Corporate Credit Cards or business credit cards are designed for self-employed individuals, partnership firms, sole proprietors, and corporate entities. They offer exclusive benefits to businesses that help them track and save on expenses. In this article, we have explained in detail the advantages and disadvantages of business credit cards and listed the best business credit cards in India in 2024.
A business credit card is a credit card specifically designed for businesses. They work exactly like a regular credit card but have higher spending limits and more rewards and are tailored to suit specific business expenses. These cards help businesses streamline their expenses, give them access to credit, and help in building a good credit history. They can also be linked to an expense management system through which all of a business’s expenses can be tracked in real-time. Both employers and employees can use business credit cards. Moreover, they come with control over spending limits, which can help employers control employee expenses.
|Annual Fee Waiver Amount
|Link for more information on the website
|SBI Platinum Corporate Credit Card
|Set controls on spending limits and also restrict merchant categories
insurance cover against fraud up to Rs 2 lakhs per individual and Rs 60 lakhs per entity
Travel insurance including air accident death, lost card liability, flight delay, and baggage delay
Lost card replacement
24*7 assistance through a dedicated team of service desk executives
The card is chip and PIN enabled, making the transactions more secure by protecting against counterfeit, skimming and lost and stolen card fraud
Get complimentary lounge access at domestic airports
|RazorpayX Corporate Credit Card
|Yes, if annual spending exceeds Rs 5 lakhs per annum
|Dynamic credit limits to businesses and provide a buffer by keeping limits up to 2 times the regular usage
No personal liability to the cardholder
Universally accepted card
Smart dashboard to track billed and unbilled transactions and set credit limits on cards, users, and types of expenses
Interest-free period of up to 50 days
|HDFC Business MoneyBack Credit Card
|Yes, if annual spending exceeds Rs 50,000 per annum
|5% monthly cashback on business essential spends
|Earn 2x rewards for every Rs 150 spent online
Earn two reward points on all other retail spends and 5x rewards on fuel spends
|Get 50 days credit-free period
Milestone rewards of 2,500 reward points
Convert all big spends into EMI
Pre-approved instant loans and cash withdrawal facility on business credit card
Zero lost card liability, and revolving credit
20% off on all restaurant bills
1% fuel surcharge waiver
|Citibank Corporate Credit Card
|Communicated at the time of sourcing
|Earn two reward points for every Rs 125 spent
Reward points never expire
Redeem reward points for air miles, hotel stays and gift vouchers
|Online tool to manage all your expenses – tailormade reports for enhanced control and visibility, and a convenient expense approval system
Exclusive discounts on travel, hotel stays, car rentals, and restaurants
15% discount on dining across India
Complimentary access to airport lounges
Exclusive international travel benefits
Pay one bill for all cardmembers
Pay utility bills with one click and bulk payments in a single transaction
|ICICI Bank Business Advantage Black Credit Card
|Yes, if annual spending exceeds Rs 7.5 lakhs
|1% on domestic and international spending
Airport lounge access
Chip and PIN technology for secure transactions.
24*7 concierge services
Personal air accident death insurance cover of up to Rs 75 lakhs
Travel insurance worth USD 1,200
Lost card liability of up to Rs 1 lakh
Interest-free credit period of up to 48 days
Fuel surcharge waiver of 1%
Mobile alerts and E-statements
15% off on dining at more than 2,500 restaurants
|Yes Prosperity Business Credit Card
|Yes, if annual spending exceeds Rs 1 lakh
|8 reward points on every Rs 200 spent on select categories
Milestone rewards worth 10,000 reward points
|1% fuel surcharge waiver
Attractive currency markup fee of 2.5%
Complimentary international lounges and domestic lounge access
Green fee waiver on golf rounds
Attractive offers worth Rs 23,524 on travel, dining, and business expenses
Complimentary golf lessons
15% discount on dining at select restaurants
Accidental death benefit
Lost card liability
Control on credit limit and categories
|Kotak Corporate Gold Credit Card
|Higher reward points with quick redemption option
|Monitor spending patterns
Reviewing, and planning expenses
2.5% fuel surcharge waiver
Single payments for all business-related expenses
Cash rebate in the form of demand draft
Dedicated service manager
Interest free period of 48 days
Credit limits to employees
Complimentary lounge access at airports
|Axis Bank My Business Credit Card
|Cashbacks on flight tickets, hotels, and bus tickets
|EDGE loyalty reward points on every purchase
|Discounts on flight tickets, hotels, and bus tickets
Free add on credit card
Standing instructions for utility bills
Complimentary airport lounge access
1% fuel surcharge waiver
Convert transactions into easy EMIs
Zero lost card liability
Free 2 night hotel stay through vouchers
|HDFC Corporate Premium Credit Card
|5 reward points for every Rs 150 spent
Reward redemption for airline miles, hotels, and catalogue options
Reward points validity – 2 years
|Online reporting tool to get customized reports on spending patterns
Consolidated reports for transactions across the globe
Complimentary domestic and international lounge access
Interest free period up to 50 days
Foreign currency markup fee of 2.5%
Corporate liability waiver insurance
Air accident death benefit of Rs 1 crore
Emergency medical expense of Rs 1 lakh outside India
Flight delay cover
Loss of checked baggage coverage
Missed connection insurance
1% fuel surcharge waiver
Last updated 1st February 2024
The SBI Platinum Corporate Credit Card is a card specifically designed for the global traveller. The following are the features and benefits of the card.
