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About Business Credit Card

A business credit card is a popular category of credit card that helps you to manage business expenses efficiently. It allows small and medium businesses as well as MNCs to centralise all business-related expenses on the card. However, this type of card cannot be used for any personal transactions. Know the simple application process of a business credit card and apply for one now!

How to Apply for a Business Credit Card Online

To apply for a business credit card online, you can visit the official website of any business credit card-issuing company of your preference. Follow the steps mentioned below to complete the application process:

  • Step 1: Visit the lender’s official website.

  • Step 2: Navigate to the ‘Business Credit Card’ section.

  • Step 3: Compare the top business credit cards available on the website.

  • Step 4: Choose the right business credit card that suits your needs.

  • Step 5: Fill out the application form and submit it along with other documents (see below) to apply for a business credit card online.

Eligibility Criteria and Documents Required to Apply for a Business Credit Card

Eligibility Criteria

The eligibility criteria can vary from one lender to another. However, you must fulfil the following generic eligibility criteria to get a business credit card:

  • Nationality: You must be a resident of India.

  • Age: Your age must range between 21 and 70 years.

  • Employment Status: You must either be a self-employed individual, a proprietor, or a partner in a firm.

Note: Salaried individuals are also eligible to use business credit cards, provided their employers give them one. To be precise, salaried employees cannot apply for a business credit card on their own.

Documents Required

You must provide the following list of credit card documents when applying for a business credit card:

  • Identity Proof: Aadhaar card, PAN card, Voter’s ID card, any government-issued employee ID card

  • Address Proof: Passport, driving licence, telephone/electricity bill, Aadhaar card

  • Income Proof:

  • For salaried Individuals: Latest bank statements, salary slip for the last 3 months

  • For Self-employed/Business Owners: ITR for the last 2 years, business-related financial documents, business continuity proof, etc.

Note: The document list is indicative. The lending institution may ask you to submit additional documents if required.

Features and Benefits of Business Credit Cards 

The features and benefits may vary from one business credit card to another. However, you can expect the following common features and advantages:

  • Benefits for Employee and Employer

Both employers and employees can receive benefits when using business credit cards. While employees can use the credit card to pay business expenses with ease, the employer can monitor such expenses by doing a spending analysis on all the cards each month.

  • Opt for Cashless Transaction

A business credit card allows you and your employees to make cashless and secure business-related transactions. 

  • Ease of Use

Managing a business credit card is extremely easy through the lender’s online netbanking portal or mobile app. You can complete multiple activities, including paying off card bills, raising disputes, blocking cards, and more.

  • Availability of Monthly Credit Card Statement

With a business credit card, you get monthly credit card statements which help reduce the time required for tracking and computing expenses. Further, with this business credit card statement, you can easily set the budget for future expenditures.

  • Facility to Fix Spending Limit

A business credit card allows you to fix the upper cap on the spending limit of your employees and keep a check on expenses on these credit cards as well.

  • Ability to Spend on Various Categories

You can use a business credit card to spend across multiple categories such as travel, business transactions, utilities, etc. Even you (as an employer) can restrict certain categories for employees. In this case, the employee will not be able to spend on restricted categories using the business credit card.

  • Get Cashback and Reward Points

You can earn reward points, get cashback, enjoy special business credit card offers, and more on a business credit card.

  • Consolidated Payment

The business credit card payment process can benefit you in two ways. Wondering what these ways are? On the one hand, you can pay all your expenditures in one go, while, on the other hand, you can pay for multiple credit cards with a single payment.

5 Best Business Credit Cards: Features and Fees 

There are various lending institutions that offer business credit cards in India. Following is a list of top 5 business credit cards and their features and fee:

 

Business Credit Card Name

Features

Fees

Axis Bank MY Business Credit Card

  • Withdraw cash up to 30% of the credit limit from more than 1 million VISA ATMs worldwide 

  • Convert purchases over ₹2,500 into easy EMIs

  • 1% waiver on fuel surcharge across all fuel stations in India

  • 2 complimentary airport lounge visits every quarter

  • Set standing instructions for automatic bill payments for gas, telephone, electricity, insurance premium, etc.

  • Joining Fee: ₹999 + GST

  • Annual Fee:

1st Year: Nil

2nd Year onwards: ₹499 + GST

ICICI Bank Business Advantage Black Credit Card

  • Enjoy up to 1% cashback on domestic and international spends at airlines, hotels, and restaurants (this is applicable when you have a statement balance of more than ₹75,000)

  • Enjoy up to 0.5% cashback on domestic and up to 1% cashback on international spends on airlines, hotels, and restaurants (this is applicable when you have a statement balance ranging between ₹25,000 and ₹50,000)

  • Indulge in contactless payment with the help of Visa PayWave contactless technology on ICICI Bank Business Advantage Black Credit Card. Make fast payments in more than 48 countries across the globe

  • Receive 24x7 concierge service from the team at i-Assist and delegate the task of restaurant/hotel bookings, purchasing flowers, and gifts to others

  • Enjoy minimum 15% discount on dining across 2,500+ partner restaurants under the ICICI Bank Culinary Treats Programme

  • Get personal air accident death insurance cover of up to ₹75 lakh

  • 2 complimentary airport lounge visits at select airports once in every quarter

  • Joining fee: ₹1,500 + GST

  • Annual fee: ₹1,000 + GST

Citi Corporate Credit Card

 

  • Offers tailored reports for enhanced control and increased visibility to corporates

  • Offers secure online bill payment facility for telephone, electricity, etc.

