Corporate cards have numerous benefits that can differ across issuers. Nevertheless, the main perks are frequent flyer miles, cash rebates, and individual cards issued to corporation employees. Corporate credit cards can make handling business expenses much easier and more efficient, which is why so many companies decide to get these cards in the first place.
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First, we’ll need to explain how these cards work. Essentially, they work almost the same as small business cards or even personal cards. For example, you can use corporate credit cards to make purchases for your company, whether you want to buy new office furniture or pay for office rent. Numerous corporate card issuers even allow businesses to earn fantastic rewards on corporate purchases, making owning a corporate card extremely beneficial and profitable for a business, especially if you’re planning to use your corporate card regularly.
Still, there are some features unique to corporate cards that you won’t find anywhere else. For example, corporate cards can be issued without worrying about personal liability for the charges. Most corporate cards also include access to special accounting software to help your business manage its finances and corporate card payments.
Corporate Cards Advantages
Corporate cards come with numerous advantages for companies2. Some key benefits include:
- Ability to earn attractive rewards and benefits for the corporation;
- Increased control over company spending;
- Simplified analysis and monitoring of all corporation-related transactions;
- Special company cards that can be issued to employees;
- Prevention of placing personal charges on company cards;
- Access to premium accounting and customer support services.
Corporate Cards Disadvantages
Just like any other card, corporate cards come with some disadvantages as well. These are:
- A lengthy and complex application process;
- Available only to established corporations with high annual revenue;
- Employees cannot earn individual rewards.