Union Bank Corporate Credit Card: Benefits & Apply

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Features of the Union Bank Corporate Credit Card

Overview of the Corporate Credit Card: The Union Bank of India Corporate Credit Card is designed to cater to the financial needs of businesses, offering a robust expense management solution for corporate entities. This card facilitates seamless transactions, expense tracking, and financial control, enabling companies to streamline their operations. With features tailored to business requirements, it supports both large corporations and small-to-medium enterprises (SMEs) in managing expenses efficiently. The card is equipped with advanced functionalities that ensure convenience, flexibility, and security, making it a preferred choice for corporate financial management.
Types of Corporate Credit Cards: Union Bank of India offers multiple variants of corporate credit cards, each tailored to specific business needs. These include cards for travel, procurement, and general corporate expenses. For instance, the Union Bank RuPay Corporate Credit Card and Visa Corporate Credit Card are popular options, each with distinct features. The RuPay variant emphasizes local transactions and benefits like fuel surcharge waivers, while the Visa variant offers global acceptance and travel-related perks. Companies can choose a card based on their operational requirements, such as frequent travel, bulk purchasing, or employee expense management.

- RuPay Corporate Credit Card: The RuPay Corporate Credit Card is ideal for businesses operating primarily within India. It supports contactless payments, ensuring quick and secure transactions at point-of-sale (POS) terminals. The card is Aadhaar-enabled, allowing seamless integration with government-related transactions. It also offers personalization options, enabling companies to customize card designs with their branding, fostering a sense of corporate identity.
- Visa Corporate Credit Card: The Visa Corporate Credit Card is designed for businesses with international operations. It is accepted worldwide, making it suitable for global travel and procurement. The card includes features like foreign currency transaction support with competitive markup fees (typically 2.5% after conversion to Indian Rupees). It also provides enhanced security features, such as EMV chip technology and Verified by Visa for secure online transactions.
- Expense Management Tools: One of the standout features of the Union Bank Corporate Credit Card is its robust expense management system. The card integrates with a Management Information System (MIS) that provides detailed transaction reports. This allows companies to track employee spending, categorize expenses, and analyze financial patterns. The MIS tool generates real-time reports, helping businesses make informed decisions about budgeting and cost control. Companies can set individual spending limits for employees, ensuring compliance with corporate policies.
- Reward Points and Cashback: The card offers a rewards program tailored to corporate spending. For every ₹100 spent on eligible transactions, cardholders earn reward points (e.g., 4 points for the Union Bank Signature Corporate Credit Card). These points can be redeemed for vouchers, merchandise, or travel benefits through the Union Rewards Website. Additionally, cashback offers are available on specific categories like utility bills (up to ₹50 per month) and fuel purchases (1% surcharge waiver). These rewards incentivize responsible spending while reducing overall costs.
- Insurance Coverage: The card includes comprehensive insurance benefits to protect businesses and employees. Coverage includes:
  Accidental Insurance: Up to ₹30 lakh for air accidents, depending on the card variant.
  Lost Card Liability: Protection against unauthorized transactions, with limits up to ₹3 lakh.
