Corporate Credit Cards

1. YES FIRST Corporate Credit Card

1. IndusInd Bank Corporate Card

1. Kotak Mahindra Corporate Wealth Signature Credit Card

1. Kotak Mahindra Corporate Platinum Credit Card

1. Axis Bank Corporate Credit Card

1. SBI Platinum Corporate Card

Features Offered By Corporate Credit Cards

HDFC Corporate Credit Card

The HDFC Corporate Credit Card is a premium category card that offers both travel and entertainment benefits to cater the needs of the various organisations.

Joining fee: NIL

Annual fee: NIL (Life-time free)

Interest rate: 2.95% per month

Benefits for businesses

1. Corporates will get 24x7 access to online management information system (MIS)
2. More than 50 MIS reports will help firms make informed decisions
3. Provides spending analysis by category
4. Integrates with the existing system in the company
5. Minimizes paperwork and simplifies reconciliation and compliance tasks

Benefits to employees

Employees who are offered corporate credit cards can enjoy the following benefits.

1. Earn 5 reward points for every Rs.150 spent on the card. Redeem reward points for air miles and hotel bookings.
2. Fuel surcharge waiver of 1% on fuel transactions between Rs.400 and Rs.10,000
3. Complimentary Priority Pass Membership. 6 free lounge visits to Priority Pass lounges outside India in a year.
4. 8 free domestic lounge visits per year through MasterCard or Visa lounge access program.
5. Air accident cover worth Rs.1 crore on air travel.

HDFC Corporate Platinum Credit Card

The HDFC Corporate Platinum Credit Card offers one of the best online management information system (MIS) for the companies to track employee expenses. It provides equal benefits for the employees in terms of reward points, free lounge visits, insurance cover, etc.

Joining fee: NIL

Annual fee: NIL (lifetime free)

Interest rate: 3.49% per month

Benefits for businesses

1. Corporates will get 24x7 access to online management information system (MIS)
2. More than 50 MIS reports will help firms make informed decisions
3. Provides spending analysis by category
4. Integrates with the existing system in the company
5. Minimizes paperwork and simplifies reconciliation and compliance tasks

Benefits to employees

Employees who are offered corporate credit cards can enjoy the following benefits.

1. Earn 3 reward points for every Rs.150 spent on the card. Redeem reward points for air miles and hotel bookings.
2. Fuel surcharge waiver of 1% on fuel transactions between Rs.400 and Rs.5,000
3. 8 free domestic lounge visits per year through MasterCard or Visa lounge access program.
4. Air accident cover worth Rs.1 crore on air travel and Rs.3 lakh on rail or road travel.

YES FIRST Corporate Credit Card

YES FIRST Corporate Credit Card is designed to be your preferred mode of payment across categories like Air Travel, Hotel Stays, Dining, Car Rentals etc. The card is designed with class-leading features and user-friendly online tools which assist in authorizing, tracking and processing expense & payment data.

Joining Fee: NIL

Annual fee: NIL

Interest rate: 2.4% per month

Benefits for employees

1. 24X7 online MIS tool that provides a comprehensive view of all employee and corporate spends.
2. Provides up to 60 customized reports that can be scheduled on a daily, weekly, monthly basis for various analysis.
3. Integrates seamlessly with the existing ERP system and expense management tools.
4. The individual and consolidated statement can be generated.
5. Single payment solution to enable payment towards all corporate cards in a single go.
6. Enables merchant category level control and limit set-up on a daily, weekly, or monthly basis.

Benefits to employees holding the card

1. Up to 3 complimentary lounge visits per quarter to domestic airports.
2. 3 reward points on every Rs.100 spent on all retail categories.
3. A comprehensive insurance policy that covers air accidents, emergency hospitalization, credit shield.

Axis Bank Corporate Credit Card

The Axis Bank Corporate Credit Card provides an efficient travel and expense management solution to companies and organizations. The cards are accepted worldwide and come with customized solutions that meet the needs of most corporates.

Joining fee: Communicated by the company

Annual fee: Communicated by the company

Interest rate: NA. Revolving credit facility not available. Full payment needs to be made at the end of each month.

Benefits for business:

1. Features a unique online MIS that enables better analysis and decision making.
2. The efficient expense reporting system, reporting procedures, and claim settlement methods.
3. Control travel and entertainment expenses of employees by setting limits
4. Easy to manage travel policies and negotiations with key suppliers
5. Consolidated payment mechanism to make a single payment once a month.

Benefits to employees holding the card:

1. Airport lounge access at select airports in India.
2. Earn reward points on both domestic and international spends. 1 reward point on every Rs.200 spent on domestic spends and 2 points on international spends.
3. 1% fuel surcharge waiver on fuel transactions between Rs.400 and Rs.4,000
4. Comprehensive insurance policy providing coverage for air accident, lost card, lost baggage, baggage delay, missed and delayed flights.

SBI Platinum Corporate Credit Card

Featuring smarter expense management, the SBI Platinum Corporate Credit Card enables the companies to easily track and control the expenses while providing real-time expense management.

Joining fee: NIL

Annual fee: NIL (lifetime free)

Interest rate: Up to 3.35% per month.

Benefits for businesses:

1. Accepted across the globe at more than 35 million outlets including 3 million outlets in India.
2. Comes with a Visa Intellilink spend management tool that enables the organizations to analyze its spending pattern and to control expenses better.
3. Complimentary insurance that offers coverage for the corporate card liability against employee fraud
4. Category control that enables prevention of specific spends and limits control to set daily, weekly, or monthly limits.

