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August 11, 2021

5 Important Things to Know About Corporate Credit Cards

Credit cards have retained their popularity mainly for their versatility. People do not just opt for credit cards when they face a cash crunch. 

Credit cards have become a popular mode of payment for discounts and EMIs that help keep financial worries away. Moreover, corporate credit cards can help business owners make payments at their convenience. For instance, if you go for the Bajaj Finserv RBL Bank SuperCard, you have more control over your payments. You can also help your employees make payments on behalf of the company by providing them with this card.

Types of Corporate Credit Card

Corporate credit cards were not made equal. The best credit cards can be chosen based on who you want to keep the share of liabilities. Your employees can use a credit card to make payments related to the company. The onus is on the employee to pay the dues, and you can reimburse the money at your convenience. A corporate liability card enables your employee to pay via a credit card which you have to make payments for later on. A joint liability card lets you share the liabilities with your employees.

5 Things You Should Know About a Corporate Credit Card

These are the advantages that prompt cardholders to opt for a corporate credit card.

  • Employees do not have to use their personal credit cards for making official payments. Furthermore, the employer can keep a tab on the payments. So, there is no need for receipts or bills to get reimbursed later.

  • These cards can be customized according to the expenses expected from an employee. For instance, if an employee is expected to travel a lot for official purposes, a travel card can be issued to them. These travel cards can be further customized for domestic and international travel. Thus, there is hardly any scope of a card being misused. Every penny is accounted for if the customization is done properly.

  • The corporate credit card can be used to gain reward points and discounts. The reward points can be later redeemed to avail of further discounts. If investments can be made optimally, you can save up to Rs. 55, 000 on your annual expenses as a business owner.

  • There are various other perks that are exclusively offered to corporate credit cardholders. You get assistance in case of a lost card or luggage in transit. You can also get emergency loans if you own these cards.

  • As a business owner, you have total control over the payments that are made using the card. You can limit the overall spending or the spending per transaction according to your wish. Moreover, the corporate credit card can be used to restrict the merchants or countries that you do not trust. You can also authorize those merchants to be paid through these cards who you think are relevant for your business needs.

How to Apply For a Corporate Credit Card

Applying for these cards is fairly easy. First, you need to figure out which card suits you the best. That is where you should focus on. Go through the terms and conditions of the cards that you are interested in. Also, check your eligibility and consider it critically against the requirements set by the lender. Maintaining a credit card is a vital aspect of your financial health. Once you are clear about all these, you can easily log on to the relevant website and apply for a credit card. Make sure you enter a valid phone number because you need to enter the OTP on the site. Keep the relevant documents ready to speed up the process.

The Bajaj Finserv RBL Bank SuperCard would be a good choice for you for its interest-free cash advancement and emergency lending features. Earn attractive milestones and make more savings on subsequent purchases. You can easily convert your payment into EMIs at major e-retail stores, and avail of discounts with every purchase!

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How is a corporate Visa unique in relation to a business Mastercard?

In case you are an entrepreneur, you should initially check whether a corporate charge card is appropriate for your business or not. Corporate Visas and business Mastercards by and large vary in two significant angles – qualification and responsibility.

Distinctive qualification:

The essential contrast between a business Mastercard client and a corporate charge card client is that of organization size. Corporate charge cards are for organizations that have yearly income of more than $4 million. Business Visas are for more modest organizations with less incessant Mastercard exchanges.

Distinctive obligation:

Business Visas require an individual assurance i.e., both the business and the cardholding worker are responsible for non-installments.

Some corporate Mastercards, similar to American Express cards, offer joint risk as an alternative. Contingent upon the card type, either the business or the representative is at risk for installment charges and non-installments. The business can pick which sort of card to offer a representative according to the business needs.

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