HDFC Bank launches four credit cards targeted at small businesses.Check out key features

HDFC Bank has announced the launch of four new credit cards specially created for Small and Medium Enterprises (SMEs). These cards meet the unique needs of entrepreneurs, freelancers, and professionals in the small business field.

55 days of interest-free credit

One of the main features of these credit cards is that they offer a 55-day interest-free credit period, which the bank claims is the best in the industry. This gives business owners more flexibility and convenience in managing their cash flow.

“The new card will form part of the bank's powerful small business payment solutions offering: BizFirst, BizGrow, BizPower and BizBlack,” the bank said in a press release. We cater to the diverse payment needs of self-employed individuals, SMEs and MSMEs.Also Read: Top 5 Credit Cards That Offer Free Lounge and Club Memberships

Savings on core business expenses

These small business credit cards can also save you on important business expenses such as utilities, GST, income tax, vendor payments, business travel, and business productivity tools. This feature allows small businesses to streamline spending while maximizing cost efficiency.

Improve your accounts payable and receivable management with an integrated digital platform

To address the payment and receipt needs of businesses, HDFC Bank has introduced an integrated digital platform. The platform consolidates all payment obligations, including vendor payments, utilities, and statutory payments, providing small businesses with a streamlined and efficient payment system.

Additionally, it optimizes supply chain arrangements and facilitates coordination. The platform also offers a detailed dashboard that provides a comprehensive view of payments made and accepted, allowing for better cash flow management.Also read: India's credit cards will soon reach 100 million, RBI data reveals

Five features of corporate credit cards

Small business credit cards come with a variety of attractive features, including:

• The interest-free financing period of up to 55 days is what the bank claims is the best in the industry.
• Earn up to 10x points on business spending.
• We cover a range of business risks through specially selected business insurance packages, including fire and theft, safe and cash in transit, and electronic equipment.
• Exclusive redemption options for our business-focused catalog featuring Travel & Hotels, Microsoft Office 365, Clear Tax, Amazon for Business, and Google Ads.
• EMI and card facility loans give you greater financial flexibility.

“Freelancers/GIG workers are an emerging segment in the self-employed category and the bank will soon launch the GIGA Business Credit Card for this segment,” the release said.Also read: These credit cards from top 5 banks including HDFC Bank, ICICI Bank offer free access to airport lounges.See complete list

HDFC Bank attains top position in credit card market

The bank reached the milestone of issuing 2 billion credit cards on January 24, 2024, becoming the first lender to do so. Since starting its credit card business in 2001, the bank has become a prominent credit card issuer in India. In 2017, he reached the 1 billion card mark, and in six years that number has doubled to 2 billion.

With a market share of 28.6% as of March 2023, HDFC Bank is India's largest credit card issuer. This bank's monthly card spending ranges from: INRWith sales of 35,000 to 45,000 crore, the payments business accounts for 8% of retail assets, including durable consumer loans and credit cards, as of December 2023.