Private lender HDFC Bank has launched a new set of business range of credit cards aimed at entrepreneurs, freelancers, and professionals in the SME sector. The credit cards are available in four variants — BizFirst, BizGrow, BizPower, and BizBlack. All the cards will offer 55 days of interest-free credit, which is the highest number of days offered by any bank at present
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Besides, these SME-focused credit cards offer savings on essential business expenses, like utility bills, GST, income tax, vendor payments, business travel, and business productivity tools.
Key features of the business credit cards:
> Up to 55 days free credit period
> Up to 10X* Reward Points on Business Spends
> Bill Payments | Tax Payments | Vendor Payments | Business Travel | Business Productivity Tools
> Specially Curated Business Insurance Package
> Fire & Burglary | Cash in Safe & Transit | Electronic Equipment
> Exclusive Business focussed Redemption Catalogue
> Travel & Hotels | Microsoft Office 365 | Clear Tax | Amazon for Business | Google Ads
> EMI and Loan on card facility
“The new cards will make up a part of the strong suite of SME payments solutions that the bank offers — BizFirst, BizGrow, BizPower, and BizBlack,” the bank said in a press release. It added that the SME Payment Solution is designed to meet the diverse payment needs of self-employed individuals, SMEs and MSMEs.
“Freelancers/GIG workers is a new emerging segment in the self-employed category and the bank will be launching GIGA Business Credit Card shortly for this segment,” the release added.
Here’s a look at the cards:
1. BizFirst
This card offers up to 55 days of an interest-free credit period. The user can earn 3% cash points on EMI spends, 2% cash points on utility bills, electronics, and Payzapp transactions, and 1% cash points on other spends. The membership fee is Rs 500. The joining/renewal fee is Rs 50,000 in one year.
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2. BizGrow
This card offers 55 days of an interest-free credit period. The users can earn two cash points on every Rs 150 spent for business needs, and 10x cash points on select business spends, including bill payments, tax payments, and business travel. The membership fee is Rs 500. The joining/renewal fee is Rs 100,000 in one year.
3. BizBlack
The credit card variant offers up to 55 days of an interest-free credit period, which is same for all other cards. The users can earn 4 reward points on every rs 150 spent for business needs, 5x reward points on selected business spends including bill payments, tax payments, and business travel and domestic airport lounge access across India. Besides, the card offers an exclusive business-focused redemption catalogue, including travel & hotels, Microsoft Office 365, Clear Tax, and more. The Metal edition offers unlimited airport lounge access. The membership fee is Rs 10,000. The joining/renewal fee is Rs 7.5 lakh in one year.
4. BizPower variant
The card offers up to 55 days of an interest-free credit period. The users can earn four reward points on every Rs 150 spent for business needs, 5x reward points on selected business spends including bill payments, tax payments, and business travel and domestic airport lounge access across India. The membership fee is Rs 2,500. The joining/renewal fee is Rs 4 lakh in one year.
Besides, the HDFC Bank has recently implemented a comprehensive digital platform that uniquely integrates all payables including, but not limited to vendor payments, utility bills, and statutory payments. In terms of receivables, this advanced technology will administer and streamline supply-chain processes from beginning to end while managing remittance reconciliation efficiently.
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The highlight is the detailed dashboard feature which provides an aggregate view of both incoming and outgoing payments creating an effective strategy for superior cash-flow management.
