Business Credit Cards Market By Type (Open-Loop Card, Closed-Loop Card) , By Application (Small Business Credit Cards, Corporate Credit Cards) : Global Opportunity Analysis and Industry Forecast, 2024-2032

Business Credit Cards Market By Type (Open-Loop Card, Closed-Loop Card) , By Application (Small Business Credit Cards, Corporate Credit Cards) : Global Opportunity Analysis and Industry Forecast, 2024-2032

The business credit cards market was valued at $33,500 million in 2023 and is estimated to reach $50,000 million by 2032, exhibiting a CAGR of 6.9% from 2024 to 2032.
The business credit card offers a convenient method for businesses to separate personal and business expenses, aiding in financial organization and accounting. It provides higher credit limits compared to personal cards, making it easier to manage larger purchases or cash flow needs. In addition, this card often comes with rewards and benefits such as cashback, travel rewards, and discounts on business expenses, which encourage spending. With tools for tracking expenses and integration with accounting software, these cards simplify financial management. Moreover, budget restrictions for employees aid organizations in monitoring their spendings. The business credit cards market caters to businesses of all sizes, from start-ups to large corporations, offering essential financial flexibility, rewards, and management solutions necessary for smooth business operations.
The global business credit cards sector is expected to witness significant growth during the projection period due to rise in demand for financing among small businesses and digital innovation in the banking industry. For instance, in April 2023, a new feature was introduced that enables seamless integration with accounting software, enabling automatic expense categorization and customizing report generation for firms. This integration streamlines accounting processes and particularly benefits companies utilizing platforms such as QuickBooks and Xero, enabling them to track expenses more efficiently.
However, regulatory compliance remains a significant challenge that hinders the growth of the business credit cards industry. Financial institutions need to handle complex regulations aimed at safeguarding consumer rights and enhancing transparency in financial transactions. Contrarily, expansion of the small business services ecosystem is anticipated to offer profitable opportunities for the expansion of the market during the forecast period. For instance, in September 2023, Owners Bank, a newly established digital bank catering exclusively to small business owners, introduced a specialized business credit card. This credit card enhances financing options for owners and provides exclusive rewards, empowers employees, and optimizes operational efficiency.

Segmentation Overview

The business credit cards market is segmented into type, application, and region. Depending on type, the market is bifurcated into open-loop and closed loop cards. According to the application, it is divided into small business credit cards and corporate credit cards. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings

Depending on type, the open-loop segment held the highest share in the market in 2023.
According to the application, the small business credit cards segment acquired the largest market share in 2023.
Region wise, Asia-Pacific dominated the market in 2023.

Competitive Scenario

The major players operating in the business credit cards market include American Express, Chase, Capital One, Bank of America, Citi, Wells Fargo, U.S. Bank, Barclays, Discover, and HSBC. Other players in the business credit cards market include BBVA, SunTrust, and PNCBank. These market players have adopted several strategies to maintain their foothold in the market, including mergers & acquisitions, collaborations, partnerships, new product development, and R&D.

Key Market Segments

By Type

Open-Loop Card
Closed-Loop Card

By Application

Small Business Credit Cards
Corporate Credit Cards

By Region

North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middel East
Africa
Key Market Players
Chase Corporation
Bank of America Corporation
Barclays Bank Plc
American Express Banking Corp
Capital One Financial Corporation.
Citigroup Inc.
Wells Fargo & Company
U.S. Bancorp
The PNC Financial Services Group, Inc.
The Hongkong and Shanghai Banking Corporation Limited