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5 Business Credit Cards You Can Apply to Efficiently Manage Your Firm’s Finances

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Credit cards for businesses have been exclusively designed for organisations offering the same to employees to manage varied business expenses. Although business credit cards are primarily for small, medium, large and multinational corporations, they are provided to customers requiring a separate business account. Such cards help track expenses incurred out of business and keep them separate from personal accounts.

However, if you are wondering which credit card will suit your business’s unique needs, here, we have numbered some for your convenience.

5 Business Credit Cards to Manage Your Firm’s Finances

Listed below are some business credit cards offered by various reputed issuers in the country. Each comes with a certain set of features and benefits, and they are:

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  1. SBI Platinum Corporate Credit Card 

The SBI Platinum business credit card has been primarily designed by considering the Indian corporate clients’ and their business requirements. The card is available on the VISA platform, and cardholders can monitor their organisation’s expenses through VISA IntelliLink tool. This card is accepted at more than 35 million outlets across the world. Moreover, there is no joining or annual fee.

Benefits for businesses

  • The VISA IntelliLink spend management tool allows organisations to assess their spending patterns and manage expenses efficiently.
  • It comes with a complimentary insurance policy that provides coverage for corporate card liability against employee fraud.
  • Category control prevents certain spending and restricts control to fix daily, weekly, or monthly limits.
  1. Citibank Corporate Credit Card

This corporate credit card offers potent travel and expense spend management tools for organisations. It ensures simplified travel and entertainment expense and also offers various rewards for using the card across the world.

Benefits for businesses

  • This business credit card also offers VISA IntelliLink spend management tool to efficiently manage business expenses.
  • Organisations can access statements online, avail customised reports, use expense management tools and identify top suppliers for better negotiations.
  • Corporate credit card members can access consolidated statements.
  1. HDFC Corporate Credit card 

This premium category corporate credit card offers both travel and entertainment advantages to serve the requirements of varied organisations. Moreover, there are no joining or annual charges.

Benefits for businesses

  • Corporate card holders are eligible to get 24×7 access an online management information system.
  • Almost more than 50 MIS reports will help organisations to make informed decisions.
  • Offers spending assessment by category.
  • Reduces paperwork and facilitates compliance and reconciliation tasks.
  1. YES FIRST Corporate Credit Card

Such business credit cards have been designed to provide you with preferred payment across segments like air travel, car rentals, hotel stays, etc. Moreover, such cards are designed with features and user-friendly online tools that help authorise, process expenses, and track payment data.

Benefits for businesses

  • 24×7 MIS online tool provides an inclusive view of all corporate and employee expenses.
  • Offers up to 60 personalised reports scheduled on a weekly, monthly or daily basis for varied analysis.
  • Consolidated and integrated statements can be generated.
  • Ensures seamless integration with existing ERP system and expense management tools.
  1. Axis Bank Corporate Credit Card

The Axis Bank Corporate Credit Card offers comprehensive expense and travel management solutions to organisations and companies. This business credit card is widely accepted and features a customised solution that fulfils the requirements of most corporates.

Benefits for businesses

  • It comes with a unique online MIS that ensures efficient analysis and an informed decision-making process.
  • Comes with an efficient expense reporting system, the reporting process and claim settlement methods.
  • Efficiently manage travel policies and negotiations with prime suppliers.

Eligibility Criteria and Documentation for Business Credit Card 

The eligibility parameters for business credit card varies from one lender to another. However, you must fulfil the following parameters to avail the benefits of such credit cards:

  • Applicant age should be within the bracket of 21-70 years
  • Must be an Indian resident
  • Must be self-employed, proprietor or a partner in an organisation 

Note that salaried individuals are also eligible to use business credit cards if their employers provide them with one. In short, salaried individuals can’t apply for a business credit card on their own.

Apart from these, you must submit the following documents when applying for a business credit card:

  • Identity proof: KYC documents
  • Address proof
  • ITR for the last 2 years, financial documents related to business, business continuation proof
  • Current bank statement, salary slip of last 3 months 
  • Income proof

Note that such documents are indicative, and the lending institution may ask for additional documents if necessary.

