What are Corporate Credit Cards? Know the Key Features & Benefits

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All companies have their own way of doing things – which forms their ‘corporate culture’. Most companies have their own cost structures and their expenses are usually much bigger than an average individual's expenses. Corporate credit cards is one of the payment methods that companies use to take care of their expenses.
What is a Corporate Credit Card?
This type of credit card is usually provided to its employees by companies to meet their expense needs – it is used on the company’s name by its executives and employees for official expenses. Companies may provide these cards to their employees to pay for various expenses incurred for business purposes. The advantage of providing such cards is that companies can restrict the approved expenses of their employees and trace all expenses easily.
These cards are different from personal credit cards and can be classified on the basis of payment as:
Key features Offered by Corporate Credit Card
Benefits at a glance:
How Do Corporate Credit Cards Work
So, what is a corporate credit card? In simple terms, Using a corporate credit card is similar to using a personal one. Employees typically need to pay for necessities like accommodation and flights, and without a corporate card, they might have to use their funds or credit cards for these expenses. While such expenses are usually reimbursable, they can create a temporary financial strain for employees. This is where corporate credit cards come in handy.
Corporate credit cards can be used for in-person or online payments during business travel like personal cards. Business credit card benefits include a convenient way for companies to pay for employees’ expenses, with payments registered on the company’s card statements. This means that employees’ funds remain untouched while the company can keep track of card usage.
How to Apply for Corporate Credit Cards Online?
Applying for business credit cards is now easier than ever, as most banks offer online applications. To get started, visit your preferred bank's website and browse the available credit cards to find one that suits your organisational needs. Once selected, you can apply for the card directly on the bank's website.
After submitting the online application, the bank will review the details provided and check if you meet the eligibility criteria. If everything is in order, the bank may call you back to proceed with the next steps of the application process. During this call, the bank representative will inform you of any additional documentation or information required to complete the application process. With online applications, getting a corporate credit card has never been easier.
The Bottom Line
Corporate credit card can be a very useful tool in the hands for both employees and employers. On one hand, it makes transactions easy for employees, and on the other, it facilitates business for employers and helps them control expenses. Properly used, this can be a powerful tool for companies.
Disclaimer: This Article is for information purpose only. The views expressed in this Article are personal and do not necessarily constitute the views of Kotak Mahindra Bank Ltd. and its employees
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