Types of Corporate Credit Cards: All you need to know!

Firms often provide their employees with Commercial Credit or Debit Cards so that they can make purchases of supplies on behalf of the businesses for which they work. Because the cards are frequently co-branded with businesses or gas stations, workers are only able to use them to make purchases at those establishments. There is a significant reliance among new businesses in their early stages of development on the use of Commercial Credit Cards.

There are several distinct kinds of business cards, including the Corporate Credit Card that is currently in widespread circulation. Credit checks are performed on both the business itself and its owners when applying for them. The commercial cards are connected to lines of credit, and the companies that provide the cards may impose extremely high interest rates or yearly fees. Listed below are some examples:

1. Payment cards

Payment cards are issued by banks to customers. This payment system enables the cardholder to pay the merchant by giving access to the funds in the customer’s designated Bank Accounts, or through a credit account. The cardholder can also make payments by electronic transfer and access ATMs. Payments Cards are nothing but smart card with a magnetic strip on the back that enables a variety of machines to read the card and access the information it contains. Such a card would have a unique card number and certain security information, such as the date the card will expire.

2. Travel and entertainment cards

Travel and entertainment are a major chunk of any business expense. From meeting clients and entertaining them for long meetings, to travelling globally on business purposes, travel and entertainment expenses mount up substantially. Traditional reimbursement methods are not efficient in this area. These cards come with a state-of-the-art expense approval system to offer complete control and visibility of all expenditures.

3. EMI cards

These cards are one of the most useful types of Commercial Credit Cards. Break your large payments, like vendor payments, bills, and other purchases, into small EMIs. The amount can be automatically deducted from the card on each payment cycle.

4. Fuel cards

Fuel cards enable the easy disbursal of fuel allowances to employees, eliminating the need to manage third-party fuel vendors. From the dashboard, you can define reimbursement policies, receive transaction data, and verify transactions for audit purposes.

Conclusion

Corporate Credit Cards are for a specific end-use and can be assigned to individuals, teams, and departments in different locations. You can create single-use virtual cards for your employees to make online purchases.