Best Business Credit Card In India: Check Features & Benefits 2024

Effective financial management is essential to the success and expansion of any company in the fast-paced corporate world of today. A business credit card is one of the most efficient tools for a company to manage its finances better. The top business credit cards are tailored to serve businesses in their financial requirements, like if it is to streamline travel expenses, purchase office supplies, or manage employee spending. And as long as a business chooses the right card, the rewards, savings, and financial flexibility available to businesses are indeed substantial. In this article, we will explore the best business credit cards and their features so that you can better understand which one is right for you.

List of Top Business Credit Cards?

1. Axis Bank My Business Credit Card?
2. Kotak Corporate Gold Credit Card?
3. HDFC Business MoneyBack Credit Card?
4. ICICI Bank Business Advantage Black Credit Card?
5. SBI Platinum Corporate Credit Card?
6. HDFC Corporate Platinum Credit Card

1. Axis Bank My Business Credit Card:?

The Axis Bank My Business Credit Card has customized features for business corporations, assisting them in financial management and control. It comes with personalized spending limits and rich expense data for businesses to track and manage corporate expenses in a better way. The card also boasts generous credit limits that allow businesses to make larger purchases and better manage their cash flow. In addition, access to detailed statements and multiple card issuances under a single corporate account helps companies control their expenses better. Moreover, the card's collaboration with expense-tracking platforms enables smooth integration into business accounting systems, which improves productivity.

• Joining Fee: Rs. 999
• Renewal Fee: Rs. 499 (Second Year Onwards)?
• Best Suited For: Luxury Lifestyle?
• Welcome Benefits: Get 100 points on your first online payment.

2. Kotak Corporate Gold Credit Card:

This credit card has become one of the most popular amongst business-holding members, mainly as this credit card is loaded with benefits specifically aimed at corporate people. One of the biggest advantages for businesses using this card is detailed tracking, which is particularly appealing for companies wanting to simplify financial management and accounting. Another notable thing is its customized employee spending limits, which permit business control and tracking. In addition, Kotak Corporate Gold Credit Cards offer exclusive rewards, which include cashback and loyalty points on travel, office supplies, and other business expenses, with the option to redeem the same to reduce costs in the future.?

• Joining Fee: NIL
• Renewal Fee: NIL for the (Basic Plan) & Rs. 1,000 for the (Corporate Classic)
• Best Suited For: Travel
• Welcome Benefits: Get a waiver up to Rs. 3,500 in a year on fuel payments between Rs. 500 and Rs. 3,000.

3. HDFC Business MoneyBack Credit Card:

Several benefits are available to users of the HDFC Business MoneyBack Credit Card, making it an ideal expense management and savings tool for businesses.? It also allows businesses to earn cashback on every purchase, which in turn reduces their operational costs. So, businesses can easily end spending points on all transactions and get some statement credit or redeem them for other rewards. In addition, the card offers a full trial with itemized monthly reports: businesses can check their employees' spending and manage cash flow more effectively. Another saving coming your way if you avail of the HDFC Business MoneyBack Card is a fuel surcharge waiver, which means businesses with frequent travel or logistics needs can save even more on fuel costs.

• Joining Fee: Rs. 500+ Taxes
• Renewal Fee: Rs. 500+ Taxes (waived off on spending Rs. 50,000 within a year)
• Best Suited For Fuel Surcharge?
• Welcome Benefits: Get 500 cash points on joining and paying the membership fee.?

4. ICICI Bank Business Advantage Black Credit Card

A luxury card that offers a host of premium benefits, the ICICI Bank Business Advantage Black Credit Card is introduced to fulfill the needs of businesses. While the annual fee of Rs. 1,000 plus taxes is a deterrent for most businesses, it is waived off on annual spending of ?7,00,000, which does not add-on card makes it cost-effective in the long run, especially if the business achieves high spending. Cardholders also receive 3,000 PAYBACK points as welcome benefits that can be redeemed across different categories like travel and shopping. On top of hefty airport lounge access and fuel surcharge waivers, businesses can take advantage of intra-company transfers at reduced rates as well as exclusive discounts on food and travel.

