Business Credit Cards

Q: What types of corporate credit cards are available in India?

A variety of options exist, including cards offering: Cashback rewards: Earn a percentage of your spending back as cash Travel rewards: Accumulate points or miles for flights, hotels, and travel expenses Reward points: Redeem points for various products, services, or statement credits Industry-specific benefits: Cards tailored to specific industries, offering benefits like extended warranties or discounts on relevant purchases

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Credit cards for businesses help you simplify expenses, earn rewards, and boost employee purchasing power. Credit cards for business owners unlock possibilities that can empower you to operate your business smartly and efficiently. On the Indian market, you can find various credit card options that are tailored to your industry, offering you cashback, travel, and exclusive benefits in plenty. You can harness the potential of such credit cards and propel your company towards greater money management.

Some of the Best Business Credit Cards

Here is a list of business credit cards that can assist you in selecting the most suitable card based on your needs:

Business Credit Card	Annual Fee	Key Features
YES Prosperity Business Credit Card	₹399	Attractive rewards program
SBI Platinum Corporate Credit Card	Nil	Zero joining and annual fee
ICICI Bank Business Advantage Black Credit Card	₹1,000	Cashback on your business expenses
HDFC Business MoneyBack Credit Card	₹1,000	5x Reward Points on Fuel 5% Cashback on Business Spends every month Access to the SmartHub Zero liability insurance protection
Axis Bank My Business Credit Card	₹499	Complimentary airport lounge access 1% waiver on fuel surcharge Cash advance facility up to 30% of the limit
RBL Bank Corporate Purchase Card	NIL	Interest-free credit for 50 days Dedicated relationship manager Internationally accepted

Disclaimer: Some of the above-mentioned cards are not available on Bajaj Markets. Please head to the official website to apply for these cards. The features and fees are subject to change at the providers’ discretion without prior notice.

Features and Benefits of Business Credit Cards

Here are some of the common features and benefits of choosing business credit cards:

Separation of Personal and Business Expenses:

Having a business credit card can allow you to clearly distinguish the usage between personal and business spends. This helps simplify bookkeeping and accounting processes.

Customisable Spending Limits:

As business owners you will be able to monitor all the expenses, thereby allowing for greater control over credit card outflows.

Expense Management Tools:

Several business credit cards provide features like report generation, automatic payments, expense tracking, and more. This enables better financial management.

Improved Financial Flexibility:

Having a business credit card allows you to make payments at your convenience, even if the liquidity is tight.

Perks and Rewards:

Business owners benefit from cashback, discounts, and other rewards on their credit cards to help save on costs significantly

Credit Building Opportunities:

Maintaining a responsible use of credit cards can allow you to improve the credit score, thereby enabling access to financing for the future, if required

Additional Benefits:

Business credit cards also come with features such as travel insurance, extended warranties, purchase protection, and more. This can help provide an additional layer of security along with peace of mind.

Eligibility Criteria

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

Nationality: You must be a resident of India
Age: Your age must be 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.

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 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 financial institution may ask you to submit additional documents if required.

How to Apply for a Business Credit Card

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

Visit the lender’s official website
Navigate to the ‘Business Credit Card’ section
Compare the top business credit cards available on the website
Choose the right business credit card that suits your needs
Fill out the application form and submit it along with other documents to apply for a business credit card online

Finally, the bank will verify all the information and, once done, will issue the credit card to the applicant

Disclaimer

The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort.

The information including interest rates or fees and charges with regard to any credit card, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge.BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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Who is eligible to apply for a business credit card in India?

Eligibility typically requires businesses to be registered in India, have a valid GST number, and demonstrate financial stability. Specific requirements may vary depending on the issuing bank and card type.

What types of corporate credit cards are available in India?

A variety of options exist, including cards offering:

Cashback rewards: Earn a percentage of your spending back as cash
Travel rewards: Accumulate points or miles for flights, hotels, and travel expenses
Reward points: Redeem points for various products, services, or statement credits
Industry-specific benefits: Cards tailored to specific industries, offering benefits like extended warranties or discounts on relevant purchases

What are the benefits of using credit cards for businesses?

Here’s what you can do once you get a credit card for businesses:

Track and categorise business spending efficiently
Maximise returns on essential business purchases
Extend payment terms and manage working capital effectively
Empower employees with secure spending options
Establish a positive credit history for your business

What are the fees associated with business credit cards?

Common fees include annual fees, interest charges on outstanding balances, foreign transaction fees, and cash advance fees. Review the fee structure carefully before applying.

How do I choose the right credit card for my business?

Consider your spending habits, desired rewards, industry-specific needs, and fee structure. You can consult financial advisors for personalised recommendations or check out the Bajaj Markets website to explore and compare various credit card options.

What are the security measures in place for credit cards used by businesses?

Most cards offer chip and PIN technology, fraud protection features, and transaction alerts to safeguard against unauthorised use.

How can I apply for the best business credit card?

You can apply for the YES Prosperity Business Credit Card on Bajaj Markets. All you must do is click on the ‘Apply Now’ button to initiate the process.