Things You Need to Know About Applying for a Business Credit Card

Things You Need to Know About Applying for a Business Credit Card

10 March, 2023

As a business owner, you have to constantly ensure that you have the funds to keep your operations running smoothly. A lack of adequate capital can put a damper on your business activities. To that end, you can rely upon external financial assistance. One way in which you can procure the funds needed for your enterprise is through a business credit card. Today, banks offer business credit cards that can help you meet your business's short-term needs. Continue reading to learn more about how to apply for a business credit card and how it can be of help.

What are the Features of a Business Credit Card?

Before moving on to how to get a business credit card, let's understand what it is and what some of its salient features are.

Essentially, a business credit card is exactly like other credit cards. It is a plastic-based card issued by a financial insituiton, like a bank, that allows businesses to enjoy a line of credit. Thus, you can pay for your business expenses using the card and repay the amount at a later date. It is a smart way to manage your business, and these cards offer the following benefits that help you do the same:

  • Revolving Credit Benefits: If you run a small business, shop, mart, sole-proprietorship, etc. you can benefit from business credit cards that allow you to get continuous access to funds for your business needs. The revoliving credit benefit ensures that you can manage your monthly business expenses uninterruptedly.

  • Security: Business credit cards come with stringent security measures that ensure no fraudulent or illegal activity is taking place with your funds. Plus, you can avoid the hassle of managing and tracking cash.

  • Convenience: You can easily manage a business credit card through your bank's net or mobile-based portal. From making payments, money transfers, and viewing statements and bills to raising disputes, you can execute all your activities conveniently.

  • Rewards: Banks often offer reward points, cashback, discounts and other deals on business credit cards. Using the card for your business can help you earn rewards and you can redeem them for gifts, vouchers, etc.

  • Multi-purpose: You can use business credit cards for all sorts of purposes. From financing business expenses to travel, utilities, repair, and overheads, all of it can be put on your business credit card. You can also restrict the purpose for which the card can be used to control expenditure.

  • Multiplicity of Payments: You can use your businesss credit card to make payments for all kinds of purposes. From payment gateways and vendor payments to GST payments and paying for utility bills, your business credit card can act as a one-stop solution for it all.

How Can You Apply for a Business Credit Card?

You can follow the steps given below to apply for a business credit card:

  1. Visit your bank's website and find the business credit card page.

  2. Take some time to browse through the features and benefits to make an informed decision.

  3. Check the eligibility criteria as listed by the bank in question to see if you qualify.

  4. If you are eligible, click on the 'apply now' button and choose the card you want to apply for.

  5. Fill out the credit card application form.

  6. Provide copies of all the documents as having been listed by the bank.

  7. The bank will process your application and contact you regarding the same.

Now that you know how to apply for a credit card for business, you can ensure that you have one to meet any financial need that crops up.

HDFC Bank realises the crucial role capital plays in a business' operational activities. Thus, HDFC Bank has designed various products and services to help business owners meet their capital requirements. HDFC Bank has created MyBusiness, a one-stop portal that allows you to access financial products and services as per your business needs. With MyBusiness, you can easily avail of loans, digital solutions, and business knowledge to benefit your venture.

To learn more about the various products and services at HDFC Bank that can benefit your enterprise, you can check out the MyBusiness page here.

Click here to apply for your Business Credit Card now!

Read more about How To Accept Online Credit Card Payments by clicking right here!

​​​​​​​*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. HDFC Bank recognises the challenges entrepreneurs face while acquiring capital. Thus, HDFC Bank has created MyBusiness, a one-stop solution that gives you easy access to loans, digital solutions and provides you with the essential knowledge you need to run your business. With HDFC Bank MyBusiness, you can scale up, expand your operations, and nurture your business. 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.

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