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What Is A Corporate Credit Card, And How To Apply For One

What Is A Corporate Credit Card, And How To Apply For One

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Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.

A corporate credit card is a payment card issued to a company. These cards are designed to help organisations manage their costs more efficiently by providing a centralised payment system. Corporate credit cards cover corporate expenses, including entertainment, travel, office supplies, and other expenditures.

A List of Best Corporate Credit Cards

HDFC Corporate Premium Credit Card

Alt text: HDFC Corporate Premium Credit Card

Source

Key Features

  • Comprehensive insurance coverage
  • Rewards Program
  • Access to over 1,000 airport lounges worldwide
  • Fuel surcharge waiver of up to INR 500 per statement cycle on fuel transactions

YES FIRST Corporate Credit Card

Key Features

  • Comprehensive insurance coverage
  • Rewards points
  • Complimentary access to over 1,000 airport lounges worldwide
  • Range of travel benefits, including complimentary airport transfers, hotel stays, and more
  • Access to exclusive dining offers and discounts at select restaurants across India

IndusInd Bank Corporate Card

Key Features

  • Customised spending limits
  • Rewards Program
  • Range of travel benefits, including travel insurance, access to airport lounges, and more
  • Range of expense management tools, including online reporting and 24/7 access to transaction data
  • Customised billing cycles

SBI Platinum Corporate Card

Key Features

  • Comprehensive insurance coverage
  • Customised spending limits
  • Travel assistance, restaurant reservations, and more
  • Expense management tools, including online reporting and 24/7 access to transaction data
  • Fuel surcharge waiver
  • Corporate liability waiver

How to Apply for a Corporate Credit Card?

Following are the steps for applying for a business credit card:

  • Pick the financial institution where you want to get a corporate credit card.
  • Visit the financial institution's official website.
  • Select 'Corporate Credit Card' under 'Credit Cards' from the drop-down menu.
  • To prevent rejection, thoroughly fill out all the relevant details on the application form.
  • Submit the form alongside the required paperwork.
  • It can take the bank up to a few days to verify and approve your application.
  • Once approved, the card will be delivered to your doorstep.

Factors to Consider While Applying for a Corporate Credit Card

Choosing the best corporate credit card may be a difficult decision. There are various aspects to consider before making a selection. Evaluate the following elements when selecting a corporate credit card:

  • Rewards and benefits
  • Fees and charges
  • Credit limit
  • Customisable controls
  • Security features
  • Customer service and support

Documents Required for a Corporate Credit Card

The documents required for a corporate credit card may vary depending on the card issuer and the type of business. However, here are some of the standard documents that may be required:

  • Company registration documents
  • Tax returns
  • Financial statements
  • ID proof of authorised signatories
  • Address proof of the company and authorised signatories
  • PAN card of the company

Conclusion

Corporate credit cards have been introduced to assist businesses to manage their expenditures in a better way.

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Frequently Asked Questions

1. What is the difference between a corporate card and a credit card?

A corporate card is exclusive to corporations to help them manage their spending and expedite their financial operations. On the other hand, a credit card is a personal financial tool issued in a person's name that allows them to make purchases and pay for them later with interest.

2. What is the advantage of a corporate credit card?

Corporate credit cards provide various advantages, including customised spending limitations, expenditure management tools, cashback, reward points, etc.

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