In life there are many catch-22 situations, you need X to get Y, and you need Y to get X. The credit score is one such catch-22 situation. The personal credit cards or loans are usually provided to individuals with credit score, and one needs to take personal loan or credit card to build a credit score. Only few banks are willing to give credit cards or loans to individuals whose credit score is zero or low. The same catch-22 situation exists between commercial credit score and corporate credit cards.
Karbon cards provides corporate cards to private limited companies, and the company uses company’s financials to decide a credit limit for its customers. Most of its customers – private limited companies – have never take a loan or corporate credit cards. We are a new age fintech, and we are provide corporate credit cards to new to credit private limited companies.
You might be asking yourself on why you should take a corporate credit card from Karbon versus banks. Before starting Karbon cards, we tried to get corporate credit cards from banks, and we needed to put a fixed deposit as collateral for the credit card. Even with that, the entire process took us one month with ICICI bank and two months with YES Bank. With Karbon cards, there is no paperwork, and entire card onboarding process is online. You could the Karbon corporate credit card in 3-5 working days.
We strongly feel that Karbon cards is the best way to build credit score for private limited companies. It is most efficient way to set yourself for future where your company would be looking for big ticket loans to grow your company. On monthly basis, Karbon cards report credit limit and your company details to CIBIL, and you would soon be all set for a great credit score for your company.