The RazorpayX Corporate Credit Card is designed specifically for businesses. It offers the following benefits and features.
The HDFC Business MoneyBack Credit Card is a credit card that will help you grow your business. The card offers the following features and benefits.
The Citibank Corporate Credit Card offers exclusive privileges for corporate expenses. It offers the following features and benefits.
ICICI Bank Business Advantage Black Card is designed to drive business savings. It offers a host of benefits, including rewards and cashback. The following are the features and benefits of the card.
The Yes Prosperity Business Credit Card is designed to offer exclusive benefits and rewards for your business needs. It offers the following features and benefits.
The Kotak Corporate Gold Credit Card is designed for corporates and is a globally accepted card. It offers the following features and benefits.
The Axis My Business Credit Card is an effective way to manage your business expenses. It offers attractive features and benefits that are listed below.
The HDFC Corporate Premium Credit Card is a one-stop solution to manage your corporate reimbursable expenses seamlessly. The card offers the following features and benefits.
The market has so many business cards that offer multiple benefits. A business cannot have multiple credit cards as it can make expense management difficult. Hence, it is important to choose a card that will suit your business and needs. Before choosing a credit card, you must consider the following factors.
It is a known fact that credit cards offer rewards to their users. Different cards offer rewards for different kinds of spending. For example, a travel card will give higher rewards on travel spending, and a dining card offers higher rewards and discounts on restaurant bills.
To know which card to choose, you must identify where your business spends the most. For example, if your business spends a lot on office supplies, advertising, or shipping, then a card offering rewards on everyday business expenses is better for you. However, if you travel often or meet clients over lunch and dinner, a travel card or a dining card is a better choice. Apart from the general rewards, also look out for joining rewards and annual benefits. Some cards give hefty annual rewards. Hence, it is important to choose a card based on your business expenses to earn higher rewards.
Apart from rewards, another aspect to look for is the annual fee and the minimum spending limit to get the annual fee waived. Usually, cards with higher rewards tend to have higher annual fees and spending limits. It is not worth it if you get 2x rewards or free airport lounges, but you have to pay an annual fee of Rs 50,000 and spend at least Rs 15 lakhs to get the fee waived. Hence, it is important to strike a balance between rewards and annual fees and choose a card which suits your budget.
Just like regular credit cards, corporate credit cards have an interest-free period. Once the interest-free period ends, the banks will charge an interest on the outstanding balance. This interest will be anywhere between 36%-48%. Hence, it is important to check the interest-free period and interest rate charged by the banks before applying for a corporate credit card.
Similar to regular credit cards, business credit cards offer certain benefits and features such as travel insurance, purchase protection, employee credit cards, and other account management tools. These benefits can prove to be very valuable to businesses. Hence, you must check all the added features and benefits before choosing a business credit card.
The eligibility to apply for business cards can vary across banks, but the documents required to apply for this card are pretty much similar. The following are the documents required to apply for a corporate credit card in India.
Yes, a businessman can apply for a business or a corporate credit card in India. Moreover, they can also get a regular credit card by showing valid proof of income.
The average credit card limit of business cards is around Rs 20 lakhs.
Although you can use your business credit card for personal use, you shouldn’t. If the credit card issuer finds you using your business credit card for personal expenses, then they have the right to close your account.
Yes, salaries are considered business expenses and, hence, can be paid through a business credit card.
If an individual is using a business or corporate credit card, it will not affect their credit score as the expenses are not reflected in the individual’s credit history.
Yes, corporate credit cards have credit limits. The credit limit is usually decided based on bank statements and financial statements of the business.