The value of specialised financial instruments is of utmost importance in the ever-changing realm of corporate finance. Business credit cards, which are purpose-built to accommodate the complex requirements of organisations, serve as a crucial tool in optimising expenditures and strengthening financial management. The purpose of this comprehensive guide is to conduct a thorough examination of several leading business credit cards that are accessible in India. It will analyse the subtle attributes and advantages that set each card apart in the fiercely competitive market.
SBI Platinum Corporate Credit Card
Annual Fee: Nil
Key Feature: Zero joining and annual fee
Expense Tracking: Grant your organisation the ability to monitor and control expenses with the Visa Intellilink spend management tool, a robust solution.
Global Acceptance: This card guarantees smooth international transactions, as it is accepted at more than 38 million locations worldwide, including 3 million in India.
Insurance Cover: An SBI Corporate Card grants you the added protection of gratuitous insurance coverage.
Interest-free Credit Period: Benefit from a credit period devoid of interest, spanning from 20 to 50 days, allowing consumers to manage their finances more flexibly.
Global Replacement: The ability to easily replace your card anywhere in the world ensures uninterrupted financial transactions.
ICICI Bank Business Advantage Black Credit Card
Annual Fee: Rs. 1000
Key Feature: Cashback on business expenses
Cashback Rewards: Idealised for airline, hotel, and restaurant expenditures, unlock up to 1% credit on eligible domestic and international purchases.
Fuel Surcharge Savings: Considerably reduce your monthly expenditures at HPCL Petrol Pumps by utilising the 1% rebate on the fuel surcharge offer.
Joining Fee and Annual Fee Reversals: Benefit from the flexibility of fee reversals contingent upon reaching spending milestones; the membership fee will be waived for transactions totalling Rs 75,000 or more completed within 60 days.
Personal Insurance Cover: Personal aviation accident mortality insurance with a maximum coverage of Rs 75 lakh can bolster financial security.
HDFC Business MoneyBack Credit Card
Annual Fee: Rs. 1000
Key Feature: 5% Cashback on specific categories
Dining Privileges: An annual complimentary membership to Zomato Gold will elevate your business lifestyle.
Cashback Rewards: Utilise 5% cashback on telecom, electricity, government/tax, railway, hotels and dining, and taxi expenses to gain a competitive edge.
Reward Points Bonanza: 5X Reward Points on Fuel, with a monthly maximum of 1000 Rewards (applicable only for the first year). Maximise your rewards.
Additional Reward Points: Annual purchases of Rs. Earning 1.8 lakh or more each anniversary year will earn you 2,500 credit card reward points.
Online Spends Bonus: Earn 4 reward points for each Rs. 150 spent on online transactions to hasten the accumulation of your rewards.
Axis Bank My Business Credit Card
Annual Fee: Rs. 499
Key Feature: eDGE loyalty reward points
Airport Lounge Access: Quarterly complimentary access to two opulent airport lounges enhances the ambience of the journey.
Cash Withdrawal: Approve cash withdrawals from more than one million Visa ATMs, equivalent to up to 30% of your credit limit.
Fuel Surcharge Waiver: A 1% fuel surcharge reduction applies to all petroleum transactions in India, allowing you to save on fuel costs.
eDGE Points Elevation: Accumulate four eDGE points for each rupee two hundred spent, plus an extra 100 points for your initial online transaction.
EMI Conversion: Contact the bank to convert transactions over Rs. 2,500 into EMIs, optimising your cash flow.
Citi® Corporate Credit Card
Annual Fee: Communicated at the time of sourcing
Key Feature: Streamlined travel and entertainment expense management
Airport Lounge Access: For your business travels, experience an elevated level of comfort with complimentary access to domestic airport lounges, elevating the ambience. Reward Points Royalty: Increase your reward accumulation with each transaction by 2 reward points per Rs. 125 spent.
Dining Discounts: Embrace gastronomic experiences at participating restaurants and receive discounts of up to 15%, guaranteeing a delicacy for your corporate clientele.
Fuel Surcharge Waiver: Customers can reduce their petroleum expenses by 1% by purchasing from authorised Indian outlets.
T&E Spend Management: By utilising an advanced spend management tool, you can optimise your travel and entertainment expenditures, resulting in streamlined expense reporting and automated processes.
Yes, Prosperity Business Credit Card
Annual Fee: Rs. 2499
Key Feature: Reward points on the first transaction
Welcome Reward: Commence a rewarding experience by accumulating 10,000 reward points on your initial purchase within 30 days.
Renewal Benefit: Sustain your progress with a recurring reward system by utilising the renewal benefit of 7,500 reward points per renewal.
