In the modern corporate world, business credit cards are quite important as they provide an ease to manage expenses and improve their cash flow. Specially designed for professionals and entrepreneurs, these cards not only make financial transactions seamless but are also equipped with customized features to meet the varying demands of enterprises.
A business credit card can be a valuable tool with special reward outlines and high credit limits, which enhance financial flexibility, provide incentives, and enable enterprises to easily control their monetary requirements.
Businesses can use these cards to make purchases, combine expenses, and earn rewards on paying bills with the help of flexible payment options. In conclusion, business credit cards are both a tactical asset and a convenience tool.
Here we have come up with a list of top 10 business credit cards along with their key features, reasons to choose, tips, eligibility criteria, etc. This will help you pick the most suitable card for yourself.
What is Business Credit Card?
The answer to this question (what is business credit card) may be mistaken with corporate credit cards, but in reality, these are not the same. However, business credit cards are thoughtfully designed for small and medium-scale businesses as well as large companies and multinationals. Functioning somewhat like a regular credit card, the business credit card comes with a higher maximum spending limit and more rewards. Simply put, these cards are only offered to those who need a separate business account.
Enterprises can track expenses arising from their organizations and keep them separate from personal accounts. Additionally, they come with controls on spending limits, helping employers control employee spending. From helping build a good credit history to streamlining business expenses, business credit cards offer complete access to credit. Keep in mind that both employees and employers can use Indian business cards.
List of Popular 10 Business Credit Cards in India
Mentioned below are the best business credit cards in India, along with a brief discussion of their key features:
1. HDFC Business Money-Back Credit Card
This Business credit card provides exclusive rewards, deals, and offers on purchases using it. From the date of purchase, cardholders can enjoy 50 days of interest-free transactions on their HDFC Money-Back Credit Card for business.
Key features:
- Earn 5% cashback on electricity, telecom, railways, government/tax etc.
- Free membership for one year – Zomato Gold
- Earn 2500 credit card reward points on annual payments up to Rs 1.8 lakh in each anniversary year
- Earn 5X reward points on fuel, capped at 1000 rewards/per calendar month
2. SBI Platinum Corporate Credit Card
Get the SBI Platinum Corporate card from India’s top credit card company, SBI. It has been designed keeping the Indian client’s business needs in mind. With this card, cardholders can track their business’s expenses through the Visa IntelliLink tool.
Key features:
- Accepted at more than 38 million outlets around the world, including 03 million outlets in India
- 20 to 50 days of interest-free credit period is available
- SBI corporate card features complimentary insurance
- This credit card can be replaced from anywhere in the world
- Different limits on a monthly, weekly, or regular basis are set on the card, allowing maximum management of money
3. Kotak Corporate Gold Credit Card
One amongst the best credit cards business, the Kotak corporate gold credit card is designed to sway corporate users, from maximum control over employee spending to saving opportunities. The card offers a convenient way to manage expenses.
Key features:
- Over 48 days of interest-free credit duration is available
- Fuel surcharge waiver proposed on transactions between Rs 500 and Rs 3,000
- Redeem reward points through the customer care executive
- Tracking the expenses done by the employees
- Redeem point every 2 times in 3 months
- Cash rebate will be provided through a demand draft
4. Axis Bank My Business Credit Card
This is the best credit card business in India, thoughtfully designed to suit every enterprise need and elevate business efficiency via ample features and advantages for the business cardholder.
Key features:
- 2 free airport lounge visits 2 times in 3 months
- Fuel surcharge waiver of 1% on all fuel transactions throughout India
- Withdraw up to 30% of your credit limit from 1 million Visa ATMs
- In case of transactions up to Rs 2,5000, visit the bank to convert your large credit purchase into EMI
- Earn four eDGE points on a maximum spend of Rs 200. And earn 100 points on the first online transaction
5. ICICI Bank Business Advantage Black Card
India’s major card issuers, the ICICI offer some excellent business card in India, such as Business Advantage Black Card.
Key features:
- Save on fuel add-on at 1%
- Cashback of up to 1% on eligible national and international spends – applicable on airline, restaurant, and hotel spends.
- Covers personal air accident death insurance worth up to Rs 75,00,000
Also Read: How to Make Money With Credit Cards
6. IndusInd Bank Corporate Card
One of the popular small business credit cards, IndusInd Corporate Card comes with a range of benefits like fuel surcharge waiver. Acquiring this card also gives accessibility to the Priority Pass Program.
Key features:
- Allow cardholders to track their expenses category-wise.
- Get a 1% fuel surcharge waiver
- Integration to ERP
- Offers personalized fields for data reconciliation
7. BoB (Bank of Baroda) Corporate Credit Card
One of the largest and most reliable corporate business cards issuers, Bank of Baroda provides an amazing business card called a Corporate Credit card. Offering various benefits, this is a lifetime free card.
Key features:
- Air accident insurance comprises over Rs 1 crore
- Get 8 complimentary national lounge access/yearly
- Earn one reward point on every spend of 100 Rs
8. ICICI Bank Business Advantage Blue Card
A toned-down variation of the ICICI Business Advantage Black card, this card has a yearly fee of Rs 500. It is also regarded as one of the best credit cards business.
