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.