Corporate cards differ from business credit cards in several ways. They are mainly used by organizations and cards are issued to employees working within the company. Employees may use corporate cards to charge authorized work expenses—like business dinners or hotel and airfare—without using their personal cards or cash and then requesting reimbursements.
Before making any expenditures, employees must familiarize themselves with and abide by the company’s corporate card policy.
Companies must apply and provide business registration accreditation before being approved for most corporate credit cards. Because company cards are typically used by more people and larger charges are approved, fees are often higher than for personal credit cards — though incentives like rewards programs are often offered to corporate clients.
Before implementing a company card, there should be a company expense policy in place and all employees should be made familiar with it. This should include employee responsibilities, reimbursement rules, safety features, and spending guidelines and limits.
The two main types of corporate credit cards are individual liability and corporate liability. Card issuers include major names like Visa, Mastercard, American Express, etc. They’re available through providers with corporate card programs such as Citi, Capital One, and TD.
Mesh cards are issued by Visa.
Corporate cards can benefit both employers and employees so long as there are clear expectations and guidelines for use provided. Some benefits include:
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