HDFC Bank SAP Concur Black
KeepForty lounge visits a year, 1% back, and a 2.5% forex markup.
no published fee to price it against
Skip the arithmetic — the board, ranked → · nothing to sign up for
What it's worth to you, after the fee
Not valued. We can't value this card until the issuer publishes a fee — every net-value number here would be wrong by exactly the fee we can't find. Everything we can source — the earn rate, the transfer routes, the lounge doors — is above and stands on its own; this card is simply not on the board, not in the calculator, and cannot win a best-of call until HDFC Bank publishes a fee schedule we can cite.
Why we decline to value some cards, and what it takes to change that →
2 notes on the card itself: how it is issued · why it ranks #437
Why #437 Carried, not ranked — and the strongest card in HDFC's corporate book. A full 1% at the published corporate exit, twenty-five domestic lounge visits a year plus fifteen international, and a 2.5% forex markup. The price is the one thing the bank will not publish.
The corporate rate HDFC publishes on the card's own page: "1 Reward Point = INR 0.30 when redeemed on offers.smartbuy.hdfcbank.com/corporate", against airline tickets, hotel bookings and a redemption catalogue. That is the FLOOR of our HDFC Reward Points band — the corporate portal is the cheapest exit HDFC operates for this currency, and the reason a 5-per-₹150 headline lands at 1% rather than at three. Airmiles conversion is offered but unpriced, and HDFC warns that frequent-flyer registration must be completed before attempting it. Points last two years and every redemption costs ₹99.
The take
This is the best card in HDFC's corporate book and it is sold to companies rather than to people, which is the only reason it is not on the rankings. The earn is a genuine one per cent: five Reward Points per ₹150 at the thirty paise HDFC prints on the page, capped at 10,000 points a statement cycle, which binds at ₹3 lakh of monthly spend and will not trouble most cardholders. The lounge allowance is the headline — five domestic visits a QUARTER plus fifteen international a year through LoungeKey, forty visits a year in total, which is more than any consumer card at this notional tier gives. Forex is 2.5%, the middle of the corporate schedule's three markup bands and a full point below what Corporate Platinum and Business Corporate MoneyBack pay, so a company routing international travel spend has the right card here. The fuel waiver runs on transactions up to ₹10,000 rather than the usual ₹5,000 and caps at ₹1,000 a cycle. Insurance is travel-shaped and real: ₹1 crore of air accident cover, ₹1 lakh of emergency medical abroad, and ₹15,000 each against flight delay, lost checked baggage and a missed connection. Employee fraud is covered at ₹2.5 lakh a card and ₹50 lakh across the company — double and tenfold what the MoneyBack tier carries. What you cannot look up is the price: the page's own fees block lists everything except the membership fee, and the corporate MITC says it varies per cardmember.
Your renewal — keep, downgrade or cancel
There is no renewal arithmetic to run on this card yet — and a break-even we cannot source is not one we will print.
the whole desk — what changed, the downgrade, and what we cannot price →
Keep, downgrade or cancel
what we can and cannot price
Not valued. We can't value this card until the issuer publishes a fee — every net-value number here would be wrong by exactly the fee we can't find. A break-even is the spend at which value crosses a fee, and we are short one side of that sentence — so this desk prints no ladder, no crossing and no ₹0 standing in for either. What we can source about this card is under Sources.
Your copy of this card
You hold this card.
Kept on this device, in your browser. It is never sent to us, never synced, and nothing else on the site reads it yet.
The downgrade
HDFC Bank publishes no document naming a card you can step down to, so we name none — an invented product change is a phone call you would waste. That leaves keep or cancel, and we cannot price either side of it.
What has changed under this card
- 23 Sep 2026 Axis EDGE brings Accor back, drops ITC, and adds Cathay, Miles & More and Hilton a program these points reach
- 15 Sep 2026 Wyndham splits its three flat free-night tiers into four a program these points reach
- 8 Sep 2026 Flying Blue splits award tickets into Light / Standard / Flex — a 25% rise for the same product a program these points reach
We price what is in force today — a change that has not happened yet is not in these numbers. the full archive for this card →
If you call to cancel
What the bank offers to keep you is the one fact this desk cannot compute. We are collecting those reports — dated, and only in aggregate — before publishing any: an offer one reader was made is not one you are owed. Called about this card? Tell us what they offered →
The desk publishes subscribable .ics feeds for the dates it knows — offer deadlines, devaluations, expiry audits. Your renewal date is not one of them: only your statement knows it.