  Baggage Loss/Delay: Coverage for baggage loss (up to ₹30,000) and delays (up to ₹30,000), ensuring peace of mind during business travel.
  These insurance benefits enhance the card’s value, providing financial security for corporate travelers and businesses.
- Contactless Payments and Security: The card supports contactless payments, enabling quick and secure transactions at NFC-enabled terminals. It is equipped with EMV chip technology, reducing the risk of fraud. Additional security features include two-factor authentication for online transactions and the ability to block the card instantly via mobile or internet banking in case of loss or theft. These features ensure that corporate transactions remain secure and efficient.
- Lounge Access and Travel Benefits: For businesses with frequent travelers, the Union Bank Corporate Credit Card offers lounge access at select airports (e.g., 4 free accesses per year with the RuPay Select variant). This enhances the travel experience for employees, providing a comfortable environment during layovers. Additional travel benefits include discounts on hotel bookings and competitive foreign currency exchange rates, making international business trips cost-effective.
- Flexible Credit Limits: The credit limit on the Union Bank Corporate Credit Card is determined based on the company’s financial profile, including revenue, credit history, and banking relationship with Union Bank. Limits can range from ₹50,000 to several lakhs, with the option to request an increase by submitting financial documents like audited reports or income tax returns. The card also allows businesses to set sub-limits for individual employee cards, ensuring controlled spending.
- EMI Facility: The card offers an Equated Monthly Installment (EMI) facility for large transactions, allowing businesses to convert high-value purchases into manageable installments. This feature is particularly useful for procurement of equipment or bulk supplies. However, a nominal processing fee (e.g., 2% of the outstanding EMI amount) may apply for pre-closure of EMIs.
- Fuel Surcharge Waiver: The card provides a fuel surcharge waiver of up to ₹75 per month on transactions between ₹400 and ₹4,000 at fuel stations across India. This benefit reduces operational costs for businesses that rely on vehicles for logistics or employee travel.
- Global Acceptance: The Visa and RuPay variants ensure global and domestic acceptance, respectively. The Visa Corporate Credit Card is accepted at millions of merchants worldwide, while the RuPay variant is widely accepted across India, particularly at government and utility payment counters. This dual acceptance ensures versatility for businesses operating in diverse markets.
- Auto-Debit and Payment Flexibility: The card supports multiple payment options, including auto-debit from a linked Union Bank savings account, online payments via net banking, and offline payments at branches. This flexibility ensures timely bill payments, reducing the risk of late fees or interest charges.
- Customization and Branding: Companies can personalize corporate credit cards with their logo or brand name, enhancing corporate identity. This feature is particularly appealing for large organizations looking to reinforce their brand during business transactions.
- Customer Support:
  Online Banking Integration: The card integrates with Union Bank’s net banking portal, allowing businesses to monitor transactions, pay bills, and manage limits online.
  Merchant-Specific Offers: Discounts and cashback on select merchants, such as restaurants and utility providers.
  Revolving Credit: The card offers revolving credit, allowing businesses to carry forward unpaid balances to the next billing cycle, subject to interest charges.
  The Union Bank Corporate Credit Card combines functionality, security, and rewards, making it a valuable tool for modern businesses seeking efficient financial management.

