Some financial services from banks and other finance investment companies are very good and useful for the common man. These services help them to get rid of their financial woes faster. These services are extremely helpful & popular among the people. However, there are certain services which are very special and they are provided by banks only. The credit cards, for example, are one of the most useful services which allow the users to get instant financial aid as and when they need. The users are given a card which they can use at any store, hospital or any other place to make instant payments. These payments are actually made by the banks and the card holders are required to repay the same later as per their convenience.
Also read: Bonuses For NRIs Starting Business In India
The banks in India offer special cards for the Indian businessmen who need instant funding at certain points of time. These credit cards are issued by prominent banks in India. Following are some of the successful banks in India, in terms of credit card business:
Recommended card for you – SBI Simply Save
Probably the best credit card in India for shopping & cashback!
Who can avail the business credit card?
As the name suggests, the businessmen in India can only avail these types of credit cards. In special cases, the banks look for certain conditions to be fulfilled when it comes to providing special features to the businessmen. The annual turnover of the business owners is an important criterion for the grant of credit cards for Indian businessmen.
Documentation required for credit cards for businessmen:
The banks need to keep touch with the businessmen availing their credit cards. The documentation of the application is critical as all the documents are required to undergo verification procedure by the banks. The application is rejected in case any anomalies are detected in the documents. The businessmen are required to produce the following with their application:
Proof of Age (Date of Birth certificate, Certificate of Board examination, or admit card of board exams)
Proof of residential address
Proof of income/ business turnover, and
Trade license, etc.
Things to know before getting a credit card:
Operating a credit card for a businessman can be very critical as the entire thing is highly technical. The businessmen must have a very good idea and knowledge of all these technical matters to get the best use of their credit cards. It is an accepted fact that any misuse of the credit card can impose large burden on the businessmen which they would be required to meet later on. The following things must be kept in mind while starting proceedings for a credit card:
The rates of interest which the businessmen are required to pay along with the amount taken as a credit. These rates change frequently and the businessmen are required to keep an eye on these rates. The rates for credit card dues are usually high. The interest is charged on the outstanding dues of the businessman.
Annual chargeable fee and other charges is yet another critical aspect of these credit cards. The monthly interest rates are accumulated to set the annual percentage rate (APR). It is relatively high to manage for a mediocre businessman.
Transparency in the deal is an important thing that every card user must pay attention to. The banks provide monthly statements containing all the transactions followed by the outstanding dues.
Payment of bills is a critical issue with credit card holders. Most of the banks accept payment from ATM outlets only which is quite good and easy to handle. However, the same can be deposited in the branches of the banks or even paid online.
Hope you found it useful.