Knowing the features of a business credit card in India can help you, whether you own a small or large business. People get confused between business credit cards and corporate credit cards.
Although business credit cards are meant for businesses rather than large conglomerates, these cards can be offered to any individual who wants to separate a business account from an individual account.
Obviously, the benefits of a business credit card imply that business-related expenses can be tracked separately to avoid unnecessary confusion. In case you are a small business owner, such as the owner of a stand-alone grocery store, you may choose a small business credit card like the card offered by ICICI Bank (ICICI Bank Corporate Credit Card) or Axis Bank (Axis Bank Business Credit Card).
Several reputed finance companies like Bajaj Finserv, in partnership with RBL Bank offer cards like the Bajaj Finserv RBL Bank SuperCard, and variants that can be effectively used as business cards. Sometimes, these cards are called corporate credit cards, but they can be efficiently used for corporations and businesses alike.
If you want to ensure the smooth management of your business, as well as check on employee spending through a set of tools that regulate such expenses, business credit cards do the job well.
The advantages of a credit card are primarily in the deals and offers related to spending with a particular card. These may act as incentives to business owners, making the use of the card mutually advantageous to you, the business owner, and the card issuer.
Pros and Features of Business Cards
A business credit card in India can offer multiple benefits. Here are the main ones that should prompt you into opting for a card, should you be a business owner.
- Secure Financial Transactions – Using a business credit card gives you the guarantee of a secure business transaction. The risk of misplacing cash or the burden of holding cash is minimised, if not completely eliminated. Company expenses can be handled with a convenient swipe of the card.
- Two-way Advantage – Both the employer and employee can benefit from using business credit cards. If you have a self-owned business, you as an employer can attain a clear picture of purchases, and a spending analysis on a monthly basis. Your employees can make cashless transactions without having to submit bills, and this gets rid of needless documentation.
- Online Flexibility – One of the key advantages of a credit card these days is that it can be used online through the portal of the card issuer. In the case of business credit cards, this proves especially efficient and saves time and effort, as you can view statements, block cards, pay bills, raise disputes and more with the click of a button. Accessing this facility becomes essential through your smartphone when you’re on the go.
- Card Statements – Monthly credit card statements that you get from your card issuer can save you a good deal of time. You have to make minimal effort to track your own expenses, or the expenses of your employees. Calculations become faster and clarity is optimised.
- Monitoring Employee Expenses – Business credit cards come with a cap on cash that can be spent using the cards. Employers can set limits on amounts to be spent by employees. In this way, employers can curb unnecessary spends, and keep a track of where the money is going.
- Rewards and Perks – Most business credit cards come with reward points, cashback offers, deals and discounts when cards are swiped for business purposes. Employers and employees avail the benefits of these, and they can later be redeemed for vouchers and gifts. For instance, the Bajaj Finserv RBL Bank SuperCard variant for business people comes with access to airport lounges. This is especially important to business people who travel frequently.
- Multiple Business Expenses Tackled – Opting for a business credit card in India is a good bet, as it handles any expense related to your business, including infrastructure, travel, dining, maintenance and entertainment among others.
- Payments are Consolidated – Payments are consolidated with a business credit card, and business people may pay for all business-related expenditure in one shot with a single tool.