IDFC Bank Launches Business Max and Business Multiplier Credit Cards

While there has always been a strong focus on personal credit cards, business credit cards still remain a relatively small segment in India, with only a few issuers offering notable options. Among these, the HDFC Bank Biz Credit Card series has been one of the most prominent.

In this growing space, IDFC Bank has introduced two new offerings aimed primarily at enterprises and corporations. The IDFC Business Multiplier Credit Card and the IDFC Business Max Credit Card are fixed deposit-backed business cards that come with features like low forex markup, rewards on tax payments, and add-on cards.

These cards are best suited for business-related expenses and offer rewards aligned with such expenses.

IDFC Business Multiplier Credit Card

The IDFC Business Multiplier Credit Card is a premium metal business card that offers several benefits for businesses. You can get up to 5 add-on cards, making it easier to manage spends and extend benefits across your team. Cardholders can also enjoy airport lounge access, with 1 domestic and 1 international lounge visit per quarter, subject to a spend of ₹20,000 in the previous month.

Cardholders can earn up to 10 reward points on GST payments and other online tax payments. This is a key highlight, as most traditional credit cards do not offer rewards in this category.

You also get the FIRST Digital RuPay Credit Card complimentary with this card, allowing you to earn reward points on UPI spends. Businesses can apply for this card with a minimum fixed deposit of ₹50,000 + GST. It comes with an affordable annual fee of ₹1,000 + GST.

IDFC Business Max Credit Card

While this card can be availed against a simple fixed deposit of ₹10,000 and comes with zero joining and annual charges, it still offers solid benefits. Cardholders can earn 6 reward points on domestic online spends and 4 reward points on offline spends, along with accelerated rewards of up to 33% on hotel bookings and 20% on flight bookings.

The card also offers a low forex markup of 1.5% on international transactions and allows up to 5 add-on cards, making it a practical choice for managing both business and travel-related expenses.

Reward points are not applicable on fuel, insurance, EMI transactions, cash withdrawals, rental and property management transactions, and utility spends.

Brief Comparison of New IDFC Credit Cards

These two FD-backed business credit cards are designed to cater to different business needs, from entry-level users to high spenders. While the Business Max focuses on affordability and simplicity, the Business Multiplier offers higher rewards and premium benefits, especially on tax-related spends.

Bottom Line

Earlier, IDFC Bank had introduced the IDFC FIRST Bank Business Credit Card, which was a decent offering but came with a somewhat confusing structure. The launch of these two new business credit cards seems to address that.

While the new cards offer useful features like airport lounge access and rewards on tax payments, it is important to note that they are available only against a fixed deposit, which may not suit everyone.

That said, with affordable charges and decent benefits, these cards can be a good option for businesses looking to optimize their spends.

We will be publishing a detailed review of both cards, including reward rate calculations and real-world value, soon.