• Joining Fee: Rs. 1500+ GST?
• Renewal Fee: Rs. 1,000+ GST
• Best Suited For: Travel?
• Welcome Benefits: Get 3,000 reward points as a welcome bonus after the first bill is paid.?

5. SBI Platinum Corporate Credit Card:

Designed to be the preferred financial instrument for any of your corporate outflows, the SBI Platinum Corporate Credit Card makes it easier for you to manage all those daily business spends most proficiently.? It streamlines the management of daily expense operations by providing customized spending limits for employees to guarantee that the expenses are in line with budgetary control. Most businesses also offer benefits like fuel surcharge waivers, rewards on business related spends and lower operational costs in terms of savings reduced on travel, dining, and office supplies. The card also syncs perfectly into accounting systems, which means that it automatically reconciles expenses, so in this case you can close your books more quickly.

• Joining Fee: NIL
• Renewal Fee: NIL?
• Best Suited For: Daily Expenses?
• Welcome Benefits: Get free access to airport lounges in India as well as two visits per quarter.?

6. HDFC Corporate Platinum Credit Card

With a wide range of perks designed to satisfy the demands of contemporary organizations, the HDFC Corporate Platinum Credit Card is among the most useful and valuable business credit cards available today. This card's large credit limits enable businesses to handle big purchases and improve cash flow management. It provides great incentives for company spending on energy, office supplies, and travel. By allowing businesses to accrue points that can be exchanged for other products and services, it significantly improves day-to-day operations. Moreover, it offers an interest-free period of 50 days which can ultimately save a lot. Its interaction with platforms for expenditure management streamlines accounting and reconciliation procedures even more. Benefits like insurance coverage, free access to airport lounges, and waivers of fuel surcharges make it a complete financial tool for businesses that need regular travel.

• Joining Fee: NIL
• Renewal Fee: Varies depending on card member and offer to offer.?
• Best Suited For Office Supplies?
• Welcome Benefits: Get 500 reward points on your initial international payment every year.?

Business Credit Card Features and Benefits

• Expense Tracking: Business credit cards supply real-time expense tracking functionality, along with accurate reports that categorize expenses. This allows for businesses to make sense of where their money is going and also assists in budgeting, forecasting, tax preparation, etc.

• Higher Credit Limits: Since the costs of business usage are often higher than personal use, business cards offer top super-strength credit limits. This means that businesses now have the ability to put through larger transactions (like buying bulk stock or very expensive equipment), without pushing the limit of maxing out their card.

• Rewards & Cashback: Most business cards have categories where a spending rewards program or cashback is offered to you, such as office supplies, travel, and dining. These rewards add up quickly, which can lead to businesses either using the savings to reinvest in their company or be put towards any future costs.?

• Employee Cards: Employers can also give cards to trusted employees, so they have a very easy way to get what they know a worker will need for work. You can add budgets so that you should give a card to an employee.

• Travel Benefits: In return, business credit cards also offer quite a few perks like free airport lounge access, discounts on hotels and in-flight amenities, upgrades to first-class seating, and even travel insurance. Besides business-saving’ advantages, business travel has many benefits.

• Purchase Protection: Buyers can also enjoy additional perks like purchase protection, which means things they buy with their business credit card may qualify for compensation or replacement should they be damaged or stolen within a certain timeframe.

• Business-specific Offers: A lot of business cards have special discounts or offers from suppliers and manufacturers that are frequently utilized by businesses, like companies that provide office supplies, software, or shipping services. Companies can save money on ongoing costs thanks to these collaborations.?

• Low Annual Fee: One advantageous feature of certain company credit cards is their cheap or nonexistent yearly fee, which is especially helpful for small enterprises looking to cut expenses. Even with the extra economic burden removed, these cards still offer valuable benefits like incentives and spending tracking.

