The Indian financial market was introduced with credit cards in 1981. Since then, there has been a steady increase in the popularity and demand of this financial tool across a different spectrum of consumers. Today, credit cards are among the highest form of cashless transaction in the nation, adding almost 8.7 million new cards to the already existing 44.2 million active units.
To keep up with the growing demand and stay ahead of the competition, credit card companies have started offering various types of cards, purpose-built for particular financial requirements. Along with the perks and add-on services, non-banking financial institutions also offer financial tools like business credit cards, tailor-made to tackle the unique monitory needs of an organisation.
What is a business credit card?
Business credit cards are financial tools used by organisations to fulfil their financial requirements. Unlike personal credit cards, business cards offer short-time, unsecured finances to businesses to pay for goods and services. It is a great option for organisations that are looking forward to launching credit for their business and helps keep their personal and professional expenditures separate through 2 different lines of credits.
Business credit cards usually offer benefits that are oriented towards large scale and periodic expenditures. For example, cards like Bajaj Finserv RBL Bank SuperCard offers cashback from associated stores on purchase of goods and services, along with additional bonuses upon reaching certain spending milestones. These cards also carry several different types of loyalty programs, like discounts on airfare and hotel booking, complimentary airport lounge access, etc. that business travellers can enjoy during a commute.
How to apply for a business credit card?
The process to apply for such a feature-rich business credit card is hassle-free and time-saving. Let’s take a look at some steps a prospective applicant needs to follow to avail a card.
Go through the eligibility criteria and document requirement –
An applicant has to fulfil some eligibility criteria to apply for a credit card. The minimum requirement to apply for a Bajaj Finserv RBL Business Credit Card include –
- Age – An applicant must be between 25 to 65 years of age.
- Financial history – He or she should have a good financial history with no records of defaulting. They should also have a credit score of at least 750 or higher.
- Profession – Applicants should be a self-employed or salaried individual with a steady source of income.
- Resident – They should be a residing citizen of India, living in a SuperCard Live location to apply for a card.
They would also have to submit some documents while applying for the card. These include:
- Identity proof like driving licence, passport, Aadhaar Card, Voter ID, etc.
- Address proof, like post-paid telephone bill, electricity bill, Voter ID, Aadhaar, etc.
- Recent passport-sized photograph.
It is necessary to collect these documents before applying for a business credit card as an applicant will have to submit these for the verification process.
Fill-in and submit the credit card application form –
After collecting the necessary documents, and ensuring they fulfil the eligibility criteria, an applicant can visit the issuer’s website and fill the online application form to proceed with the application process. The form will ask for certain details like name, mobile, number, email ID, etc. along with professional information like employment, salary, etc. to complete the application. The applicant will be able to track the RBL Bank credit card status once the application is processed.
The hassle-free application process help save a significant amount of time and effort while applying for a credit card for business. Moreover, Bajaj Finserv also brings you pre-approved offers on credit cards as well as unsecured credits like personal loans, business loans, and secured advances like home loans that make availing a credit simple and time-saving. You can check your pre-approved offer by sharing only your name and contact details online.
Following the above mentioned steps will help an applicant successfully apply for a business credit card offered by Bajaj Finserv. Once the application is approved, their cards will be dispatched to them via post.