As the name suggests, business credit cards are designed for business-related expenses rather than personal use. Business credit cards come in two main categories: small business cards and corporate cards. Small business cards are meant for startups and smaller enterprises, while corporate cards are issued to bigger, established companies.
Business credit cards come handy for all regardless of whether you operate a sole proprietorship, are self-employed, run a business as a merchant, or work as a freelancer. Business credit cards offer numerous benefits. Business credit cards are quite similar to personal credit cards but they are specifically designed for managing business expenses.
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Take a look at some of the key benefits of a business credit card:
– A business credit card can help a company build a good credit history. A good credit score is essential for accessing financing options, such as loans.
– For any business, maintaining positive cash flow is crucial. A business credit card provides a line of credit, improving cash flow for your business. A positive and good cash flow allows you to balance business operations through better supply chain management and handling of materials and equipment. Additionally, higher business income can lead to higher credit limits, further boosting cash flow.
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Following are the top 7 business credit cards in India:
1. SBI Platinum Corporate Credit Card
Annual Fee: Nil
Key Feature: Offers zero joining and annual fees, making it a cost-effective option for businesses.
2. ICICI Bank Business Advantage Black Credit Card
Annual Fee: ₹1,000
Key Feature: Provides cashback on business expenses, helping you save on everyday costs.
3. HDFC Business MoneyBack Credit Card
Annual Fee: ₹1,000
Key Feature: Offers 5% cashback on telecom, electricity, government/tax, railway, hotels & dining, and taxi expenses.
4. Axis Bank My Business Credit Card
Annual Fee: ₹499
Key Feature: Earns eDGE loyalty reward points for transactions, with access to over 500 rewards and offers for redeeming points.
5. Citi® Corporate Credit Card
Annual Fee: Communicated at the time of sourcing
Key Feature: Streamlines travel and entertainment expenses, offering a convenient solution for corporate spending.
6. Yes Prosperity Business Credit Card
Annual Fee: ₹2,499
Key Feature: Grants 10,000 reward points on the first transaction made within 30 days, providing a significant initial benefit.
7. Kotak Corporate Gold Credit Card
Annual Fee: ₹1,000
Key Feature: Offers higher reward point earnings, with points that can be redeemed every quarter for added flexibility.
(Data Source: Paisabazaar)
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