Issuers offer various types of credit cards targeted towards specific users and their spendings. A corporate credit card is exclusively designed for organisations that offer it to their employees. The employees use these cards for business expenses like business travel, official cab bookings, client expenses, dining, and more. These cards usually help organisations to streamline their official spending to a credit card, avowing the reimbursement method.
What is a corporate credit card?
Unlike a business credit card, a corporate card is designed for established companies, which, in turn, offer the card to their employees. With this card, an employee can pay for a range of business expenses from travel tickets to hotel stays, as authorised by your company.
Another factor that differentiates a corporate credit card from a business card is the liability of debt repayment. Repaying the dues of a business credit card is solely your responsibility; however, that’s not the case with a corporate credit card. Here, the company has an option to choose from the following liability types.
- Individual liability: You get the credit card bill and are also responsible to repay the dues. Thereafter, you ask your company to reimburse your expenses
- Corporate liability: You use the credit card, but the bill is sent to your company who is responsible for repayment
- Joint liability: Both your company and you are responsible for repaying the debt. If you default on your payment, your credit score takes a hit
Benefits of a corporate card to employees
A corporate credit card offers the following advantages to an employee:
- You don’t have to pay for business expenses through your pocket or use your credit card
- You don’t have to collect receipts and bills to request reimbursement
- Funds are no longer blocked while you wait for reimbursement
- Depending on the card, you can access domestic and international airport lounges
- Earn attractive reward points on transactions, depending on the card
- Enjoy other benefits like emergency loans, replacement of lost cards, assistance in finding lost luggage and more
Benefits of a corporate card for corporates
- A company can limit both the overall spend and amount per transaction
- A company can restrict the countries and merchants where your employee can use the card
How to apply for a corporate credit card?
As an employee, you don’t have to apply for a corporate credit card; it's generally given to you by the company.
As a company, you can apply for a corporate credit card by following these easy simple steps:
- Ensure you have a good credit score and repayment history
- Visit the issuer’s nearest branch or login to its website
- Compare and choose a suitable corporate credit card
- Meet the eligibility criteria to get the corporate credit card
- Fill out the application form and submit the required documentation
In addition to a corporate credit card, if you're looking to avail a card for your personal use, consider applying for the Bajaj Finserv RBL Bank SuperCard. It's a feature-rich credit card, the SuperCard offers you various benefits and rewards to boost your finances. Take note of what’s on offer.
- Up to 20,000 reward points on joining
- Annual savings up to Rs. 55,000
- Attractive reward points on achieving milestones
- Interest-free ATM cash withdrawals for 50 days
- An interest-free emergency loan for 90 days
- Bespoke cards designed to suit your spendings, such as the Doctor’s SuperCard, Platinum Plus SuperCard, Travel Easy SuperCard and more
- Easy conversion of your purchases into EMIs via the EMI Network
- Attractive discounts on movie tickets, fuel surcharge waivers, cashback, and offers on Bajaj Finserv partner sellers (online and offline), airport lounge access, more rewards points on international spends and more
Before applying for the feature-rich SuperCard, don’t forget to check your pre-approved offer from Bajaj Finserv to view a customised deal that gives instant approval. All you have to do is submit your name and contact number, and you are all set to leverage your finances using your SuperCard!
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