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Best Business Credit Cards to look out for in 2024

  • Vrinda Mathur
  • Jun 14, 2024
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Business credit cards, when used wisely, can assist small-business owners in making the most of their day-to-day expenses. Aside from earning valuable rewards like airline miles and cash back, the best business credit cards offer a slew of other features that can help you better organize your company's finances. Low introductory APRs, expense tracking, and other business-related benefits are among them.

 

So, whether you're a freelancer, a side hustler, or run your own company with multiple employees, here's how a small-business credit card can help you.
 

What are Business Credit Cards? 

 

A business card is a small card that contains contact information for a company or individual. They are distributed as a convenience and memory aid during formal introductions. Typically, business cards include the following information:

 

  • Name and Title

  • Name of the company

  • Contact details (phone number, email address, and website)

  • Other pertinent information (such as social media handles, QR codes, and so on)

 

A business card is typically 3.5 inches by 2 inches in size. However, square and vertical business cards are also available.

 

A business credit card is a credit card that is aimed at both large corporations and small-business owners, and it typically provides benefits that are tailored to businesses. Business credit cards typically have higher credit limits, greater reward potential, the ability to issue employee cards, and useful tools for managing and monitoring business expenses when compared to personal credit cards.

 

Business credit cards can help you pay off fixed expenses like rent and utilities, as well as deal with cash flow fluctuations or seasonal needs — all while keeping your business and personal finances separate and distinct.

 

Also Read | How to Choose the Best/Right Credit Card?

 

How Does a Business Credit Card Work?

 

Business credit cards are similar to personal credit cards in some ways. Users of both types of cards use their cards to make purchases that are charged to a line of credit. Cardholders receive a statement at the end of each billing cycle that shows the total balance owed as well as the minimum amount due. When you pay your bill in full each month, you avoid paying interest on your purchases.

 

However, unlike traditional credit cards, many business cards operate as charge cards, requiring payment in full each month. The main benefit of charge cards is that they usually do not have a set credit limit.

 

Interest rates on business credit cards are typically slightly higher than those on traditional loans. The reason for this is that credit card debt is typically unsecured, which puts lenders at a higher risk. (Some lenders also provide secured credit cards, which can be beneficial to businesses with little or no credit history.)

 

Business owners can apply using their EIN, if they have one, or their personal Social Security number. Lenders will base their underwriting decisions on the information contained in the credit application. Businesses, like individuals, have credit reports and build credit histories, so any activity involving an EIN will be reflected in the business's credit report.

 

While many business cards have no annual fees, there are also premium business cards with outstanding sign-up bonuses, rewards, and perks.

 

Also Read | 5 Easy Ways to Avoid Credit Card Debt

 

Best Business Cards in India 

 

When you apply for a business card, the card issuer will look at your credit history and credit score to determine your creditworthiness, just as they would for a personal card. Most business cards include a personal guarantee, which holds individuals responsible for any purchases made.

 

The majority of business card issuers will report your debt to business credit reporting services. Review your credit card agreement to determine which entities will receive your debts and payments, as well as the timing of those reports.

 

Here’s a list of the best business credit cards ruling the Indian market.

 

  1. Corporate Volopay Cards

 

Volopay offers corporate cards that are tailored to the needs of both growing and established modern businesses. You can easily eliminate the need for reimbursements, checks, or petty cash by using Volopay's corporate cards. 

 

Volopay cards feature a highly advanced card management dashboard that provides real-time updates and intricate control over how your cards are used, making management a breeze. This dashboard allows you to easily create, block, or freeze cards with the click of a few buttons. You can also get an extremely flexible, interest-free line of credit with Volopay corporate cards.

 

  1. Platinum Corporate Credit Card from SBI

 

The Visa Intellilink spend management tool allows you to track and control your organization's expenses. Card is accepted at over 38 million locations worldwide, including 3 million in India.

 

Complimentary insurance coverage on your SBI Corporate Card Interest-free credit period of 20-50 days. The card can be replaced from any location in the world.

 

  1. Credit Card HDFC Business Regalia

 

The Business Regalia Credit Card from HDFC is well-known for its travel perks and rewards programme. It's an excellent option for businesses with high travel costs.

 

Key Benefits, Complimentary Priority Pass membership is required for access to airport lounges.Accelerated point programme for business-related expenses. Waiver of the fuel surcharge. Travel and lifestyle concierge services are available.

 

  1. AMEX Platinum Travel Credit Card

 

The AMEX Platinum Travel Credit Card has a joining fee of around INR 3500 (taxes excluded) and a renewal fee of around INR 5000 (taxes excluded). The card includes exclusive features designed to improve the lives of its users. This AMEX card is the go-to business credit card for everyone, with exciting offers on air travel, hospitality, and lodging.

 

Important Characteristics, As a welcome gift, new members receive over 10,000 reward points. These points can be redeemed for a Rs. 3,000 Flipkart voucher or the "Pay with Points" option in American Express Travel. If you spend more than INR 1.9 lakhs, you will receive travel benefits or a Flipkart voucher worth INR 4,500.

 

  1. Platinum Corporate Card from American Express

 

The American Express Platinum Corporate Card is designed specifically for business travelers. Its airport lounge access, travel insurance, and rewards programme make it an indispensable travel companion for frequent flyers.
 

Key Characteristics, The cardholder and one additional card member have exclusive airport lounge access. Travel insurance that covers everything. Every transaction earns you points in the Membership Rewards programme.

 

Most credit cards are intended to provide benefits in one or more categories, such as online shopping, travel, dining, and so on. The best credit card for you is one that aligns with your spending habits and allows you to earn the most value back in your preferred categories. To help you start your search for the right card above, we've compiled a list of the top 5 business credit cards in India for 2024.

 

Also Read | All About The Different Types Of Credit Cards In The Market

 

Final Words

 

A business card is worth considering if you are a small-business owner or an employee looking to increase your company's savings. The right card, with higher credit limits and business-specific perks, can help your company make a significant dent in its next expenditures report.

 

Of course, the key is to find the right card for you. Check out our list of the best business cards on the market right now for more information.

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