How to get a business credit card ?

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First, let’s understand how a business credit card is better than a personal credit card. The following are the main advantages of a business credit card.

  1. Clearly differentiate your personal and business expenses
  2. Rewards that are relevant and valuable for companies 
  3. Improving your business credit profile when you need loans in the future

The process to apply for a business credit card is very similar to a personal one with a few minor additions. Here are some tips to prepare to get one :

  1. Collect your business information

This is typically information that is available on hand which includes company CIN number, type of registered entity (Private Limited, LLC, Proprietorship etc). You would also need to collect evidence of your financial performance since this is a major factor for determining your credit limit for a business credit card. The documents generally asked for are your last 3 month bank statements of primary operating accounts as well as the most recent financial year’s audited financials.

  1. Evaluate your options

In India most banks will take an abnormally large amount of time to understand your business and give you a business credit card asking for details that range from your basic personal information to your star sign (just kidding). However be prepared to devote 24 hrs to just completing the application and waiting for 5-6 weeks to get one.

However with the fintech boom there are a few companies who have partnered with leading banks to make the process as simple as making a fresh cup of chai. Karbon is one such company allowing you to complete the application in less than 15 minutes and get a working business credit card within 24 hours completely online.

  1. Educate your team and set ground rules

A business credit card offers a lot of benefits but to truly maximise them you should educate and inform your team on how and when they can use it. 

  1. You should always set up a demo with your businesses credit card provider to understand the product and
  2. Set ground rules on when it’s ok to use the business credit card. For eg : An online marketing spend for the company can be done on the card but an individual lunch during working hours is not ok.

For more information on how to get a corporate credit card quickly please visit http://www.karboncard.com.

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Karbon Card
By Karbon Card