Credit Card Trends for Small Business Owners

By OneCard   |   May 27, 2024

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Gone are the days of heavy wallets and messy receipts. Credit cards for business owners have become the go-to tool for managing finances and making purchases. They offer convenience, flexibility, and buying power, making them ideal for any entrepreneur on the move. They’ve completely changed how businesses pay, manage finances, and access credit.

As India’s economy and technology continue to soar, the future of credit cards for business owners is looking even brighter. Choosing the right credit card for business owners is crucial, but it can be overwhelming with ever-evolving trends and options. Not to worry. Staying on top of these trends can help

Credit Card Trends in India

1. Contactless & Mobile Payments

The pandemic pushed contactless payments into the spotlight, and they’re not going anywhere. With NFC (Near-Field Communication) technology, you can simply tap your card for a quick and safe transaction—ideal for those who are always on the move. Enjoy the ease and perks of contactless payments using cards that link smoothly with UPI options like Google Pay.

2. On-the-Go Virtual Card

The digital revolution extends to credit cards for business owners. Virtual cards offer secure, convenient options for online transactions—no need to carry your physical cards around. Store your card details securely in apps like the One Credit Card app, and enjoy convenience with added protection.

ALSO READ: Future of Credit Cards - Are Virtual Cards the Future?

3. Enhanced Security Options

Cybersecurity is paramount. Many credit cards for business owners now boast biometric authentication, like fingerprint or facial recognition, adding an extra layer of protection against unauthorised use. Choose a card that prioritises your financial well-being, utilising advanced security measures to keep your transactions safe.

4. Sustainable and Eco-Friendly Choices

Sustainable and eco-friendly cards made from recycled materials and offering rewards for environmentally conscious spending are gaining traction. Environmental awareness is influencing consumer choices, driving them to opt for brands that promote and champion sustainability. Select a credit card that aligns with your values and contributes to a greener future.

5. Buy Now, Pay Later (BNPL)

Need some breathing room? Buy Now, Pay Later (BNPL) options integrated into credit cards for business owners are here to help. BNPL services are gaining traction in India because they offer flexible payment options for purchases. Many credit cards for business owners now integrate BNPL features, allowing you to manage cash flow by spreading payments over fixed instalments. Remember to compare terms and conditions carefully before opting for BNPL.

6. AI-Powered Customer Service

Artificial Intelligence (AI) is revolutionising credit card customer support. Chatbots and virtual assistants are available to answer your credit card-related queries at any time. Credit card companies are using this technology through their websites and apps to resolve customer queries instantly by answering your questions about payments, lost cards, and more. This positively influences a business’ customer experience—a big factor in this era of countless competitors looking for an edge.

7. Financial Education & Wellness Programs

Forget just transactions; credit cards are evolving into business financial partners. Credit card issuers have recognised the importance of financial literacy. They now offer dedicated programs like budgeting tools, spending trackers, and educational resources. Therefore, business owners are empowered to make informed decisions, optimise spending, and even improve credit scores. It’s a win-win: businesses gain financial confidence while issuers build stronger relationships.

8. Personalisation & Tailored Rewards

Credit cards for business owners are becoming personalised, catering to your unique needs and spending habits. Credit cards offer travel rewards, cashback discounts, and business transaction benefits. Hence, it aligns perfectly with the spending habits of business personnel.

ALSO READ: Advantages of Credit Cards in India

Factors To Keep in Mind Before Choosing the Best Credit Card for Your Business

Selecting the best credit card for a business owner in India requires careful consideration. Here are some crucial factors to guide your decision:

1. Analyse Spending

Identify a credit card that aligns with your expenses. Use the 'Insights' on the OneCard app to track costs and maximise rewards.

2. Check Out the Fees

Compare annual fees and interest rates across credit cards for business owners. One Credit Card offers no joining or annual fees, making it a budget-friendly option.

3. Credit Score Matters

Many of the best credit cards for business owners have minimum credit score requirements. If yours falls short, consider secured cards to build your creditworthiness. Consider applying for the One Credit Card’s FD-backed credit card that does not require a credit score.

4. Rewards Tailored to You

Skip generic perks. Explore credit cards for business owners with industry-specific rewards like travel points, cashback, or lounge access.

5. Special Features Matter

Look for contactless payments, online discounts, and many more (depending on your usage) to enhance the experience of your credit card.

ALSO READ: What is Contactless Credit Card & How Does It Work?

To conclude, the best credit card for business owners is the one that aligns with your needs. Do your research, compare different options, and choose a card that empowers your business to thrive. With 5% cashback on your top spending category, seamless mobile app integration, and advanced security features, One Credit Card is worth it.

**Disclaimer: The information provided in this webpage does not, and is not intended to, constitute any kind of advice; instead, all the information available here is for general informational purposes only. FPL Technologies Private Limited and the author shall not be responsible for any direct/indirect/damages/loss incurred by the reader for making any decision based on the contents and information. Please consult your advisor before making any decision.