Business Credit Card
Business Credit Card Details
Business Credit Card Overview
A business credit card is one that is designed for corporate use rather than personal use. Let’s take a look at the overall picture of Business Credit Card.
- Business credit card is a type of credit card that is issued only for the purpose of business.
- It cannot be used for the personal use of the person.
- This credit card can be used for all types of business whether it is small or big.
- If there is a default in the credit card bills then the owner of the business is liable for the repayment of the dues.
- This depends on the terms and conditions of the credit card for business.
- The benefits of the business credit card vary from company to company.
- Some credit card for business companies offer cash back on purchases at the stores where the businesses might shop.
- Some business credit cards offer huge sign up bonuses.
- If there are huge travel expenses for the company then it can also apply for a credit card with travel advantages.
- These credit cards for business are the best option for those entrepreneurs who want to have a business credit for his or her business.
- It helps the small and medium sized businesses to keep up with their business expenditures.
- This helps the business owners to maintain their business accounts as well as their taxes.
- The owners of the business get a chance to earn travel miles for the transactions that they make with the corporate credit card.
- The accumulated reward points or travel miles can help to get a discount later on.
- You can also get cash back vouchers, flight based tickets and other types of gifts on the corporate credit card.
- The cashless transactions of the business credit cards also help the employers and the employees.
- The employers also get a rough picture of the money that the employees spend on a monthly basis.
- The employees are allowed to make the business related transactions themselves with the help of corporate credit cards.
- The expenses are managed online through the bank’s net banking features.
- The individuals are allowed to view and download the statements, pay their credit card bills, block their credit cards, raise queries and grievances and also send their feedback.
- There is the permission of secured transactions for all the purchases of the business.
- You do not have to worry about losing cash with the help of business credit cards.
- Apart from business use the credit card can be used for various expenses like entertainment, maintenance and utility.
- You can be offered different categories of spends with the business credit cards such as phone bills, office supplies and Wi-Fi.
- The business credit card should be chosen which offers them their favorable category of spends.
- You can receive a monthly statement of the business credit card which will allow you to maintain the expenses of your bank account.
- This allows the businessmen to analyze their business spends and also calculate their monthly expenditure on the basis of it.
- It helps them to opt for budgeting and future expenses.
- Without any efforts they are allowed to track their expenses.
- It is very beneficial for those companies who make heavy purchases with the help of the corporate credit cards.
The business card eligibility is as follows:
- The companies who apply for the business credit cards should have a good track record and credit score in order to be eligible for a business card.
- The banks which provide the business credit card needs to see a certain amount of profits, aggregates and turnovers.
- You as an individual can get a business credit card if you have a small, medium sized business, companies run by governments, sole proprietorship and other partnership firms.
- If you need a separate expenses account you can apply for a business credit card.
- These credit cards allow you to track your monthly expenses.
The top business credit cards India are as follows:
- HDFC Business Money Back Credit Card:
- This credit card allows you to win a lot of rewards on travel, shopping and other types of expenses.
- The reward points which are accumulated allow you to get cash back against the outstanding amount.
- These reward points can be exchanged for air miles and other exciting gifts.
- The reward points also help you to save around 3,000 every year on the transaction of fuels.
- The cardholders get the advantage of revolving credit on their credit card at nominal rates.
- SBI Corporate Platinum Card:
- This card helps you to analyze the spending pattern of the company with the help of the Visa Intellink spend management tool.
- You can get customized data analysis, e-statements as well as detailed insights of expenses.
- The tracking details will help you to negotiate at better rates and terms with the vendors and suppliers.
- The owners of the business can put a limit on the daily, monthly and weekly expenditure on the card usage.
- Axis My Bank Credit Card
- This credit card allows you to meet the needs of all your businesses.
- The efficiency of your business is enhanced with its features and benefits.
- The big ticket purchases of the business are converted into simple EMIs with the help of the business credit card.
- It gives you a chance to control the travel and other business expenses more efficiently.
You can apply for business credit card by following these procedures.
- Fill in the legal name of the business:
- This is the name with which you used to do your business.
- This name will show on your card if it is approved.
- Tax Identification number:
- The tax identification number allows you to process your application.
- This number is one of the business credit card documents which is required.
- The partnerships and incorporated businesses enter their Federal Employer Identification Number.
- This number is of nine digits and it is issued by IRS for tax identification purposes.
- The type or structure of the business:
- This talks about the kind of business that you are operating.
- You will be required to choose partnership or corporation if you are an LLC.
- If you are a freelancer then you will put sole proprietorship.
- The type of industry or nature of the business:
- The company offering you the credit card will like to know the type of business that you are running.
- You can choose the industry that fits you the best from the list of options available.
- Your role in the business:
- You need to mention whether you are the owner, president or general manager of the company.
- The number of employees working in the company
- The annual revenue of your business.
- The estimated monthly expenses of the business
- It depends on your personal credit
- Do not lie on the application
- You will have to sign a personal guarantee
- A relationship with the bank will help you
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