Business Credit Card Emerging as an Essential Financial Tool for the Corporate Sector
Business credit cards are corporate payment solutions that offer quick, short-term credit facilities intended particularly for businesses rather than personal use. These cards help employees by providing temporary fundings and managing expenditure. Limited grace period is given to the cardholder to repay the balance spent to the issuer. Two common categories of business credit cards are corporate business cards and small business cards. Corporate business cards are issued to established giants, whereas small business cards are offered to start-ups. What Makes Business Credit Cards Important for Companies? According to Allied Market Research, the business credit cards industry is expected to witness a revenue rise of $59.9 billion by 2032 from $33.5 billion in 2023, registering a CAGR of 7% from 2024 to 2032. The revenue growth is majorly driven by rapid expansion of small- and medium-sized businesses. This is attributed to the fact that small businesses face challenges in procuri...