Best Business Credit Card in India 2024 (October)

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.

What is a Business Credit Card?

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.

Best Business Credit Cards in India – October 2024

Last updated 1st February 2024

#1 SBI Platinum Corporate Credit Card

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 card lets you analyze the organization’s spending pattern with the Visa Interlink spend management tool. Moreover, you can also control your expenses better. The tool also provides additional features, such as a dashboard facility and email alerts.
• You can set controls on spending limits and also restrict merchant categories.
• Get insurance cover against fraud up to Rs 2 lakhs per individual and Rs 60 lakhs per entity.
• Offers travel insurance including air accident death, lost card liability, flight, and baggage delays.
• If you lose your card, then the card will be replaced within 72 hours with no delivery charges.
• Offers 24*7 assistance through a dedicated team of service desk executives.
• Get cash in an emergency within 24 hours.
• Become a priority pass program member and enjoy access to more than 100 international airport lounges worldwide.
• The card is chip and PIN enabled, making the transactions more secure by protecting against counterfeiting, skimming, and lost and stolen card fraud.
• Get complimentary lounge access at domestic airports.
•  Joining fee and annual fee: Nil

#2 RazorpayX Corporate Credit Card

The RazorpayX Corporate Credit Card is designed specifically for businesses. It offers the following benefits and features.

• Offers dynamic credit limits to businesses and provides a buffer by keeping limits up to 2 times the regular usage.
• There is no personal liability to the cardholder.
• The card is universally accepted and hence makes recurring payments and international transactions easy.
• Offers a smart dashboard to track billed and unbilled transactions and set credit limits on cards, users, and types of expenses.
• Get add-on cards for different team members who have pre-loaded with a specific amount or credit line.
• Offers cashback and business rewards for any expenditure made using the card.
• Has an easy application process, with no complicated paperwork.
• International transactions are available at the lowest forex fee.
• Interest-free period of up to 50 days.
• Joining fee: Rs 1,499.
• Annual fee: Rs 1,499, waived if the minimum spending limit is Rs 5,00,000 per annum.

#3 HDFC Business MoneyBack Credit Card

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.

•  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 50-day credit-free period for all vendor payments.
• Milestone rewards of 2,500 reward points on annual spending of Rs 1.8 lakhs.
• Option to convert all big spends into EMI.
• 5% monthly cashback on business essential spending.
• Get pre-approved instant loans and a cash withdrawal facility on the business credit card.
• Offers zero lost card liability and revolving credit.
• Enjoy amazing dining benefits and get up to 20% off on all restaurant bills.
• 1% fuel surcharge waiver at all fuel stations across India.
• Joining fee: Rs 500
• Annual fee: Rs 500, waived off if annual spending exceeds Rs 50,000.
• Eligibility:
  • Age: 21 years to 65 years
  • Annual ITR: Above Rs 6 lakhs

#4 Citibank Corporate Credit Card

The Citibank Corporate Credit Card offers exclusive privileges for corporate expenses. It offers the following features and benefits.

• Offers an online tool to manage all your expenses. The tool also offers tailormade reports for enhanced control and visibility and a convenient expense approval system.
• Earn two reward points for every Rs 125 spent.
• Reward points you earn on every expense never expire.
• Redeem reward points for air miles, hotel stays and gift vouchers.
• Get exclusive discounts on travel, hotel stays, car rentals, and restaurants.
• Get up to 15% discount on dining across India.
• Complimentary access to airport lounges.
• Exclusive international travel benefits include easy access to local currency, giving advance foreign exchange to employees for travel, and cashless payments across 36 million merchant establishments worldwide.
• Pay one bill for all card members through NEFT, cheque, or RTGS.
• Pay utility bills with one click and bulk payments in a single transaction.
• Joining fee: Communicated at the time of sourcing
• Annual fee: Rs 1,000 per annum

#5 ICICI Bank Business Advantage Black Credit Card

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.

• Earn cashback of up to 1% on domestic and international spending such as airlines, hotels, and restaurants.
• The card is a contactless card designed to make fast, secure, and convenient payments.
• Complimentary airport lounge access.
• Has chip and PIN technology for secure transactions.
• It offers 24*7 concierge services, personal air accident death insurance coverage of up to Rs 75 lakhs, travel insurance worth USD 1,200, and lost card liability of up to Rs 1 lakh.
• Interest-free credit period of up to 48 days.
• Fuel surcharge waiver of 1%.
• Get mobile alerts and E-statements regularly.
• Up to 15% off on dining at more than 2,500 restaurants.
• Joining fee: Rs 1,500
• Annual fee: Rs 1,000; it is waived off if annual spending exceeds Rs 7.5 lakhs.

#6 Yes Prosperity Business Credit 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.

• Earn eight reward points for every Rs 200 spent on select categories.
• If annual spending exceeds Rs 6 lakhs, earn 10,000 reward points.
• 1% fuel surcharge waiver.
• Attractive currency markup fee of 2.5%.
• Three complimentary international lounge access outside India and four domestic lounge access per year.
• Green fee waiver on golf rounds.
• Attractive offers on travel, dining, and business expenses up to Rs 23,524 per annum.
• One complimentary golf lesson every month.
• Get a 15% discount on dining at select restaurants.
• Insurance coverage of Rs 3 lakhs for accidental death and lost card liability.
• The card is enabled with a contactless payment facility.
• Set control on credit limits and categories.
• Joining fee: Rs 399
• Annual fee: Rs 399 is waived if annual spending exceeds Rs 1 lakh.
• Eligibility:
  • Age: 21-70 years
  • Income: Self-employed individuals, proprietors, and partnership firms with a minimum income tax return of Rs 7.5 lakhs.

