HDFC Bank New Biz Power Credit Card

HDFC Bank has officially launched a range of business credit cards in February 2024.HDFC Bank Biz Power credit card is also launched along with other business credit card in February 2024. This card is best suited to meet your business expenses requirement and offers unique reward benefits on business purchases along with lifestyle benefits.

Biz Power credit card provides interest free credit period up to 55 days, moreover you will be able to Save up to ₹ 1,31,904 annually on Biz Power Credit Card.

After complete research on the credit card, detailed information for review on HDFC Biz Power Credit Card in structured manner is mentioned below

1. HDFC Bank Biz Power Credit Card Eligibility
2. HDFC Bank Biz Power Credit Card Fees & Charges
3. HDFC Bank Biz Power Credit Card Features and Benefits
4. HDFC Bank Biz Power Credit Card Rewards
5. HDFC Bank Biz Power Credit Card Review & Summary

1. HDFC Bank Biz Power Credit Card Eligibility

HDFC Bank Biz Power is a business credit card which is meant for business expenses purpose hence it is not issued to salaried customers. Below are the eligibility criteria for Biz Power Credit Card

1. Age limit – Minimum 21 Years and Maximum 65 Years.
2. Nationality – Applicant should be Indian citizen
3. Income Profile – This card is available only for Self Employed individuals.
4. Income Criteria – Applicant should have annual income tax returns above Rs. 12 Lakhs
5. Documents Required – Applicant can apply for credit card using their ITR, GST Returns, Bank Statement, and Merchant Payment reports.

2. HDFC Bank Biz Power Credit Card Fees & Charges

We are strong believer of transparency; therefore, every credit card holder must be aware about applicable charges, below are some common charges applicable (these charges are subject to change without any prior notice and sole discretion to credit card issuance company)

1. Spend Based Waiver – Renewal Fee is Waived on Spends of Rs. 4 Lakh in a card Anniversary Year
2. Rewards Redemption Fee- Rs. 99
3. Foreign Currency Markup – 2%
4. Interest Rate- 3.60% Monthly (43.20% Annually)
5. Fuel Surcharge – N/A
6. Cash Advance Charges – 2.5% OR Rs. 500/- Whichever is higher.
7. Add-on Card Fee – Nil

3. HDFC Bank Biz Power Credit Card Features and Benefits

• Welcome Benefits / Activation Benefits:

HDFC Biz Power Credit Card offers Free Amazon Prime Annual Membership Plus Biz Prime 6 months subscription after doing first online transaction within first 30 days of card issuance. Hence do not forget to activate your card and do 1^st online transaction soon after receiving the credit card within first 30 days of card issuance.

• Milestone Benefits:

Biz Power Credit Card gives you opportunity to get Gift Voucher worth Rs 2500/- of MakemyTrip and Reliance Digital on Quarterly spends of Rs 2.5 lakhs (all retail spends excluding rent and petrol)

January – March, April – June, July – September, October – December is considered as Quarter or Calendar Quarter in Calendar year.

• Dinning Benefits:

Whether you are planning for a client lunch or a business outing you can enjoy up to 20% savings on all your restaurant bill payments with Swiggy Dineout on paying via Swiggy App using your card. This is available over above 20,000 plus restaurants.

• Domestic Lounge Access Benefits:

HDFC Bank Biz Power Credit Card offers up to 16 airport lounge access within India per calendar year. Cardholder gets 2 complimentary (Free) lounge access per calendar quarter, additionally 2 complimentary (Free) lounge access per quarter is allowed on spending of Rs. 75000/- in previous quarter.

• International Lounge Access Benefits:

HDFC Bank Biz Power Primary Credit Card holder along with add on card holder get 6 International lounge access. Primary Card Holder and addon card holder can access international lounge using priority pass.  Primary and addon card holders can apply for priority pass once you complete minimum 4 retail transactions on your Biz Power Credit Card.

• Concierge Services Benefits

HDFC Bank do not offer Concierge Service with Biz Power Credit Card. Concierge Services are available with HDFC Bank Biz Black Metal edition credit card. Please visit our blog on HDFC Bank Biz Black Metal Edition Credit Card. 

