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India’s biggest private sector bank, HDFC Bank, on February 6 launched four new small and medium enterprises (SME)-focused credit cards to cater to the specific needs of entrepreneurs, freelancers, and professionals.
The biggest USP of the cards is that they will provide 55 days of interest-free credit, the highest number of days offered by any bank.
In addition, they also provide savings on core business spending like utility bills, GST, income tax, vendor payments, business travel, and business productivity tools.
“The new cards will make up a part of the strong suite of SME payments solutions that the bank offers — BizFirst, BizGrow, BizPower, and BizBlack,” the bank said in a press release.
It added that the SME Payment Solution is planned to meet the various payment needs of self-employed individuals, SMEs, and MSMEs.
Tailored to address businesses’ payable and receivable needs, HDFC Bank has introduced a unified digital platform that consolidates all payables such as vendor payments, utility bills, statutory payments, etc.
On the receivable side of payments, the platform is designed to manage and optimize end-to-end supply-chain arrangements and reconciliation.
The platform provides a detailed dashboard with one view of payments made and accepted for better cash-flow management.
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