Business credit cards are powerful tools for managing company expenses, earning rewards, and optimizing cash flow. Whether you’re a small business owner, a freelancer, or running a large enterprise, the right business credit card can provide significant benefits such as travel rewards, cashback, and expense management features. In this article, we’ll explore the best business credit cards in India for 2024, detailing their features, benefits, eligibility criteria, and what makes them stand out in the competitive business landscape.
Table of Contents
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- Features and Benefits of Business Credit Cards
- HDFC Business MoneyBack Credit Card
- SBI Platinum Corporate Credit Card
- Axis Bank My Business Credit Card
- ICICI Bank Corporate Platinum Credit Card
- American Express Business Platinum Card
- Kotak Corporate Gold Credit Card
- IndusInd Bank Business Gold Credit Card
- YES First Business Credit Card
- RBL Bank Business Platinum Credit Card
- Standard Chartered Smart Business Credit Card
Features and Benefits of Business Credit Cards
Business credit cards offer a variety of features and benefits tailored specifically for business needs. Here’s a closer look at some of the key advantages:
Rewards and Cashback:
- Earn Points and Cashback: Business credit cards often provide rewards points or cashback on purchases. These can be accumulated and redeemed for travel, office supplies, or even statement credits.
- Bonus Categories: Some cards offer higher rewards rates on specific business-related expenses, such as travel, dining, and office supplies, allowing you to maximize your returns on these essential costs.
Expense Management:
- Detailed Expense Tracking: Business credit cards often come with tools that allow for detailed tracking of expenses. This feature is invaluable for monitoring cash flow, budgeting, and preparing for tax season.
- Employee Card Management: Many business credit cards allow you to issue additional cards to employees with customizable spending limits, making it easier to control and monitor business expenses.
Cash Flow Management:
- Interest-Free Period: Business credit cards typically offer an interest-free credit period of up to 50 days, helping you manage cash flow by delaying payment on expenses.
- Flexible Payment Options: Some cards offer the ability to pay in installments or defer payments, which can be particularly useful for managing larger expenses or during periods of tight cash flow.
Travel and Lifestyle Perks:
- Lounge Access and Travel Insurance: Many business credit cards provide complimentary airport lounge access and travel insurance, making business travel more comfortable and secure.
- Exclusive Discounts and Offers: Business credit cards often come with discounts on hotels, car rentals, and dining, helping you save money on business-related travel and entertainment.
Building Business Credit:
- Credit History Development: Using a business credit card responsibly can help build your company’s credit history, which is essential for securing loans and favorable terms in the future.
List of Top Business Credit Cards in India 2024
| Credit Card | Annual Fee |
|---|---|
| HDFC Business MoneyBack Credit Card | ₹500 |
| SBI Platinum Corporate Credit Card | ₹499 |
| Axis Bank My Business Credit Card | ₹999 |
| ICICI Bank Corporate Platinum Credit Card | ₹1,500 |
| American Express Platinum Corporate Card | ₹40,000 |
| Kotak Corporate Gold Credit Card | ₹1,000 |
| IndusInd Bank Vrddhi Business Card | ₹500 |
| YES First Business Credit Card | ₹1,500 |
| AU Bank Business Cashback RuPay Credit Card | ₹99 |
| Axis Bank Executive Corporate Credit Card | ₹3,500 |
HDFC Business MoneyBack Credit Card
Features and Benefits:
- Rewards: Earn 2 reward points for every ₹150 spent, with 3x reward points on online purchases.
- Cashback: Redeem your reward points for cashback or gifts.
- Expense Management: Benefit from SmartPay, which provides detailed expense tracking and automatic bill payments.
- Additional Perks: Enjoy a fuel surcharge waiver and up to 50 days of interest-free credit.
Eligibility:
- Minimum annual turnover of ₹3 lakh.
