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    Corporate Credit Cards

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    Corporate Credit Card

    Corporate credit cards form a distinct part of the credit card space, separate from small business cards and personal credit cards. Various organisations all over the globe offer corporate cards to their employees for business expenses. This includes travelling for work, overseas accommodation expenses, food costs, etc. These cards are issued in the organisation’s name. However, the cards also display the names of the employee cardholders.

    Unlike small business cards and personal cards, corporate credit cards are only issued by a few card companies. The corporate accounts are generally established by companies using banking relationship. It can also happen through a deal discussed with a credit card issuer. The company’s credit is taken into consideration in this kind of a relationship. It is very similar to the situation when an individual applies for a personal credit card where that individual’s credit status is considered.

    Types of Corporate Credit Cards

    When payment is concerned, corporate credit cards can be grouped into two categories – company payment cards and individual payment cards. If you get individual payment corporate credit cards issued by your company, then you must submit your expense reports. This depends on the policy set by different companies. You will have to make the payment directly to the credit card issuer and then ask for reimbursement from your company. In case you get a company payment corporate credit card, the company will make all the payments for expenses that are related to the business. However, if there are any personal expenses on that card, you will have to make the payment to the issuer directly.

    Benefits Of Corporate Credit Cards

    While each credit card issuer offers different benefits on their corporate credit cards, there are some common benefits which companies can enjoy by availing corporate credit cards.

    Listed below are various benefits offered by corporate credit cards.

    • Track and control expenses: Every corporate credit card provides access to a smart spending management tool, which enables the companies to track and analyse the organisation’s spending behaviour related to travel and entertainment. The tool helps the employer to know the spending pattern on the cards, to identify top suppliers for better negotiations and also to set controls for card usage.
    • Category control: Companies can also restrict certain merchant categories such as casinos, jewellery, etc., to prevent employees from spending even inadvertently.
    • Airport lounge access: Most cards offer membership to various priority pass programmes through which employees or cardmembers can enjoy complimentary lounge visits at both domestic and international airports across the world.
    • Insurance cover: The Corporate credit cards also offer travel insurance that offers coverage for air accidental death, lost card, loss of baggage, missed flights, flight delay, loss of passport, fraud or misuse of card, etc.

    List Of Corporate Credit Cards In India

    Citibank Corporate Credit Card

    The Citibank Corporate Card provides a robust travel and expense (T&E) spend management tool for companies. It streamlines travel and entertainment expense reporting and also provides multiple rewards for using the card across the globe.

    Features of Citibank Corporate Credit Card

    • Comes with an online Visa IntelliLink spend management tool to manage all expenses. Companies can check statements online, customise reports for enhanced control and visibility, identify frequent suppliers, and have a convenient expense approval system.
    • With Corporate credit cards, organisations don’t have to issue advance foreign exchange to employees for travel
    • Access to a consolidated statement for all member corporate cards
    • Bill payment can be done to all card members at a time using cheque or RTGS or NEFT
    • Employees can earn reward points on every purchase and there is no expiry for the points
    • Reward points can be redeemed for air miles, hotel booking, gift coupons, premium merchandise, etc.
    • Access to local currency during foreign travel

    HDFC Corporate Card

    The Corporate Credit Card offered by HDFC is a premium category card that offers both travel and entertainment benefits to cater the needs of the various organisations.

    Features of HDFC Corporate Credit Card

    • Corporates will get 24x7 access to online management information system (MIS)
    • More than 50 MIS reports will help firms make informed decisions
    • Integrates with the existing system in the company
    • Minimises paperwork and simplifies reconciliation and compliance tasks
    • Earn 2 reward points for every Rs.150 spent on the card
    • Fuel surcharge waiver of 1% on fuel transactions between Rs.400 and Rs.10,000 
    • Complimentary Priority Pass Membership that provides access to more than 850+ International airport lounges across the globe

    SBI Platinum Corporate Card

    Featuring a smarter expense management, the SBI Platinum Corporate Card enables the companies to easily track and control the expenses while providing real-time expense management.

    Features of SBI Platinum Corporate Credit Card

    • Accepted at more than 24 million outlets across the world including 3,25,000 outlets in India
    • Comes with a Visa Intellilink spend management tool that enables the organisations to analyse its spending pattern and to control expenses better
    • Complimentary insurance that offers coverage for the corporate card liability against employee fraud
    • Category control and limit control
    • Emergency card replacement from anywhere in the world
    • Membership to Priority Pass Programme that provides access to more than 600 international airport lounges across the globe

    ICICI Corporate Credit Card

    The ICICI Bank Corporate Credit Card offers a comprehensive solution for companies to manage their travel and entertainment expenses efficiently.

