How to Get a Corporate Credit Card?
22 January, 2025
Synopsis
- Get to know the process businesses should take when it comes to acquiring a Corporate Credit Card.
- Learn all about the application steps, including gathering the necessary documentation and choosing a card that aligns with business activities.
- Key features and benefits of Corporate Credit Cards, such as rewards, expense management, and enhanced financial tools, are tools to aid in the selection process.
In today's fast-paced business world, understanding how to get a Corporate Credit Card is crucial for companies looking to streamline their financial processes. This article will delve into the nuts and bolts of how to apply for a Corporate Credit Card.
Understanding Corporate Credit Cards
Before diving into how to get a Corporate Credit Card, it's important to understand what it is. A Corporate Credit Card is a payment tool issued to employees by a company for business-related expenses. Corporate Credit Cards are designated solely for business expenses such as travel, accommodations, meals, and supplies. They streamline expense management by providing a centralised platform for tracking spending and often offer features tailored to business needs, such as customisable spending limits and expense categorisation.
How to Get a Corporate Credit Card: The Initial Steps
Here’s how businesses can get started with acquiring Corporate Credit Cards:
Assess Your Business Needs
The first step in how to get a Corporate Credit Card is to evaluate your business needs. Consider what you want from the card – is it for travel expenses, office supplies, or client entertainment? Different cards offer different rewards and benefits, so choose one that aligns with your business activities.
Check Your Business Credit Score
Just like personal Credit Cards, Corporate Cards require a credit check. Ensure your business credit score is in good shape. If it's not, take steps to improve it by paying existing debts on time and maintaining good financial habits.
Meet Card Issuer’s Eligibility Criteria
Your business must be at least two years old to apply for a Corporate Credit Card. Typically, you must also fulfil the annual turnover requirement. The eligibility can change across card issuers.
How Do I Get a Corporate Credit Card?
Here are the next steps:
Gather Required Documentation
When you're ready to apply, you'll need various documents. These typically include your business license, proof of company revenue, bank statements, and sometimes a personal guarantee, depending on the card and your business's credit history.
Submit Your Application
The actual process of how to apply for a Corporate Credit Card is straightforward. You can apply online or through a bank representative. Ensure all information is accurate to avoid delays.
Pay Joining Fees
The joining fee can vary across Corporate Credit Card variants. The same will be communicated by the issuer at the time of application. The charge will be billed to you in the upcoming card statement.
HDFC Bank Corporate Credit Card: Key Features
You can consider HDFC Bank’s range of Corporate Credit Cards for your business and enjoy a plethora of features and benefits, including the following:
Reward Points: Earn reward points with various transactions.
Lounge access: Enjoy domestic and international lounge accesses annually through the Priority Pass programme with select cards.
Corporate liability waiver insurance: This feature provides added security against employee fraud.
Insurance Protection: The card offers comprehensive insurance protection. This includes air accidental death cover, emergency medical expenses, and protection for flight delays, loss of checked baggage, and missed connecting international flights.
Exclusive SmartBuy Corporate Portal: This portal is a one-stop-shop for offers and reward redemption, enhancing the card's utility.
Interest-free credit period: Avail up to 50 days of interest-free credit, subject to merchant charge submission.
Foreign currency markup: The cards come with a reasonable markup on foreign currency spends, with transparent billing.
Contactless payments: The card is enabled for contactless payments for fast, secure transactions.
Benefits to the Business
Here’s how Corporate Credit Cards can benefit businesses:
Enhanced reporting tools: Get access to an easy-to-use online reporting tool for detailed insights into expenses, spending categories, and employee-level transactions.
Advanced reconciliation process: Enjoy streamlined global transaction reports, easy integration with existing accounting systems, and a paperless claims process.
Greater savings: The card offers up to 50 50-day credit period and opportunities for better savings through negotiations with airlines and hotels.
Savings on Fuel: Enjoy fuel surcharge waiver on transactions and maximise savings over time.
Rewards redemption: Redeem points for miles, hotels, or from the reward points catalogue.
After Getting Your Corporate Credit Card
Once you receive your Corporate Credit Card, consider the following:
Implement usage policies: To prevent misuse, establish clear policies for using the Corporate Credit Card. Who can use it, for what purposes, and spending limits are crucial points to address.
Regular monitoring and reviewing: Regularly review transactions and statements. This not only helps in tracking expenses but also in detecting any unauthorised use early.
Leverage the rewards: Many Corporate Credit Cards offer rewards programmes. Make sure you're aware of these and use them to your business's advantage, be it through cashback, travel rewards, or discounts on business purchases.
As long as you fulfil the card issuer’s eligibility criteria and submit the right documents, applying for a Corporate Credit Card is easy. At HDFC Bank, we offer multiple Corporate Credit Card variants for your distinct business needs. Explore our range of Commercial Credit Cards.
Disclaimer: *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Credit Card approvals at the sole discretion of HDFC Bank Limited. Credit Card approvals is subject to documentation and verification as per Bank's requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.
