As businesses grow, so do their expenses. More often than not, many of these expenses, like hotel bookings and flight costs, may be borne by the employees and then reimbursed by the company. Tracking these expenses can become challenging after a while. Here’s where corporate credit cards can help.
What are Corporate Credit Cards?
These are credit cards that are issued by companies to their employees, to pay for business-related expenses. Not all employees are eligible for these corporate cards. Usually, companies issue these credit cards to employees who earn a certain level of income and frequently travel for business-related purposes.
Corporate credit cards are not the same as business credit cards. Let’s take a closer look at how these corporate cards work.
How do Corporate Credit Cards Work?
If you are an employee in a company and you are eligible for a corporate card, you may be interested in learning more about how they work. In essence, they work much like personal credit cards. When you travel abroad or within the country for business purposes, you may have to spend your own money to pay for any expenses associated with the trip, like accommodation and transit. Even though your company may reimburse these costs later, you may have to spend out of pocket initially.
But with a corporate credit card, you can directly pay for these business expenses from the company’s account. You simply have to swipe the corporate card and the transaction will be recorded on your company’s statements, leaving your personal funds intact.
Top 5 Banks in India Offer Corporate Credit Cards
Many leading banks in India now offer corporate cards for companies and businesses keen on empowering their employees with this financial product. Here is a closer look at 5 such banks and the corporate cards they offer.
- Axis Bank
Founded in 1993 and headquartered in Mumbai, Axis Bank is a popular banking option for individuals and corporates alike. The bank offers a wide range of credit cards, which offer several rewards and benefits. The Axis Bank Executive Corporate Credit Card is one of the best Axis Bank credit cards available for companies. Check out some of its benefits below.
- 3 complimentary VIP Assistance Services in a calendar year
- 24×7 concierge services to manage all your bookings
- Complimentary access to over 1,100 airport lounges across the world, up to 8 times a year
- Comprehensive insurance coverage for travel and medical emergencies
An international bank that has gathered a loyal customer base in India, Citibank is another trusted name that your company can consider. Among the bank’s extensive suite of banking products are corporate credit cards, which come with various advantages that you can make use of. Check out the key benefits of the Citi Corporate Card below.
- 2 reward points per ₹125 spent
- Priority Assistance Services on the phone around-the-year with 24×7 CitiPhone helpline
- Fuel surcharge reversal at all IndianOil outlets
- Dining privileges and up to 15% discounts in participating restaurants
- State Bank of India
One of the most trusted public sector banks in the country, the State Bank of India is the 43rd largest bank in the world. The bank offers a gamut of corporate and personal banking services. It also offers the SBI Platinum Corporate Card, which is best suited for the global traveller. If your company is considering getting this card, check out some of its benefits below.
- Valid at more than 38 million outlets across the globe
- Comprehensive insurance coverage for travel emergencies and frauds
- 24×7 support and assistance from a dedicated team of relationship managers
- Access to more than 600 international airport lounges worldwide
- IndusInd Bank
IndusInd Bank was inaugurated in 1994, and in the decades since, it has cemented a position for itself in the Indian banking sector. The new-age banking partner has a comprehensive suite of personal, business and corporate banking products to offer. Among these is the IndusInd Bank Corporate Card, which offers several benefits such as the following —
- Priority Pass Program that offers access to over 700 airport lounges across the world
- Waiver of fuel surcharge at over 4,000 petrol stations in India
- Comprehensive insurance cover against theft, loss or fraudulent transactions
- Smart data generation that makes spend analysis and category-wise expense tracking easier
- HDFC Bank
A leading private sector bank in India, HDFC Bank is also the 10th largest bank in the world by market capitalization. The bank offers different types of credit cards as a part of its product suite. Among these, you can choose the HDFC Corporate Platinum Card if you want to pay for your company’s business expenses. Here are its top features and benefits.
- 3 reward points for every ₹150 spent
- 8 complementary domestic airport lounge visits per year
- Insurance coverage up to ₹1 crore
- Consolidated reports for transactions made internationally
If your company is looking for a banking partner to tie up with and use the corporate credit card facility, these are good options to consider. As you can see, the corporate credit cards offered by these banks come with many features and benefits that you, as an employee, can use to your advantage. Check out the features offered by the various options available and choose the best credit card in this category based on which one suits your requirements.