Business Credit Card Eligibility Criteria

The usual business credit card eligibility requirements are shown below, along with a brief description:?

1. Business Type: The majority of credit card companies demand that you run a business, be it a corporation, LLC, sole proprietorship, or partnership. Small company owners and freelancers, even those without official registration, are frequently also qualified.?

2. Business Revenue: Although many business credit cards are designed for startups or businesses with lesser revenues, lenders may nevertheless need a minimum annual revenue criteria. This is evaluated to make sure there is enough cash flow in the company to process credit card payments.

3. Credit Score: These usually look at both business and personal credit scores. Entry-level cards require a personal credit score of 650 or better to qualify, though premium cards may require a higher minimum score (700-800). A good credit history will tend to boost your chances of acceptance.

4. Time in Business: Certain credit card issuers also require you to be in business for a certain period of time (e.g., 1-2 years). This indicates that the company is stable, and it gives less risk for a false default by the lender.

5. Business Tax ID Number Or Employer ID Number: Businesses must submit an EIN or TIN during the application process. If you are a sole proprietor and do not have an EIN, chances are you may use your Social Security Number (SSN).

Documents Required

• Proof of the business owner.
• Registered office address proof of the business.
• Residential address proof of the owner.
• Income proof of business, i.e., profit and loss account and balance sheet.
• Business Registration/Incorporation Certificate.
• Personal Credit Report
• Business Tax Returns
• Personal Identification

How To Compare Business Credit Cards & Choose The Best One?

There are a number of important things to take into account when comparing business credit cards and selecting the right one for your company. The following summary of each component will help you make a decision:?

• Interest Rates (APR): The interest rate on your credit card is the annual percentage rate, or APR. Choose a card with low rates of interest if you plan to carry a debt from every month in order to reduce finance costs. For short-term financing, several cards have introductory 0% APR periods, which can be advantageous.?

• Penalties and Fees: Look at other expenses such as balance transfers, late payments, and foreign transaction fees in addition to the annual charge. Certain cards might not charge these fees, but others might have steep penalties. Understanding these fees helps prevent unforeseen expenses.?

• Expense Management Tools: Most business credit cards these days come with some combination of expense-tracking and reporting tools to help simplify the process, such as spend categorization, direct connection to accounting software. Get direct access to payroll that makes financial management a lot easier, especially during tax season, as well as real-time cash flow monitoring.

• Business-Specific Perks: Certain cards feature special discounts or partnerships specially targeted at small business vendors, such as office supplies, shipping, software, and advertising platforms. Make sure these categories match yours in terms of spending.

Conclusion

In conclusion, choosing the appropriate business credit card can have a big impact on how your firm manages its finances. A credit card that best suits your company's needs should have features that promote spending, improve cash flow, and make tracking expenses easier. The best business credit card offers benefits beyond credit availability, such as cashback, travel benefits, and tools for more effective cost management. Companies that make informed decisions can maximize their expenditures, reap significant benefits, and provide themselves with more financial flexibility as well as control to support the expansion of their enterprise.

FAQs

Q1. For a company credit card, what credit score is required??

Ans: For most business credit cards, eligibility requires good to exceptional credit. A score of 700 or more is generally regarded as good. An 800 or higher score is regarded as exceptional. For small business owners with fair credit, there are a few business credit cards available. A credit score in the fair range is 640–699.?

Q2. What is the duration required to obtain a company credit card??

Ans: After approval, it takes between 7–10 business days to receive a new credit card. This means that after completing an application, it typically takes 14–24 business days to receive a credit card; moreover, if you are authorized right away, this time frame will be shortened.

Q3. Is obtaining a company credit card difficult??

Ans: Without personal credit, it is not at all possible to get an unsecured company credit card. The majority of issuers would demand good credit. However, if you don't have any credit at all, you will need to apply for a personal credit card first, improve your credit, and then qualify for a business credit card.?