Corporate cards are company-issued cards that employees can use for all business-related expenses, including hotel bookings, client meals, flight tickets, and more. Companies that rely on corporate cards instead of cash transactions can gain cashback, utilize offers, and attain various perks. Let’s look at some prominent corporate card benefits that make business travel more accessible and cheaper.
The Trouble with Personal Cards
It is very typical for organizations to ask employees to use their credit cards for work-related expenses and reimburse them later. However, such out-of-pocket spends can lead to an unnecessary financial burden on employees. If the corporate costs are too high, they could lead to employees maxing out their cards or incurring avoidable transaction charges.
Understanding & Utilising Different Types of Corporate Cards
Corporate debit and credit cards are designed keeping in mind the needs of companies and enterprises. American Express, HDFC, Citibank, and SBI are just some banks that offer corporate credit cards. While all of these banks have different corporate debit card and corporate credit card requirements, they provide significant operational, security, and financial benefits.
Some of these banks offer corporate travel credit and debit cards designed to provide travel perks to companies. These perks could include frequent flyer miles, exclusive corporate deals on hotel and flight bookings, higher reward points on transactions, and better expense visibility. A few proven benefits of using corporate cards are listed below:
Easily Compute and Control All Expenses
One of the best features of using corporate cards is your company and finance team’s control over expense management. Instead of going through receipts and reimbursing spends, companies get a list of business expenses that are easy to track and identify.
Using corporate cards also offers better visibility into fraudulent transactions. It offers you a comprehensive glimpse of all expenses and lets you pinpoint those spends that aren’t in adherence to the corporate credit card policy or its travel policy.
Get Cashback and Discounts
When your company uses a corporate credit card to make travel bookings, it generates additional revenue via cashback offers. Since many banks and travel management platforms provide various discounts and deals throughout the year, companies can book business travel in advance and save money in the long run.
Gain Reward Points
Some of the best corporate cards offer reward points! These points are often used to make future bookings, reduce price, avail discounts, and get cash back. If your company sees a lot of business travel, a corporate credit card can help you get instant discounts, exceptional deals on flight and hotel bookings, free meals, and more. All of these combined can make business travel a lot cheaper!
Make business travel seamless for your company and your employees by regulating expense management and utilizing corporate cards. Some of the most prominent perks businesses enjoy with corporate cards are related to travel. Therefore, if your employees regularly travel for work, it’s time they’re given a corporate card!
Want to make business travel planning a lot more hassle-free?