Paytm HDFC Bank Business Credit Card

Paytm HDFC Bank Business Credit Card Features and Benefits

Paytm HDFC Bank Business Credit Card is a great deal for earning cashback if you incur a lot of daily transactions on Paytm and for shopping through Paytm mall. Apart from that the card also offers a number of additional benefits like complimentary Paytm First membership, Fuel Surcharge waiver, and much more.

Welcome Benefit

You will get a Paytm first membership which comes with exclusive benefits, over and above the regular offers. The membership can be availed upon a minimum one transaction of Rs 100.

Milestone Benefit

• Rs.500 worth Gift vouchers on spending a minimum of Rs.1 Lac in a year (Non-EMI Spends).
• First Year Fee can be waived off on spending a minimum of Rs. 30,000 (Non-EMI spends) within the first 90 days of the card issuance.
• The renewal fee can also be waived off on minimum spending of Rs. 50,000 or more in the previous year.

Fuel Surcharge Waiver

The cardholders can get a 1% waiver on the surcharge applicable on fuel purchases made with Paytm HDFC Bank Business Credit Card. The waiver is applicable only on fuel transactions between Rs. 400 and Rs. 5,000 and the maximum waived amount is capped at Rs. 250 per statement cycle.

Zero Liability protection

HDFC Bank provides its customers with zero liability protection against lost/stolen cards. It means that the cardholder will not be liable for any fraudulent transactions made on a lost/stolen card if the loss has been reported to the bank in a timely manner.

Activation Benefit

The cardholders can enjoy Rs.250 worth Gift Voucher upon card activation with 6 transactions in the first 90 days. (Non-EMI Spends).

Paytm HDFC Bank Business Credit Card Rewards

Paytm HDFC Bank Business Credit Card is a cashback-based credit card which comes with great cashback rewards. As the card is in-partnership with Paytm, the cashback rewards will be in the form of Paytm vouchers which can be used for doing transactions on Paytm Mall and for other uses. Cashbacks are of:

• 3% on all purchases on Paytm [Recharge + Utility + Movies + Mini App].
• 2% cashback on all other Paytm spends.
• 1% Cashback on all other retail transactions (excluding Fuel, EMIs, Rental, and Education Spends).

Reward Redemption

The cashback earned on the Paytm HDFC Bank Business Credit Card is given to the cardholder as Cashpoints. Cash points can also be redeemed by the customer against the outstanding balance as cashback or can be used for redeeming against other categories such as Smartbuy (Flights/Hotels), Airmiles & Product Catalogue.

Paytm HDFC Bank Business Credit Card  Fees & Charges

• Annual Fee: HDFC Bank charges an annual fee of Rs. 500 (plus applicable taxes) for Paytm HDFC Bank Business Credit Card.
• Interest Rate: An interest rate of 3.6% per month or (43.2% annually) is applicable on the due amount on the card if the cardholder is unable to clear all the dues by the payment due date.
• Forex Mark-up Fee: A foreign currency mark-up fee of 3.5% of the transaction amount is applicable on all foreign currency transactions made with Paytm HDFC Bank Business Credit Card.

Advantages of Paytm HDFC Bank Select Credit Card

• Paytm First Membership: You get complimentary membership of the Paytm First loyalty program with the Paytm HDFC Bank Business Credit Card that entitles you to exclusive discounts and deals on Paytm and partner brands.
• Gift Voucher: You get a complimentary gift voucher worth Rs. 500 on spending a minimum of Rs. 1,00,000 with the card in a year.
• Contactless Payment: Paytm HDFC Bank Business Credit Card enables the cardholders to do contactless payments at retail outlets.
• Quick loans for businesses: Paytm HDFC Bank Business Credit Card is made for business owners where they can apply for low cost loans. The card also offers up to 50 interest free period upon issuance.

Drawbacks of Paytm HDFC Bank Business Credit Card

• Paytm HDFC Bank Business Credit Card is only rewarding if you go shopping and other transactions on Paytm Mall often as it offer 3% unlimited cashback offers on every transaction. However, if you rely more on other merchant transactions, then the return rate is very low as it offers only 1% cash back on such transactions.
• Though the Paytm HDFC Bank Business Credit Card comes with an annual renewal fee of Rs. 500, it does not offer any complimentary airport lounge access even being a business card. Therefore, if you are looking for shopping as well as a travel reward card, this might not be a good fit.

Paytm HDFC Bank Business Credit Card Eligibility Criteria

Like the general credit cards, corporate cards also have some specific eligibility criteria that need to be fulfilled by the applicants in order to get approved for this credit card. Though the HDFC Bank did not disclose the exact eligibility requirements for this card, the following are some of the basic criteria:

• The applicant’s age should be a minimum of 21 years.
• The applicant should be running a registered business with a decent income.
• The credit score of the applicant or the credit score of the business might also be an important factor in determining one’s eligibility for this card.

Documents Required

The documents required to apply for the Paytm HDFC Bank Business Credit Card are as mentioned below:

• Proof of Identity: Aadhar Card, Voter’s Id, PAN Card, etc.
• Address Proof: Aadhar Card, Latest months’ utility bills, or Passport.
• Other than these, some additional documents like a permanent driving license, business registration certificate, Job card issued by NREGA duly signed by an officer of the State Government, etc might also be required.

How To Apply For The Paytm HDFC Bank Business Credit Card?

You can apply for the Paytm HDFC Bank Business Credit Card online as well as offline at your convenience. To apply offline, you will have to visit your nearest HDFC Bank branch with all the required documents and apply for the card by filling in the physical application form. To apply online, you can follow a few steps as mentioned below:

• Visit HDFC Bank’s official website.
• Under the section ‘Borrow,’ select ‘Cards’ and then ‘Credit Cards.’
• Under the category ‘Business Credit Cards,’ choose the ‘Paytm HDFC Bank Business Credit Card.’
• Click on Apply Now and fill in the online application form.

Conclusion

The Paytm HDFC Bank Business Credit Card is designed keeping in mind individuals who prefer to engage in daily online shopping, especially those who regularly use Paytm Mall. The card offers 3% cashback on all transactions at Paytm Mall and a 3% cashback reward on monthly bill payments. However, it provides only 1% cashback on other merchant transactions, which may not meet everyone’s expectations.

This card does not offer access to any airport lounge, which is provided by other credit cards of the same line and competitors. Additionally, it provides fuel surcharge waivers and milestone benefits in the form of vouchers.

The Paytm HDFC Bank Business Credit Card comes with several benefits similar to the Paytm HDFC Bank Select Business Credit Card but in a limited manner. Despite having some shortcomings, we should not overlook the difference in annual fees between the two. Considering these facts, if you conduct all your transactions and purchases through Paytm Mall and make bill payments through Paytm, the Paytm HDFC Bank Business Credit Card can be highly rewarding as you will receive significant cashback. This was our review of the Paytm HDFC Bank Business Credit Card. Let us know your thoughts in the comments section below!