Which are Business Credit Cards? A Credit card that offers exclusive benefits for business owners is known as Business Credit Card. Business owners can finance their business need including working capital by using these cards. They can make urgent payment and also buy equipment and raw material required for the business. A business owner can manage a separate business account and track business expenses including employee’s expenses using this credit card. A credit limit of business credit card is high. It clearly indicates that every business owner should opt for the best business credit card as per their need. Business credit cards are beneficial to every business owner including proprietors, partnership firm, companies, and small business owners. Key features, benefits and eligibility requirement including details about Top 10 Best Popular Business Credit Cards are given below.
Also Read – 7 Credit Cards against Fixed Deposit
Key Features and benefits of Business Credit Cards
Higher Credit Limit
A higher credit limit means an increase in spent capacity. These types of cards offer higher limit to the businessman. This will surely help a businessman in arranging finance at a shorter duration.
Expense Tracking Facility
A business credit card offers the facility of tracking all business expense at one place. This will help to spend control as well as tax preparation.
Rewards
This type of card offers exclusive rewards to the businessman. This includes travel benefits, cashback benefits, free airport lounge access, no annual fees etc.
Payment in Domestic as well as foreign currency
You can get the benefit of making payment in both domestic as well as foreign currency. This means if you want to start your business internationally it will help.
Secure Transaction
Business credit card offers enhance security on every transaction. There is no risk of losing cash or the burden of carrying cash around.
Budgeting Tool
Apart from expense tracking facility, you get budgeting tool for various expenses. This helps in doing budgeting and planning your expenses.
How to select Business Credit Card?
The factors for consideration while selecting a business card is given below.
- Firstly, you should look at the credit limit offered by Credit Card Company or bank for the credit card. It is advisable to select a card with a higher credit limit facility.
- Secondly, look at the interest rate in case of default and applicable processing fees. Go for a card with a lower interest rate.
- You should also look at ease of getting card and documentation required before opting for the card.
- Reward offers, cashback benefits and discounts also plays a vital role in the selection of credit card. One should select a card that offers maximum benefits.
- You should evaluate card based on business benefits. E.g if you are traveling a lot you should select a card that offers maximum travel benefits.
Also Read – 10 Free Credit Cards in India – No Annual Fees
Documents required for Business Credit Cards
The document required for getting a business credit card varies from one company to other. However, in general, you require following documents for getting a credit card.
- Identity Proof
- Age Proof
- Residential Address Proof
- Income Proof, generally profit & loss account and balance sheet
- MOA in the case of the ownership pattern is more than one.
10 Best Popular Business Credit Cards in India
# SBI Platinum Corporate Credit Card
SBI Platinum Corporate Credit Card comes with exclusive privileges for the customers. This card is projected as a card for the global traveler as it is widely accepted and offers multiple travel benefits.
Key Features
- SBI Platinum corporate credit card provides smarter spend management tool. You can have user-friendly dashboard for real time expense management.
- You can have multilayer spend control for better expense management and control.
- This card provides travel insurance and fraud related insurance.
- It is globally accepted card recognized for highest international authorization approval rate.
Fees
Joining Fee – NIL
Annual Fee – NIL
Interest – 3.35% per month
For more information click here.
# HDFC Business MoneyBack Credit Card
HDFC Business MoneyBack Credit Card is one of the highest rewarding credit card. The credit card holders can enjoy 50 days of interest-free transactions from date of purchase.
Key Features
- You can avail up to 5% cashback benefit on key business spending.
- This card offers very good reward points which can be redeemed as cashback or air miles.
- You can avail multiple exclusive business benefits using this card.
Fees
Joining Fee – NIL
Annual Fee – Rs.500
Interest – 3.45% per month
For more information click here.
# My Business Credit Card – Axis Bank
My Business Credit card from axis bank is custom made card designed for daily need. This card offers multiple rewards and good earning potential.
Key Features
- My Business Credit card comes with exclusive business saving plan that can be customized.
- This card gives you complimentary lounge access at various airports across the country.
- The Zero Lost Card Liability feature shields you from the liability of paying for fraudulent transactions
Fees
Joining Fee – Rs.999
Annual Fee – Rs.499
Interest – 3% per month
# Citibank Corporate Card
Citibank Corporate Card provides exclusive privileges for corporate expenses. It is one of the most popular business credit cards.
Key Features
- Exclusive spend management with very good reporting tool.
- Never expiring reward points.
- Secure online bill payment facility.
- Cashless payment across multiple countries.
Fees
Annual Fee – Variable
Interest – 3.1% per month
For more information click here.
# ICICI Bank Platinum Corporate Credit Card
ICICI Bank Corporate credit card is next in the list of popular business credit cards. This card offers up to 50 days interest free credit.
Key Features
- Choice of liability options and controls over employee spending.
- Advanced online reporting tool.
- Spend breakup account wise.
Fees
Joining Fee – NIL
Annual Fee – Rs.499
Interest – 3.15% per month
# Corporate Gold Card – Kotak
Corporate Gold Credit Card by Kotak is one of the best business credit card. This card is designed for corporate to manage their expense in a better manner.
Key Features
- This card offers opportunities for saving and budgeting.
- You can get fuel surcharge waiver across all petrol pumps in India.
- You can get up to 48 days interest free period.
Fees
Joining Fee – NIL
Annual Fee – NIL
Interest – 3.30% per month
# Business Gold Card – Standard Chartered
Business Gold Card by Standard Chartered is next in the list of best business credit cards. This card is exclusively designed for the self-employed.
Key Features
- 5% Cashback on selected business expense.
- 2X Reward points.
- Lowest interest rate charges.
# YES First Business Credit Card
YES First Business credit card is one of the popular business credit card. Accelerated reward program and best foreign currency mark-up is plus point of this card.
Key Features
- Welcome and Renewal Reward Points
- Lowest Interest rate
- Insurance coverage for travelling users
- Easy reward redemption
Fees
Joining Fee – Rs.5000
Annual Fee – Rs.5000
Interest – 1.99% per month
# Laghu Udhyami Credit Card – Allahabad Bank
Almost every bank offers credit card in Lagu Udhyami category. This type of card is specially designed for working capital requirement for business people. This card is given on hypothecation of assets. This card provides up to 10 Lakh as a term loan or working capital. This card is valid up to 3 years.
# Laghu Udhyami Credit Card – IDBI Bank
IDBI Bank also offers Lagu Udhyami Credit Card. You can get maximum 10 Lakh loan using this credit card. You need to do hypothecation of assets for availing this card. All IDBI bank customer with a satisfactory dealing record is eligible for this card.
Tips for Business Credit Cards
- Holding a business credit card is beneficial for every businessman. However, it has to be used wisely.
- Select a credit card based on your business need. If a card is not offering adequate business benefits go for another one.
- Analyse your expenses thoroughly and use credit card statement for budgeting or cost cutting.
- Make sure to clear your dues on time. This will help in building credit history.
- Subscribe to instant notification SMS and e-mail alerts. Most of the credit card company provide this facility.
We hope the information given above is useful for small business owners and corporates. This information is as per the latest information available on the internet. I will update this post time to time based on the latest information available on best business credit cards.