Key features:
- Receive up to 1% cashback on national and international spends
- Get 2 complimentary national lounge access every quarter
- Get insurance advantages of over Rs 75 lakhs
9. HDFC Business Platinum Credit Card
This is one of the best credit cards for small businesses and an excellent choice for businessmen. HDFC Business Platinum comes with plenty of benefits and features, such as lounge access, global availability, etc.
Key features:
- Worldwide credit card
- Access airport lounge
- Business savings and smart pay facility
- Cashback on international and retail expenses
- Fuel waiver and no liability on lost credit card
10. SBI Corporate Purchase Card
The best corporate credit card India without an annual fee, the SBI Corporate purchase card offers decent benefits, fulfilling business requirements. Business owners can track the expenses of their employees and restrict limits.
Key features:
- Lifelong free credit card
- Covers lost card liability
- Allow to set daily regular spending limits for employees
- Enables to restrict the spending of their employees at preferred merchants
Top Reason to Have Business Credit Cards
- Beneficial for both employee and employer
Business credit cards have dual benefits, for example, in the case of self-owned business cards, cardholders and their enterprises are benefited. Apart from enjoying cashless transactions, businesses can get a clear picture and spending analysis every month.
- Safe and easy transactions
The major benefit of the best credit cards for business is to offer secure transactions, minimize cash loss, and reduce the risk of carrying cash around. With just a simple swipe, these cards can take care of business expenses.
- Credit Card Statements
With monthly credit card statements, it can be easy to calculate and track expenses efficiently, thereby saving time. Business operators can check where cash is being spent without much time and effort.
- Online management
Since the card can be operated online using the bank’s portal or relevant business credit card app, it is very convenient to view payments, block the card, pay bills, and even raise disputes.
- Manage expenses
These cards can be used for multi-purpose expenses, such as spending money on everything from entertainment to utilities, repairs, travel, business operations, travel, and much more. The business owner can also have the chance to restrict the purpose of spending on corporate business cards. You are allowed to pay money only on certain categories.
- Cashback, rewards, discounts, etc
Since some banks offer cashback, reward points, deals, and discounts on the best business credit cards in India, cardholders can earn discounts and rewards, which they can later trade in for vouchers, gifts, etc.
- Control on employee spending
Generally, business credit cards have an option to restrict the spending limit. Business owners can have a chance to track the expenses of their employees.
- Combined payments
Business credit cards not only allow the cardholder to pay all credit card expenses in one go but also enjoy spending on multiple cards in a single payment.
- Create Business Credit
A business credit card is responsible for strengthening the company’s credit score. The business credit card is responsible for strengthening the company’s credit score. A good business credit profile becomes a lever in securing beneficial loan conditions, attracting partnerships, or even negotiating supplier contracts.
Eligibility of Business Credit Cards
Just like personal or regular credit cards in India, commercial credit cards also require the applicant to fulfill certain eligibility criteria while applying. However, these criteria may vary, usually depending on several aspects like net worth, applicant’s credit score, age, etc. Also, note that the eligibility requirement may vary for card issuers/banks. Below are the general requirements to get a business credit card:
- Applicant’s age – 21 years (minimum), 70 years (maximum)
- Applier should be owning a legal/verified business
- For different business cards, the income needs may vary
- The credit score of the business or the applicant may also influence eligibility criteria
- Applicant should be a proprietor, self-employed professional, or a partner in a partnership firm
Documents Required
To apply for business credit card, you also must have submitted the following documents:
- ID proof: PAN card, Aadhar Card, Driving Licence, Passport, etc.
- Current audited ITR
- Proof of business registration
- Evidence of the residential address of the applicant and the office address
- Evidence of business continuity
- Statement of P&L with audited reports
- Latest 3 months’ salary slips, statement of 6 months for salary account
Tips for Business Credit Cards
Business cards from India will help you elevate savings in your business expenses and can help maintain the credit score of enterprises. To help you use business credit cards more wisely, we have put together some tips. Scroll down to read them:
- Since business cards can give cardholders that much-required revolving credit, they should be used wisely.
- Opt for the right card for you and your business. There are some cards that offer a lot of features, including insurance and travel, but charge a high annual fee. Don’t want to avail these benefits? If that’s the case, choose a simpler card that doesn’t have an annual fee and other charges.
- Apart from evaluating your monthly statements, check all the transactions.
- Cut costs and budget using your statements.
- Note that business cards do not have additional card features for your closed ones.
- Make sure to check all the features of your business credit card. By doing this, you will be able to limit employee spending and also put restrictions on certain categories. This will help you get the best value for your money.
- Most of the cards provide email and SMS alerts to give instant notification about transactions on the credit card.
Closing Words!
In essence, a business credit card is crucial in the world of financial management. Finding the best bank for a business account in India and their business credit card can simplify operations significantly, especially for India-related enterprises.
A strong credit card from a leading bank or organization not only makes transactions easier but also becomes a partner in increasing rewards, optimizing expenditures, and maintaining smooth cash flow. Hopefully, you have understood how the right business credit card can be a game changer for your business growth.