6 popular company credit cards for your employees
straight to your inbox
As a business owner or startup, it’s nice to know you can trust your employees to make wise spending decisions on your behalf. That may include spending petty cash on office supplies when necessary, booking a hotel for business travel, or expensing client dinners.
Although giving your employees the ability to spend on behalf of your business offers a level of convenience, it also opens the door to headaches. Employee reimbursement programs can be difficult to maintain, and spending in multiple areas without automated tracking is an accounting nightmare.
That’s one reason your business may want to transition to company credit cards for your employees. In this article, we review what these credit cards are, why they’re beneficial, and the best business credit card issuers to consider.
What is an employee credit card?
An employee credit card is a card that your employees can use to make business purchases. The card draws from your company’s bank account so that employees don’t need to use their personal credit cards for business expenses. This eliminates the need for reimbursements, and also allows you to track transactions.
Some business credit cards, like corporate cards, include other features like custom spending limits and vendor restrictions. These cards also come with expense management features that allow you to automate expense tracking and reporting.
How to choose the best company card for your employees
- Unlimited cards: Look for options that offer free unlimited physical and virtual cards for authorized users. Some providers will charge fees for each additional card.
- Spending controls: Some cards allow you to create employee spending limits and vendor or purchase category restrictions. These limits can reduce your business expenses by guaranteeing that employees stick to your company’s spending policy.
- Real-time tracking: Some providers let you track spending on employee credit cards in real-time. This means you’re in the know regarding your business spending at all times.
- Additional perks: Many business credit cards come with extra perks, like cashback or software discounts. These perks help you get the most bang for your buck as you spend to grow your business.
6 corporate credit cards for employees
- APR: None
- Annual fees: None
The Ramp card is a corporate credit card designed to help businesses manage their expenses efficiently. It offers an average savings of 5% by identifying cost-saving opportunities and suggesting more economical alternatives for recurring expenses. Ramp cards are equipped with powerful expense management tools that streamline the process of tracking and controlling company spending. It also assists with software negotiations, allowing businesses to negotiate more advantageous deals when it comes to software purchases, contributing to its overall cost-saving advantages.
Additional account perks:
- Unlimited employee cards: You can request an unlimited number of employee cards at no additional cost.
- Virtual cards: You can also set up an unlimited number of virtual credit cards for your business.
- Sales-based underwriting: Sales-based underwriting means the Ramp card may be easier to qualify for than traditional business credit cards.
- No personal guarantee: Ramp doesn’t believe you should have to risk your personal credit or personal financial stability to access credit for your business.
- Employee spending controls: Set custom card spending limits and vendor restrictions.
- Real-time spend tracking: Know what’s going on at all times.
- Accounting integrations: Integrate your account with popular tools like QuickBooks for seamless accounting.
- Reporting: Create in-depth expense reports with the click of a button for ultimate account management.
- Ramp’s cashback rewards program offers 1.5% cashback on all purchases.
- The account is easier to qualify for than some traditional business credit cards.
- Reduce your business expenses with complete spending control.
Keep in mind:
- As it is a charge card, you must pay your balance in full each monthly billing cycle.
- The card isn't available to sole proprietors.
Capital One Spark Miles for Business
- APR: 25.24%
- Annual fee: $95, waived the first year
The Capital One Spark Miles for Business Card is a business credit card particularly tailored towards travel expenses. It has a spending requirement of $4,500 in the first three months to qualify for its welcome bonus. The card has an annual fee of $95, which is waived only for the first year. It provides certain travel-related benefits like no foreign transaction fees, and it includes a credit for Global Entry/TSA PreCheck. The card also offers rental car coverage and airport lounge access. Cards also allow for the redemption of miles, with the option to transfer them to different airline and hotel partners.
- The card offers a welcome bonus.
- The card comes with a travel perks and rewards program.
- You’ll have to pay a $95 annual fee.
- The card has a high interest rate.
- You can only redeem miles for travel rewards.
Chase Ink Business Premier Credit Card
- APR: 18.49% to 26.49%, depending on your creditworthiness
- Annual fee: $195
The Chase Ink Business Premier Credit Card comes with a $195 annual fee and is mainly suited for businesses with substantial spending. It provides 2% cash-back on all purchases, with a slight increase to 2.5% for purchases above $5,000. Although it offers no foreign transaction fees and travel insurance, its rewards are limited, offering only 5% cash back on travel booked through Chase. While it functions primarily as a charge card, the Flex for Business program provides some financing options for larger purchases.
- The card comes with a welcome bonus.
- You have to spend $10,000 in three months to qualify for the welcome bonus.
- You’ll pay a high annual fee.