Benefits of the Union Bank Corporate Credit Card

Enhanced Financial Management: The card streamlines business financial operations with an integrated Management Information System (MIS) that provides detailed transaction reports. This enables companies to track spending, categorize expenses, and optimize budgets, promoting financial discipline and cost savings. For example, businesses can analyze travel expenses to negotiate better vendor deals or reduce unnecessary costs.
Cost Savings through Rewards and Cashback: The rewards program lets businesses earn points on every transaction. For instance, the Signature Corporate Credit Card offers 4 reward points per ₹100 spent on shopping, dining, and groceries. Points can be redeemed for vouchers, merchandise, or travel benefits, reducing operational costs. Additionally, cashback on utility bills (up to ₹50/month) and fuel surcharge waivers (up to ₹75/month) provide direct savings, especially for companies with significant utility or transportation expenses.

- Improved Cash Flow Management: The interest-free credit period of 21 to 50 days allows businesses to defer payments without incurring interest, aligning expenses with revenue cycles.
- Travel and Lifestyle Perks: The card offers 4 free lounge accesses per year and discounts on hotel bookings, reducing travel expenses and improving employee satisfaction during business trips.
- Comprehensive Insurance Coverage: Provides up to ₹30 lakh coverage for air accidents, ₹3 lakh for lost card liability, and ₹30,000 for baggage loss or delay, offering financial security for employees and businesses.
- Flexible Payment Options: Supports auto-debit, net banking, and branch payments, with a revolving credit facility for carrying forward balances, allowing convenience during cash flow constraints.
- Enhanced Security Features: Includes EMV chip technology and two-factor authentication, with instant card blocking via mobile or internet banking to minimize fraud risks.
- Employee Expense Control: Enables setting individual spending limits to ensure corporate budget compliance and simplify expense tracking across departments.
- EMI Facility for Large Purchases: Converts high-value transactions into installments from 3 to 24 months, supporting cash flow by spreading out payments, with a nominal fee for pre-closure.
- Brand Visibility: Personalized cards with company branding enhance corporate identity during transactions, reinforcing brand presence.
- Global and Domestic Acceptance: The Visa variant supports international use, while the RuPay variant offers widespread acceptance across India, including government and utility payments.
- Spend-Based Fee Waivers: Annual fees (₹299) are waived if spending exceeds ₹30,000 in the previous year, encouraging active card usage while lowering costs.
- Customer Support Accessibility: 24/7 support through toll-free numbers and email helps resolve disputes, card activation, or limit issues promptly, minimizing business disruptions.
- Simplified Procurement: Enables bulk purchases without immediate cash outflows, benefiting manufacturing and retail industries, with high credit limits and EMI options.
- Tax Benefits: Eligible business expenses like travel and equipment may be tax-deductible, reducing taxable income; consult a tax advisor for details.
- Integration with Digital Platforms: Seamless management via net banking and mobile apps with real-time alerts, online payments, and limit adjustments for operational efficiency.
- Support for SMEs: Accessible to small and medium enterprises, including secured cards against fixed deposits, ensuring broader credit availability.
- Competitive Interest Rates: Cost-effective rates compared to other corporate cards; timely payments are recommended to avoid interest and maintain credit health.

How to Apply for Union Bank Corporate Credit Card

Online Application Process:
Step 1: Visit the Credit Card Portal
- Navigate to the ‘Credit Cards’ section on Union Bank’s website.
- Select the Corporate Credit Card variant that aligns with your business needs (e.g., RuPay or Visa).
- The portal provides detailed information about each card’s features and benefits to help you choose.
Step 2: Fill the Application Form:
- Complete the online application form with details about the company, including name, registration number, and contact information.
- Provide details of the authorized signatory and the employee(s) for whom the card is issued.
- Ensure all fields are accurately filled to avoid delays.
Step 3: Upload Documents
- Upload scanned copies of required documents such as company PAN card, audited financial statements, and KYC documents for authorized signatories.
- The portal typically accepts PDFs or JPEGs; file size limits may apply (e.g., 2MB per document).
Step 4: Submit and Track Application
- After submitting, receive a confirmation with an application reference number.
- Use this number to track status via the portal or by contacting customer care.
- A bank representative may contact you for verification or additional information.
Offline Application Process:
Step 1: Visit a Union Bank Branch
- Locate the nearest Union Bank branch using the bank’s website or customer care.
- Schedule an appointment with a bank official to discuss the corporate credit card application.
Step 2: Obtain the Application Form
- Request the Corporate Credit Card application form at the branch.
- Alternatively, download and fill it from the Union Bank website in advance.
Step 3: Submit Documents
- Submit the completed application form with self-attested copies of required documents.
- Ensure all documents meet the bank’s specifications to avoid rejection.
- A bank official will verify the documents and guide you through next steps.
Step 4: Board Resolution
- A board resolution approving issuance of the card to authorized employees is mandatory.
Step 5: Verification and Approval
- The bank reviews the application, verifies documents, and assesses creditworthiness.
- Approval typically takes 7 to 10 working days.
- Upon approval, the card is dispatched to the company’s registered address or branch for collection.
Application via Net Banking:
Log in using customer ID and password.
Navigate to the ‘Credit Cards’ section and follow prompts to apply.
Card Activation:
- SMS Activation: Send ‘CARDACKW’ followed by last four digits of card number from registered mobile.
- Net Banking/Mobile Banking: Activate via Union Bank portal or app.
- Customer Care: Call toll-free number for activation assistance.

