Apart from general credit cards that are used by everybody, there are credit cards issued by banks that are dedicated to a certain cause or aspect. A corporate credit card is one of the best examples of this.
What is a corporate credit card?
The Corporate credit cards are credit cards issued to employees of established companies that let them charge their authorized business expenses, such as hotel stays and plane tickets, without having to use their own card or cash. This can make it easier for employees (and employers) to manage expenses, and at the same time, simplifies the process of reconciliation.
Benefits of a corporate credit card
A corporate credit card is beneficial for both employers and employees. Here are some benefits that you, as an employee can experience:
● You don’t have to pay for business expenses from your pocket or using your personal credit card
● All the reimbursement claims are paperless as the transaction reports are saved digitally. So there is no need to save bills and receipts
● Your funds are no longer blocked while you wait for reimbursement from the company
● Reconciliation tasks are also made easy with corporate credit cards
The corporates are also benefited from this card.
● The employer can make sure the employee complies by the rules of the company regarding the places they can use the credit card. The employer can regulate the overall spend and the amount per transaction.
Best corporate credit cards in India
Every corporate credit card has a set of benefits for both the employers and the employees. Here are some of the best in the market right now.
1. Citibank Corporate Credit Card
The Citibank Corporate Credit Card provides a good journey and expense (T&E) spend management tool for companies, which is why a lot of companies prefer it for their employees. All the transaction reports of the employee are saved digitally and conveyed to the employer across the globe. This makes reconciliation simpler, in some of the rare cases where some discrepancies might arise.
The card also allows employees to earn reward points which can be then redeemed for hotel booking, gift coupons, and premium merchandise. It also gives easy access to local currency during foreign travel.
2. HDFC Corporate Platinum Card
The premium HDFC Corporate Platinum Card gives the corporates 24 x 7 access to their online Management Information System (MIS), which helps them regulate expenses by their employees. It also helps make paperless claims, thus making bills and receipts unimportant. The employees are also offered reward points which can be redeemed for air miles and hotel bookings.
3. SBI Platinum Corporate Card
A great choice for a corporate credit card, the SBI Platinum Corporate Card gives the employers access to their Visa Intellilink spend management tool, which enables the company to analyze their employee’s spending pattern and make a firm decision. The card also provides insurance for the corporate card liability against employee fraud. Employees also have various benefits like a lost card liability cover of Rs. 3 lakh.
4. Axis Bank Corporate Credit Card
The Axis Bank Corporate Credit Card offers one of the best travel and expense management tools to companies and organizations. Employees are also given coverage for incidents like air accidents, lost cards, and delayed flights.
5. American Express Corporate Card
The American Express Corporate Card is a great corporate credit card that’s taken up by a number of established companies for the easy expense management program that accompanies it. It can help businesses save money, and also have a flexible payment method. Employees are also provided with travel insurance when they travel across the globe.
With all the new credit cards being taken up by people, the Bajaj Finserv RBL Bank SuperCard is the one that definitely deserves a special mention for being so much more than just a credit card. The card gives massive benefits and cashback to its users and also allows the consumers to avail themselves of a personal loan for 90 days in cases of financial emergency.
0 Comments