- You’ll pay a high interest rate if you carry a balance.
Delta SkyMiles® Gold Business American Express
- APR: 19.99% to 28.99%, depending on your creditworthiness
- Annual fee: $99, waived for the first year
The Delta SkyMiles® Gold Business American Express Card starts with a $0 annual fee for the first year, increasing to $99 thereafter. It's tailored for those who frequently fly Delta, offering a 50,000 mile bonus if you spend $2,000 in the first 3 months. The card earns 2 miles per dollar on Delta, certain restaurants, U.S. shipping, and advertising expenses. Benefits include a complimentary first checked bag and priority boarding for up to eight companions, along with a $100 Delta flight credit after an annual spend of $10,000. The card has no foreign transaction fees but comes with a high APR of 20.99%-29.99%.
- The card is helpful for those who fly with Delta often.
- No foreign transaction fees.
- The rewards program can be difficult to navigate.
- You’ll have to pay an annual fee to have this card.
- Many applicants find it difficult to be approved for American Express business credit card offers.
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
- APR: 0% intro APR for 15 months; 18.24% to 27.24% variable standard interest rate, depending on your creditworthiness
- Annual fee: $0
The U.S. Bank Business Triple Cash Rewards World Elite Mastercard® offers a $500 sign-up bonus if you spend $4,500 in the first 150 days. It features 3% cash back on gas, office supplies, cell phone services, and restaurants, and 1% on other purchases. Additional perks include a 15-billing cycle introductory APR on purchases and balance transfers, 5% back on prepaid hotels and car rentals, and a $100 annual credit for software subscriptions, with an APR of 19.24%-28.24%.
- 0% interest for 15 months can save you money when you transfer balances from high interest rate accounts.
- There’s no annual fee to consider.
- You’ll pay a high interest rate when the promotional period expires.
- There are limited perks to owning this card.
- The card only comes with limited employee spending controls.
Chase Ink Business Cash® Credit Card
- APR: 17.49% to 23.49% variable, depending on your creditworthiness
- Annual fee: $0
The Chase Ink Business Cash® Credit Card offers a $900 bonus after spending $6,000 in the first 3 months. It provides 5% cash back on office supplies and telecom services (up to $25,000 annually), 2% back at gas stations and restaurants (up to $25,000 annually), and 1% on all other purchases. The card features a 0% intro APR for 12 months, then a variable APR of 18.49%-24.49%, and a 3% foreign transaction fee.
- The card comes with a welcome bonus.
- You can request as many employee cards as you need at no additional cost.
- You have to spend $6,000 within the first 3 months after opening your account to qualify for the welcome bonus.
- The rewards program can be difficult for some cardholders to navigate.
- $25,000 annual limits put a cap on your largest cash-back earning categories.
How to qualify for a corporate credit card for your employees
To qualify for a corporate credit card, you’ll need to have a registered business with an EIN number. Your business credit score may not be considered, but you’ll need to be making substantial annual revenue. In some cases, you may have to put up a personal guarantee, making you as the business owner personally liable for any outstanding debts.
With Ramp, we don’t ask for a personal guarantee or check your credit score. Our requirements to apply are as follows:
- Be a registered business in the United States
- Be a corporation, limited liability company, or LP (including nonprofits). We’re not currently accepting individuals, sole proprietors, or unregistered businesses.
- Have at least $75,000 in cash in any US business bank account attached to your application.
- Have most of your operations and corporate spend in the US.
Getting a business credit card as an employee
If you’re an employee and your company doesn’t have corporate cards, you may want to consider getting your own business credit card. Using a business credit card for work expenses lets you earn rewards on purchases that you’ll be reimbursed for by your company. If your work expenses are frequently in a certain category, like travel or dining, you might choose a card that has better rewards on those types of purchases.
Consider Ramp’s corporate cards
A small business credit card for employees should do far more than just let employees spend to a specific limit. That’s where Ramp comes in.
Ramp spending accounts give you the ability to streamline your cash flow and automate expense management with the following tools:
- Automated receipt matching: With Ramp, the days of matching receipts to expense reports are behind you. Employees can submit receipts the moment they spend using their cell phones. Ramp’s technology matches those receipts to your expense reports for seamless accounting.
- Pay bills in seconds: You can pay vendors via card, ACH, or check. When you’re done, let Ramp streamline your accounting process by automatically categorizing expenses and syncing them with your accounting software.
- Close books 8 days faster: Ramp’s automatic categorization and integration with QuickBooks helps businesses close their books 8 days faster on average.
- Real-time expense tracking: Track every expense you have in real-time. You can even analyze spending by department, location, merchant, and more.