Here’s a detailed review of the HDFC Biz Power Credit Card, which is designed for business owners in India looking to maximize their business-related expenses:
Overview:
The HDFC Biz Power Credit Card is positioned as a premium business card from HDFC Bank, offering a blend of travel perks and rewards specifically tailored for business expenditures. It’s part of the Biz series, sitting between the entry-level Biz Grow and the top-tier BizBlack.
Key Features:
- Rewards Program:
- 5X Rewards: Earn 5X reward points on key business spends including utility bills, GST/Income Tax payments, and purchases of business software through SmartBuy BizDeals (like Tally, Office 365, AWS, Azure). This could mean a reward rate of up to 16.5% on these categories, with a cap of 5,000 reward points per statement cycle.
- Base Rewards: 4 reward points per ₹150 spent on all other purchases.
- Travel Benefits:
- Airport Lounge Access: Up to 16 complimentary domestic lounge visits per year. You get 2 visits per quarter, with an additional 2 complimentary visits on spending ₹75,000 in the previous quarter.
- International Lounge Access: 6 complimentary international lounge visits via Priority Pass after completing at least 4 retail transactions on the card.
- Business and Lifestyle Benefits:
- Welcome Offer: On making your first online transaction within 30 days of card issuance, you get a free Amazon Prime membership for one year plus Biz Prime for 6 months.
- Insurance: Business insurance coverage starting at an annual premium of ₹3,785, offering benefits like fire and burglary insurance for business premises.
- Dining: Up to 20% savings on restaurant bills via Swiggy Dineout.
- Fees:
- Joining/Renewal Fee: ₹2,500 + GST, which can be waived if you spend ₹4 lakh in the anniversary year.
Pros:
- High Rewards on Business Spends: The 5X rewards on essential business categories are a significant draw.
- Travel Perks: The lounge access benefits cater well to business travel needs.
- Value for Money: For those who can meet the spending threshold, the card offers good value relative to its fee.
Cons:
- Reward Points Cap: There’s a cap on how many bonus points you can earn per cycle, which might limit the benefits for very high spenders.
- Diners Club Acceptance: As with all HDFC’s Diners Club cards, acceptance might be limited at some merchants, particularly smaller ones.
- Changes in Benefits: Like many credit cards, the benefits could be subject to changes over time, which might affect long-term value.
User Feedback:
- Positive: Users appreciate the rewards on tax payments and business software, which are not common with personal cards. The travel benefits are also well-regarded by business travelers.
- Negative: Some feedback includes disappointment with the acceptance of the Diners Club network and the cap on reward points for business-related spends.
Eligibility Criteria:
- Business Owner: You must be a self-employed Indian citizen.
- Age: Between 21 to 65 years old.
- Income: There’s no specific income threshold publicly stated, but generally, business credit cards from HDFC require a substantial business income or turnover. Expect to have an annual income tax return (ITR) or GST returns showcasing a significant business turnover, often in the range of ₹12 lakh and above for similar cards.
- Documentation:
- Identity Proof: Aadhaar card, PAN card, etc.
- Address Proof: Utility bills, Aadhaar, etc.
- Business Proof: GST registration certificate, business license, or incorporation certificate.
- Financial Proof: Latest ITR, audited financial statements, bank statements, or merchant payment reports.
Conclusion:
The HDFC Biz Power Credit Card is well-suited for entrepreneurs or business owners with significant business-related expenses. Its rewards structure is particularly attractive for those who frequently make tax payments or invest in business tools. However, potential users should consider their spending habits in relation to the card’s rewards structure and the geographical acceptance of the card network.