Benefits for employees

1. Emergency card replacement from anywhere in the world.
2. Air accident cover worth Rs.50 lakh. Lost card liability cover worth Rs.3 lakh. Travel insurance cover of up to Rs.1 lakh.
3. The discounted membership fee to Priority Pass Programme that provides access to more than 600 international airport lounges across the globe.
4. 2 free lounge visits per quarter to airports in India.

Benefits of Corporate Credit Cards

While each credit card issuer offers different benefits on their corporate credit cards, there are some common benefits which companies can enjoy by availing corporate credit cards.

Listed below are various benefits offered by corporate credit cards.

1. Track and control expenses: Every corporate credit card provides access to a smart spending management tool, which enables the companies to track and analyse the organisation's spending behaviour related to travel and entertainment. The tool helps the employer to know the spending pattern on the cards, to identify top suppliers for better negotiations and also to set controls for card usage.

1. Category control: Companies can also restrict certain merchant categories such as casinos, jewellery, etc., to prevent employees from spending even inadvertently.

1. Airport lounge access: Most cards offer membership to various priority pass programmes through which employees or card members can enjoy complimentary lounge visits at both domestic and international airports across the world.

1. Insurance cover: The Corporate credit cards also offer travel insurance that offers coverage for air accidental death, lost card, loss of baggage, missed flights, flight delay, loss of passport, fraud or misuse of card, etc.

How to Apply for Corporate Credit Cards Online?

Most banks allow online application for corporate credit cards. You can visit the website of respective bank, check the available credit cards, choose the one that suits your organisational needs and apply for the same on the bank's website.

Upon submitting the online application, the bank may call you back provided the details match the eligibility criteria. The further steps in the application process will then be informed to you over the call.

You can also apply for some of the corporate credit cards through BankBazaar, which is an authorised partner of top banks in India.

Steps to Apply through BankBazaar website

1. Visit bankbazaar.com and select the card that you wish to apply for.
2. Click the 'Eligibility' button to check your eligibility for the card
3. If you are eligible, you will find an option to Apply, click on the same, enter the required details and submit
4. You would be asked to upload the required documents.
5. Once they are uploaded, click 'Submit'.

On successfully submitting the application and the necessary documents, you would receive an 'Application ID'. Use this ID to track your application status by clicking 'Track Application'.

Learn the Policies of your Company on Corporate Credit Card

No matter what type of corporate credit card your company gives you, it is very important familiarize yourself with reporting and spending rules of your employer.

Understand the travel policies, spending limits, procedures and restrictions associated with the credit card. For example, an organisation might state that car rentals and flight tickets fall under the category of approved travel spends, but toll costs and fuel charges must be given by the employer from his/her own pocket.

Along with learning all the major company policies on the use of corporate credit cards, you must also know about policies that are specific to your position or designation in the organisation. For example, a field engineer and the CEO might have different spending profiles.

As a cardholder, you must find out the limits and types charges associated with your corporate credit card.

Charge limits can exist within the approved categories for spending too. Some of the expense restrictions are established for various kinds of merchants. Such control suggests that the employer can cap the charges at a particular level for the office supplies but offer more for the flight tickets.

The transactions being carried out at any given time can also be tracked and controlled by your employer which stops you from overspending.

You should also take proper training for using a corporate credit card. At times, these training sessions are made mandatory by the companies.

Compared to traditional methods such as providing liquid cash to employees or asking them to use their own money and reimburse it, corporate credit cards provide better control for the businesses.

With corporate credit cards, business can set spending limits, billing options, and spending options for each employee on different categories.

An interesting aspect of corporate credit cards is the spend management platform they offer. All the cards are integrated with an online platform providing the businesses the power to control everything related to the cards in real time.

The expenses management platform enables organisations to load funds, set limits, view the spends on all the cards across the organisation, order new cards, cancel or suspend existing ones, and the overall spend data across employees, departments, projects, time periods, etc., as per the company's requirement.

Important Points Related to Corporate Credit Cards

Avoid Pitfalls

Unapproved charges can be a threat to corporate credit cardholders. If you have an individual payment card, you must submit your expense report and get it approved by your company's management. In case there are unapproved charges on your corporate credit card statement, then you can be on the hook.

Also, mixing corporate expenses and personal expenses can be a bad idea. At times, you might feel like skipping the hassle of using your personal credit card for your expenses when you are on a business trip. When the expenses are tracked, you could land into collision course with your employer.

Use Simple Logic

If you are spending on something that is related to work, make sure that the particular spend is 100% related to your work. Don't spend on things that have chances of going into the unapproved charges bucket. Not only will you lose out on money, but also you will stand answerable to your employer.

Keep a Track of your Credit Score

When your company gives you a corporate credit card, it might want to check your personal credit score. This would give them an idea of your expense management, spending habits and repayment capabilities.

If you avoid credit card payments, it will affect your credit score a lot. The credit bureau keeps all the information about your late payments. If your employer comes to know that you have not cleared your outstanding on time, you might not be considered eligible for the corporate credit card. Make sure that you pay your debts on time to keep the credit score high.

Loss and Theft

You, as an employee, must ensure your card's security. Corporate credit cards come with unique numbers. In case of loss or theft of your credit card, block it immediately. This will stop the possibilities of fraudulent activities using your corporate credit card.

Traveling with your Corporate Credit Card

Corporate credit cards offer travel expenses for the employees traveling for business purposes. As an employee holding a corporate credit card, you can avail access to VIP lounges at several international airports. It also offers travel insurance so that you can enjoy the peace of mind you deserve while traveling.

Credit cards make payments easy for all expenses online and offline while offering various benefits

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