Business Debit Card Review

Cardbhai received information on HDFC Bank's business debit card. Here is the review of the same.

• Higher Withdrawal Card Limit ATM - Rs 50,000 / day. Additionally, Purchases at Point of Sale - Rs 50,000
• For every Rs 200 spent @ merchant outlets, using Business Debit Card, you receive a cash back of INR 1.
• Petrol surcharge waiver for purchase of fuel at any petrol pump in India
• Fire / Burglary cover for items purchased using this debit card [upto 6 months] for a total sum of Rs 200,000
• The best feature of this card is Zero Liability - If it's not your purchase, it's not your problem. You will not have any liability to any fraudulent transactions on the debit card which took place 30 days prior to reporting the card loss [This feature is not available on any of HDFC bank's Credit Cards. We are liable for all purchases until we report the card is lost / stolen]
• This has a tie-up with Mastercard and hence eligible for special promotions and discounts from time to time.

There is an Annual Fee of Rs 250 / card and every additional card handed out to your employees also come with Rs 250 / card.

HDFC Copies ICICI. Launches VISA Signature

This is not the first time that HDFC Bank is copying ICICI, it has always been the case. Be it Life Insurance or General insurance,etc, ICICI is always the first and HDFC Bank follows. By copying and entering the market late, HDFC is always the loser in terms of market share. ICICI in most businesses is 3 times as big as HDFC. Someone must tell Deepak Parekh, Don't Copy, Lead :-)

HDFC Bank has also launched VISA Signature Card. This card comes with a credit line of Rs 300,000. It has host of benefits through its tie ups with global partners. You can see our review of ICICI VISA Signature Card here.

From our internal resources, we learn that the standard procedure in most private banks and credit card companies is to profile premium customers and then pressurize bank employees and DSAs to enroll them into Credit. These DSAs end up lying to the customer and when the customer questions back, they never accept that they lied. This is the reason why I dislike HDFC Bank.

NOTE:
Before you apply for a credit card, get all the terms and conditions. Photocopy of all documents you sign.