Corporate Credit Cards
It is an indisputable fact that now a days credit cards play an important role. Banks offer different kinds of cards like credit cards, debit card, pre-paid cards, and business and travel corporate cards. Not only the individuals but the small businesses are also availing the benefits of business credit cards. The market of small business credit cards is growing fast. Banks and credit card companies have certainly seen market growth in small business industry.
These types of cards can only be applied by a business entity. However, they can be issued after credit assessment of the corporate; who in turn defines the limit on individual cards. Corporate cards can be issued to companies, partnership and proprietorship firms and registered institutions and societies. Moreover, the following documents will also be needed at the time of applying:
a) Last 3 years audited Balance sheet and P&L A/c copy;
b) Undertaking letter;
c) Memorandum of article & association;
d) PAN card of company;
e) Board resolution;
f) IT return of company;
g) Photograph of applicants.
Banks offer cards with some appealing features and the card holders can get exciting offers on travel, entertainment, and dining. Usually along with the cash back program they also have point system reward. It can be the best choice for the people who travel a lot. Card members can earn and redeem points for rewards also through entertainment and dining,
Corporate cards often have additional benefits, such as specific levels of insurance when renting vehicles, travel insurance, lost card etc. But the provision varies from bank to bank.
Make use of online options to get the corporate credit card.
Using internet or online service is the market’s latest trend so to make pace with the developed technologies; there are some accessible websites which avail the information of various banks and credit card companies. So, the companies interested in corporate or business credit card can decide for the best suitable option.
Online services may also help in many other ways e.g. to provide detailed online account which can be used to access your credit balance, quarterly and yearly statement, making online payments, and redemption of rewards and points. Thus, the credit card companies are making it easier to use the cards, and much of the account management can be handled online.
When it comes to credit card bills there are ways to make the payment such as: ATMs, Net Banking, money transfer, standing instructions, payment by cheque or in cash.
Other advantage which a company can get is that keeping a track of costs. Company will be able to track travel, entertainment, and other expenses and assign individual employee a spending limits. It will be beneficial to manage and control the business travel- related and other expenses more efficiently. It is a convenient way to manage the company and the employee’s business expenditures. It also makes accounting and tax monitoring easier
In case, you happen to lose your Card, report your bank and card will be immediately blocked. After reporting the loss, you carry zero liability and any fraudulent transactions will be borne by your bank.
We understand, to choose from the vast number of corporate credit cards can cause quite a confusion. So, no matter what card you eventually choose but make sure it must accomplish the needs of your business.