Credit card use has increased by leaps and bounds in India. Besides offering financial transparency, credit cards offer convenient usage, security and let people afford commodities on schemes like EMIs. Certain credit cards come with cashback offers, depending on where they are used and what brands are purchased.
In India, the major draw of credit card use has been rewarding that cards yield. Giving the user a major aid in affordability, a credit card is a device that gives users a line of credit for 45 – 55 days after the first purchase is made.
The “buy what you want now and pay at ease later” policy has got India hooked on credit cards to buy big-ticket items, such as household appliances, air travel, devices, and everything else. Buying expensive items on EMIs is a great option that credit cards offer people.
There are many types of credit cards available in India, and these are primarily categorized by the purpose they serve. You can get specific cards that benefit users whose purposes are varied. For instance, a professional or business person may want to choose a business credit card India is glued to the way people use credit cards for different purposes. This benefits user, as credit cards are associated with special rewards depending on where they are swiped.
Business credit cards may offer some unique perks, such as discounts on hotel stays when business people travel a lot or special access to airport lounges.
Business Credit Cards in India
The meaning of a business credit card may be somewhat misconstrued in India. Although business credit cards cater to small and medium businesses and large corporates, these cards can be offered to anyone who owns a business with a separate business account.
These cards essentially keep a check on expenses from business activity, keeping these segregated from personal expenses. You can easily get a business credit card. According to the businesses people who own such credit cards, the Indian government has prompted banks and finance companies to offer these cards.
In case you have a small business, there will be a credit card matching your needs. Once you’ve established the business you have, you can make a comprehensive choice.
Comparing Credit Cards
If you have a small to medium-sized business, you can explore any of the following credit cards:
● Axis Bank My Business – Advantages here are that you earn 4 reward points on each spend of 200 INR, as well as 100 reward points on your first online purchase. You also get great travel-related discounts.
● SBI Platinum Corporate – You get rewards when you spend at fuel stations and complimentary insurance too.
● Citibank Corporate Card – Citibank gives you rewards as you travel with 24-hour online banking. With gift vouchers and global access, this is a good card. It meets small, medium, and large business needs, but joining fees are high compared to other business cards.
For business purposes, you can get an instant credit card online. Depending on your needs and the size of your business, you have to match a card to individual requirements. For instance, if you have a local business, you may not travel extensively, and a credit card that offers you travel-related perks won’t benefit you.
You may need a basic business card with relatively low finance charges and interest rates in such circumstances. Although all credit cards offer features and benefits, it’s important to check charges. High-end business cards that offer more bonuses will have increased interest rates when you borrow/pay on EMIs, and high finance charges and penalties.
