All you Need to Know about Business Credit Card Requirements
Posted: Dec 15, 2018
A business credit card is a type of credit card that is designed keeping in mind the needs of your business and its operations. If you want to know about the business credit card requirements and its benefits, then this article will help you know more.Business credit cards – How they differ from regular credit cards
As discussed earlier, a business credit card is used to take care of day-to-day expenses arising out of business operation. Anyone with a consistent flow of income can apply for a standard credit card; the eligibility for the business credit card differs.
These credit cards are fit for small businesses, banks, and government-run establishments. The applications of the business credit card also need to show their business revenues’ proofs to become eligible for these cards.What are the needs for business credit card requirements?
There are plenty of reasons attributed to the business credit card requirements. Have a look:
Personal vs business expensesBusinessmen need to file Income Tax Returns (ITRs), which can be a tiring experience. In the case of using a personal credit card, you will need to go to each month’s history to pick out transactions that were made for your business. On the other hand, having a business credit card will surely minimize all the fuss and lead to transparency.
Enhanced credit limit In the case of a conventional credit card, the credit limit is decided as per the income status of the cardholder. It may mean that the offered limit may not be enough to meet the business expenses. On the other hand, a business credit card comes with a higher limit. In turn, a business owner can use the limit to manage expenses and manage a business without facing unwanted lags.
Its requirements are not limited to only business expenses.
A business credit card requirements are not only intended to cover the expenses meant for business. You may use the business credit card to cover many needs. And you may say that even a regular credit card covers all such expenses. The flipside is that a business credit card lets a user block some sorts of transactions as well.
RewardsCompared to the rewards handed over to a customer by a personal credit card in the form of discounts, cashback and air miles, a business credit card offers more. Yes, when you own a business credit card, you can grab double or even more rewards. Based on your spending patterns, and credit limit, the final rewards may fluctuate.
You can grab some customized offersA business’ needs are diverse, and many times, you may have to order in bulk. For all such expenses, your business credit card may offer you customized deals. In return, you may be able to lap up some unexpected deals on the final price.
More free access to airport loungesCompared to 1-2 free access to airport lounges within the country, your business credit card may offer you enhanced access. Some myths about business credit cards
Only major businesses may get a business credit card
Wrong! Anyone with a legal business operation is eligible for a business credit card!
Personal credit cards come with better rewardsHalf true! A business credit card may offer as many rewards and perks as that of a regular credit card. In fact, business credit cards offer better perks and may serve your needs with a personalized approach.
They have a huge joining feeNot true! To the contract, you may come across a card without having any joining charges at all. You can check it yourself online and get to know the truth!
Do you have a business that you would like to operate without facing financial roadblocks? Then, you may consider applying for a business credit card.
The business credit card requirements and benefits are also now known to you that will help you go for one. The Bajaj Finserv RBL Bank SuperCard is one that can benefit you as it comes with lots of advantages.
Bajaj Finserv brings a lot of pre-approved offers on credit cards, business loans, and home loans and beyond. It can help you simplify the overall loan application process and get through the loan formalities better.
To begin, you can check out your pre-approved offers now by sharing some of your basic details.
I'm a certified financial expert,lives in Delhi and completed Mba in finance.I like to write finiancial blog.