Eligibility Criteria for the Union Bank Corporate Credit Card

Company Type and Structure:
- Private Limited Companies: Must be registered under the Companies Act, 2013, with a valid PAN card.
- Public Limited Companies: Should have a proven track record and audited financials.
- Partnership Firms: Must provide partnership deeds and financial statements.
- Sole Proprietorships: Eligible with proof of business income and registration.
- SMEs and Startups: Can apply with relaxed criteria, such as secured cards against fixed deposits.
Age Requirements:
- Primary Cardholder (Authorized Signatory): Must be between 21 and 70 years of age.
- Add-On Cardholder (Employees): Must be at least 18 years old. Add-on cards share the primary card’s credit limit.
Income and Financial Stability:
- Minimum annual income or company turnover generally starts at ₹2.5 lakh per annum or ₹10 lakh for SMEs, depending on the card variant.
- Premium variants like Visa Signature Corporate Credit Cards may require turnovers of ₹50 lakh or more.
- Secured cards against fixed deposits (125% margin) are available for businesses lacking credit history or income proof.
Credit Score and History:
- Preferred minimum corporate credit score is 700.
- Timely payment history and low credit utilization ratio (below 30%) are critical.
- History of defaults or late payments reduces approval chances.
- Secured card option is available for those with no or poor credit history.
Nationality and Residency:
- Only Indian-registered companies or businesses with a significant presence in India are eligible.
- The authorized signatory and add-on cardholders must be Indian residents.
- Cards can be enabled for international usage if needed.
Board Resolution:
- A mandatory board resolution authorizing issuance of the card to named employees.
- The resolution must be signed by authorized directors/signatories and specify card purpose.
Employment and Business Stability:
- Minimum 2 years of stable business operations preferred.
- Larger employee base may lead to higher credit limits, but SMEs are also eligible.
- Industry type and risk profile are considered; stable sectors like IT and manufacturing preferred.
Banking Relationship:
- Existing accounts, loan history, and transaction volume with Union Bank improve approval chances.
Document Verification:
- Submission of valid KYC documents for all signatories and employees.
- Audited financial statements and Income Tax Returns for the last 2 years may be required for large corporations.
Additional Criteria and Considerations:
- Debt-to-income ratio, credit utilization, and multiple simultaneous credit applications are evaluated.
- Internal bank policies and prevailing economic conditions may influence final approval and credit limits.
- Timely submission of complete and accurate documents accelerates approval.

Documents Required for the Union Bank Corporate Credit Card

Company-Related Documents:
- Company PAN Card: A copy of the company’s Permanent Account Number (PAN) card is mandatory.
- Registration Certificate: Certificate of Incorporation for private/public limited companies; partnership deed for partnership firms.
- GST Registration Certificate: Proof of GST registration, if applicable.
- Audited Financial Statements: Balance sheets and profit-and-loss statements for the past 2 years, audited by a certified chartered accountant.
- Income Tax Returns (ITRs): ITRs for the past 2 years, along with computation sheets.
Authorized Signatory Documents:
- Identity Proof: Aadhaar Card, Passport, Voter ID, Driving License, or PAN Card.
- Address Proof: Aadhaar Card, Passport, Voter ID, Driving License, or Utility Bill (not older than 3 months).
- Photograph: Two recent passport-size color photographs.
- KYC Form: Completed KYC form as per RBI guidelines.
Employee Documents (for Add-On Cards):
- Identity Proof: Aadhaar, Passport, Voter ID, or Driving License.
- Address Proof: Same as authorized signatory.
- Employment Proof: Company-issued ID card or appointment letter.
- Photograph: Two passport-size photographs.
Board Resolution:
- Formal approval for issuing the card to specific employees.
- Names and designations of authorized signatories.
- Signatures of at least two directors or authorized personnel.
- Company seal, if applicable.
Financial Documents for Credit Limit Assessment:
- Bank Statements: Last 6 months’ statements for the company’s primary account.
- Salary Slips (if applicable): Latest 2 months’ salary slips or Form 16 for salaried authorized signatories.
- Fixed Deposit Receipt (for Secured Cards): With required margin (e.g., 25%).
Additional Documents:
- Application Form: Filled and signed corporate credit card application.
- Business Profile: Brief document outlining operations, industry, and market presence.
- Trade License: If applicable.
- Memorandum and Articles of Association (MOA/AOA): For private/public limited companies.
Document Submission Guidelines:
- Self-attest all documents by the authorized signatory or employee.
- Submit scanned copies (PDF/JPEG) for online applications or physical copies at branches.
- Ensure documents are complete and legible to avoid delays.
- The bank may request additional documents during verification.
Secured Card Documentation:
- Fixed Deposit Receipt.
- Company PAN Card.
- KYC documents of authorized signatory.
- Board Resolution.
Common Documentation Challenges:
- Outdated documents (ITRs, financial statements) may be rejected.
- Incomplete KYC can delay processing.
- Errors in board resolution may cause rejection.
- Discrepancies in names, addresses, or financial details may cause delays.
Tips for Document Preparation:
- Organize documents in a folder for easy submission.
- Verify all copies are clear and legible.
- Consult bank representatives to confirm specific requirements.
- Keep digital backups for online submissions.