What's good
- 5 domestic lounge visits a quarter plus 15 international a year via LoungeKey — forty visits a year
- 5 Reward Points per ₹150 — a full 1% at HDFC's published ₹0.30 corporate redemption rate
- 2.5% forex markup, a point below Corporate Platinum's 3.5% on the same schedule
- 1% fuel surcharge waiver up to ₹10,000 a transaction, capped at ₹1,000 a statement cycle
- ₹1 crore air accident cover, ₹1 lakh medical abroad, ₹15,000 each for delay, baggage and missed connections
- Employee-fraud cover at ₹2.5 lakh per card and ₹50 lakh corporate-wide
- 4% off flights and hotels through MMT MyBiz, and up to 40% off business travel on SmartBuy Business
Watch out
- The fee is unpublished — the page's fees block omits it entirely and the corporate MITC says it "may vary for each Cardmember, and from offer to offer"
- ₹0.30 a point is the FLOOR of our HDFC Reward Points band, which is why 5 per ₹150 is 1% and not more
- Accrual stops at 10,000 Reward Points a statement cycle — ₹3 lakh of spend a month
- Rent earns nothing and carries a 1% fee capped at ₹3,000 a transaction; fuel earns nothing either
- The lounge programme is LoungeKey, not Priority Pass — check the card's own lounge list before travelling
- Every redemption costs ₹99, and points lapse after two years
What these points actually fly
HDFC Reward Points move to Avianca LifeMiles , Air France-KLM Flying Blue , Etihad Guest , United MileagePlus , Air India Maharaja Points , AirAsia Rewards , SpiceJet SpiceClub , Accor Live Limitless (ALL) , Marriott Bonvoy , Club ITC , IHG One Rewards , Radisson Rewards and Wyndham Rewards — and those price every award dynamically. There is no published chart to quote, so we quote nothing: an estimate is not a seat.
what the cards that DO reach a chart can fly — 2,196 corridors priced →
Lounge access
0 of 793 tracked doors
No lounge access. This card opens exactly 0 of 793 tracked lounge doors — board with the crowd, or find a card that doesn't →
Can you get it?
the route in — no cutoffs published
The cutoffs and the actual route in — not the "apply now" button, the door that opens.
Direct application — no invite list, no banking relationship required.
HDFC Bank publishes no income or age cutoffs for this card. Blank means blank — we don't invent numbers to fill a grid.
no MITC row researched for this card yet · filter the board by what you can get →
What's changed for this card
8 dated changes
Devaluations and buffs that touch this card directly, its issuer, or the points and programs it earns and transfers to. Every one is dated here; the tracker carries each one's before → after and the write-up.
- 23 Sept 2026Axis EDGE brings Accor back, drops ITC, and adds Cathay, Miles & More and HiltonAccor and Marriott off the grid since 2 April 2026; Club ITC live; no Cathay, Miles & More or Hilton → Accor live at the punished rates; ITC removed; Cathay, Hilton and Miles & More live; Marriott still gone
Axis's own Travel EDGE terms, re-read 25 September 2026, already show the grid that went live on 23 September. Accor ALL is back, and not at the old Atlas 1:2: EDGE Miles convert at 2:1 (Olympus 1:2) and EDGE Rewards at 5:1, with Magnus for Burgundy at 5:2 and only Burgundy Private still at 5:4. Club ITC is off the table. Three partners are new. Cathay Asia Miles sits on that same punished grid. Hilton Honors is the ordinary one: EDGE Miles 1:2, EDGE Rewards 5:2, Burgundy 5:4. Lufthansa Miles & More is the exception on Atlas, which converts 1:1 there while every other standard airline on that card is 1:2; the EDGE Rewards side of Miles & More is the ordinary 5:2. Marriott stays removed. Qatar Privilege Club was already back. Flying Blue, Air India and Qantas moved into Group A, which is the capped group. The Axis Rewards credit card's Amex network is advertised as joining-fee and annual-fee nil for a limited period; there is no separate Amex variant on this board, so that offer is not modelled as a fee change.
- 15 Sept 2026Wyndham splits its three flat free-night tiers into four
- 8 Sept 2026Flying Blue splits award tickets into Light / Standard / Flex — a 25% rise for the same product
- 1 Sept 2026SmartBuy moves Amazon Pay gift cards to 1X under Insta Deals
- 25 Aug 2026Vietnam Airlines Lotusmiles opens a broad SkyTeam status match — up to Elite Plus
- 21 Aug 2026Club ITC pays up to 50,000 bonus Green Points for spreading 10 nights across all five brands
- 20 Aug 2026IHG Hotels & Resorts becomes a Maharaja Club earning and conversion partner
- 18 Aug 2026Amex India re-rates Virgin Atlantic upward — 2:1 becomes 5:4, the first MR buff in years
Every HDFC Bank change we've dated → 37 events since 2001, 23 of them nerfs — worst year 2026.
Verified against HDFC Bank's own documents on
Not published , and we will not invent it: the annual fee.
Every document behind this page — 2 of them, each with the day we read it
- official SAP Concur Black product page — the 5-per-₹150 earn and its 10,000-point cycle cap, the published ₹0.30 redemption rate, both lounge quotas and the insurance schedule
- official HDFC's Corporate Credit Card MITC and Schedule of Charges, Version 1.54 — it puts this card in the 2.5% forex band and states that the membership fee varies