On the face of things, a corporate bank card and a consumer bank card might look rather similar, however, if you dig a little deeper into the details around the cards you are going to find that they are rather different creatures.
The most obvious difference about the cards is that a personal card is going to just have your name on it, where as a business credit card is also going to have the name of your business. When you actually use the corporate credit card the processes just as it would be with a regular credit card as you pay for something and then at the end of each month you have to pay off the bill.
One of the main reasons the people choose to get a corporate credit card is that it will allow them to keep better track of their business expenses. By separating their business finances from their personal finances they are better able to get a financial hold on their company and understand what is going on.
The second reason why people choose to pursue these credit cards is that they open up another line of finance for your business. Sometimes, gaining traditional finance, such as a loan for your business, can be very challenging and a credit card provides a way to get instant finance. Of course, you could use your personal credit card for this purpose however business credit cards will often come with higher limits which can help to fund expensive purchases.
Corporate credit cards can be useful for businesses of all sizes, and if you have a business that employs people, then handing out corporate credit cards to the employees can be a good way to keep track of their expenditure. If you’re employees are regularly charging things to the business, then having them use a corporate credit card can save you time as you will not have to be reimbursing them money so often.
Although it probably shouldn’t be the primary reason you sign up for a business credit card, there are often some excellent deals available if you do. If you use a corporate card service then there are likely to be certain incentives available to you, including discounted travel, insurance and even discounts at business supply stores. As you would with any personal credit card make sure that you do adequate research before you make any applications.