Best Business & Corporate Credit Cards - Compare Fees & Benefits

Features & Benefits of Top Business Credit Cards

Business credit cards can offer benefits beyond regular rewards, including business-specific reward categories, travel privileges, lounge access, rewards on tax payments, expense management tools, and more. Given below are the features and benefits of the best business credit cards:

1. HDFC Biz Black Metal Edition Credit Card

Annual Fee: Rs. 10,000 + Taxes

Key Features & Benefits:

HDFC Biz Black Metal Edition Credit Card is designed for self-employed individuals with high business spending requirements. It is particularly suitable for consumers who spend significantly on GST and income tax payments, business travel, software, and other operational expenses. It suits business owners with high annual spends who can use its accelerated rewards, travel benefits, and milestone vouchers.

Also Read: HDFC Bank Biz First Credit Card

2.  HDFC Biz Power Credit Card

Annual Fee: Rs. 2,500 + Taxes

Key Features:

HDFC BizPower is designed for self-employed individuals looking for rewards on everyday business expenses along with travel and lifestyle benefits. It can be useful for small-business owners who spend on advertising, tax payments, business software, and travel. HDFC BizPower can be considered a business credit card for small business owners who want a relatively lower annual fee while earning rewards on operational expenses. It is also suitable for entrepreneurs who travel for business and can meet the applicable spending requirements for lounge access.

Also Read: HDFC Biz Grow Credit Card  

3. Axis Bank Business Supreme Master Credit Card

Annual Fee: Rs. 1,500 + Taxes

Key Features:

Axis Bank Business Supreme Master Credit Card is focused on business owners with significant marketing, advertising, and international expenses. Its reward structure makes it suitable for businesses that regularly spend on digital advertising and other business-related services. This card can be a suitable option for entrepreneurs, agencies, and businesses with high advertising or international spending. The accelerated reward rate on marketing and advertising makes it more targeted than a general-purpose business card.

Also Read: Axis Bank Corporate Credit Card

4. ICICI Bank Business Advantage Black Card

Annual Fee: Rs. 1,500 + Taxes

Key Features:

ICICI Bank Business Advantage Black is a cashback credit card that offers cashback on both domestic and international spends. It also provides business expense management and travel-related benefits. This card is suitable for business owners who prefer straightforward cashback over a complex reward structure. It can be considered by entrepreneurs looking for a relatively affordable card for regular business expenses.

Also Read: ICICI Corporate Credit Card

5.  YES First Business Credit Card

Annual Fee: Rs. 999 + Taxes

Key Features:

YES First Business Credit Card is designed for self-employed professionals and offers a combination of rewards, travel, and lifestyle benefits. It stands out for its relatively low annual fee, international lounge access, and 2% foreign currency markup. This credit card is a good business credit card for entrepreneurs who want travel benefits without paying a high annual fee. It can particularly benefit self-employed professionals who have regular domestic or international travel expenses.

6.  Kotak Biz Business Credit Card

Annual Fee: Rs. 499 + Taxes

Key Features:

Kotak Biz Business Credit Card is a low annual fee option for businesses looking for rewards on everyday business and travel-related expenses. It offers accelerated rewards across select categories including advertising, marketing, and travel. This card can be considered by small businesses and entrepreneurs looking for a low annual fee business credit card.

The following are some of the other business and corporate credit cards available in India, apart from the cards mentioned above:

Business and corporate credit cards can broadly be classified based on the liability structure and who is responsible for repayment of the outstanding amount. The two common types are individual liability cards and corporate liability cards.

Individual Liability Cards

Under an individual liability arrangement, the cardholder is responsible for repaying the outstanding balance on the card. These cards are generally suitable for business owners, entrepreneurs, sole proprietors, and self-employed professionals who use the card for business-related expenses.

The cardholder may be required to make the payment directly to the card issuer and is personally liable for the dues. The eligibility assessment may also consider the individual's income, credit history, and business profile.

Corporate Liability Cards

Under a corporate liability arrangement, the company or organisation is responsible for repayment of the card dues. These cards are generally issued to employees for business-related expenses, while the organisation manages the overall card programme and payments.

Corporate liability cards may offer features such as employee cards, predefined spending limits, expense tracking, transaction reporting and centralised expense management. They are generally more suitable for established companies that need to manage business expenses across multiple employees.

Business credit cards are generally available to business owners, entrepreneurs, self-employed professionals, and eligible companies. The exact eligibility criteria vary across issuers and cards.

Depending on the card, applicants may need to meet criteria related to age, income, business vintage, credit history, and annual turnover or ITR. Banks may also ask for business-related documents such as ITR, GST returns, bank statements, or proof of business.

For example, HDFC Biz Black requires applicants to be self-employed Indian citizens aged 21 to 65 years with an annual ITR above Rs. 30 Lakh. YES First Business, on the other hand, is available to self-employed applicants aged 21 to 70 years with a minimum ITR of Rs. 10 Lakh.

Therefore, applicants should check the specific eligibility requirements before applying.

You can apply for a business credit card online by following these steps:

1. Compare the eligibility criteria, income, and documentation requirements of the card
2. Compare annual fees, reward rates, cashback, travel perks, lounge access, and other benefits
3. Choose a card based on your business spending pattern and requirements
4. Provide the required personal and business details and upload the requested documents
5. The issuer may verify your income, business details, and credit profile before processing the application
6. Once approved, the card will be issued and delivered to the registered address as per the issuer's process

Choosing the right business credit card depends on your business expenses, spending volume, and the type of benefits you are likely to use. Consider the following factors:

• Identify your major business expenses: Check where your business spends the most. This could include advertising, GST and income tax payments, travel, software subscriptions, utility bills or vendor payments.
• Compare value-back: Look for cards that offer accelerated rewards or cashback on your highest-spending categories rather than simply choosing the card with the highest advertised reward rate.
• Consider travel requirements: If you frequently travel for business, consider cards offering travel discounts, lower forex markup, and other travel benefits. You can also explore airport lounge access credit cards.
• Check the annual fee: Compare the annual fee with the value of rewards and benefits you are likely to receive. Also check the spending requirement for an annual fee waiver.
• Look at expense management features: If employees will use the card, consider spending controls, transaction tracking, employee cards, and expense-management tools.
• Check redemption options: Review how reward points can be redeemed and the applicable redemption value, limits, and expiry conditions.

Before applying, keep the following factors in mind:

• Annual and joining fees: Check the applicable joining and renewal fees and whether they can be waived.
• Eligibility: Make sure you meet the issuer's age, income, business, and credit-history requirements.
• Documentation: Keep documents such as PAN, ITR, GST returns, bank statements, and business-related documents ready, wherever required.
• Reward exclusions: Check whether categories such as rent, fuel, wallet loading, EMI, education, or other transactions are excluded from rewards.
• Lounge access conditions: Some cards may require minimum spends to avail domestic lounge access. Check the applicable quarterly or annual conditions.
• Foreign currency markup: Business owners with international expenses should compare forex markup charges before choosing a card.
• Tax and business payments: Check whether GST, income tax, and other business payments are eligible for rewards and whether additional transaction charges apply.
• Repayment: Pay the total outstanding amount by the due date to avoid interest and late payment charges. You can also use a suitable credit card bill payment method to ensure timely payments.
• Terms and conditions: Rewards, fees, lounge access, and other benefits can change. Always check the latest terms and conditions before applying.