Reward Points Multiplier: Investments in domestic airlines, travel agencies, tour operators, and dining earn you four reward points per 100 rupees. Spending Rs. 100 on all other categories will earn you 2 reward points.
Insurance Shield: Ensure your financial security while travelling internationally with a 50 lakh air accident coverage in the event of mortality resulting from a flight accident and a 15 lakh cover for medical emergencies.
Fuel Surcharge Waiver: Fuel expenses can be reduced by 1% by eliminating fuel surcharges at all fuel stations in India.
Kotak Corporate Gold Credit Card
Annual Fee: Rs. 1000
Key Feature: Higher reward point earnings
Fuel Surcharge Waiver: An incentive for completing transactions ranging from Rs. 500 to Rs. 3,000 is the waiver of petroleum surcharges, which guarantees cost savings.
Interest-Free Credit Period: A credit period of up to forty-eight days without interest affords financial flexibility and enables effective cash flow management.
Expense Tracking: Maintain oversight and ensure accountability by implementing vendor-specific monitoring for employee expenditures.
Reward Points Redemption: Maximise the return on your expenditures by utilising reward points that can be redeemed quarterly via a demand draft through the customer service helpline.
Features of Top Business Credit Cards
Every business credit card is a unique juggernaut with characteristics tailored to organisations’ financial requirements. These features increase economic efficiency and flexibility through international acceptance, complimentary insurance, rebate rewards, and access to airport lounges.
In a corporate environment, effective financial management depends on selecting the proper business credit card. The cards highlighted in this guide provide a variety of functionalities to accommodate various business requirements. Organisations can optimise their financial strategies through well-informed decision-making by comprehending each card’s advantages and considering specific business needs.
Benefits of Business Credit Cards
Business credit cards are replete with an abundance of perks tailored to the specific requirements of organisations. Several significant benefits include:
Expense Tracking and Control: Business credit cards frequently provide organisations with sophisticated functionalities, including spend management solutions like the Visa Intellilink application, which facilitates efficient expense tracking and control.
Global Acceptance and Accessibility: The widespread adoption of these cards across millions of outlets globally grants them global accessibility, thereby enabling businesses that operate on an international level to conduct transactions effortlessly.
Cashback Rewards and Savings: Many business credit cards provide cashback incentives in particular categories, such as fuel, travel, and dining, enabling organisations to reduce regular expenditures.
Insurance Coverage: A prevalent amenity, complimentary insurance coverage offers supplementary financial protection to enterprises, encompassing protection against air accidents and unanticipated occurrences.
Interest-Free Credit Period: Business credit cards frequently feature an interest-free credit period of twenty to fifty days, which gives the business the flexibility to manage its cash flow.
Lounge Access and Travel Privileges: Premium business credit cards can provide business executives with additional benefits during their journeys, such as complimentary access to airport lounges.
Reward Points and Redemption Options: By accruing reward points on transactions, organisations can acquire significant points redeemable for many advantages, thereby enhancing the utility of their credit cards.
How to Apply for a Business Credit Card
It is possible to apply for a business credit card offline or online straightforwardly. A step-by-step guide follows:
1. Visit the Official Website:
– Go to the official website of the preferred bank that offers the business credit card.
2. Fill Out Basic Details:
– Complete the online application form by providing essential details such as name, email ID, contact number, income, address, etc.
3. Wait for Contact:
– Expect a call from a bank representative who will guide you through the application process.
4. Document Collection:
– A representative may come to collect necessary documents at your doorstep.
5. Document Verification:
– The bank will verify the documents, and the credit card will be issued upon satisfaction.
1. Visit the Nearest Bank Branch:
– Visit the nearest branch of the bank offering the business credit card.
2. Inquire About Card Variants:
– Speak to a representative about the available card variants that match your business requirements.
3. Fill Application Form:
– Fill out the application form provided by the bank and submit it along with required documents such as identity proof, address proof, income proof, and passport-size photographs.
4. Wait for Processing:
– Allow the bank some time to process your application and conduct necessary verifications.
5. Receive Approval:
– Once approved, you will be notified, and the credit card will be issued.
Difference Between Business and Personal Credit Cards?
Personal and business credit cards function comparably, albeit with potentially distinct stipulations. Providing access to business tools and advantages, business cards are customised to suit the particular requirements of an organisation.
Credit Score Requirements for Business Credit Cards?
Most business credit cards impose an approval requirement of a decent to outstanding credit score. Good grades are generally assigned to scores of 700 or higher, whereas outstanding grades are awarded to those of 800 or higher.
Timeline for Business Credit Card Approval?
Generally, the approval procedure for business credit cards requires seven to ten business days. The card is typically delivered within 14 to 24 business days of Approval; however, immediate approvals may reduce cycle time.