HDFC Bank launches business card for SMEs through MasterCard

Mumbai: HDFC Bank has launced a credit card for SMEs, in association with MasterCard International. Called "HDFC Bank PowerPlus BusinessCard", the new card is intended to facilitate payments of business expenses by corporates, making it the first such card in the country.

The card offers a total credit limit of Rs25 lakh for a company and Rs5 lakh for an individual — the highest in the market — at 1.5 per cent monthly interest rate, which the bank says is the lowest in the market. Moreover, when used solely for business purposes, the card provides for tax savings as finance charges incurred on business expenditure are tax deductible.