Best Business Credit Cards in India

Features of Best Business Credit Cards Reasons to opt a Business Credit Card Eligibility and Documentation How to Apply? FAQs

Following are the unique features of top business credit cards from popular banks in India.

SBI Platinum Corporate Credit Card

Features and Benefits

Track and control your organisation’s expenses with Visa Intellilink spend management tool Card is accepted at over 38 million outlets across the globe including 03 million outlets in India Complimentary insurance cover on your SBI Corporate Card Interest-free credit period available for period of 20-50 days Card can be replaced from anywhere in the world

ICICI Bank Business Advantage Black Credit Card

Features and Benefits

Up to 1% cashback on eligible domestic and international spends (Eligible only on Airline, Hotel and restaurant spends) Savings on fuel surcharge at 1% (assuming monthly spends of Rs 5,000 at HPCL Petrol Pumps) Joining fee reversal on spending Rs 75,000 and above within 60 days Annual fee reversal on spending Rs 7,50,000 and above during an anniversary year Personal air accident death insurance cover of up to Rs 75 lakh

HDFC Business MoneyBack Credit Card

Features and Benefits

Zomato Gold complimentary Membership for a year 5% Cashback on Telecom, Electricity, Government/Tax, Railway, Hotels & Dining and Taxi Check other Cashback Credit Cards in India 5X Reward Points on Fuel capped at 1000 Rewards per calendar month (valid for 1st year only) 2,500 Credit Card Reward Points on annual spends of Rs. 1.8 lakh or more in each anniversary year 4 Reward Points for every Rs.150 spent on online spends, 2 Reward Points for Rs 150 on other expenses (except fuel)

Axis Bank My Business Credit Card

Features and Benefits

2 complimentary airport lounge visits every quarter (2 times in 3 months) Withdraw cash up to 30% of your credit limit from over 1 million Visa ATMs 1% fuel surcharge waiver on all fuel transactions in India 4 eDGE points on every Rs.200 spent, 100 points on the first online transaction On all transactions over Rs.2,500, contact the bank to convert your big credit purchase into EMIs

Citi® Corporate Credit Card

Features and Benefits

Complimentary access to domestic airport lounges 2 reward points per Rs.125 spent Up to 15% on dining across participating restaurants 1% Fuel surcharge on fuel purchases at authorized IndianOil outlets T&E spend management tool- Benefit from streamlined travel and entertainment expense reporting along with the strategic advantages of process automation

Yes Prosperity Business Credit Card

Features and Benefits

10,000 Reward Points on your first transaction done within 30 days Renewal benefit of 7,500 Reward Points on each renewal 4 Reward Points per Rs.100 spent on Travel Agencies & Tour Operators, Domestic Airlines and Dining, 2 Reward Points per Rs.100 spent on all other categories 50 Lakh Air accidental cover in case of death due to a flight accident, 15 Lakh cover on medical emergencies, while travelling overseas 1% Fuel surcharge waiver across fuel stations in India

Suggested Read: Best Travel Credit Cards in India

Kotak Corporate Gold Credit Card

Features and Benefits

Fuel surcharge waiver given for transactions between Rs. 500 to Rs.3,000 Up to 48 days interest-free credit period Vendor-wise tracking on the spends done by the employees Redeem reward points by calling the customer care helpline Points can be redeemed every quarter (cash rebate will be given via demand draft)

Below listed are the top 5 reasons why you must take a business credit card-

1. It helps in building a good credit history

Having a business credit card is one of the best ways to build a credit reputation for your business.

2. It gives you access to credit

Having a separate credit card for your business expenses will expand your purchasing power.

3. Easy to maintain separate tabs

If your business is a corporation or a private limited company, it is important to separate your business expenditures from your personal ones. A business credit card allows to do the same easily.

4. Effective control on employee spending 

By giving business credit cards to your employees, you can gain effective control while keeping a tab on their spending.

5. Access to other financial products and services

You can use your business credit card to improve your business. Several credit card companies offer you with the latest innovative business and tracking tools.

The eligibility criteria for business credit cards differ from one card to another. However, there are some basic requirements that you are required to meet-

Age	Applicant should be at least 21 years old and not more than 70 years old
Nationality	Should be a Resident Indian
Profession	Should be a self-employed professional, proprietor or a partner in a partnership firm

Documents Required

You are required to submit some documents to validate the information provided in the application form. Business credit cards may be issued in the name of the organization or a member of the organization. The documents required will vary accordingly and only 1 document from each category is required to be submitted. The financial documents that work for business credit cards include-

Identity and Signature Proof	Passport, PAN card, Driving License, Voter ID card, Aadhaar card, employee identity card in case of government employees
Address Proof	Passport, PAN card, Driving License, Voter ID card, Aadhaar card, employee identity card in case of government employees
Age Proof	Voter ID card, Secondary School Certificate (class 10th), birth certificate, Passport, Aadhaar Card, pension payment order or Receipt of LIC policy
Income proof for Salaried Individuals	Latest 3 months’ salary slips, Salary account bank statement for six months
Income proof for Self-employed businessmen/professionals	Latest IT Returns with computation of income and other certified financial documents along with business continuity proof

You can apply for a Business Credit Card both online as well as offline.

Steps to apply for Business Credit Card Online

Step 1- You can visit the official website of the preferred bank and apply for a credit card by filling out some basic details like name, email ID, contact number, income, address, etc.

Step 2- You will get a call from a representative of the respective bank who will guide you through the process.

Step 3- A representative will also come to collect your documents at your doorstep.

After this, the bank will check the documents and, if satisfied, issue the credit card.

Steps to apply for Business Credit Card Offline

Step 1- Visit the nearest bank branch and ask about your preferred card variant.

Step 2- The representative will tell you about the cards that match your requirements.

Step 3- You will have to fill the application form and provide some documents such as identity proof, address proof, income proof, passport-size photographs etc.

Also Read: Best Credit Cards for Defence Personnel in India

What’s the difference between business credit cards and personal credit cards?

Business credit cards and personal credit cards operate in many similar ways. Both can offer bonus points, rewards points, sign-up bonus etc. but there are a few differences between how they are regulated. There can be different terms and conditions for business cards and personal cards. Also, business credit cards are designed to benefit the needs of a business and also allow free access to certain business tools.

What credit score is needed for a business credit card?

Most business credit cards require good to excellent credit for approval. Typically, a score of 700 and above is considered good. A score of 800 or above is considered excellent. There are a few business credit cards available for small business owners with fair credit. A fair credit score ranges from 640 – 699.

Is it hard to get a business credit card?

You generally cannot get an unsecured business credit card without personal credit. Most issuers would require good or excellent credit. But if you’re starting with no credit, you might have to start with a personal card, build your score and then apply for a business credit card.

How long does it take to get a business credit card?

It takes approximately 7-10 business days to get a new credit card after being approved. That means it usually takes 14-24 business days to get a credit card after submitting an application, though the time frame will be shorter if you are approved instantly.

Can anyone get a business credit card?

You do not need to be running a corporation, but you do need to be able to list some kind of business, even if it involves one person.

Do business credit cards check personal credit?

When you apply for a business credit card, the card issuer may consider both your business’s track record and your personal credit. This could include running a hard credit check on your personal credit, which could drop your credit scores by a few points.