Paytm HDFC Bank Business Credit Card Vs Paytm HDFC Bank SELECT Business Credit CardPaytm HDFC Bank Business Credit Card Vs Paytm HDFC Bank SELECT Business Credit Card

Paytm HDFC Bank Business vs. SELECT Business Credit Card

HDFC Bank has unveiled a set of high-end cards boasting appealing perks. Particularly noteworthy is the bank’s partnership with Paytm to roll out two distinct business cards: the Paytm HDFC Bank Business Credit Card and the Paytm HDFC Bank SELECT Business Credit Card. This conversation will explore the intricacies of each card and perform a thorough comparison between them.

The Paytm HDFC Bank Business Credit Card emerges as a collaborative effort between HDFC Bank and Paytm, tailored for businesses heavily reliant on the Paytm App for transactions and business purchases. With a focus on providing significant cashback rewards, this co-branded card offers perks not just for payments made via the Paytm App but also for purchases on the Paytm Mall. Beyond that, cardholders can unlock a range of benefits upon activation and upon reaching designated spending milestones.

On the flip side, the Paytm HDFC Bank SELECT Business Credit Card stands out as an upgraded iteration of the Paytm HDFC Bank Business Credit Card. While retaining all the advantages of its predecessor, the SELECT card provides enhanced rewards. These perks comprise increased cashback for transactions made through the Paytm App and bonus points for purchases on the Paytm Mall. Moreover, the SELECT card expands its perks to encompass complimentary access to domestic airport lounges and insurance coverage.

Advantages of Paytm HDFC Bank Business Credit Card and Paytm HDFC Bank SELECT Business Credit Card

Paytm HDFC Bank Business Credit Card:

  1. HDFC Bank has introduced a co-branded card in partnership with Paytm. As a welcoming gesture, the first membership of Paytm is included as a complimentary gift, accessible upon making a minimum transaction of Rs 100.
  2. Cashback benefits: 3% on Paytm purchases (Recharge + Utility + Movies + Mini App), 2% on other Paytm spends, and 1% on all other retail transactions (excluding Fuel, EMIs, Rental, and Education Spends).
  3. Cashback earned in the form of Cashpoints, redeemable against the outstanding balance or other categories like Smartbuy (Flights/Hotels), Airmiles, and Product Catalogue.
  4. Rs. 250 worth of Gift vouchers provided upon card activation with 6 transactions in the first 90 days.
  5. Up to 20% discount on partner restaurants through Dineout.
  6. Enjoy a special milestone reward: Receive gift vouchers valued at Rs. 500 when you make purchases totaling at least Rs. 1 Lakh within a year.
  7. Benefit from a fee waiver tied to your spending habits: You won’t incur the first-year fee if you spend Rs. 30,000 (Non-EMI) within the initial 90 days. Additionally, for subsequent renewals, the fee will be waived if your spending exceeds Rs. 50,000 in the preceding year.
  8. 1% waiver on fuel surcharge for purchases between Rs. 400 and Rs. 5,000, capped at Rs. 250 per statement cycle.
  9. Low-cost loans for business owners with up to 50 interest-free periods upon issuance.

Paytm HDFC Bank SELECT Business Credit Card:

  1. HDFC Bank introduces a unique co-branded card tailored specifically for businesses that frequently utilize the Paytm App for transactions.
  2. Offers premium benefits with a slightly higher fee.
  3. Paytm First Membership included as a welcome gift.
  4. Higher reward rates: 5% cashback on Paytm purchases, 3% on Accelerated Categories (Swiggy, AJIO, Big Basket & Uber), and 1% on all other retail transactions.
  5. Complimentary access to Domestic Airport Lounges (max 3 visits per quarter).
  6. Upon activating the card and making six transactions within the first three months, you’ll receive gift vouchers valued at Rs. 500. These transactions must be regular purchases, not EMI spends.
  7. Up to 20% discount on partner restaurants through Dineout.
  8. Gift voucher upon spending over Rs. 2 Lakh in a year worth Rs. 1000.
  9. Enjoy fee waivers based on spending: In the first year, the fee is waived if you spend Rs. 60,000 (excluding EMI) within the first 90 days. For subsequent years, the renewal fee is waived upon spending Rs. 1,00,000 (excluding EMI) within 12 months.
  10. 1% waiver on fuel surcharge for purchases between Rs. 400 and Rs. 5,000, capped at Rs. 500 per statement cycle.

