A Step-By-Step Guide to Apply for Business Credit Card

Business owners who use business credit cards have access to a continuous credit line that may be used for various commercial transactions. Significantly, it is intended to assist business owners, entrepreneurs, and freelancers in streamlining their business expenses. It is incredibly convenient and raises your business’s credit score while enhancing its purchasing power.

You developed the concept, the brand name, and the business strategy; therefore, as a business owner, you must apply for business credit card. It helps business owners with expenses and simplify money management. Corporate credit cards meet business needs better than personal credit cards, regardless of how big or little, old or new the firm is.

Continue reading and learn more about business credit cards, the steps to apply for business credit card, and how it is helpful for businesses.

What is a business credit card?

Usually, anyone who owns a business is eligible for a business credit card including large firm owners, operators, and sole proprietors. Business credit cards are often intended with expenses related to running a business, such as buying supplies, office equipment, or travel. Business owners with good to excellent credit score can apply for a business credit card. Although it is optional to have a specific presence or a large workforce, a business credit card application will only ask for proof of income.

There are two types of business credit cards, start-ups are given small business cards, whereas large, well-established businesses are offered corporate cards. In the case of a corporate business card, the liability will either be with the individual or a firm. In contrast, for small business cards, the liability usually remains with the user.

Steps to apply for business credit card

If you wish to apply for a business credit card, you may visit any company’s official website. To finish the application process, follow the steps listed below.

1. Visit the business credit card provider’s website
2. Click on the signup tab present on the home page
3. Create your account by entering your phone number and email id
4. Log in by entering the OTP shared on your phone number to access the platform
5. Click on the credit card tab once you access the platform
6. Enter your GSTN information for PAN verification 
7. Click on the save button and link your bank account 
8. Upload your bank statement or bank details and initiate verification 
9. After that, select the company type and sub-category
10. Upload your PAN number, email address, and mobile number, and submit the application

Benefits of a business credit card

If you are a business owner, apply for business credit card right away, as it provides the following benefits:

1. Boost credit worthiness: You may assist your business in establishing a solid credit history and raise your credit score by getting a business credit card. It can be utilisedfor all of your business-related transactions and paying off the amounts on time. While assisting you in obtaining better rates and terms on future loans it also helps inimproving company’s credibility.

2. Improves cash flow: Accessing sufficient cash flow is crucial for all organisations, regardless of size or industry. Moreover, a credit card expands your company’s credit options and improves the cash flow.

3. Monitor employee spending: If your company has employees that make purchases, inventory supplies, or travel on your behalf, then giving them a corporate credit card is advantageous. It helps keeping a tab on employee spending transparent, and you can quickly see how much they are spending and on what.

4. Separates personal and corporate spending: When you have a separate business account, it is simpler to keep track of your business expenses. For instance, if you did not make a transaction that included both business and personal expenses, so there is nothing on the receipt that has to be highlighted.

5. Have your business expenses organised: In addition to keeping your personal and professional expenses apart, having a business credit card also makes it simple to manage your expenses. It makes bookkeeping easy and lets you maintain tabs on your monthly business expenses. You can also manually review the monthly credit card statements to analyse your costs. A well-organised record-keeping system can save your time, especially when you are filing IT returns and computing GST, among other things.

For business owners, having a business credit card is a bonus. Each business owner should decide which card structure best suits their company’s needs because the features of business credit cards vary. Apply for business credit card right away by visiting EnKash
’s website. EnKash assists you with business credit cards, offered by their trusted banking partners. You can explore features like flexible billing cycles, a simple KYC process, a choice of card variants, and the ability to establish, manage, and set expense limits. So, what are you waiting for? Go ahead and apply for a business credit card today!

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