What to Look for in a Corporate Card Program?

Businesses use corporate cards for many expenses, such as buying goods and services or paying for employee travel and entertainment. A corporate card program includes the cards a company chooses to use and the processes set up to manage and oversee expenses. This program helps keep track of spending and ensure it aligns with company policies.

A corporate card program is valuable because it facilitates smoother financial transactions and helps track expenses. With clear policies and procedures, businesses can see their spending more clearly and manage it more strategically. They can monitor expenses in real time, set spending limits, and ensure everyone follows the rules. 

Features to Look for in the Best Corporate Credit Card Programs

1. Expense Management 

One of the primary reasons businesses adopt corporate card programs is to streamline expense management. Look for cards offered by companies with robust expense management tools.

• Real-Time Tracking: Ensure the program provides real-time transaction tracking, allowing you to monitor expenses as they occur.
• Integrations: The card should integrate seamlessly with your existing accounting and expense management software.
• Detailed Reporting: Opt for a program that offers detailed and customizable reporting to help analyze spending patterns and identify cost-saving opportunities.

2. Credit Limits and Flexibility

Understanding the credit limits and flexibility offered by the corporate card program is essential:

• Customizable Limits: Look for programs that allow you to set individual credit limits for each cardholder based on their role and needs.
• Scalability: The program should be scalable, accommodating the growth of your business and the increasing number of cardholders.
• Flexibility: Ensure the card program offers flexibility in payment terms and billing cycles to suit your cash flow requirements.

3. Rewards 

Many corporate card programs offer rewards and incentives that can significantly benefit your business:

• Cash Back: Some cards offer cash back on certain spending categories, such as travel, dining, or office supplies.
• Travel Rewards: If your business involves frequent travel, look for cards that provide travel rewards, including points or miles that can be redeemed for flights, hotels, and other travel-related expenses.
• Discounts and Offers: Explore programs that offer exclusive discounts and deals with partner vendors and service providers.

4. Fees and Charges

Understanding the fee structure of a corporate card program is crucial to avoid unexpected costs:

• Annual Fees: Check if the card has an annual fee and whether it’s justified by the benefits and rewards offered.
• Transaction Fees: Be aware of foreign transaction fees, cash advance fees, and late payment fees.
• Interest Rates: Consider the interest rates charged on outstanding balances and ensure they are competitive.

5. Security Features

With increasing cases of fraud and data breaches, security is a paramount concern:

• Fraud Protection: Look for cards with robust fraud protection features, including real-time alerts and zero liability for unauthorized transactions.
• EMV Chip Technology: Ensure the card uses EMV chip technology for enhanced transaction security.
• Virtual Cards: Some programs offer virtual cards for online transactions, reducing the risk of fraud.

6. Employee Controls

Effective management of employee spending is crucial for maintaining control over business expenses:

• Spending Controls: Choose a program that allows you to set spending limits and restrictions on certain categories of expenses.
• Card Issuance: Consider how easy it is to issue and deactivate cards for employees.
• Policy Compliance: Look for features that ensure compliance with your company’s travel and expense policies, such as pre-approval processes and receipt submission requirements.

7. Customer Support

Reliable customer support is essential for resolving any issues or concerns promptly:

• 24/7 Support: Ensure the program offers round-the-clock customer support, especially if your business operates internationally.
• Dedicated Account Manager: Some programs provide a dedicated account manager for personalized support and assistance.
• Multichannel Support: Look for programs that offer support through various channels, including phone, email, and chat.

8. Global Acceptance

If your business operates globally or involves international travel, consider the card’s global acceptance:

• International Coverage: Ensure the card is widely accepted in countries where your business frequently operates.
• Foreign Transaction Fees: Check for any fees associated with international transactions and choose a card with low or no foreign transaction fees.
• Currency Conversion: Look for cards that offer competitive currency conversion rates.

9. Mobile Access

In today’s digital age, having mobile and online access to your corporate card program is crucial:

• Mobile App: Ensure the program offers a mobile app for easy access to account information, expense tracking, and card management.
• Online Portal: Look for an online portal with user-friendly features for managing cards, viewing transactions, and generating reports

3 Best Corporate Credit Card Programs in the U.S.

Let us discuss about the top 3 credit card programs in USA:

itilite

itilite corporate card program is tailored for corporate travel management and offers generous cashback benefits. Businesses earn a flat 1.5% cashback on all corporate card spending and up to 2.5% cashback on itilite travel spending exceeding $100K per month. 

Cash is transferred directly to the company account, avoiding confusing reward points. The program includes unlimited virtual and physical card issuance at no extra cost, centralizes travel payments, and eliminates employee out-of-pocket expenses and reimbursement hassles. Real-time visibility into spending enhances cash flow management and budget oversight for finance teams.

Brex

Brex provides an all-in-one expense management card program tailored for startups and growing businesses. Without personal guarantees, it offers high credit limits, real-time expense tracking, and automatic receipt matching. The program integrates seamlessly with accounting software, making expense management efficient and straightforward.

BILL (formerly Divvy)

As one of the best corporate credit card programs, Bill’s expense management card program includes automatic expense tracking and real-time reporting. The platform allows businesses to provide detailed insights into company expenditures. With its user-friendly interface, BILL simplifies expense management and enhances financial control.

Maximize Savings with the itilite Corporate Card Program 

With itilite, you can maximize savings effortlessly. Earn up to 2.5% cashback on significant travel expenses, benefiting your company’s financial health. Manage all payments through one central card, eliminating out-of-pocket expenses for employees and the need for a reimbursement process. Simplify expense management with unlimited card issuance at no extra cost and streamline payment processes. 

Book a free demo to know more.