Commercial Credit Cards Online

Companies have a plethora of expenses, and to manage these expenses, companies can consider Commercial Credit Cards. Besides managing expenses, Commercial Credit Cards allow you to streamline company operations and optimise cash flow. At HDFC Bank, we offer a wide range of Commercial Credit Cards to help you fulfil your business’s unique expenses.

How Do Commercial Credit Cards Work?

Here’s a brief on how Commercial Credit Cards work:

• Issuance

Depending on the company’s eligibility, the card issuer will issue a Commercial Credit Card for the corporates. The company can then request the card issuer to issue cards to individual employees in their name.

• Card Limits

Transaction limits can be set on the card to ensure the employees do not go overboard with the spends. Depending on the employee’s designation in the company, the card limits can vary.

• Usage

Commercial Credit Cards can be of two types, Corporate Credit Cards and Purchase Credit Cards. The former allows employees to pay for business expenses like travelling, meals, commute, etc. A Purchase Credit Card allows companies to manage vendor payments.

• Settlement

The Commercial Credit Card bills are directly settled by the company. The company may make a consolidated payment for all cardholders.

Benefits of Commercial Credit Cards

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Commercial Credit Cards offer a wide range of benefits:

• Simplified and Streamlined Expense Management: Commercial Credit Cards simplify expense tracking by providing detailed statements that categorise spending. This makes it easier for companies to monitor and manage their finances.
  
  
• Credit Limit Flexibility: Commercial Credit Cards may often come with higher credit limits than personal cards, providing businesses with greater purchasing power to cover various expenses.
  
  
• Employee Spending Control: Commercial Cards may offer features like individual spending limits and real-time monitoring which allows businesses to control and track employee spending effectively.
  
  
• Credit Card Rewards: Certain specific Commercial Credit Cards may also offer rewards programmes on business spends, such as cashback or reward points for business-related purchases.
  
  
• Travel Benefits: These cards may offer travel-related perks, including travel insurance, airport lounge access and reward points redemption against flights and accommodation. This can be beneficial for companies with frequent travel needs.
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• Streamlined Vendor Payments: Purchase Cards can be used to manage vendor payments, utility bills, fuel payments, bulk payments, etc.

FAQs

What is a Commercial Credit Card? 

A Commercial Credit Card is a type of Credit Card specifically designed to manage business expenses. These cards are typically issued to corporate employees for business-related expenses. This eliminates the need to use personal funds to pay for business expenses and the hassle of the reimbursement process.

Who is eligible to apply for Commercial Credit Cards? 

Corporates can apply for Commercial Credit Cards.

Is a Commercial Card the same as a Business Card? 

Typically, small business owners are eligible for Business Credit Cards. Corporate Credit Cards are issued to owners and numerous employees of larger, well-established companies. Both these cards offer better business expense handling.

What is the credit limit of a Commercial Credit Card? 

The credit limit of a Commercial Credit Card can vary based on the card variant and the overall financial standing of the business.

What are the fees and charges for a Commercial Credit Card? 

The fees and charges for a particular Commercial Credit Card variant can be accessed via the card issuer’s website. Types of charges typically include late payment charges, cash advance charges, fuel surcharges, card re-issuance charges, etc. You can find the schedule of charges for HDFC Bank Commercial Credit Cards here.

How to apply for a Commercial Credit Card?

The application process for a Commercial Credit Card involves submitting business proof and an adequate track record. The required documents must be submitted to the bank along with the application form duly signed by the relevant authorities in the company.