A corporate credit card is very similar to a personal card but just used for business purposes. Business companies generally give corporate credit cards to their employees for business-related payments. These are convenient mediums through which the company can track and pay the expenses of their employees.
To apply for a corporate credit card, you must fulfil the bank’s eligibility criteria. If you want to apply for a corporate credit card, you must know many types of corporate credit cards. Let us see what they are.
Individual liability cards: With this card, the individual employee remains responsible for paying the expenses. The issuer checks the credit score and the liability of the individual before issuing one to them.
Corporate liability cards: With this card, the employer remains responsible for paying the expenses. Here the employer may also report any unusual payment made by the employee with the card. The employer can also reconcile the statement. So, a lot of power lies within the hands of the employer.
The criteria that need to be followed if you are a credit card holder :
- There must be a minimum limit of expenditure every year. The expenses vary from bank to bank.
- The business must be running for 12 months or more
- The company must have at least 15 card users.
- The business can not be a sole proprietorship.
- The business must be registered as a C corporation or a B corporation.
To apply for a credit card, you must follow the steps :
Go to the bank portal – The first step is to go to the bank portal or website and check the availability. If you see that the bank issues a corporate credit card, then read all the details on the site.
Keep your documents ready – If you plan to apply for it online, which is the ideal way to apply, you must have some documents handy with you. Like
- Audited annual Reports and Profit and Loss statement of the last two years
- Corporate PAN card.
These documents will help you approve KYC. Some documents will be required after the appraisal. They are
- Board Resolution
- Corporate Application Form
Fill up the application form – If you have all the documents ready with you and have read the details of the corporate credit card, you can go ahead and fill the application online. Upon submitting your application, the credit card company or the registered bank official will inspect your eligibility as a credit card applicant. As an applicant, your credit card approval may depend on the following.
- Minimum age of at least 18 years, 21 years for certain banks.
- A good credit score of 750 to 900 makes it easier to apply for a credit card.
- The credit card application is also dependent on an individual’s employment status.
Check the application status – One of the perks of applying online is that you can track the application status of your form online. All you need to do is visit the website of your credit card company, log in to your registered account using your login credentials, and you shall be able to view your credit card status.
These are the steps for you to apply for a corporate credit card. If you are a business entrepreneur, this card can prove to be extremely helpful for you. In a big business, the card also helps in saving tedious tasks of manually reconciling transactions. Employees are benefited as well since they don’t have to pay the expenses from their own pockets.
If you are looking for a credit card, there is no better option than to opt for the new Bajaj Finserv RBL SuperCard. It is a joint initiative by the RBL Bank and Bajaj Finserv exclusively for their customers. It is an exceptionally advantageous card since it contains the perks of four cards in one. It has the cash card, the credit card, the EMI card and the loan card. It has many amazing features, including instant approval and instant emergency cash advance. For more details, you can contact RBL Credit Card Customer Care, who is available 24*7 at your service. You can reach out to them any time you want.