What is the difference between a Business Card and a Corporate Card?
What are Business Cards?
Business cards are available to businesses of all sizes, from entrepreneurs to mid-sized companies. With business cards, owners can pay back their balance over time, and the primary Cardmember can redeem the rewards they earn from spending on their credit card.
What are Corporate Cards?
Corporate cards are designed for large, established businesses with large annual revenues and require the balance to be paid in full by the employer each billing cycle. Companies can use these cards to easily track employee expenditure by managing spending limits and fraud risks. Corporate cards can either be centrally settled and centrally billed, or an individual billing and settlement approach. Usually, the company enjoys the rewards earned on the card, depending on the employer. Like business cards, corporate cards can either have full corporate liability, meaning the company is liable for any fees and debts associated with the card, or combined liability, meaning both the company and cardmember are liable.