Comparison between Paytm HDFC Bank Business Credit Card and Paytm HDFC Bank SELECT Business Credit Card

Paytm HDFC Bank Business Credit Card:

1. Reward Rate:

  • Get 3% cashback on all purchases on Paytm (Recharge + Utility + Movies + Mini App).
  • Receive 2% cashback on other Paytm spends.
  • Get a 1% Cashback offer on every non-fuel, non-EMI, non-rental, and non-education retail purchase.
  • Fuel, EMIs, Rental, Government Spends are excluded.

2. Reward Redemption: Redeem rewards against outstanding balance as cashback or for other categories like Smartbuy (Flights/Hotels), Airmiles & Product Catalogue.

3. Welcome Benefit:

  • Paytm First membership.
  • Upon activating your card and completing six transactions within the initial 90 days, you’ll receive gift vouchers valued at Rs. 250.

4. Fuel Surcharge Waiver: Enjoy a 1% waiver on the surcharge applicable on fuel purchases, capped at Rs. 250 per statement cycle.

5. Dining Benefits: Up to 20% discount on partner restaurants via Dineout.

6. Milestone Benefits:

  • Receive gift vouchers valued at Rs. 500 by making non-EMI purchases totaling at least Rs. 100,000 in the preceding year.
  • Earn Rs. 1000 worth of Gift Vouchers on spending over Rs. 2 Lac in the previous year (Non-EMI Spends).

7. Travel Benefits: Not applicable.

8. Insurance Benefit: Not applicable.

9. Annual Spend-Based Waiver:

  • First Year Fee waived upon spending over a minimum of Rs. 30,000 (Non-EMI spends) within the initial 3 months.
  • Renewal fee can be waived upon spending Rs. 50,000 or more in the previous year.

10. Joining and Renewal fees:

  • Joining Fee: Rs. 500 + GST.
  • Renewal Fee: Rs. 1,000 + GST.

11. Eligibility:

  • Minimum age requirement of 21 years.
  • Possessing a legally registered enterprise that generates consistent revenue.
  • Credit score consideration for the applicant or business credit score.

Paytm HDFC Bank SELECT Business Credit Card:

1. Reward Rate:

  • Get 5% cashback on all purchases on Paytm (Recharge + Utility + Movies + Mini App + Travel).
  • Receive 3% cashback on Accelerated Categories like Swiggy, AJIO, Big Basket & Uber.
  • Avail 1% Cashback on all other retail transactions (excluding Fuel, EMIs, Rental, Government Spends).
  • Fuel, EMIs, Rental, Government Spends are excluded.

2. Reward Redemption: Redeem rewards against outstanding balance as cashback or for other categories like Smartbuy (Flights/Hotels), Airmiles & Product Catalogue.

3. Welcome Benefit:

  • Paytm First membership.
  • Receive Rs. 500 worth of Gift vouchers upon card activation with 6 transactions in the first 90 days.

4. Fuel Surcharge Waiver: Enjoy a 1% waiver on the surcharge applicable on fuel purchases, capped at Rs. 500 per statement cycle.

5. Dining Benefits: Up to 20% discount on partner restaurants via Dineout.

6. Milestone Benefits:

  • Receive gift vouchers valued at Rs. 500 when you’ve spent at least Rs. 100,000 in the preceding year (excluding EMI transactions).
  • Earn Rs. 1000 worth of Gift Vouchers on spending over Rs. 2 Lac in the previous year (Non-EMI Spends).

7. Travel Benefits: 12 Complimentary access to Domestic Airport Lounges across the country in a calendar year (3 visits per Quarter).

8. Insurance Benefit: Not applicable.

9. Annual Spend-Based Waiver:

  • You won’t be charged the first-year fee if you spend Rs. 60,000 within the initial 90 days, excluding EMI transactions. Similarly, for the renewal year, the fee is waived if you spend Rs. 1,00,000 within 12 months, excluding EMI transactions.