Review and Rating:
- Review: The HDFC Business MoneyBack Credit Card is ideal for small to medium-sized businesses looking for straightforward rewards and cashback options. The expense management tools and generous reward points on online spends make it a practical choice for businesses with frequent online transactions.
- Rating: ★★★★☆ (4.4/5)
SBI Platinum Corporate Credit Card
Features and Benefits:
- Rewards: 2 reward points for every ₹100 spent, which can be redeemed for travel, office supplies, or cashback.
- Expense Management: Access advanced MIS reports and manage employee spending limits with ease.
- Additional Perks: Complimentary airport lounge access, travel insurance, and fuel surcharge waiver.
Eligibility:
- Minimum annual turnover of ₹5 lakh.
Review and Rating:
- Review: The SBI Platinum Corporate Credit Card offers a strong rewards program coupled with excellent expense management tools, making it suitable for larger businesses that require detailed tracking of employee spending.
- Rating: ★★★★☆ (4.5/5)
Axis Bank My Business Credit Card
Features and Benefits:
- Rewards: 1.5% cashback on all retail transactions, providing consistent savings on everyday business expenses.
- Expense Management: Access customized spending reports and set credit limits tailored to your business needs.
- Additional Perks: Enjoy complimentary insurance coverage, effective expense management tools, and a fuel surcharge waiver.
Eligibility:
- Minimum annual turnover of ₹2 lakh.
Review and Rating:
- Review: The Axis Bank My Business Credit Card is designed for small business owners who want a simple cashback structure and effective expense management tools. The insurance coverage adds an extra layer of security for business transactions.
- Rating: ★★★★☆ (4.3/5)
ICICI Bank Corporate Platinum Credit Card
Features and Benefits:
- Rewards: Earn 1 reward point for every ₹100 spent, with points redeemable for a variety of business-related expenses.
- Expense Management: Utilize advanced expense management features, including spend analysis and employee card control.
- Additional Perks: Benefit from travel insurance, a fuel surcharge waiver, and discounts on business services.
Eligibility:
- Minimum annual turnover of ₹10 lakh.
Review and Rating:
- Review: The ICICI Bank Corporate Platinum Credit Card is ideal for mid-sized to large businesses that require detailed expense tracking and control over employee spending. The robust rewards program and business-centric perks make it a valuable tool for optimizing business expenses.
- Rating: ★★★★☆ (4.5/5)
American Express Platinum Corporate Card
Features and Benefits:
- Rewards: Earn Membership Rewards points on every transaction, with 1.5x points on select categories.
- Travel Perks: Gain complimentary access to over 1,200 airport lounges worldwide, premium travel insurance, and special offers on business travel.
- Additional Perks: Use advanced expense management tools, benefit from extended payment terms, and enjoy the flexibility of no pre-set spending limit.
Eligibility:
- High net worth individuals and businesses with a strong credit history.
Review and Rating:
- Review: The American Express Platinum Corporate Card is a premium option for businesses that prioritize luxury travel and premium services. The extensive travel perks, coupled with robust rewards and flexible spending limits, make it an excellent choice for high-spending businesses.
- Rating: ★★★★★ (4.8/5)
Kotak Corporate Gold Credit Card
Features and Benefits:
- Rewards: Earn reward points on every spend, redeemable for business-related expenses.
- Expense Management: Benefit from detailed monthly statements and employee spending controls.
- Additional Perks: Enjoy a fuel surcharge waiver, insurance coverage, and discounts on business services.
Eligibility:
- Minimum annual turnover of ₹5 lakh.
Review and Rating:
- Review: The Kotak Corporate Gold Credit Card offers a straightforward rewards program with essential business benefits like spending controls and expense management tools. It’s a solid option for small to mid-sized businesses.
- Rating: ★★★★☆ (4.2/5)
IndusInd Bank Vrddhi Business Card
Features and Benefits:
- Rewards: Earn 1 reward point for every ₹150 spent, redeemable for a wide range of rewards.
