Corporate Credit Card

A corporate credit card is a payment card issued to a company, allowing authorized employees to make business-related purchases. It simplifies expense tracking, enhances financial control, and can offer rewards or benefits tailored to corporate needs.

A corporate card works by providing employees with access to company funds for approved expenses. Transactions are monitored, and detailed statements help in budgeting and expense management. Payments are made by the company, not individual cardholders.

The best corporate credit cards offer features like high credit limits, detailed expense tracking, robust fraud protection, travel and purchase insurance, rewards programs, and integrations with accounting software for streamlined financial management.

A corporate credit card is issued to a business rather than an individual, with expenses paid by the company. It often includes features for managing multiple cards and detailed reporting, unlike personal credit cards, which are for individual use and responsibility.

Eligibility for a corporate card typically requires a registered business, a good business credit history, financial statements, and sometimes personal guarantees from business owners. Larger companies may need to meet specific revenue or employee count thresholds.

Top-rated corporate business credit cards in India include HDFC Bank Corporate Platinum Card, SBI Corporate Platinum Card, ICICI Bank Corporate Card, Axis Bank Corporate Card, and American Express Corporate Card. These cards offer benefits like travel insurance, expense management tools, fuel surcharge waivers, and reward points for business spending.

Costs associated with corporate credit cards can include annual fees, late payment fees, foreign transaction fees, and interest charges on unpaid balances. Some cards also have fees for additional cards or specific services.

Interest rates on the best corporate credit cards vary, typically ranging from 14% to 24% APR, depending on the creditworthiness of the business and specific card terms. Some cards offer introductory 0% APR periods on purchases or balance transfers.

Small businesses can apply for a corporate credit card, though they may be subject to more stringent credit card eligibility criteria and may need to provide personal guarantees. Cards designed for small businesses often include perks like cashback, travel rewards, and expense management tools.