Top 7 business credit cards in India

As the name suggests, a business credit card is designed to pay you incentives when used for businesses as opposed to individual usage. With this card, you may take advantage of things targeted towards businesses. There can be cost savings in the business.

See also: Best 5 rewards credit cards in India

 

Why should you opt for a business credit card?

 

• A credit card helps build reputation that works in favour of your business.
• Maintain business accounts effectively and don’t mix it with personal accounts.
• Monitor employee spending.
• It will always give you access to credits that may be needed for business expansion.

Explore the seven best credit cards suitable for businesses.

 

Axis Bank My Business Credit Card

Fees and charges

The joining fee is Rs 999. The annual fee for the first year is zero, while it is Rs 499 from the second year.

• The cash payment fee for this card is Rs 100.
• The finance charge (retail purchases and cash) is 3.25% per month (46.78% per annum) on this card.
• The cash withdrawal fee is 2.5% (minimum Rs. 250) of the cash amount.
• The overdue penalty, or late payment fee for this business card is as follows:

– Rs 300 fee if total payment due is up to Rs 2,000.

– Rs 400 fee if total payment due is between Rs 2,001 and Rs 5,000.

– Rs 600 fee if total payment due is up to Rs 5,001 or more.

Benefits

• Fuel surcharge waiver of 1% on all fuel transactions in India.
• Two complimentary airport lounge visits every quarter.
• You can withdraw cash up to 30% of your credit limit from around one million Visa ATMs.
• Edge points for transactions, four Edge points on every Rs 200 spent and 100 points on the first online transaction.
• Convert any big purchase of over Rs 2,500 easily into the EMI.

 

Citi Corporate Credit Card

Source: Citi Bank

 

Fees and Charges

• Cash advance fee of 2% on the billed amount withdrawn, subject to a minimum of Rs 300.
• About 2.75% if payments overdue by up to 29 days –applicable from payment due date and minimum of Rs 200.
• About 4.50% if payments overdue by 30 days or more – applicable from payment due date and minimum of Rs 200.
• Cash deposit charges is Rs 100 per deposit.
• Over credit limit charge is nil.
• Rent transaction fee (applicable from August 1, 2023)
• is nil.

Benefits

• Streamlined travel and entertainment expense reporting along with the strategic advantages of process automation.
• Complimentary access to domestic airport lounges.
• Earn two reward points on every Rs 125 spent.
• Upto 15% savings on dining on participating restaurants.
• Fuel surcharge waiver of 1% on all fuel transactions in India.

 

HDFC Business MoneyBack Credit Card

Source: HDFC Bank

 

Fees and Charges

• Joining and renewal membership fee is Rs 500 plus applicable taxes.
• Waiver in renewal fees on minimum spending of Rs 50,000 per annum in the next year.

Benefits

• Get 2X reward points i.e., four reward points on every Rs 150 spent online.
• Get two reward points on all other retail spending for every Rs 150 spent.
• If you make all vendor/supplier bill payments and GST payments using the HDFC Bank Business MoneyBack Credit Card, you will get upto 50 days of free credit period.
• You will get bonus 2,500 reward points on Rs 1.8 Lakh spending in an anniversary year.
• Get 5X reward points on fuel with maximum being 1,000 points in a month in the first year.

 

ICICI Bank Business Advantage Black Credit Card

Source: ICICI Bank

 

Fees and Charges

• The joining fee is Rs 1,500 plus taxes.
• The annual fee is Rs 1,000 plus taxes.

Benefits

• If statement balance is more than Rs 75,000, cashback on domestic spending is up to 1% and cashback on international spending is up to 1%.
• If statement balance is between Rs 25,000 and Rs 50,000, cashback on domestic spending is up to 0.5% and cashback on international spending is up to 1%.
• Complimentary access to domestic airport lounges.
• Two reward points for Rs 125 spent.

 

Kotak Corporate Gold Credit Card

Source: Kotak Mahindra Bank

 

Fees and Charges

• The joining fee is nil. The annual renewal fee for the corporate classic is Rs 1,000.
• The cash payment fee for this card is Rs 100.
• The interest charges on outstanding balances is 3.30% (annualized 39.6%). The cash withdrawal fee is 2.5% (minimum Rs 250) of the cash amount.
• Minimum amount due (MAD) is 20%.
• The late payment charges (LPC) is Rs 100 for statement less than or equal to Rs 500.
• The late payment charge (LPC) is Rs 500 for statement between Rs 501 and Rs 10,000.
• The late payment charges (LPC) is Rs 700 for statement more than or equal to Rs 10,000.
• Foreign currency markup is 3.5%.
• Cheque bounce charge is Rs 500.

Benefits

• High reward points.
• Fuel surcharge waiver across India.

 

SBI Platinum Corporate Credit Card

 

Fees and Charges

• Joining and renewal fee is nil.
• Late amount charge Rs 100 for the total amount due greater than Rs 200 and up to Rs 500.
• Rs 400 for total amount due greater than Rs 500 and up to Rs 1,000.
• Rs 500 for total amount due greater than Rs 1,000 and up to Rs 10,000.
• Rs 750 for total amount due greater than Rs 10,000.

Benefits

• Control organisation’s expense with the Visa Intellilink Spend Management tool.
• The card is accepted in over 38 million outlets across the globe.
• On the SBI Corporate Card, you get complimentary insurance cover.
• There is an interest-free credit period available for 20-50 days.
• The card can be replaced from anywhere in the world.

 

Yes Prosperity Business Credit Card

Fees and Charges

• First year membership fee of Rs 399+ applicable taxes waived off on total spending of Rs 10,000 within 30 days of card set up date.
• Renewal membership fee of Rs 399+ applicable taxes waived off on total retail spending of Rs 1,00,000 within 12 months prior to card renewal date.
• 80% per month (45.6% annually) on cash advances and overdue amount.
• Minimum 0.75% of transaction value or Rs 1 whichever is higher will be levied on all rental and wallet transactions greater than Rs 1. Please note that rental transactions are capped at three per 30 days period.

Benefits

• Green fee waiver on golf rounds.
• Three complimentary international lounge visits.
• On spending Rs 200 get eight reward points on selected categories.
• Foreign currency markup fee of 2.50%.
• Fuel surcharge waiver of 1%.
• On annual spending of Rs 6 Lakh, or more in each anniversary year, get 10,000 reward points.
• 2X (8) reward points on spending Rs 200 on all categories (air/hotel/dinning/travel/rented vehicles) other than ‘select categories’.
• Air Miles-eight reward points = 1 InterMile / 1 Club Vistara point.

See also: How to pay rent by credit card?

FAQs

What are seven credit card categories?

The credit card categories are no-fee credit card, student credit card, reward credit card, business credit card, cashback credit card, low-interest credit card and metal credit card.

What are the four major credit cards?

The four major credit cards are Visa, Master Card, Discover and American Express.

What are business credit cards in India?

These credit cards are targeted towards businesses.

Which banks offer corporate credit cards?

State Bank of India, HDFC, Axis Bank, Kotak Mahindra Bank, ICICI Bank etc., offer corporate credit cards.

Can I have seven credit cards?

There is no upper cap on how many credit cards you should have.

What are the eight types of credit?

The different types of credit include trade credit, open credit, consumer credit, bank credit, revolving credit, mutual credit, installment credit and service credit.

What is the highest rank of credit card?

American Express Centurion Card is the highest rank of credit card in the world.

Can a private limited company have credit cards?

Yes, a private limited company can have a credit card in the company’s name.

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com