Business credit cards are specifically designed to meet the unique financial needs of businesses and corporations. Unlike personal credit cards, which are intended for individual use, business credit cards offer a range of features and benefits tailored to facilitate efficient expense management and streamline financial operations. These cards provide numerous advantages that can significantly enhance the efficiency and profitability of businesses.

However, despite their benefits, many business owners remain unaware of the existence and advantages of business credit cards. This article aims to address this knowledge gap by presenting a comprehensive guide to the best credit cards available for business owners. By understanding the features, benefits, and eligibility criteria of these cards, business owners can make informed decisions and select the ideal card that aligns with their specific requirements and objectives.

Benefits of Business Credit Cards:

Expense Tracking and Management: Business credit cards offer detailed expense tracking features, allowing business owners to monitor and categorize their spending effortlessly. This facilitates accurate accounting and helps in identifying areas where cost optimization can be implemented.

Building Business Credit: Using a business credit card responsibly can help businesses establish and build a strong business credit history. A solid business credit score is essential for securing loans, obtaining favorable credit terms, and enhancing the company’s financial standing.

Rewards and Incentives: Many business credit cards offer rewards programs, such as cashback, points, or airline miles, which can provide additional financial benefits to businesses. These rewards can be redeemed for various purposes, such as travel, office supplies, or even cash back.

Convenience and Flexibility: Business credit cards provide convenience and flexibility by allowing business owners to make purchases and manage their finances from anywhere, anytime. They also offer features like online account management, mobile apps, and 24/7 customer support for added convenience.

• Expense tracking and management.
• Can help build business credit.
• Rewards and incentives.
• Convenience and flexibility.

Also Read: Best RuPay Credit Cards in India 2024

Choosing the Ideal Business Credit Card:

• Annual Fees: Consider cards with no annual fees to save money in the long run.
• Interest Rates: Opt for a card with a low-interest rate to reduce costs.
• Rewards and Benefits: Evaluate rewards and benefits that align with the business’s spending patterns and goals.
• Credit Limits: Choose a card with a credit limit that meets anticipated spending needs.
• Customer Service: Consider the quality of customer service provided by the credit card issuer.

By carefully assessing these factors and understanding the unique requirements of their business, business owners can select the ideal business credit card that optimizes financial management, maximizes rewards, and supports the growth and success of their enterprise.

Best Business Credit Cards in India

1. SBI Platinum Corporate Credit Card

The card offers a range of benefits, including:

• 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 it secure to use.
• Individuals can easily become a part of the priority pass program by paying an annual fee of Rs.180 plus any taxes that are applicable.
• Airport Lounge Access: 2 complimentary visits per quarter. 

2. ICICI Bank Business Advantage Black Credit Card

The card offers a range of benefits, including:

• 1% fuel surcharge waiver
• 0.5% – 1% cashback
• 24 x 7 Concierge Services
• air accident death insurance cover of up to Rs 75 lakh
• Attractive currency markup fee of 2.5%
• 2 Complimentary international lounges and domestic lounge access per quarter. Click here to see list of participating lounges. 
• Attractive offers worth Rs 23,524 on travel, dining, and business expenses
• Complimentary golf lessons
• 15% discount on dining at select restaurants
• Lost card liability
• Contactless payment
• Control on credit limit and categories

Also Read: EazyDiner IndusInd Bank Platinum Credit Card: Full Review

3. HDFC Business MoneyBack Credit Card

One standout feature is the cashback option, which allows users to offset their card dues by redeeming the reward points they’ve accumulated. This not only simplifies repayment but also adds an extra layer of flexibility to managing finances.

Moreover, with rewards tied to spending and the perk of an annual fee waiver, the HDFC Business MoneyBack Credit Card proves to be a valuable companion for any businessperson.

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:

• Rs. 500 annual fee
• 5% Cashback on Telecom, Electricity, Government/Tax, Railway, Hotels & Dining and Taxi
• Milestone rewards worth 10,000 reward points
• 2,500 points on annual spends of  1,80,000+ every anniversary year
• complimentary accident insurance cover
• purchase protection cover against fire and burglary

4. Citi® Corporate Credit Card

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

• Benefit from streamlined travel and entertainment expense tracker
• Customizable expense management tools
• Access to Citi’s global network
• Dedicated customer service
• Earn 2 reward points/ Rs. 125 spent
• complimentary access to domestic airport lounges. For the list of lounges, click here.
• Up to 15% savings across participating restaurants. To find a Citibank partner restaurant near you, click here
• Pay utility bills such as telephone, and electricity with one click
• Ability to do biller grouping and bulk payments in a single transaction

5. Yes Prosperity Business Credit Card

The card offers a range of benefits, including:

• 8 reward points on every Rs 200 spent on select categories
• 1% fuel surcharge waiver
• Low forex currency markup fee of 2.5%
• Complimentary international lounges and domestic lounge access: 1 per quarter
• 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
• Contactless payment
• Control on credit limit and categories

Also Read: HDFC Bank UPI RuPay Credit Card: Full Review

6. Kotak Corporate Gold Credit Card

The card offers a range of benefits, including:

• Expense Management
  • Vendor-wise tracking of the spends done by the employees
  • Budget your expenses according to the spending done on corporate cards
  • Statistical data provided for analysis of the expenses
  • Analyze the amount spent by each employee
  • Data can be retrieved to see which employee has spent where and how much
• Dedicated serve manger 
• Fuel surcharge waiver
• Dining discounts
• Travel benefits
• Insurance cover
• Purchase protection

7. Air India SBI Signature Credit Card

It comes with an annual fee of Rs. 4,999 and offers a range of benefits, including:

• 20,000 Reward points as a welcome gift on payment of your joining fee. 1 Reward point is equal to 1 Air India Air mile. 
• complimentary membership of the Air India Frequent Flyer program
• Get 4 Reward points for every Rs. 100 spent.
• Rewards on travel expenses
• Complimentary airport lounge access
• Priority check-in and boarding
• Air accident insurance cover
• Lost card liability cover
• Fuel surcharge waiver

Also Read: AU Bank LIT Credit Card: India’s 1st customizable credit card

Eligibility Criteria for Business Credit Cards in India

The eligibility criteria for applying for a business credit card in India are as follows:

1. The applicant must be an Indian citizen.
2. The applicant must be between 21 and 70 years of age.
3. The applicant must have a good credit history.
4. The applicant must have a registered business or be self-employed.
5. The business must have a satisfactory track record and provable growth numbers to show an upward trend.
6. The applicant must submit identity proof and residential address proof.
7. The applicant must submit bank statements for the past six months.
8. The applicant must submit income proof.
9. The applicant must submit other financial statements like profit and loss statements.

Different banks may have varying eligibility criteria, but the above are some of the basic requirements that must be met to apply for a business credit card in India. It is important to note that banks prefer clients that will provide longevity along with their business, so having a good credit history and a registered business with a satisfactory track record can increase the chances of approval.

Also Read: Scapia Federal Bank Credit Card: A 2023 Guide

Conclusion

Business credit cards offer various benefits, such as travel insurance, purchase protection, employee credit cards, and account management tools. The eligibility criteria and required documents may differ across banks, but common documents include business registration documents, financial statements, tax returns, and personal identification documents. The best business credit cards in India for 2024 provide tailored benefits and features to meet specific business needs. It is important to compare options, consider business needs, and choose a card that offers the best value and benefits.