    Features of ICICI Corporate Credit Card

    • Interest free period of up to 50 days
    • Comprehensive data to take informed decisions and fact-backed supplier negotiation
    • Control over employee spending on the card
    • Robust online reporting tools
    • MIS reporting and programme management
    • Insurance cover
    • Membership to DragonPass that allows access to over 450 airport lounges across the globe

    Axis Bank Corporate Credit

    The Corporate Credit Cards offered by Axis Bank provides an efficient travel and expense management solution to companies and organisations. The cards are accepted worldwide and come with customised solutions that meet the needs of most corporates.

    Features of Axis Bank Corporate Credit Cards

    • Features an unique MIS to track every transaction on the card
    • Easy to manage travel policies and negotiations with key suppliers
    • Airport lounge access at select airports in India
    • Control travel and entertainment expenses of employees by setting limits
    • Reward points on both domestic and international spends
    • 1% fuel surcharge waiver on fuel transactions between Rs.400 and Rs.4,000
    • Comprehensive insurance policy providing coverage for air accident, lost card, lost baggage, baggage delay, missed and delayed flights.

    How To Apply For Corporate Credit Cards Online?

    Most banks allow online application for corporate credit cards. You can visit the website of respective bank, check the available credit cards, choose the one that suits your organisational needs and apply for the same on the bank’s website.

    Upon submitting the online application, the bank may call you back provided the details match the eligibility criteria. The further steps in the application process will then be informed to you over the call.

    Learn the Policies of your Company on Corporate Credit Card

    No matter what type of corporate credit card your company gives you, it is very important for you get familiarize yourself with reporting and spending rules of your employer. Understand the travel policies, spending limits, procedures and restrictions associated with the credit card. For example, an organisation might state that car rentals and flight tickets fall under the category of approved travel spends, but toll costs and fuel charges must be given by the employer from his/her own pocket.

    Along with learning all the major company policies on the use of corporate credit cards, you must also know about policies that are specific to your position or designation in the organisation. For example, a field engineer and the CEO might have different spending profiles.

    As a cardholder, you must find out the limits and types charges associated with your corporate credit card. Charge limits can exist within the approved categories for spending too. Some of the expense restrictions are established for various kinds of merchants. Such control suggests that the employer can cap the charges at a particular level for the office supplies but offer more for the flight tickets. The transactions being carried out at any given time can also be tracked and controlled by your employer which stops you from overspending. You should also take proper training for using a corporate credit card. At times, these training sessions are made mandatory by the companies.

    Important Points Related to Corporate Credit Cards

    Avoid Pitfalls

    Unapproved charges can be a threat to corporate credit cardholders. If you have an individual payment card, you must submit your expense report and get it approved by your company’s management. In case there are unapproved charges on your corporate credit card statement, then you can be on the hook. Also, mixing corporate expenses and personal expenses can be a bad idea. At times, you might feel like skipping the hassle of using your personal credit card for your expenses when you are on a business trip. When the expenses are tracked, you could land into collision course with your employer.

    Use Simple Logic

    If you are spending on something that is related to work, make sure that the particular spend is 100% related to your work. Don’t spend on things that have chances of going into the unapproved charges bucket. Not only will you lose out on money, but also you will stand answerable to your employer.

    Keep a Track of your Credit Score

    When your company gives you a corporate credit card, it might want to check your personal credit score. This would give them an idea of your expense management, spending habits and repayment capabilities. If you avoid credit card payments, it will affect your credit score a lot. The credit bureau keeps all the information about your late payments. If your employer comes to know that you have not cleared your outstanding on time, you might not be considered eligible for the corporate credit card. Make sure that you pay your debts on time to keep the credit score high.

    Loss and Theft

    You, as an employee, must ensure your card’s security. Corporate credit cards come with unique numbers. In case of loss or theft of your credit card, block it immediately. This will stop the possibilities of fraudulent activities using your corporate credit card.

    Traveling with your Corporate Credit Card

    Corporate credit cards offer travel expenses for the employees traveling for business purposes. As an employee holding a corporate credit card, you can avail access to VIP lounges at several international airports. It also offers travel insurance so that you can enjoy the peace of mind you deserve while traveling.

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