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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.

Some of the Best Business Credit Cards

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.

Eligibility Criteria

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.

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.

How to Apply for Business Credit Card

You have the option to apply for a credit card specifically designed for your business through both online and offline channels.

1. Steps to Apply for a Business Credit Card Online

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:

  • 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

2. Steps to Apply for a Business Credit Card Offline

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
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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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FAQs on Business Credit Cards

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. 

 

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