#7 Kotak Corporate Gold Credit Card

The Kotak Corporate Gold Credit Card is designed for corporates and is a globally accepted card. It offers the following features and benefits.

• Monitor spending patterns of the business and employees.
• Reviewing and planning expenses is easy.
• Earn reward points as welcome benefits.
• Higher reward points with a quick redemption option.
• 2.5% fuel surcharge waiver.
• Convenience through single payments for all business-related expenses.
• Cash rebate in the form of demand draft.
• A dedicated service manager will help with queries and issues related to the card.
• Interest-free period of 48 days.
• Set credit limits for employees.
• Complimentary lounge access at airports.
• Joining fee: Nil
• Annual fee: Rs 1,000
• Eligibility: Businesses, banks, and government corporations are eligible to apply for the card.

#8 Axis Bank My Business Credit Card

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.

• Earn discounts and cashback on flight tickets, hotels, and bus tickets.
• Free add-on credit card with no annual fee.
• Earn EDGE loyalty reward points on every purchase.
• Cash advance up to 30% of your credit limit.
• Set standing instructions for utility bills like electricity, telephone, mobile, gas, and insurance.
• Complimentary airport lounge access.
• 1% fuel surcharge waiver.
• Convert transactions over Rs 2,500 into easy EMIs.
• Card customization with a company name or your designation embossed on it.
• Zero lost card liability to shield from the stolen card.
• Stay at a hotel of your choice for two nights for free by redeeming vouchers on Ezeego1.com.
• Joining fee: Rs 999
• Annual fee: Rs 499 from second year onwards.
• Eligibility: Sole proprietors, SME companies, partnership firms, doctors and other self-employed professionals

#9 HDFC Corporate Premium Credit Card

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.

• Offers an easily accessible online reporting tool which can be accessed anywhere to get customized reports on spending patterns. You can also view detailed transactional information at the employee level.
• Get consolidated reports for transactions across the globe.
• Five reward points for every Rs 150 spent.
• Reward redemption for miles against domestic and international airlines, hotels, and catalogue options.
• Reward points are valid for two years.
• Five complimentary domestic lounge access per quarter and six international lounge access per calendar year.
• Get an interest-free period of up to 50 days.
• Foreign currency markup fee of 2.5%.
• Corporate liability waiver insurance against employee fraud is Rs 2 lakhs, and corporate-level cover is Rs 25 lakhs.
• Air accident death benefit of Rs 1 crore, emergency medical expense of Rs 1 lakh outside India, travel insurance, flight delay cover of Rs 15,000, loss of checked baggage of Rs 15,000, and missed connection of Rs 15,000.
• 1% fuel surcharge waiver.
• Contactless payment facility.
• Joining fee: Rs 999
• Annual fee: Rs 999

How to choose a business card?

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.

Rewards

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.

Annual fee

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.

Interest rate

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.

Other features and benefits

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.

Advantages and Disadvantages of Using Credit Card for Business

Advantages of Business Credit Cards

• Rewards and cashback can help reduce a business’s expenses.
• Expense tracking and analysis have become easy and convenient.
• Gives greater control over expenses.
• Reduces the need for cash for business expenses.
• It prevents employees from using the card for personal expenses or spending beyond a certain limit.
• You can check your business expenses anytime online. This makes paying bills, blocking cards, and raising disputes easier.
• All business credit cards have dedicated service executives, which ensures 24*7 support.

Disadvantages of Business Credit Cards

• Business cards charge higher annual fees and higher interest rates and, hence, could be expensive for small businesses.
• Additional cardholder fees can add up quickly.
• Employees cannot earn their own rewards through this card.
• The application process is rigorous, tough and time-consuming.

Documents Required to Apply for a Corporate Credit Card in India

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.

• Proof of Identity:

  Any government-issued identity card such as a PAN Card, Aadhar Card, voter ID, or passport is considered valid ID proof.

• Address Proof:

  Rental or lease agreements, utility bills, or ownership documents of the property are all considered valid address proofs that confirm the existence of a business.

• GST Certificate:

  The GST certificate is a document issued by the Government of India authorizing businesses to collect taxes on their behalf.

• CIN Number:

  A CIN number is a unique number assigned to a business by the Ministry of Corporate Affairs in the respective state. It is mandatory that you have a CIN number to apply for a business credit card.

• Bank Statements:

  A business’s bank statements are important proof that confirms the existence of a business. Moreover, it can also help the bank decide the credit limit. Apart from these, the bank can also ask for financial statements, ITR return statements, and business incorporation certificates as proof of the business’s existence.  

Frequently Asked Questions

Can a businessman get a credit card?

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.

What is the average business credit card limit?

The average credit card limit of business cards is around Rs 20 lakhs.

Can I use my business card for personal use?

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.

Can I pay salaries with a business credit card?

Yes, salaries are considered business expenses and, hence, can be paid through a business credit card.

Does corporate credit card affect credit score in India?

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.

Do corporate credits have a credit limit?

Yes, corporate credit cards have credit limits. The credit limit is usually decided based on bank statements and financial statements of the business.

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