Business Credit Card

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General Information


Business Credit Card Details

Salaried, Business Owner, Self-employed

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:
  1. This credit card allows you to win a lot of rewards on travel, shopping and other types of expenses.
  2. The reward points which are accumulated allow you to get cash back against the outstanding amount.
  3. These reward points can be exchanged for air miles and other exciting gifts.
  4. The reward points also help you to save around 3,000 every year on the transaction of fuels.
  5. The cardholders get the advantage of revolving credit on their credit card at nominal rates.
  • SBI Corporate Platinum Card:
  1. This card helps you to analyze the spending pattern of the company with the help of the Visa Intellink spend management tool.
  2. You can get customized data analysis, e-statements as well as detailed insights of expenses.
  3. The tracking details will help you to negotiate at better rates and terms with the vendors and suppliers.
  4. 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
  1. This credit card allows you to meet the needs of all your businesses.
  2. The efficiency of your business is enhanced with its features and benefits.
  3. The big ticket purchases of the business are converted into simple EMIs with the help of the business credit card.
  4. 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:
  1. This is the name with which you used to do your business.
  2. This name will show on your card if it is approved.
  • Tax Identification number:
  1. The tax identification number allows you to process your application.
  2. This number is one of the business credit card documents which is required.
  3. The partnerships and incorporated businesses enter their Federal Employer Identification Number.
  4. This number is of nine digits and it is issued by IRS for tax identification purposes.
  • The type or structure of the business:
  1. This talks about the kind of business that you are operating.
  2. You will be required to choose partnership or corporation if you are an LLC.
  3. If you are a freelancer then you will put sole proprietorship.
  • The type of industry or nature of the business:
  1. The company offering you the credit card will like to know the type of business that you are running.
  2. You can choose the industry that fits you the best from the list of options available.
  • Your role in the business:
  1. 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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