A business credit card offers benefits and features that would help in the smooth running of your business enterprise as well as take care of employee spending through tools that enable you to regulate and monitor expenses. The deals and perks offered serve to incentivise and entice you as a business owner, making the deal sweeter and mutually beneficial.
Features and Benefits of Business Credit Cards:
Dual benefits – With business credit cards, both the employer and employee can benefit. In the case of self-owned business cards, the cardholders and their businesses stand to benefit. Employers can get a clear picture and spend analysis every month. Employees can enjoy cashless transactions.
- Secure Transactions – Business credit cards provide for secure transactions. There is no risk of losing cash or the burden of carrying cash around. Credit cards can take care of company expenses with just a swipe.
Online Convenience – The card can be managed online through the bank’s portal. This makes viewing statements, paying bills, blocking cards, raising disputes and so on much easier and convenient.
Credit Card Statements – Monthly credit card statements saves a lot of time and helps in tracking expenses and calculations efficiently. It also comes in handy for budgeting and future operations. Business owners can see clearly where the money is being spent without much effort.
Employee expense monitor – Business credit cards usually come with the option to cap the spending limit. Employers can also track the credit card expenses of their employees.
Rewards – Some banks offer reward points, cashback, discounts and deals on business credit cards. Employees or cardholders can earn rewards, which they can later redeem for gifts, vouchers, etc.
Multi-purpose expenses – Business credit cards can be used to spend money on travel, entertainment, utilities, repair and maintenance, business operations and more. Employers may also have the option to restrict the purpose of expenditure on the credit card. Cardholders may be allowed to only spend on certain categories.
Consolidated Payments – Not only will cardholders be able to pay for all expenses in one shot, but they can also enjoy paying for multiple cards with a single payment.
List of Business Credit Cards in India
- Axis Bank
- HDFC Bank
- State Bank of India
- Kotak Mahindra
- Bank of Baroda
- Canara Bank
Top Business Credit Cards In India:
Given below are the top 8 business credit cards in India, along with a brief description of their salient features:
SBI Platinum Corporate Credit Card
The SBI Platinum Corporate card has been designed keeping in mind the Indian corporate client and his/her business needs. The card is on the VISA platform and the cardholder can track his/her organisation’s expenses via the Visa IntelliLink tool.
Features of the SBI Platinum Corporate Credit Card:
- Interest free credit is available for a period of 20-50 days on retail spends provided the previous month’s outstanding has been cleared.
- Wide acceptance at over 24 million outlets across the world.
- Daily, weekly and monthly limits can be set on the card, enabling greater management of money.
HDFC Business MoneyBack Credit Card
The HDFC Business MoneyBack credit card offers higher rewards on purchases made through the card as well as exclusive deals and offers. Cardholders can also enjoy 50 days of interest-free transactions on their card from the date of purchase.
Features of the HDFC Business MoneyBack Credit Card:
- Cardholders can earn up to 3 times the reward points on air, travel, hotel booking, dining and e-commerce spends made through the card.
- Cardholders will also enjoy priority access to airport lounges across India.
- Reward points earned can be redeemed as Air Miles or as cash back against the outstanding amount due (100 reward points = Rs.40 for cash back purposes).
Axis My Business Credit Card
The Axis Bank My Business credit card is tailor-made to suit every business need and enhance business efficiency through a variety of special features and benefits for the corporate cardholder.
Features of the Axis My Business Credit Card:
- Cardholders can avail 20% cashback for base fare flights on Ezeego when booking with their My Business credit card.
- Cash withdrawals up to 30% of the credit limit can be withdrawn through VISA ATM’s across the world.
- Receive a 2.5% surcharge refund on all fuel spends at petrol pumps across the country when paying with the My Business credit card.
ICICI Bank Corporate Credit Card
The ICICI Bank Corporate Credit Card offers corporate cardholders a complete travel and entertainment program full of deals and benefits. Available in Platinum and Gold variants, the card allows for effective management of employees’ travel and entertainment expenses through well-designed tools.
Features of the ICICI Bank Corporate card:
- Cardholders can choose from two billing dates, depending on their convenience.
- The online e-statement that is generated provides for a detailed break-up of the various card accounts.
- The cardholder can also choose from a range of liability options and controls with regard to employee spending on the card.
Citibank Corporate Credit Card
With a streamlined expense report for travel and entertainment spends, the Citibank Corporate credit card offers access to top-of-the-line automation and higher savings.
Features of the Citibank Corporate Credit Card:
- Earn rewards points on purchases made through the card that never expire.
- Convenience through one-glance statements that provide a detailed summary of all linked cards.
- Get access to exclusive savings and offers such as 20% off on dining spends in India and up to 55% off on travel, hotel stays and car rentals when purchased using the Citibank Corporate credit card.
- Access statement information anytime, anywhere through the Visa IntelliLink Spend Management tool.
Kotak Corporate Credit Card
Kotak corporate credit card offering comes packed with features designed to sway the corporate customer, from savings opportunities to greater control over employee spending. Available in Gold and Platinum variants, the card provides a convenient way to meet expenses.
Features of the Kotak Corporate Credit Card:
- The card provides a 2.5% fuel surcharge waiver across all petrol pumps in India.
- All purchases made through the credit card are insured for a period of 6 months from the date of purchase. In the event that an item is lost due to theft or fire, the cardholder can claim insurance of up to Rs.50,000 for the item.
- Company can choose the credit limit assigned to employees, providing greater control on spending and access to funds.
Standard Chartered Business Gold Credit Card
Exclusively meant for self-employed individuals, the Standard Chartered Business Gold credit card is designed to cater to every need the business owner could have.
Features of the Standard Chartered Business Gold Credit Card:
- Enjoy a 5% cashback at all fuel outlets across the country when paying with the Standard Chartered Business Gold credit card.