• Golf Games Benefits

Golf Games Benefits as not available with HDFC Bank Biz Power Credit Card. HDFC Bank offers Golf Games Access Benefit with HDFC Bank Biz Black Metal edition credit card. For Details on Golf Games Benefits Please visit our blog on HDFC Bank Biz Black Metal Edition Credit Card. 

• Renewal Fee Waiver Benefits

Renewal Fee waived off if you spend Rs 4 Lakh and more in the previous year.

• Zero Liability Protection Benefits

Cardholder will not be liable to for any Fraudulent Transaction if the Card is Reported Lost or Stolen to the bank in timely manner.

• Additional Benefits

Get 10X Reward Points on Apple, Flipkart, and Makemytrip through SmartBuy offers.

Convert large purchases amount into small EMI

Business Insurance package starting at an annual premium of Rs 3785/-.

Enjoy Credit Liability Cover of Rs. 9 Lakhs.

Contactless payment option up to Rs. 5000/- is available on credit card.

4. HDFC Bank Biz Power Credit Card Rewards

HDFC Bank Biz Power Credit Card offers unique and decent reward points structure with this credit card. Card hold can earn up to 4 Reward Points on every Rs. 150 spent for all your business needs except petrol and wallet recharge and rent.

Cardholder can maximise his savings for his business with HDFC Bank Biz Power credit card as it gives opportunity to earn accelerated 5X reward points (20 Reward Points) on select business spends as mentioned below:

1. Bill Payment via Payzapp & SmartPay

2. Income Tax/ Advance Tax payment via eportal.incometax.gov.in View steps 

3. GST payment via payment.gst.gov.in view steps.

4. Hotel & flight booking on MMT MyBiz powered by SmartBuy BizDeals

5. Business Productivity tools like Tally, Office 365, AWS, Google, Credflow, Azure & more via SmartBuy BizDeals – Nuclei 

6. Google Ads

7. Reliance Digital

Please note 5X Reward Points applicable on minimum spends Rs. 25,000 in statement cycle and Card Holder can earn maximum 5,000 Reward Points per statement cycle.

How to Claim Credit Card Reward Points

Claiming reward points is very easy with HDFC Bank. Once you have accumulated minimum 500 Reward Points you can redeem it for products, gift vouchers, discount, and cash.  There are multiple ways to redeem reward points,  Click here to know how to redeem your reward points

Things to remember before redeeming reward points

• A minimum of 2500 RP is needed to redeem Reward Points against statement balance.  
• Flights and Hotels redemption, Credit Card members can redeem up to a maximum of 50% of the booking value through Reward Points. Rest of the transaction amount will have to be paid via the Credit Card limit  
• With effect from 1st February 2023, cardmembers can redeem up to 70% of product/Voucher value through Reward Points on select vouchers/products and pay the remaining amount via Credit card.   
• Unredeemed Reward Points will expire/lapse after 2 years of accumulation.  
• The maximum 60,000 Reward Points can be earned in a statement cycle.

5. HDFC Bank Biz Power Credit Card Review / Summary:

HDFC Bank Biz Power Credit Card offers unique and decent reward program for small and medium businesses. It offers 4 Reward Points on most transactions, except for a few exceptions.

The value of each reward point can go up to Rs. 0.50, which is quite impressive given the credit card’s annual fee.

Additionally, you can earn 20 Reward Points for specific transactions such as Google Ads, Reliance Digital, Tax Payments, and Vendor Payments. These transactions are essential for many businesses, and higher reward points on them can help you save money while growing your enterprise.

The Biz Power Credit Card is a must-have for small to medium businesses, while large business should consider checking out the Biz Black Credit Card.

We are tried our best to give the maximum, what are your thoughts on this business credit card? Let us know in the comments below.

Disclaimer: This blog is published for convince of website users and support financial literacy/ education purpose on best effort basis. Information published here are subject to change/modification as and when credit card issuing bank decide to change. Issuance of credit card, change/modification in Fees, Charges, Terms and conditions, Benefits, and feature are sole discretion of Card issuing bank/HDFC Bank.  Please visit credit card issuing bank website or branch before applying for credit card. The Blog writer and moneyinflow.in shall not be held responsible for any change made by credit card issuing bank.