As a small business owner, maintaining your finances can be a challenging task. One way to streamline your financial management is by using a business credit card. Business credit cards offer many benefits, including increased purchasing power, rewards programs, and improved cash flow, among others.
In this article, we’ll discuss the importance of business credit cards, key features to consider when choosing a card, and the five best business credit cards in India.
Understanding the Importance of Business Credit Cards
Business credit cards are important for small businesses for several reasons. They provide an easy way to separate personal and business expenses, which is essential for accurate bookkeeping. Additionally, business credit cards can lead you to build your credit score and provide a line of credit for unexpected expenses.
Key Features to Consider
When choosing a business credit card, there are several key features to consider. Here are some of the most important features to look for:
Credit Limit and Usage – The credit limit is the maximum amount you can spend on your card. Make sure the credit limit is high enough to cover your business expenses. Also, check if there are any restrictions on how you can use the credit limit.
Interest Rates – Look for a card with a lower -interest rate to save money on interest charges. If you plan to carry a balance, this is an important feature to consider.
Reward Points – Many business credit cards offer reward points for purchases made on the card. These rewards can be redeemed for cashback, travel perks, or other rewards. Make sure the rewards program aligns with your business needs.
Annual/Renewal Fees – Some business credit cards charge annual or renewal fees. Make sure the fees are reasonable and that the benefits outweigh the cost.
Additional Features – Some business credit cards provide additional features such as travel insurance coverage, purchase protection, and extended warranty coverage. Consider these features when choosing a card.
5 Best Business Credit Cards in India
Now that you know what features to look for, here are the five best business credit cards in India:
HDFC Bank BizBlack Metal Edition Credit Card
This card comes with a high credit limit and a rewards program that includes cashback, travel benefits, dining discounts, and exclusive perks.
HDFC Bank BizPower Credit Card
This card offers 20% discount with Swiggy Dineout and a rewards program that includes cashback and travel benefits. It also provides additional features such as travel insurance and purchase protection.
HDFC Bank Corporate Premium Credit Card
This card offers a high credit limit and a rewards program that includes benefits on fuel and travel. It also comes with additional features such as travel insurance and purchase protection.
ICICI Bank Business Advantage Black Card
This card offers great deals and benefits for business expense and a rewards program that includes dining and travel benefits. It also comes with additional features such as travel insurance and purchase protection.
IndusInd Bank Vrddhi Business Card
This card offers a low-interest rate of 1.99% per month and a rewards program that includes cashback and travel benefits. It also comes with additional features such as complimentary domestic lounge access and travel insurance.
Getting a best business credit card can be a game-changer for small business owners. By knowing the key features to consider and the best options available in India, you can make decisions immediately that will benefit your business. Remember to get a card that aligns with your business needs and goals.