Factors Affecting Eligibility for the Union Bank Corporate Credit Card

Corporate Credit Score: The company’s credit score, typically assessed through agencies like CIBIL or CRISIL, is a primary factor. A score above 700 indicates strong creditworthiness, increasing approval chances. Factors impacting the score include:
- Payment History: Timely repayment of existing loans or credit facilities.
- Credit Utilization: A low utilization ratio (below 30%) reflects responsible credit management.
- Default History: Past defaults or late payments can negatively impact eligibility.
Company Turnover and Income: The bank evaluates the company’s annual turnover and revenue to determine its ability to repay credit. Higher turnovers (e.g., ₹50 lakh or more) improve eligibility for premium cards. For SMEs, a minimum turnover of ₹10 lakh may suffice for basic variants.
Length of Business Operations: Businesses with at least 2 years of stable operations are preferred, as they demonstrate reliability. Startups or newer businesses may face stricter scrutiny but can opt for secured cards against fixed deposits.
Banking Relationship with Union Bank: Companies with existing accounts or a long-term relationship with Union Bank are more likely to be approved. Factors include:
- Deposit Levels: Higher deposits in savings or current accounts signal financial stability.
- Loan History: A positive repayment history on existing loans enhances eligibility.
- Transaction Volume: Regular transactions through Union Bank accounts demonstrate trust and engagement.
Industry and Risk Profile: The bank assesses the industry in which the company operates. Stable industries like IT, manufacturing, or healthcare are viewed favorably, while high-risk sectors may face stricter criteria. Market position and growth potential also play roles.
Debt-to-Income Ratio: A low debt-to-income ratio indicates the company’s ability to manage additional credit. High outstanding debts can reduce approval chances due to financial strain.
Multiple Credit Applications: Applying for multiple credit cards or loans simultaneously can signal financial distress, leading to rejection. Multiple hard inquiries may lower the credit score.
Quality of Financial Documentation: Accurate and complete financial documents (audited financials, ITRs) significantly impact eligibility. Discrepancies or outdated documents may cause delays or rejection.
Authorized Signatory Profile: The financial and professional background of the authorized signatory is evaluated, including:
- Income Stability: Steady income strengthens the application.
- Credit Score: Personal credit score of the signatory may be considered.
- Employment History: Long-term employment or business ownership enhances credibility.
Economic and Regulatory Environment: External factors like economic conditions or RBI regulations can influence eligibility. For example, banks may tighten credit criteria during downturns.
Tips to Improve Eligibility:
- Maintain a strong corporate credit score by paying bills and loans on time.
- Reduce outstanding debts to improve the debt-to-income ratio.
- Build a robust banking relationship with Union Bank through regular transactions.
- Avoid multiple credit applications in a short period.
- Ensure all financial documents are accurate and up-to-date.
Company’s Legal Compliance: Timely filing of statutory compliances like GST returns, company annual returns, and tax payments reflects good governance and improves eligibility.
Presence of Collateral or Security: Offering collateral, such as fixed deposits or property, especially for secured cards, can enhance approval chances and credit limits.
Management Experience and Expertise: Experienced leadership and a competent management team boost confidence in the company’s ability to honor credit obligations.
Timely Submission of Application and Documents: Prompt and complete submission of required documents without discrepancies speeds up the approval process and reduces chances of rejection.

