A Complete Guide on How to Choose the Right Business Credit Card

A Complete Guide on How to Choose the Right Business Credit Card

23 January, 2024


  • Choosing the right kind of Business Credit Card can help you address specific concerns regarding your operations.

  • Pay attention to the eligibility criteria, type of card, features and terms while making a choice.

  • You can choose from Business Credit Cards geared towards UPI payments, high-end requirements, and rewards.

As a business owner, you’re always looking for ways to streamline cash flow and efficiently manage funds. One quick and convenient way to do so is to rely on the line of credit extended by banks and financial institutions via Credit Cards. Today, you don’t need to rely on personal Credit Cards to address business needs. You can easily apply for a Business Credit Card designed to help you manage commercial transactions and expenses. However, with an influx of various Business Credit Cards in the market, how can you choose the right one? If you’ve perused the options available and pondered, ‘which Business Credit Card is right for my business’ let us guide you. Continue reading to learn a few tips on choosing the right Credit Card for your business.

Tips to Help You Choose the Right Business Credit Card

Here are a few factors to keep in mind when you’re choosing Business Credit Cards in India:

  • Card Type

Modern banking has evolved to the extent that not only can you apply for Credit Cards specifically created for commercial ventures, but these cards are categorised by type. Do you need a Credit Card to control employee spending, via UPI? Are you looking for a Credit Card that helps you streamline wholesale purchases? Will your business Credit Card help you manage expenses as you travel to various locations? These are just a few questions you should ask yourself while choosing a Business Credit Card. Doing so will help you land one that will meet your requirements perfectly.

  • Eligibility Criteria 

Next, pay attention to the eligibility criteria. Do you meet the prerequisites to apply for a particular business card? Usually, eligibility criteria for business cards comprise proof of citizenship and business ownership, sales threshold, credit score, and so on. Do note that the eligibility criteria for a business card may vary based on the lender and card type. However, checking the eligibility criteria before applying can help you save time and choose a card that you’re more likely to get approved for.

  • Features 

Today, Credit Cards aren’t just an easy way to pay for transactions. Apart from swiping, you can also make the most of the features associated with a Credit Card. A Business Credit Card is no different. While looking at the various options, make sure to check out the features offered. From innovative ways to manage funds and pay for transactions to lifestyle perks and the chance to earn rewards, there’s no dearth of beneficial features when it comes to a Business Credit Card. Pick a card with features that best align with your business needs, and you’re all set to go.

  • Terms 

Finally, you must consider the terms associated with the Business Credit Card before making a final decision. One of the key advantages of using a Business Credit Card is the line of credit you can fall back on when strapped for cash. What kind of credit limit is associated with the different Credit Cards you’re considering? Will the amount be enough to meet your requirements? What about the interest rates levied? Will you be able to repay the borrowed amount with the interest charged? Paying attention to Credit Card terms helps you make a realistic choice that addresses your business’ financial concerns and makes repayment easy.

Which Business Credit Card is Right for Your Business?

As mentioned above, you can choose from a variety of card types to meet your operational needs. Here are a few popular types of Business Credit Card types available today:

  • UPI Credit Card 

UPI has made sending and receiving funds quick, convenient, and seamless. If you want to link your Business Credit Card with UPI, this type will work best for you. From managing employee spending to paying for day-to-day business expenses, a UPI-based business Credit Card can make life as a business owner significantly easier. The HDFC Bank UPI RuPay Biz Credit Card is a prime example of this card type. Not only does it help you borrow funds to facilitate UPI transactions, but it helps you earn cash points, enjoy revolving credit, and grants you a 50-day interest-free period.

  • Luxury Credit Card 

Just because a business card is designed for functionality doesn’t mean it can’t help you access the finer things in life. A luxury Credit Card is a business card that’s slightly on the higher end. Whether you’re looking for Credit Cards for yourself or top management, a luxury card can help you enjoy a greater credit limit and grant access to exclusive perks. For instance, the HDFC Bank Business Regalia Credit Card not only helps you manage vendor/supplier payments and GST returns, but also offers rewards, revolving credit, access to loans and airport lounges, and much more!

  • Rewards + CashBack Credit Card 

Wouldn’t it be nice if you were rewarded every time you shopped for an item or paid for a service? That’s exactly what you get with a Business Credit Card bolstered by a robust rewards system! Whether you swipe your card to pay for transactions or use the credit line to allocate funds to employees, you can earn rewards on every spend and rack them up to enjoy exclusive perks. From CashBack and money-saving vouchers to air miles and lifestyle benefits, there are plenty of rewards associated with business cards. The HDFC Bank Business MoneyBack Credit Card is a combination of reward points and CashBack and helps you pay vendors/suppliers, file GST returns, enjoy 4 reward points on every ₹150 spent, get 5% monthly CashBack on essentials, and many more perks!

Final Note

With so much information at your disposal, you can answer the question ‘which Business Credit Card is right for my business’, with greater ease. No matter what type of Business Credit Card you decide to go with, at HDFC Bank we offer it all. Apart from our Credit Card features and robust rewards systems, our helpful customer service and stringent security protocol make our cards an asset to your business. Apply for Business Credit Card by HDFC Bank today and watch your venture soar to new heights!

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Credit Card approvals at the sole discretion of HDFC Bank Limited. Credit Card approvals is subject to documentation and verification as per Bank's requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.

Apply for Business Credit Card by HDFC Bank today and watch your venture soar to new heights!

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