Large firms often issue a corporate credit card to their employees to pay for business-related expenses. These cards are different than personal credit cards in the sense that they are issued directly to a firm instead of any individual. However, the cards may carry the names of respective employees on them. 

Some of the benefits of corporate credit cards include –

• A company can set spending limits on these cards and therefore control how much an employee can spend on transactions.
• The company is liable to pay for the debt accrued in the cards.
• Employees don’t need to pay out of their own pockets for business transactions and wait for their firm to reimburse them later. In addition to that, an employee’s credit report and credit score are not affected in any way.
• It enables the accounts department to streamline and manage expenses and reduce fraudulent activities like theft, receipt manipulation, etc.
• Corporate credit cards come with security features and attractive reward points. The company can cash in the reward points to earn discounts. 

However, a corporate credit card is sometimes confused with business credit cards since both are used to pay for business-related expenses. The former is usually issued by firms that generate around Rs.10 crore or more.

A business credit card is issued to company owners. These are more suitable for small and medium-sized businesses. 

Some corporate credit card benefits are as follows – 

• Attractive reward points and cash back – You can avail reward points on corporate credit cards. However, unlike business credit cards where the company reaps the benefits, corporate cardholders can enjoy the advantages of such reward programs. 

Apart from purchases, some credit card companies also offer reward points as a welcome bonus. There are several things you can do with your credit card reward points, such as to avail discounts on purchases and much more. 

In addition to this, you can also avail cash back on online and offline purchases. Such cash back will enable you to save a substantial amount.

• Lounge access – Some corporate credit cards provide complimentary access to domestic and international airport lounges. 

The Bajaj Finserv RBL Bank SuperCard is a credit card with which one can get up to 8 complimentary lounge accesses in a year. 

The company also provides pre-approved offers for a hassle-free and quick process to avail credits. Besides credit cards, these offers can be availed on multiple financial products like business loans, personal loans, and more. Check your pre-approved offers by entering only a few information like your name and contact information.

• Fuel surcharge waiver – A corporate credit card holder’s can also avail significant surcharge waiver on fuel purchases across any pump in the country. Thus, businesses that require frequent traveling can save a substantial amount on their fuel purchases.
• Travel insurance – Some of these credit cards also come with insurance plans for various travel-related emergencies. One can avail extensive financial support in case he or she meets with an unexpected accident and suffers bodily injury while traveling by air, road, and rail.  

Other than this, corporate credit cards provide insurance against following travel-related liabilities – 

• Loss of or delay in delivery of checked baggage.
• Delay in flight.
• Missed flight.
• Loss of important personal documents.
• Emergency medical expenses.
• Loss of cash due to any unforeseen events while traveling.

Most financial institutions and NBFCs in India provide an array of corporate credit cards. Therefore, make sure to learn about credit card benefits and opt for a product that meets your business requirements. Hence, you should know how to choose the right credit card for yourself. 

For instance, if your business requires you to travel frequently, opt for a card that offers surcharge on fuel purchases. Similarly, there are cards for different professions like doctors and CA.