5 best business credit cards in India on May, 2023
Ever since it was first introduced in the country the credit card has been a massive hit. Now, credit cards in India are as common as they come.
Credit cards are being used not only for personal needs but for business and corporate purposes as well.
There’s a variety of credit cards available that are specifically designed to suit the requirements of business organizations.
Given the wide variety that is available, it is not surprising that making a choice on the best business credit card in India can be tricky. Making a decision requires a good degree of thought and consideration.
Why do you need a business credit card?
Using a personal credit card for business purposes is not the best idea. For a range of reasons, there are credit cards that are specifically designed for business or corporate use. Check our article on business credit card vs personal credit card to know the key differences between both in detail.
Corporate credit cards are typically used for business purposes like vendor payments, employee T&E expenses, and so on.
Business credit cards are an essential need because they can help you build a positive credit history for your business.
If you use it well business credit cards can give a big boost to your company’s credit reputation. These cards also give your purchasing power a boost by giving access to more credit for your business.
Another reason why getting a business credit card is a good idea is that these cards help you keep your business and personal finances separate.
Additionally, by issuing corporate credit cards to your employees for business expenses you can keep better track of their spending.
Lastly, business credit cards come equipped with specialized tools (e.g. spend management software) that can help your business maintain constant visibility and control over expenses.
Top best business credit card in India for 2023
Given below is a list containing the 5 best corporate credit card India has to offer and some of their features:
1. SBI platinum corporate credit card
The SBI platinum corporate credit card is definitely one of the best business credit card in India, here’s why:
No joining fee is required.
Complimentary insurance cover
No annual renewal fee is required.
40.2% per annum Annual Percentage Rate (APR) for retail transactions.
40.2% per annum Annual Percentage Rate (APR) for cash transactions.
The SBI platinum corporate credit card is replaceable from anywhere you are in the world.
Provided that the previous month’s outstanding has been cleared, interest-free credit is provided for a 20-50 days period on retail spends
Visa Intellilink, the card’s spend management tool, helps businesses analyze their pattern of spending and provides support for improved spending control.
The SBI platinum corporate credit card is globally accepted. In fact, it can be used at 03 million outlets in India and over 38 million outlets across the globe.
2. HDFC business money-back credit card
If it's cashback offers and credit card reward points that you’re looking for then the HDFC business money-back credit card is the way to go.
In the first three months of the fee payment if you spend INR 75,000 and above you get a complimentary welcome gift of annual Zomato gold membership.
Joining fee of INR 500 plus taxes as applicable.
The first-year membership fee is waived if you spend over INR 20,000 in the first 90 days
If you are spending INR 50,000 in 12 months the renewal fee is waived for the next year’s renewal.
5% Cashback on Electricity, Telecom, Government/Tax, Hotels & Dining, Railway, and Taxi
For the first year get 5X Reward Points on fuel (limited to 1000 Rewards for every calendar month)
On annual spends of INR 1,80,000 or more in each anniversary year get 2,500 credit card reward points.
For every INR 150 spent on online spending get 4 reward points, for INR 150 on other expenses (except fuel) get 2 points.
3. Axis Bank My Business credit card
The Axis Bank My Business credit card is a card that has been designed and custom-made to account for all the daily transaction needs that businesses may have.
The card offers much lower rates of interest and comes with a host of features that a designed to make financial management easier and more organized.
Here’s why the Axis Bank My Business credit card is one of the best corporate credit card India has to offer.
Joining fee of INR 999 and yearly fees of INR 999 for the first year and INR 499 for the second year onwards
No annual or joining fee for add-on cards
The eDGE Loyalty Rewards Program lets you earn exciting reward points and redeem them for rewards from a massive catalog of over 500 items.
This card gives you complimentary lounge access at various airports across the country. You can avail of 2 lounge visits every quarter.
The Zero Lost Card Liability feature shields you from the liability of paying for fraudulent transactions in case of lstolen card.
Option to convert large purchases of over INR 2,500 into EMIs and pay at a lesser rate of interest, helping you save more.
4. Yes prosperity business credit card
The Yes prosperity business credit card is the one for you if it's the features that you require. Lounge access, golf courses, travel vouchers and so much more are offered by this credit card. Here’s a breakdown of the Yes prosperity business credit card’s key features:
Both the renewal fee and annual fee are priced at INR 2499, which is cost-effective for all sizes of businesses.
With this card, you get exclusive MasterCard lounge access program membership, which provides, per quarter, 2 free access to domestic lounges.
On a total spend of INR 6,00,000 or more in a year, you stand to win 10,000 reward points.
Every month you get one free golf lesson
At selected golf courses in India, you can also avail yourself of a green fee waiver.
Get 7500 reward points on every renewal fee payment.
5. Citibank corporate credit card
Exclusively designed for businesses and their employees, the Citibank corporate credit card is another contender for best business credit card in India.
It comes with a wide range of benefits that are tailored to support business enterprises in managing their finances.
No joining or annual renewal fee is required
This credit card has a well-designed reward program that provides its credit cardholders to earn 2 reward points for every INR 125 spent on any purchase in any category.
Citi Reward points accumulated and/or earned on the credit card will never expire. There are no restrictions on the time limit of redeeming these reward points, until the cardholder desires to redeem the points they'll continue to accumulate.
This credit card provides 24×7 travel assistance to its cardholders.
The Citibank Corporate Credit Card is accepted globally at over 36 million merchant establishments.
Cardholders can enjoy dining privileges such as obtaining a discount of up to 15% at selected restaurants in all major cities listed by the bank.
Cardholders can avail of personal accidental coverage of a maximum of INR 30,00,000 in case of death caused due to accidents.
Are you a startup business owner looking for credit cards to manage your startup business expenses? Our article on best business credit cards for startups can help you in choosing the right one for your business.
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FAQs on business credit card
A business credit card is a credit card that is issued to a company to manage their expenses. Its purpose is to separate an individual's personal expenses and business expenses.
Different card provider's may have different criteria to decide whether your business is eligible to get a business credit card. You must apply and check with the provider to determine what the basic requirements are.
Generally, a business credit card is issued for smaller businesses with fewer employees who can share the card easily.
Corporate cards on the other hand are issued for larger businesses with multiple employees where individual employee cards may be needed in order to carry out business expenses efficiently without any delays.
A business credit card is used for business expenses and the business entity is liable to pay for it rather than the individual. A personal credit card affects the an individual's credit score, whereas a business credit card affects the business's credit score.