Are you looking for a Business Credit Card? Here are our top five picks for you!
It’s never a good idea to mix your personal and business expenses. If you are one of those people who uses their personal Credit Card to manage their business expenses, it’s high time you change that. Since the New Year has just begun, you can make a positive change in your habits by separating those personal and business expenses. Start by exploring various Business Credit Card offers.
With Business Credit Cards, you can not only keep your business expenses apart, you can also take advantage of multiple money management tools that help to track your company expenses. Although business cards aren’t really a new phenomenon, they are certainly here to stay.
Additional Reading: How A Poor Personal Credit Score Can Damage Your Business
An Overview of Business Credit Cards
A Business Credit Card is a unique financial product that is linked to the credit rating of the business. Business Credit Cards can be owned by entrepreneurs, as well as issued to their employees as an easier alternative for charging expenses to the company account. The credit limit of these cards is based on the company’s turnover.
In case you’re still in a dilemma, here are few advantages of Business Credit Cards. These will definitely make you change your mind.
- Higher Credit Limit: Since they are specifically made for business expenses, Business Credit Cards have a higher credit limit compared to the normal ones.
- Better Account Management: As your business and personal accounts don’t mix, it helps you manage both better.
- Business-related Perks: Business Credit Cards have business-centric perks like discounts on business travel and on shopping at business supply outlets.
Additional Reading: Few Money Management Steps To Take When You Are Starting A Business
Here are the top five Business Credit Cards for 2018:
SBI Platinum Corporate Card
SBI Platinum Corporate Card guarantees hassle-free management of expenses and easy savings, making it everyone’s first choice. This card has been designed such that any organisation can benefit from its flexible and intuitive features.
Here are some of the benefits it offers:
- The SBI Platinum Corporate Card offers convenient expense management solutions to employers and excellent privileges to employees when they use it for various transactions.
- Corporate organisations can benefit by easily being able to monitor employee expenditure, control spends and discover new avenues to cut costs and save money.
- Employees using the SBI Corporate Platinum Card can earn reward points, lounge access at airports, complimentary Travel Insurance and other unbeatable benefits.
- SBI Platinum Corporate Credit Card holders can also make instant cash withdrawals during emergencies while they are traveling abroad.
- It makes travel comfortable by offering the best deals on travel and entertainment from world-class hospitality chains and travel operators.
- Card holders can enjoy additional travel benefits like complimentary lounge access at over 22 airports worldwide, along with facilities like lodging, F&B, etc.
HDFC Business MoneyBack Credit Card
The Business MoneyBack Credit Card is an ideal choice for businessmen since it is three times more rewarding for its users. It is a business class variant of the popular MoneyBack Credit Card by HDFC. However, only self-employed businessmen and professionals are eligible for this card.
Here are some benefits and features:
- You can earn up to 2 reward points for every Rs. 150 spent on your HDFC Business MoneyBack Credit Card. The accumulated reward points can then be redeemed for air miles as well as attractive gifts that can be chosen from an exclusive rewards catalogue.
- You can earn up to 3X times reward points for your business related expenses using the HDFC Business MoneyBack Credit Card. With every Rs. 150 spent on flight bookings, hotel reservations, restaurants and online purchases using the card, you can get 6 reward points.
- Every fuel transaction made within the range of Rs. 400 to Rs. 5,000 entitles you to a waiver of up to Rs. 500 per statement.
- Cardholders of the HDFC Business MoneyBack Credit Card can also enjoy exclusive access to airport lounges at airports all over India.
- Cardholders can enjoy up to 50 days of interest-free credit period from the purchase date.
- The HDFC Business MoneyBack Credit Card is chip enabled and can be used at any chip-enabled POS or swiped at any regular POS (non-chip POS).
Axis Bank MY Business Credit Card
Axis Bank MY Business Credit Card has been designed keeping in mind the best travel and expense management needs of a business owner as well as their employees. Axis Bank issues corporate cards after checking the credit rating of the corporate to define the limits. The corporate bears the liability for the entire outstanding amount on the cards and can decide the limits for each employee.
Here are some benefits and features:
- Exclusive Business Savings Plan tailor-made to suit your business and travel needs. Discounts and cashback on flight tickets, bus tickets, hotels, holiday offers and much more.
- The MY Business Card provides a waiver of surcharge billed for all fuel purchases for transactions between Rs. 4,000 to Rs. 40,000 with the potential to get a maximum benefit of Rs. 400 per month.
- The MY Business Credit Card can be used to make cash advances at over 1 million Visa ATMs around the world. Up to 30% of the credit limit will be available as cash component.
- This card gives you complimentary lounge access at various airports across the country. You can avail 2 lounge visits every quarter.
- It gives you an option to convert large purchases of over Rs. 2,500 into EMIs and pay at a lesser rate of interest, helping you save more.
Citibank Corporate Card
Citibank Corporate Credit Card is one of the most well-known Business Credit Cards across the globe. The card offers exclusive privileges for corporate expenses with a well-defined round the clock service setup with dedicated relationship managers and service helpdesks along with reward points for every purchase.
Here are some benefits and features:
- The Visa Intellilink Spend Management tool is a powerful tool which helps in managing and maintaining all the corporate expenses.
- Avail e-statements as per your convenience and enjoy superior control and visibility for all your card related expenditures.
- It lets you identify the best suppliers for negotiations and offers an expense approval system that is highly convenient.
- You no longer have to provide foreign exchange to your employees when they travel for work.
- You can enjoy the facility of paying only one bill for all the corporate card members using RTGS, NEFT or cheque.
- You can pay several types of utility bills including electricity, telephone, etc. easily in a hassle-free manner.
- You can avail biller grouping facility and make all your bulk payments in one single transaction using the Citibank Corporate Credit Card.
- The ‘Verified by Visa’ doubles up as a great layer of protection on the Corporate Credit Card
Additional Reading: Credit Card Customer Care Numbers For Different Banks
ICICI Corporate Credit Card
ICICI Bank Corporate Card helps corporates in effectively managing the entertainment and travel expenses of their employees. This card offers an end-to-end solution to companies through its gold and platinum variants.
Here are some benefits and features:
- You have the option to choose from two billing dates.
- On cards with corporate liability, interest-free credit for a maximum period of 50 days can be availed.
- Card information is automatically uploaded to the company’s general ledger system or ERP (Enterprise Resource Planning).
- It lets employees avail insurance benefits.
- It provides customer service to employees at an international level.
- ICICI Bank Corporate Card can be used by employees in any part of the world.
- Platinum cardholders can avail Priority Pass.
Additional Reading: 4 Incredibly Useful Tips To Shape Up Your Credit Card Portfolio
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