Now that you have a fair knowledge of the best business credit cards available in India, you can select the one that fulfils your business requirements. In addition, some corporate credit card issuers also provide unique financial tools and services for monitoring business expenses.

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With unsecured personal loans under lens, growth momentum in the segment to derail in coming quarters

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With unsecured personal loans under lens, growth momentum in the segment to derail in coming quarters

New Delhi, Feb 26 (IANS) ICICI Securities has warned of a potential derailment of growth momentum in unsecured personal loans due to recent regulatory actions. The report highlights concerns over accelerated growth in unsecured loans and the impact on NBFCs.

The regulatory measures by the RBI include an increase in risk weights on unsecured consumer credit and banks’ funding to NBFCs. This is aimed at prompting lenders to reassess their growth strategies in light of the heightened credit growth in unsecured personal loans since the onset of the Covid pandemic.

The surge in credit demand for personal and consumer loans was driven by factors such as disruption in cashflow for small SMEs, temporary unemployment during the Covid phase, and a focus on lifestyle upliftment. Additionally, tech upgrades during Covid simplified credit delivery and expanded the reach for NBFCs.

Many NBFCs have adapted to the demand by revamping their processes and partnering with fintechs to leverage their balance sheet. Consequently, credit growth in personal and consumer loans has exceeded 100 per cent CAGR for most NBFCs, far surpassing the sub-20 per cent blended growth between FY21 and December 2023.

The cumulative AUM of NBFCs analyzed in the report amounts to Rs 10 trillion, with unsecured loans exhibiting even faster growth rates. Some players have reported unsecured loan CAGRs exceeding 100 per cent between FY21 and December 2023. This trend underscores the significant impact of unsecured personal loans on the overall credit landscape for NBFCs.

–IANS

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India seeks greater say for developing countries at WTO meet

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India seeks greater say for developing countries at WTO meet

India advocates for flexibility in existing WTO agreements for developing countries at 13th Ministerial Conference

Abu Dhabi, Feb 26 (IANS) India emphasized at the 13th Ministerial Conference of the WTO in Abu Dhabi that developing countries need flexibility in current agreements to address constraints in industrialization. Commerce Secretary Sunil Barthwal led the Indian delegation, highlighting the need for appropriate policy space to tackle longstanding issues.

India raised concerns about combining development issues with new topics like “Trade and Industrial Policy” and objected to integrating Gender and MSMEs discussions within WTO, stating they are already addressed in other international forums.

In discussions on sustainable development and policy space for industrialization, India stressed the importance of maintaining focus in the multilateral trading system and avoiding mixing non-trade issues with the WTO agenda. The country also promoted a sustainable lifestyle approach, including the LiFE movement for environmental conservation.

Furthermore, India expressed apprehension about the rise of trade protectionist measures under the guise of environmental protection, calling for a balanced approach. The nation urged for a sustainable way of living based on traditions and conservation values to combat climate change effectively.

Journalist: IANS
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SEBI receiving complaints regarding fraudulent trading platforms falsely claiming affiliation with FPIs

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SEBI receiving complaints regarding fraudulent trading platforms falsely claiming affiliation with FPIs

New Delhi, Feb 26 (IANS) Markets regulator SEBI has issued a warning to investors regarding fraudulent schemes claiming affiliation with SEBI-registered Foreign Portfolio Investors (FPIs) and offering stock market access through FPIs or FIIs.

SEBI has been flooded with complaints about trading platforms falsely associating themselves with FPIs and FIIs and luring individuals through online trading courses and mentorship programs. These fraudsters manipulate social media platforms like WhatsApp and Telegram to deceive victims into downloading applications for trading privileges without the need for official accounts.

The regulatory body highlighted that the FPI investment route is not available to resident Indians, with few exceptions as per the SEBI (FPI) Regulations, 2019. SEBI emphasized that there is no provision for an “institutional account” in trading, and investors must have a trading and Demat account with a SEBI-registered broker/trading member and DP for direct access to the equities market.

SEBI clarified that no relaxations have been granted to FPIs regarding securities market investments by Indian investors. The market regulator urges investors to exercise caution and avoid falling prey to fraudulent schemes propagated through social media and online channels claiming unauthorized stock market access through FPIs or FIIs.

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