HDFC Bank Purchase Credit Card

HDFC Bank provides the HDFC Purchase Credit Card, a fundamental business credit card designed to simplify corporate purchasing. This card is specifically crafted to enhance the efficiency of the procurement process for businesses, allowing them to exert greater control over their expenditures. By facilitating streamlined payments to vendors, the Purchase Credit Card enables corporations to exercise better financial oversight. Its primary objective is to empower businesses to monitor and manage their expenses with heightened efficiency.

Key Highlights of HDFC Purchase Credit Card

  1. Highly customizable product
  2. Ideal for high-volume, low-value purchases
  3. Enables maximizing savings
  4. Reduces transaction processing time

Features and Benefits of HDFC Purchase Credit Card

The HDFC Purchase Credit Card offers several features and benefits:

1. Convenient and Paperless Purchase Process:

  • Implementation of a streamlined, paperless process enhances manpower productivity.
  • Improved overall process efficiency.

2. Centralized Expense Management with HDFC Bank Purchase Credit Card:

  • All direct company expenses can be accounted for centrally using the HDFC Bank Purchase Credit Card.
  • Reduction in transaction processing time and cost, particularly for high volume and low-value transactions.
  • Eliminates the need for multiple payment systems, invoices, and cheques.

3. Enhanced Expense Control:

  • Restrictions on cards based on transactions and vendor/merchant categories provide better control.
  • Detailed spending data reports offer insights into expense patterns.

4. Additional Savings Through Purchase Card:

  • Enjoy up to 45 days of credit period on the Purchase Card.

5. Improved Negotiation with Suppliers:

  • Advance payments and consolidated spend reports contribute to more effective negotiations with suppliers.

HDFC Purchase Credit Card Fees and Charges

Explore the fee structure for the HDFC Purchase Credit Card and discover the financial advantages that come with it.

  1. HDFC Bank Purchase Credit Card is a no-cost credit card, entailing zero joining and annual fees throughout its lifetime.
  2. The interest rate for this credit card can reach a maximum of 2.95% per month.
  3. For foreign currency transactions with the HDFC Purchase Credit Card, a markup fee of 1% to 2.5% is applied to the transaction amount.
  4. Cash advances on this credit card incur a fee of 2.5% of the withdrawn amount, with a minimum charge of Rs. 500.

Eligibility Criteria for HDFC Bank Purchase Credit Card

Here are essential criteria for applying for an HDFC Purchase Credit Card:

  1. The company you are affiliated with should have a minimum age of five years.
  2. It is essential that the business has demonstrated profitability for the past two consecutive years.
  3. The business must achieve a minimum turnover of Rs 100 crore.

Documents Required for HDFC Purchase Credit Card

To apply for the HDFC Purchase Credit Card, you will typically need to provide the following documents:

1. Company License or Agreement:

  • Documentation validating the legal status of the company.
  • Agreement outlining terms and conditions for business operations.

2. Profit and Loss Statement:

  • Financial document summarizing revenues, costs, and expenses over a specific period.
  • Provides insights into a company’s profitability.

3. Balance Sheet:

  • Financial snapshot of a company’s assets, liabilities, and equity at a particular point in time.
  • Illustrates the financial position and health of the business.

4. Acknowledged ITR (Income Tax Return):

  • Submission of tax return to tax authorities, acknowledging the income, deductions, and tax liabilities.
  • Validates compliance with tax regulations.

How To Apply for HDFC Purchase Credit Card?

Follow these steps to apply for the HDFC Purchase Credit Card online:

  1. Visit HDFC Bank Website: Go to the official HDFC Bank website.
  2. Navigate to Credit Cards Section: Find the “Credit Cards” section on the website.
  3. Select Purchase Credit Card: Choose the HDFC Purchase Credit Card from the available options.
  4. Fill Online Application Form: Complete the online application form with accurate personal, financial, and contact details.
  5. Submit Required Documents: Upload necessary documents, including identity proof, address proof, and income proof. After submission, wait for the bank’s processing and approval.

Frequently Asked Questions (FAQs) –

1. What is the HDFC Purchase Credit Card?

The HDFC Bank Purchase Credit Card is a specialized credit card designed to offer benefits and rewards specifically tailored for purchase transactions.

2. How can I apply for the HDFC Bank Purchase Credit Card?

You can apply for the HDFC Bank Purchase Credit Card online through the official HDFC Bank website or by visiting a local branch.

3. What are the key features of the HDFC Bank Purchase Credit Card?

The card may offer features such as cashback, rewards points, discounts, and special privileges on purchases made using the card.

4. What is the eligibility criteria for the HDFC Bank Purchase Credit Card?

Eligibility criteria typically include age, income, credit score, and other factors. Check the specific requirements on the HDFC Bank website or contact their customer service.

5. How does the rewards program work for this credit card?

The rewards program allows you to earn points or cashback on eligible purchases. The accumulated points can often be redeemed for vouchers, discounts, or merchandise.

6. What is the interest rate on the HDFC Bank Purchase Credit Card?

The interest rate varies and is based on the cardholder’s creditworthiness. Check the current rates on the HDFC Bank website or in the terms and conditions.

7. Is there an annual fee for the Purchase Credit Card?

Some credit cards may have an annual fee or joining fee. Review the fees associated with the HDFC Bank Purchase Credit Card before applying.

8. How can I check my credit card statement?

You can view your credit card statement online through the HDFC Bank net banking portal or by opting for e-statements. Alternatively, you can receive physical statements via mail.

9. What security features are in place for the Purchase Credit Card?

The card may come with security features such as EMV chip technology, one-time passwords (OTP), and fraud protection to enhance security during transactions.

10. How do I report a lost or stolen credit card?

In case of a lost or stolen card, contact HDFC credit card customer care immediately to report the incident and request card blocking. Most banks also provide a 24/7 helpline for such emergencies.

11. Can I convert large purchases into EMIs with this credit card?

Many credit cards, including HDFC Bank Purchase Credit Card, offer the option to convert significant purchases into easy monthly installments (EMIs). Check the terms and conditions for details.

12. How can I redeem the rewards earned on my HDFC Bank Purchase Credit Card?

Redemption methods vary and may include online portals, vouchers, or direct statement credits. Check the rewards program guidelines for redemption options.