Business Credit Card

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.

• Step 6: A bank representative can also guide you through the process of filling up the application form as well as collect the documents from your residence

• Step7: Finally, the bank will verify all the information and, once convinced, will issue the credit card to the applicant

You can also apply for a Business credit card offline. Here’s how you can go about it:

• Step 1: Head to the nearest bank branch and ask for detailed information on the card of your choice

• Step 2: As per your requirements and eligibility criteria, the bank representative will share information on the relevant cards

• Step 3: Next, the representative will guide you through filling up the application form

• Step 4: You will have to submit some documents like proof of identity, proof of residence, proof of income, and a passport size photograph.

• Step 5: Finally, the bank will verify all the information and, once satisfied, will issue the credit card to the applicant

Features And Benefits Of Business Cards

There are several features and benefits of business cards that can benefit both the employer and the employee. Listed below are a few of the main points:

• As mentioned above, by way of securing a business card, both the employer and employee stand to benefit. In the case of a self-employed individual, both the business and the individual stand to gain. Employers can benefit by way of keeping track of the business expenses each month and employees can enjoy cashless transactions.

• Business credit cards can handle all the business expenses with just a single swipe of the card. There is no need to carry cash around to pay vendors, dealers, etc. Hence business cards are a secure mode of payment.

• In the digital age where everything can be done online, a business card can also be managed online through the bank's online portal. So, whether you want to view a statement, pay the bills, block the card, or solve any other issues or concerns, it can all be done online with just a click of a button.

• Business credit cards can help generate monthly statements that in turn can assist employers to view the spending analysis of the company as well as the employees. It helps to keep a better track of the company’s expenses and helps in planning future budgeting and expenditures.

• Some of the issuing banks also offer additional incentives by way of rewards, cashbacks which can later be redeemed for gifts, vouchers, and more by the employees.

• Business credit cards can be used in multipurpose ways such as spending on travel, entertainment, business expenditure, and a lot more. It is to be noted here that employers also have the option to block certain expenses on the credit card in order to avoid unnecessary expenditures

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.

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:

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