10. Joining and Renewal fees:

  • Joining Fee: Rs. 500 + GST.
  • Renewal Fee: Rs. 1,000 + GST.

11. Eligibility:

  • Minimum age requirement of 21 years.
  • Ownership of a registered business with a stable source of income.
  • Credit score consideration for the business credit score or the applicant.

Which credit card suits you best?

  1. The Paytm HDFC Bank Business Credit Card and the Paytm HDFC Bank Select Business Credit Card might seem alike at first glance, yet they actually differ in multiple aspects.
  2. The characteristics of the Paytm HDFC Bank Business Credit Card closely mirror those found in the Select version, albeit with limitations imposed on their availability.
  3. The Select card offers extra perks such as complimentary access to domestic lounges and insurance benefits for cardholders.
  4. The reward rate with the Paytm HDFC Bank Select Business Credit Card surpasses that of the lower version.
  5. Although the benefits are notable, it’s crucial to take into account the Joining and Renewal fees associated with each card.
  6. The Paytm HDFC Bank Business Credit Card charges a yearly fee of Rs. 500, whereas the Paytm HDFC Bank Select Business Credit Card imposes an Annual Fee of Rs. 1,000.
  7. Opt for the Paytm HDFC Bank Business Credit Card if your Paytm transactions are moderate and you don’t require travel benefits.
  8. Choose the Paytm HDFC Bank Select Business Credit Card if all your transactions are on the Paytm App and Paytm Mall, and you desire lounge access for business travels.

Frequently Asked Questions (FAQs)

Q1: What sets apart the Paytm HDFC Bank Business Credit Card from the Paytm HDFC Bank SELECT Business Credit Card?

A1: The main differences lie in the features and benefits. While the basic features are similar, the SELECT Business Credit Card offers additional perks such as complimentary access to domestic lounges and higher reward rates.

Q2: What’s the difference in reward rates between the two cards?

A2: The reward rate with the Paytm HDFC Bank SELECT Business Credit Card is better than the Paytm HDFC Bank Business Credit Card, making it a more rewarding option for users.

Q3: Are there any exclusive benefits offered by the SELECT Business Credit Card?

A3: Yes, the SELECT Business Credit Card provides extra benefits like complimentary access to domestic lounges and insurance benefits for the cardholder.

Q4: What charges are linked with these credit cards?

A4: The Paytm HDFC Bank Business Credit Card has an annual fee of Rs. 500, while the Paytm HDFC Bank SELECT Business Credit Card has an Annual Fee of Rs. 1,000.

Q5: Which card is more suitable for regular Paytm transactions without requiring travel benefits?

A5: The Paytm HDFC Bank Business Credit Card would be more beneficial for individuals with moderate Paytm transactions who do not need travel benefits.

Q6: Is the SELECT Business Credit Card recommended for users who primarily transact on the Paytm App and Paytm Mall?

A6: Yes, the SELECT Business Credit Card is highly beneficial for users whose transactions are predominantly on the Paytm App and Paytm Mall, especially if they desire lounge access for business travels.

Q7: Is it possible for me to switch my current Paytm HDFC Bank Business Credit Card to the SELECT Business Credit Card?

A7: The potential for upgrades can differ, so it’s advisable to consult HDFC Bank directly to understand the precise terms and conditions related to upgrading your card.

Q8: Are there any exclusive offers or promotions provided for these credit cards when beginning?

A8: Consider consulting HDFC Bank to explore current promotions or introductory deals applicable to both the Paytm HDFC Bank Business Credit Card and the Paytm HDFC Bank SELECT Business Credit Card.

Q9: Are there any limitations or restrictions on either card in terms of how they can be used or the benefits they offer?

A9: While both cards offer valuable features, it’s essential to review the terms and conditions of each card to understand any limitations or restrictions that may apply to the usage and benefits.

Q10: How can I apply for either of these credit cards?

A10: Applications for both cards can typically be submitted through the official HDFC Bank website or by visiting a local HDFC Bank branch. It’s recommended to check the bank’s website for the most up-to-date application process and requirements.

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