Business Credit Card

About Business Credit Card

A business credit card is a popular category of credit cards that help 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 (CC) online, you can visit the official website of any business CC 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 between the top business credit cards available on the website.

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

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

Eligibility Criteria for Business Credit Cards

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 to Apply for a Business Credit Card

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

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

• Address Proof: Passport, driving license, 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 documents list in 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:

• Benefit for Employee and Employer

Both employers and employees can avail benefits when using business credit cards. While employees can use the credit card for paying business expenses with ease, the employer can monitor such expenses by doing a spend 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. Apply for a business credit card now!

• Ease of Use

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

• Facility to Fix Spending Limit

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 CC to spend across multiple categories such as travel, business transactions, utilities, etc. Even you (as an employer) can restrict the categories for which your employees cannot transact using the business CC.

• 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 are these ways? On 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:

What are Small Business Credit Cards

Small Business credit cards provide business owners with the funds to manage a business. These funds can be easily accessed with revolving credit and you can make transactions or cash withdrawals (for business-related purposes only) until you reach the set credit limit. If you are a business owner, you can use a small business credit card to purchase office furniture, pay for logistics, and install electronic equipment in the office, among other business-related expenses.

Small Business Credit Card Features and Benefits

• The transactions are restricted to business use only

• Small business credit cards offer comparatively higher credit limits than regular credit cards

• You can enjoy higher credit card rewards and cashbacks on a business credit card

• These cards can be safely and securely used for online purchases

Uses of Small Business Credit Cards

• Pay for travel expenses

• Buy office stationery/furniture

• Purchase electronic machines such as fax, computers, printers

• Procure raw materials

• Pay telephone/electricity bills for office space

Best Small Business Credit Cards

Why Choose 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 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 a regular credit card.

• Monitor Employee Spending: A corporate credit card helps employers monitor and control spends made by the employees.

• 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 statements for enhanced financial visibility.