A Business Credit Card is intended to be used for business costs only, not for personal usage. A business credit card offers features and perks that will aid in the efficient operation of your company as well as handle employee spending by providing you with tools to control and keep an eye on expenditures. Many banks are providing company credit cards with a variety of benefits. The offers made serve to allure and motivate you as a business owner, making the agreement more alluring and advantageous for both parties. Today we will provide you with details related to the Best Business Credit Cards available in India.
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Characteristics of Best Business Credit Cards
Some of the main Characteristics and Advantages of Best Business Credit Cards are as follows:
- Through the bank’s portal, the card can be controlled online. It is now simple and easy to check statements, pay bills, block cards, raise disputes, and other tasks.
- Transactions made using business credit cards are secure. There is no chance of losing money or having to lug along cash. Using a credit card only requires one swipe to cover business charges.
- Benefits for both the employer and the employee are possible with corporate credit cards. Self-owned business cards are advantageous for cardholders and their companies. Every month, employers can receive a clear image and a spending analysis. Workers benefit from cashless transactions.
- Monthly credit card statements help manage costs and calculations more effectively and save a tonne of time. It is useful for planning future operations and budgets as well. Owners of businesses can easily monitor where their money is being spent.
- Reward points, cashback, discounts, and other promotions are offered on business credit cards by some banks. Rewards can be earned by employees or cardholders and later redeemed for prizes, vouchers, etc.
- Most business credit cards allow you to set a spending cap. The use of their employees’ credit cards by their employers can likewise be monitored.
- Cardholders can take advantage of paying for many cards with a single transaction in addition to being able to pay for all expenses at once.
- Business credit cards can be used to pay for a variety of expenses, including travel, entertainment, utilities, repairs and maintenance, and more. Additionally, employers may choose to limit the reason for credit card purchases. Cardholders could be limited to spending in certain categories.
List of Best Business Credit Cards (Indian)
The List of Indian Best Business Credit Cards is as follows:
- State Bank of India
- HDFC Bank
- Bank of Baroda
- Canara Bank
- Axis Bank
- Kotak Mahindra
Eligibility Criteria for Indian Business Credit Cards
The Eligibility Criteria for Indian Business Credit Cards are as follows:
- The applicant’s minimum age must be at least 21 years old and a maximum of 70 years old
- The applicant must be an Indian Resident
- Small enterprises, limited companies, banks, government-run businesses, partnerships, and sole proprietorships can all have business cards.
- Businesses must demonstrate a specific amount of profit, turnover, or aggregates to the banks issuing the credit cards.
- For everyone who needs a separate spending account, there are also business cards available. Then, this card can be used for business-related expenses, which will aid in cost tracking.
- Companies with successful operational histories are eligible.
Top 7 Best Business Credit Cards in India 2022
SBI Platinum Corporate Credit Card
The SBI Platinum Corporate card was created with the Indian corporate customer and their demands in consideration. The card is on the VISA platform, and the cardholder can use the Visa IntelliLink application to monitor the costs of his or her organization.
SBI Platinum Corporate Credit Card features include:
- Widespread popularity at more than 24 million locations worldwide.
- Retail purchases qualify for interest-free credit for 20–50 days, providing the preceding month’s balance has been paid in full.
- The card’s daily, weekly, and monthly restrictions can be established, allowing for better financial management.
HDFC Business MoneyBack Credit Card
Higher rewards are offered on purchases made with the HDFC Business MoneyBack credit card, along with special incentives and discounts. From the day of the purchase, cardholders can use their card interest-free for 50 days.
The HDFC Business MoneyBack Credit Card has these features:
- On purchases made with the card for dining, travel, hotels, air transport, and online shopping, cardholders can earn up to three times as many reward points.
- Earned reward points can be exchanged for Air Miles or money (100 reward points are equal to Rs. 40 in cash back terms).
- Additionally, cardholders in India would have priority access to airport lounges.
Citibank Corporate Credit Card
The Citibank Corporate credit card provides access to top-of-the-line automation and more savings with a simplified expenditure report for travel and leisure expenses.
The Citibank Corporate Credit Card has these features:
- Convenience through statements that can be read at a glance and give a thorough summary of all linked cards
- On purchases made with the reusable card, get rewards points.
- Utilize the Visa IntelliLink Spend Management tool to access statement information at any time and from any location.
- Get access to special discounts and deals including 20% off eating expenses in India and up to a 55% discount on travel, lodging, and rental cars when using the Citibank Corporate credit card.
Axis My Business Credit Card
The Axis Bank My Business credit card is specifically designed to meet every business need and boost productivity through a range of unique features and advantages for corporate cardholders.
Axis My Business Credit Card features include:
- When using their My Business credit card to make a flight reservation on Ezeego, cardholders can receive a 20 percent cashback discount.
- When using the My Business credit card to pay at gas stations across the nation, you will be reimbursed a 2.5 percent premium.
- Through VISA ATMs located all over the world, you can withdraw cash up to 30% of your credit limit.
Kotak Corporate Credit Card
With savings opportunities and improved control over employee spending, the Kotak corporate credit card is brimming with features made to appeal to business customers. The card, which is offered in Gold and Platinum versions, offers a practical means of covering bills.
The Kotak Corporate Credit Card’s features include:
- The credit limit given to employees can be decided by the company, giving it more control over spending and access to money
- The card offers a waiver of the 2.5 percent fuel surcharge at all Indian gas stations.
- For six months from the date of purchase, any purchases made using the credit card are covered by insurance. The cardholder may request insurance for the item up to Rs. 50,000 if it is lost due to theft or fire.
Standard Chartered Business Gold Credit Card
The Standard Chartered Business Gold credit card, which is only intended for independent contractors, is made to meet all of their needs.
The Standard Chartered Business Gold Credit Card has the following features:
- Take advantage of a variety of reductions and exclusive offers on lodging, food, and leisure pursuits.
- Gain 1% cashback on every purchase made with the card, increasing your savings.
- When using the Standard Chartered Business Gold credit card to purchase petrol, you can receive a 5 percent cashback nationwide.
Amex Platinum Travel Credit Card
For all of your business purchases and travel, the American Express Platinum travel credit card is the best option. This card offers great air travel deals to business travelers that travel frequently. Additionally, it has a variety of lodging and hospitality partnerships for premium members.
The Amex platinum travel credit Card has the following features:
- The cost of the first year of membership is merely 2,500 plus taxes. Taxes and the renewal charge total 5,000.
- Receive 6,360 in travel vouchers once you spend 1, 90,000 in a year.
- Additionally, you get four free trips each year to airport lounges all around India limited to one complimentary visit per quarter.
The bank determines your credit limit based on a variety of factors, including your credit score, and it is a reported figure. It can be influenced by making some additional payments, but the amount will not change.
It’s simple to make a payment using a blocked credit card. Both issuing a check and transferring the money online to your card account are options. Additionally, you can pay in cash at a branch location and then pick up your deposit slip.
There is no requirement that you run a corporation, but you must be able to list some sort of business, even if it just employs one person.