Suggestions on Corporate Credit Card for a New Business

[MrHyde]

Hi,

I'm looking for a corporate credit card that I can give to my employees so that they put all their work expenses on that card. Being a new business (less than 3 months old), I am finding it difficult to find a card that will sign me up. I do all my banking with BankWest and even though they can see all the cashflow, they still want 2 yrs worth of records before they'll give consider us. Even the lower business credit card (upto 5 cards) still requires 1 years historicals.

I don't want my employees to use their personal cards as most of them will rack up over $10000 in expenses per month. I can't and don't want to ask them to put that on their personal cards for re-imbursement.

There must be some cards out there that I can sign up for.

Cheers,
MrHyde

 

[cove]

We never bothered with corporate cards and everyone is happy getting their own points. We have most with a cash advance and then we reimburse the month within 7 days of the end of the month. This way they just run on the free days of the credit card.
The most important part is to ensure your people stay within the expense guidelines you set.

 

[MrHyde]

Thanks cove for your suggestion. I would like to avoid cash advances if I can as it then becomes additional overhead to keep track of what they've spent and what they've still got. Plus that hurts our cash flow - which is a bit difficult at the start of the business.

At this point, we are thinking we might just need to open another account with a small amount of money in it and give debit cards out to the people. That way I can link an expense directly to the transaction on the account and not have to keep track of remaining balances, etc.

I'm quite happy to let employees charge on their cards; but expenses easily get to $10000 a month and most would not have that sort of credit limits available personally - hence the cash advance I guess.

 

[gregff]

Might be worth checking out some of the business cards that Amex issue.

 

[cove]

A number of staff and their family friends took up the 110,000 Amex Velocity offer and are now moving to a Citibank Visa offer. The 20,000 referral points on that Amex Velocity was really good for them.
Currently the Amex Velocity is 80,000 and there is a Qantas Premium deal as well.