Exclusively designed for employees of corporations and business executives, a corporate credit card lets them pay for expenses that are related to their professional life. These expenses may range from air tickets to hotel reservations that are company-authorised. The terms ‘corporate credit card’ and ‘business credit card’ are commonly used interchangeably.
Nonetheless, in certain cards that lenders offer, you’ll find a few differences. A business credit card can be issued to businessmen for use in large or small businesses, but a corporate credit card may be issued to the company in the discussion. The question of debt liability also separates a business credit card from a corporate credit card.
A business credit card may be issued to a single proprietor of a business — an individual. Repaying the dues of a business credit card is the sole responsibility of the business person. When it comes to a corporate credit card, the company can select from various types of liabilities.
Corporate Credit Cards
Banks and financial institutions like Bajaj Finserv, in collaboration with banks, issue corporate credit cards, and the best credit card in India for corporate use must be one suited to company staff use. Features of corporate credit cards include high cash limits, so that employees can spend for company purposes without any concerns.
Corporations may choose individual liability for their credit cards, so that employees pay the credit card bill, and reimburse the sum from the company later. On the other hand, a company may opt for corporate liability, so that an employee uses the credit card, but the bill is settled by the company directly.
Companies like Bajaj Finserv offer credit cards such as the Bajaj Finserv RBL Bank SuperCard. This is largely a credit card for personal use, and is touted by some as the best credit card in India.
There are many variants of this card that can be used as business or corporate cards, giving corporate employees a host of benefits related to their work. Corporate credit cards also help to keep company expenses separate from personal ones, and the company can keep tabs on employee spending.
The Bajaj Finserv World Prime SuperCard and the Bajaj Finserv World Plus SuperCard may be offered as corporate credit cards, as both give free access to airport lounge facilities and discounts on hotel reservations.
They both have very high cash limits, in addition to high joining fees and annual fees, and these costs can be borne by large companies for the benefits, in terms of rewards or discounts they offer. Fuel surcharge waivers are also offered by these cards, and this can save companies money when employees use their own transport to travel within the city, or by using the company vehicle.
Benefits for Employees and Corporations
A corporate credit card can be advantageous to both an employee and a company. To begin with, an employee doesn’t have to pay for corporate expenses out of their own pocket, or keep track of expenses. That way, personal funds aren’t blocked while an employee awaits their reimbursement.
With Bajaj Finserv co-brand credit cards, you can keep track of expenses digitally through an app. With these cards, you also get access to domestic and international airport lounges, not to mention discounts and offers on flight tickets and hotel stays.
Companies benefit by keeping a check on employee spending, and can limit this by placing a custom cash limit on corporate cards. A company also has the freedom to restrict spends in certain cities and countries, and across merchants where employees are liable to use the card.
Whichever variant you choose, Bajaj Finserv, in collaboration with RBL Bank has the right credit card to suit any need, corporate or individual. With the overall advantageous, multipurpose Bajaj Finserv RBL Bank SuperCard, you get a host of features to make spending versatile.
This card is rich with rewards, and you get 20,000 reward points when you opt for it. You also get zero-interest cash withdrawals for up to 50 days at ATMs. Additionally, you can convert your spends into easy no-cost EMIs, plus get rewards on international spends and access to airport lounges.