Here’s a comprehensive review of the HDFC Biz Grow Credit Card, tailored for small business owners and self-employed professionals in India:
Overview:
The HDFC Biz Grow Credit Card is positioned as an entry-level business credit card within HDFC Bank’s Biz series, aimed at those who want to earn rewards on business expenses without the higher fees associated with premium cards.
Key Features:
- Rewards Program:
- 10X CashPoints: Earn 10X CashPoints on select business spends like income tax, GST, bill payments, and purchases on specific platforms like Dmart and Cleartax, with a cap of 1,500 CashPoints per statement cycle.
- Standard CashPoints: 2 CashPoints for every ₹150 spent on other business-related purchases. 1 CashPoint = up to ₹0.25 when redeemed.
- Interest-Free Period: Offers up to 55 days of interest-free credit, which can help manage cash flow.
- Welcome Benefits:
- A gift voucher worth ₹250 on making one transaction within the first 37 days of card issuance, redeemable on brands like Amazon and Swiggy.
- Milestone Rewards:
- Earn 2,000 CashPoints every quarter on spends of ₹1 lakh (excluding rent and fuel).
- Other Benefits:
- Fuel Surcharge Waiver: 1% waiver on fuel transactions between ₹400 and ₹5,000, with a maximum cashback of ₹250 per statement cycle.
- Dining: Up to 20% off at restaurants through Swiggy Dineout.
- Insurance: Basic business insurance coverage options.
Fees:
- Joining/Renewal Fee: ₹500 + GST, which can be waived if you spend ₹1 lakh in the anniversary year.
Pros:
- Affordable: Lower annual fee compared to other business cards, making it more accessible.
- High Rewards on Business Essentials: The 10X CashPoints on specific business spends are a significant draw for small businesses.
- Interest-Free Period: Useful for managing cash flow, especially for businesses with cyclic payments.
Cons:
- Reward Cap: The cap on 10X rewards might limit the benefits for businesses with very high expenses in these categories.
- No Lounge Access: Unlike some of the higher-tier Biz cards, this one doesn’t offer airport lounge benefits.
- Limited Premium Features: Lacks the extensive perks of more premium business cards like BizPower or BizBlack.
User Feedback:
- Positive: Users appreciate the rewards on business spends, particularly tax payments, and the welcome voucher. It’s seen as a good starter card for those new to business credit.
- Negative: Some users feel the rewards cap is too limiting, and the lack of travel benefits like lounge access is a downside for those who travel for business.
Conclusion:
The HDFC Biz Grow Credit Card is a solid choice for small business owners or freelancers looking to get rewarded for their business expenses without incurring high fees. Its focus on rewarding tax and utility payments is unique for this card’s price point. However, it’s best suited for those whose business model aligns with where the card offers the highest rewards. If you’re looking for more comprehensive travel or lifestyle benefits, you might need to consider stepping up to a higher-tier Biz card.