Frequently Asked Questions (FAQs) – Union Bank Corporate Credit Card

1. What is the Union Bank Corporate Credit Card?

The Union Bank Corporate Credit Card is a financial tool designed for businesses and corporations to manage their business-related expenses efficiently. It offers centralized billing, detailed expense tracking, and multiple cards under a single account for employees.

2. Who is eligible to apply for a Union Bank Corporate Credit Card?

Businesses and corporate entities registered in India with a stable financial background and a satisfactory credit history can apply. The business must have valid registration documents and meet the bank’s internal credit assessment criteria.

3. What are the key benefits of the Union Bank Corporate Credit Card?

- Centralized billing for easier account reconciliation
- Customizable spending limits per cardholder
- Expense tracking and analytics
- Rewards and cashback offers on eligible transactions
- Complimentary insurance coverage (subject to T&Cs)

4. How can I apply for a Union Bank Corporate Credit Card?

You can apply by visiting the nearest Union Bank of India branch with your company documents, or through the official Union Bank website by filling out a corporate card application form. Approval is subject to credit evaluation.

5. What documents are required for the application?

- Company PAN and GST registration
- Bank statements (6–12 months)
- Audited financials of the company
- KYC documents of authorized signatories
- Board resolution or authorization letter for card issuance

6. How many employee cards can be issued under a single corporate account?

The number of cards issued depends on the company’s credit limit and policy. Union Bank may issue multiple cards under one corporate account, with individual spending limits as needed.

7. Can we set individual spending limits for employees?

Yes, Union Bank allows companies to set custom spending limits for each cardholder to ensure controlled and monitored usage.

8. Is there a rewards program linked to the card?

Yes, Union Bank Corporate Credit Cards often come with a rewards program where you earn points on eligible purchases. These points can be redeemed for gifts, travel, or cashback, depending on the bank’s reward catalog.

9. What is the billing cycle and payment due date?

The billing cycle is usually monthly. The payment due date is typically 15–20 days after the statement date. The exact dates will be communicated in your welcome kit and monthly statements.

10. Is there an annual or joining fee?

The fee structure varies based on the corporate agreement and the type of card issued. Some cards may come with a waived fee for the first year or reduced charges for large corporates. Always check with your Relationship Manager or the product brochure.

11. What kind of insurance coverage is offered?

Union Bank Corporate Cards may come with complimentary insurance like accidental death cover, travel insurance, and fraud protection. Coverage specifics will depend on the card variant.

12. How is fraud and misuse prevented?

The card features EMV chip technology and can be managed through the Union Bank card management system. Transactions are monitored, and companies receive real-time alerts for unusual activities.

13. How can I manage and track expenses made using the card?

You can access a detailed online dashboard or receive consolidated monthly statements showing card-wise spending. This helps in budgeting and expense analysis.

14. What should I do if a card is lost or stolen?

Immediately contact the Union Bank customer care helpline or block the card via internet banking/mobile app. A replacement card will be issued after verification.

15. Can the card be used internationally?

Yes, most Union Bank Corporate Cards are enabled for international transactions. However, foreign exchange charges and RBI guidelines will apply. You may need to activate international usage separately.

List of Union Bank Branches in Andhra Pradesh

Nellore - Gudur
Nellore - Atmakur
Nellore - Buchireddypalem
Andhra Pradesh - Nellore
Kadapa - Proddatur

Rajahmundry - Danavaipet
Rajahmundry - Morampudi
Rajahmundry - Korukonda Road
Rajahmundry - Alcot Gardens
Andhra Pradesh - Rajahmundry

Kakinada - Main Road
Kakinada - Sarpavaram
Kakinada - Jagannaickpur
Kakinada - Bhanugudi Junction
Andhra Pradesh - Kakinada

Chittoor - Madanapalle
Chittoor - Palamaner
Chittoor - Tirupati Road
Chittoor - Nagari
Andhra Pradesh - Chittoor

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