- Enjoy a range of discounts and special deals on hotel stays, dining and leisure activities.
- Receive 1% cashback on all spends made through the card, resulting in greater savings.
Eligibility of Business Credit Cards
- Business cards are available to small businesses, limited companies, banks, government-run companies, partnerships and sole proprietorships.
- Banks issuing the credit card require businesses to show a certain amount of profit, turnover or aggregates.
- Companies that have satisfactory track records of operations are eligible.
- There are also business cards available for just about anyone who requires a separate expenses account. This card can then be used for business-like expenditure which will help in tracking costs.
Tips for Business Credit Cards:
- Business cards can give you that much-needed revolving credit. But credit cards must be used wisely.
- Choose the right card for you and your business. Some cards come with a host of benefits that include travel and insurance, but also carry high annual fees. If you do not require these benefits, then go in for a simpler card that doesn’t carry charges and annual fees.
- Analyse your monthly statements and verify all transactions.
- Use your statements to budget and cut costs.
- Always know all the features of your credit card. Business owners can restrict employee expenditure and also impose restrictions on certain categories. Use these options wisely to ensure the best value for your money.
- These cards generally do not have add-on card options for your family members as the company will be paying the bills.
- SMS and email alerts are available on almost all cards to get instant notifications about transactions on the credit cards.
Small Business Credit Cards
Small business credit cards help businessmen and entrepreneurs have access to funds to manage a business. For example, they can be used to buy office furniture, equipment, electronics, etc. These cards are not meant for personal use and cannot be used by individuals to meet any kind of non-business expense. There are many banks in India that offer these types of business credit cards including State Bank of India (SBI), HDFC, Axis Bank, Citibank, ICICI, among others.
Features And Benefits Of Small Business Cards
- Business credit cards come with a higher credit limit when compared to regular credit cards
- They help businesses meet urgent expenses without any hassle
- The cashbacks and rewards offered on these cards are much higher than regular cards
- It is more safe and secure
- These can be used online through net banking to make purchases and is hence very convenient to use
Top Small Business Credit Cards in India
ICICI Corporate Credit Card:
This ICICI Corporate Credit Card offers a number of perks and benefits. The card available in different variants such as gold and platinum.
The following are the features of the ICICI Corporate Credit Card:
- Online banking
- Interest free credit facility for a period of up to 50 days
- Flexible billing cycles
- Online e-statement
- Attractive reward points and other perks
SBI Platinum Corporate Credit Card:
The SBI Platinum Corporate Credit Card makes it easy for business owners to manage their expenses. They come with a wide range of features and benefits.
The following are the features of the SBI Corporate Credit Card:
- Global acceptance
- 24/7 services
- EMV cards
- Smart expenses management feature
- Complimentary insurance
Axis Bank Business Credit Card:
The Axis Bank Business Credit Card is specifically designed to meet business needs and comes with EMI facility for big value purchases.
The following are the features of the Axis Corporate Credit Card:
- Airport lounge access
- Business savings schemes
- Fuel rewards and waiver
- Cash advance
- Automatic payments
- Easy EMI option
- Loyalty rewards
HDFC Business Platinum Credit Card:
The HDFC Business Platinum Credit Card is a great option for businessmen and comes with a range of features and benefits including global acceptance, cashbacks, lounge access, etc.
The following are the features of the HDFC Corporate Credit Card:
- Airport lounge access
- Cashbacks on retail and international expenses
- Smartpay and business savings facility
- Renewal fee waiver
- Global credit card
- No liability on lost credit card
- Fuel waiver
Citibank Corporate Credit Card:
The Citibank Corporate Credit Card for business is designed for all types of business needs. They come with online management tools and a wide range of corporate benefits.
The Following Are The Features Of The Citi Corporate Credit Card:
- 24/7 online banking
- Comprehensive expense approval system
- Online bill payments
- Travel offers and perks
- Reward points, gift vouchers
- Cashless payments worldwide
Allahabad Bank’s Laghu Udhyami Credit Card
Targeted at small business owners and artisans across sectors, the Allahabad Bank’s Laghu Udhyami Credit Card comes with benefits for small business owners, extending a line of credit to them.
Features of the Laghu Udhyami Credit Card:
- The card extends a line of credit for the purchase of raw materials and other goods, with the interest dependent on the borrower’s profile and credit worthiness.
- The cardholder can take a term loan for a period ranging between 5 and 7 years on them providing a satisfactory security collateral.
What Can They Be Used For:
- Business travel expenses, business operations
- Repair and maintenance work
- To procure raw materials
- For business equipment
- For stationary and other office supplies
- To buy electronic goods for business use
What They Cannot Be Used For:
Eligibility Criteria For Small Business Credit Cards
- Applicants should be running a legal business, company, small to medium sized business, partnership firm or sole proprietorship
- What is the ideal credit score which is required to get a business credit card?
Business credit cards will be issued if you have a credit score of 640 to 699. Most business credit cards require good credit score for approval.
- How do I pay my credit cards after I block a credit card?
Making payment on a blocked credit card is easy. You can transfer the money online to your card account and you can also issue a cheque. You can also visit a branch and make payment in cash and then collect the deposit slip.
- How are Business credit cards issued in India?
Business Credit cards are issued by banks after you choose the card according to your requirements. The card is issued for a period of one to three years. An application form with a photograph will have to be submitted.
- Can I overpay my credit card to increase limit?
Your credit limit is set by the bank based on a lot of parameters, like your credit score, and is a reported number. Making some extra payments can influence it, but it will not change the number.
- Is it hard to get a business credit card?
If you have good credit score, then it will not be difficult to get a business credit card. This can be done even if you do not have a business. Business credit cards can give you better perks and rewards than personal ones.