- Expense Management: Access comprehensive expense management tools, including detailed spending reports and employee card controls.
- Additional Perks: Enjoy complimentary travel insurance, a fuel surcharge waiver, and exclusive business offers.
Eligibility:
- Minimum annual turnover of ₹3 lakh.
Review and Rating:
- Review: The IndusInd Bank Vrddhi Business Card is well-suited for businesses that need detailed expense tracking and a reliable rewards program. The card’s additional perks like travel insurance and business offers make it a valuable asset for managing business expenses.
- Rating: ★★★★☆ (4.3/5)
YES First Business Credit Card
Features and Benefits:
- Rewards: Earn 5 reward points per ₹100 spent on travel, dining, and office supplies, making it ideal for businesses with frequent travel and dining expenses.
- Expense Management: Benefit from advanced spend analysis, employee card management, and MIS reporting.
- Additional Perks: Access complimentary airport lounges, enjoy travel insurance, and save with a fuel surcharge waiver.
Eligibility:
- Minimum annual turnover of ₹7 lakh.
Review and Rating:
- Review: The YES First Business Credit Card offers a robust rewards program tailored to frequent business travelers and those who spend significantly on dining and office supplies. Its comprehensive expense management tools and premium travel perks make it a top choice for growing businesses.
- Rating: ★★★★☆ (4.6/5)
AU Bank Business Cashback RuPay Credit Card
Features and Benefits:
- Rewards: Earn 2 reward points per ₹100 spent, providing consistent rewards on business purchases.
- Expense Management: Access detailed monthly statements, spend analysis, and employee card management tools.
- Additional Perks: Enjoy travel insurance, a fuel surcharge waiver, and discounts on business services.
Eligibility:
- Minimum annual turnover of ₹5 lakh.
Review and Rating:
- Review: AU Bank Business Cashback RuPay Credit Card is designed for businesses that value straightforward rewards and essential expense management tools. It’s a good option for mid-sized businesses looking to streamline their expense processes.
- Rating: ★★★★☆ (4.3/5)
Axis Bank Executive Corporate Credit Card
Features and Benefits:
- Rewards: Earn 5x reward points on business-related spends, including travel, dining, and office supplies.
- Expense Management: Utilize real-time spend tracking, customized reports, and employee card controls.
- Additional Perks: Enjoy complimentary lounge access, travel insurance, and discounts on business services.
Eligibility:
- Minimum annual turnover of ₹8 lakh.
Review and Rating:
- Review: Axis Bank Executive Corporate Credit Card offers a powerful rewards program combined with excellent expense management tools. It’s particularly well-suited for businesses that frequently spend on travel and dining.
- Rating: ★★★★☆ (4.5/5)
FAQ
What is a business credit card?
A business credit card is designed specifically for business expenses, offering features like rewards, cashback, and expense management tools. These cards help businesses manage their cash flow, track expenses, and earn rewards on everyday spending.
How can a business credit card benefit my company?
A business credit card can help streamline your company’s expenses, provide detailed tracking of employee spending, and offer rewards or cashback on business-related purchases. It can also improve your business’s cash flow by providing interest-free credit periods and flexible payment options.
Are there any specific eligibility criteria for business credit cards?
Yes, eligibility criteria typically include a minimum annual turnover, a good credit history, and sometimes a minimum number of years in business. The specific requirements vary by card issuer.
Can I issue employee cards with a business credit card?
Yes, many business credit cards allow you to issue additional cards to employees. These cards can be controlled by setting spending limits and monitoring expenses, making it easier to manage your team’s spending.
What are the key features to look for in a business credit card?
Key features to look for include a rewards or cashback program that aligns with your spending, expense management tools, a suitable credit limit, and additional perks like travel insurance or lounge access.
Are business credit card expenses tax-deductible?
Business-related expenses charged to a business credit card are generally tax-deductible. However, it’s important to keep detailed records and consult with a tax advisor to ensure compliance with tax laws.
