3.8 What are credit cards for business?

A.k.a

• Business credit cards
• Small business credit cards
• Credit cards for new businesses
• Charge cards
• Company credit cards
• Corporate credit cards

Business credit cards are a great way of keeping personal and business finances separate without the need for lengthy expenses forms.

If a company gives its employees business credit cards to use on business related expenses, it will benefit from the accurate records of transactions it receives each month from the credit card company. Meanwhile, the employee will benefit from not having to find the money upfront to pay for work-related expenses such as hotel and travel costs.

When a company approaches a credit card provider for its cards it will need to specify how many different credit cards it needs. The cards will then each be branded with the company and individual employee name and each have separate accounts.

Each credit card can come with different credit limits to reflect the differing needs of certain members of staff. This limit will then act as a budgetary constraint for the employee.

Generally speaking, business credit cards come with many of the benefits as seen with other types of credit cards including introductory 0 per cent balance transfer and purchase offers.

Some cards even come with rewards schemes where users can collect points based on how much they put on the card. These points are usually redeemable against travel services such as travel insurance and air miles because travel is normally a key element in business credit card use.

Interest rates on business credit cards are usually along the lines of those seen on everyday cards however, the business usually has to pay an annual fee for its one account which can issue multiple cards.

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