  • Enjoy never expiring rewards that are redeemable against hotel stays, airmiles, and gift vouchers

  • Upto 20% on dining on Citibank partner restaurants across India

  • Cashless payments across 36 million merchant establishments globally

  • Enjoy Priority Assistance on Phone with 24x7 CitiPhone helpline

  • Joining/Annual Fees communicated at the time of sourcing

HDFC Business MoneyBack Credit Card

  • On every ₹150 spent online, you can earn 4 reward points

  • On all retail expenses apart from fuel, wallet, and EMI, you can earn 2 rewards points for every ₹150 spent on the card

  • On key business spends such as tax-related expenses, utility bill payments, etc., earn 5% cashback

  • Using DineoutPAY, you can get a discount of up to 20%

  • Enjoy a fuel surcharge waiver of 1% at all fuel stations across India (minimum transaction: ₹400; maximum waiver ₹250 per statement cycle)

  • Annual Fee: ₹500 + GST

  • Renewal Fee: ₹500 + GST

HDFC Business Regalia Credit Card

  • Assured cashback on all utility and other bill payments with SmartPay - HDFC Bank's utility bill payment service

  • On every spend worth ₹150, you get 4 reward points redeemable against all retail spending, excluding EMI, petrol, and wallet

  • On annual spends of ₹5 lakh in the anniversary year, you can earn 10,000 reward points as a bonus

  • Additional 5,000 Reward Points against spends of ₹8 lakh on the card’s anniversary year

  • Enjoy 12 complimentary domestic airport lounge visits and 6 international airport lounge visits per calendar year

  • Annual Fee: ₹2,500 + GST

  • Renewal Fee: ₹2,500 + GST

 

Uses of Business Credit Cards

  • Access to Business Funds: A business credit card gives you access to instant credit, i.e. funds that can be utilised to meet all your business needs.

  • Keeps Personal and Business Transactions Separate: With a business credit card, you can effectively separate and manage funds for your personal and professional needs.

  • Helps to Build Credit Score: The transactions you make using a business credit card for a proprietorship business help you build a decent credit score.

  • Enjoy Higher Rewards: Some business credit cards come with higher perks and credit card rewards as compared to regular credit cards.

  • Monitor Employee Spending: A corporate credit card helps employers monitor and control employees’ spending.

Advanced T&E Management Tools: Some business credit card issuers also offer innovative financial tools and services for tracking business expenses. Additionally, they offer tailored reports and consolidated one-glance sta

About Credit Cards

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FAQs on Business Credit Card

✔️What’s the difference between a business credit card and a personal credit card?

The operations of business credit cards and personal credit cards are similar in many ways. Both credit cards offer bonuses, reward points, and more. However, these credit cards differ from each other in regulatory aspects as business credit cards, and personal credit cards have separate terms and conditions. Business credit cards are specially designed to address the needs related to business and provide free access to specific business tools. As such, these cards cannot be used for personal transactions. On the other hand, personal credit cards take care of the personal needs of users.

✔️What credit score is needed for a business credit card?

To get a business credit card, you must have a decent credit score above 700. However, a credit score above 800 is considered excellent for this purpose. Currently, you can find several credit cards with a fair credit score ranging from 640-690 for your small business.

✔️How are business credit cards issued in India?

Banks issue business credit cards (for a period of 1 to 3 years) after verifying the credit card application.

✔️What special offers can I get on a business credit card?

A business credit card lets you earn accelerated rewards, get cashback, fuel surcharge waivers, etc., and also take care of all your key business expenses. Some cards also offer exclusive complimentary memberships which allow you to save more on dining and travel-related expenses.

✔️Is it easier to qualify for a business credit card?

Yes, it is easier to qualify for a business credit card. However, individuals involved with certain types of organisations (unincorporated businesses) and industries (such as a firearm business) may find it difficult to get a business credit card.

✔️Can you get a business credit card with no revenue?

You can get a business credit card with no revenue as long as you are able to list personal income (e.g. income from a part-time or full-time job or profit or income of spouses from the business) in your business credit card application.

✔️How long does it take to get a business credit card?

It takes around 7-10 business days to get a business credit card.