A business credit card is a specialised credit card designed for use by businesses, rather than individual consumers. These cards offer a range of features and benefits that are tailored to the needs of businesses. These include:
Higher credit limits
Expense tracking tools
Specialised rewards programs
Business credit cards can also provide you with a means to separate your personal and business expenses, making it easier to track expenses and manage cash flow. Additionally, many business credit cards offer perks like travel insurance, purchase protection, and extended warranties that can be valuable for businesses.
Here is a list of 5 business credit cards that can assist you in selecting the most suitable card based on your needs:
Business Credit Card |
Annual Fee |
Key Feature |
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, Nil lost card liability benefit |
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, regular reports, dedicated relationship manager, internationally accepted |
Disclaimer: Above-mentioned fees and features are subject to change at the lender’s discretion.
The business credit card 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 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. To be precise, salaried employees cannot apply for a business credit card on their own.
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.
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 a small business.
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.
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.
You can get a business credit card with no revenue as long as you are able to list personal income such as income from a part-time or full-time job or profit or income of spouses from the business in your business credit card application.
Business credit cards are cards that are tailored for business owners and offer a range of benefits that are well-suited for businesses. These cards usually provide higher credit limits, greater rewards opportunities, and tools to assist with managing expenses and employee cards.
The business credit card eligibility criteria varies with lender, but salaried employees are not eligible for this provision.
Yes, you can get a credit card for your business account. Many financial institutions offer credit cards specifically designed for business owners.
While business credit cards can offer many benefits, they also come with some potential drawbacks. These include higher interest rates, annual fees and extra charges, and a risk of overspending.