upon card activation with qualifying transactions.
• Milestone Benefit: Get a Rs. 1,000 Gift Voucher on annual spends of Rs. 2 Lakh (excluding EMI, Wallet, Rental spends).
• Zero Cost Liability: Immediate reporting of a lost card ensures zero liability on fraudulent transactions.
• Free Credit Period: Avail up to 50 days of interest-free credit on your credit card.
• Dining Benefits: Up to 20% discount at partner restaurants via Dineout.
• Contactless Payments: Enabled for fast, convenient, and secure transactions.
• Smart EMI Facility: Option to convert large purchases into EMIs.
• Exclusions: Fuel, EMI, Wallet loads, Rent payments, Education-related, and (from July 1, 2025) Online Skill Based gaming transactions do not earn Cashpoints.
• Discontinued Feature: Personal Accidental Death Cover + Permanent Disability Cover was discontinued effective February 1, 2023.

Other Details

• Cashpoints Accrual: Cashpoints for a particular calendar month are accrued in the card account in the first week of the subsequent month on a cumulative basis.
• Revolving Credit: Available at a nominal interest rate.
• Revision to Credit Card Charges: Effective July 1, 2025, there will be revisions to credit card charges.
• Card type: Cashpoints.