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Types Of Commercial Credit Cards
Corporate Platinum Credit Card
HDFC Bank Corporate Credit Cards. Ready For You
Features:
- Earn 3 Points Per ₹150 Spent.
- Get 2 Free Airport Lounge Visits Quarterly.
- ₹1 Crore Air Accident Insurance.
Benefits:
Corporate Premium Credit Card
HDFC Bank Corporate Credit Cards. Ready For You
Features:
- Earn 5 Reward Points Per ₹150 Spent.
- Get 5 Free Domestic Airport Lounge Visits Quarterly
- Enjoy 6 Annual Priority Pass International Lounge Visits.
Benefits:
Purchase Premium Credit card
Features:
- Centralise Payments For Streamlined Purchases
- Up To 50 Days Interest Free Credit Period
- Cashback And Reward Points On Business Expenses
Benefits:
Purchase Credit Card
Features:
- Streamline Purchase Payment Process
- Improved Process Efficiency
- Improve Accountability Measures
Benefits:
AR: Accounts Receivable Program
Features:
- Centrally Administer Working Capital Expenses
- Tailor Credit Cycles To Your Needs
- Secure Closed Loop Payments For Select Vendors
Benefits:
Auto Insurance Program
Features:
- Secure Closed Loop Card For Approved Insurers
- Smooth And Automated Payment Procedures
- Loyalty Rewards For Preferred Auto Programs
Benefits:
Fleet Program
Features:
- Corporate And Fleet Operator Fuel Procurement Programme
- Partnerships With Indian Oil Marketing Companies (omcs)
- Extended Credit Period Of Up To 37 Days
Benefits:
TMC Card
Features:
- Centralised Payment Solution For Inventory.
- Secure Closed Loop Payments For Selected Merchants
- 7 Mis Reports Available.
Benefits:
More about Commercial Credit Cards
Commercial Credit Cards offer a wide range of benefits:
Simplified and Streamlined Expense Management: Commercial Credit Cards simplify expense tracking by providing detailed statements that categorise spending. This makes it easier for companies to monitor and manage their finances.
Credit Limit Flexibility: Commercial Credit Cards may often come with higher credit limits than personal cards, providing businesses with greater purchasing power to cover various expenses.
Employee Spending Control: Commercial Cards may offer features like individual spending limits and real-time monitoring which allows businesses to control and track employee spending effectively.
Credit Card Rewards: Certain specific Commercial Credit Cards may also offer rewards programmes on business spendings, such as cashback or reward points for business-related purchases.
Travel Benefits: These cards may offer travel-related perks, including travel insurance, airport lounge access and reward points redemption against flights and accommodation. This can be beneficial for companies with frequent travel needs.
Streamlined Vendor Payments: Purchase Cards can be used to manage vendor payments, utility bills, fuel payments, bulk payments, etc.
To apply for HDFC Bank’s Commercial Credit Cards, you need to be self-employed individuals, proprietors of micro and small businesses, medium enterprises, traders, merchants, and professionals such as doctors, lawyers, chartered accountants, and consultants. If you fit these eligibility criteria, you can visit the HDFC Bank website, where you can choose your preferred Commerical Credit Card, fill out an application form, submit your KYC documents, and apply online.
Here’s a brief on how Commercial Credit Cards work:
Issuance: Depending on the company’s eligibility, the card issuer will issue a Commercial Credit Card for the corporates. The company can then request the card issuer to issue cards to individual employees in their name.
Card Limits: Transaction limits can be set on the card to ensure the employees do not go overboard with spending. Depending on the employee’s designation in the company, the card limits can vary.
Usage: Commercial Credit Cards can be of two types, Corporate Credit Cards and Purchase Credit Cards. The former allows employees to pay for business expenses like travelling, meals, commuting, etc. A Purchase Credit Card allows companies to manage vendor payments.
Settlement: The Commercial Credit Card bills are directly settled by the company. The company may make a consolidated payment for all cardholders.
You can use and manage your HDFC Bank Commercial Credit Card through the Commercial Card Portal. This portal allows you to make credit limit adjustments, report lost or stolen cards, and generate PINs.
Frequently Asked Questions
A Commercial Credit Card is a type of Credit Card specifically designed to manage business expenses. These cards are typically issued to corporate employees for business-related expenses. This eliminates the need to use personal funds to pay for business expenses and the hassle of the reimbursement process.
Corporates can apply for Commercial Credit Cards.
The credit limit of a Commercial Credit Card can vary based on the card variant and the overall financial standing of the business.
Corporates can apply for Commercial Credit Cards.
Typically, small business owners are eligible for Business Credit Cards. Corporate Credit Cards are issued to owners and numerous employees of larger, well-established companies. Both these cards offer better business expense handling.
The fees and charges for a particular Commercial Credit Card variant can be accessed via the card issuer’s website. Types of charges typically include late payment charges, cash advance charges, fuel surcharges, card re-issuance charges, etc. You can find the schedule of charges for HDFC Bank Commercial Credit Cards here.
The application process for a Commercial Credit Card involves submitting business proof and an adequate track record. The required documents must be submitted to the bank along with the application form duly signed by the relevant authorities in the company.
Prefix "00" before the 14-digit card number when making payments to ensure successful processing.