Expense Reporting With The Citi Business Card: Streamlining Finances – Many businesses generate a lot of revenue every year. They spend most of this money on expenses such as IT equipment and office rent. Although this is a plus, it can also be detrimental to the financial health of the company if it is not regulated.
This is where the corporate credit card comes in. This convenient rectangular plastic card boasts many benefits, one of which is the tracking of expenses. It provides detailed monthly statements so you know where your hard earned money is going.
Expense Reporting With The Citi Business Card: Streamlining Finances
In addition, it offers safe and cashless payments due to its global acceptance. Different corporate cards come with different offers and features. In such a situation, you need to choose the right business for your modern business so that it can earn a credit of money and more.
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Also known as a business credit card, a corporate credit card is a card designed for business expenses such as airline tickets and lodging. Established companies issue these to their employees.
These cards have higher credit limits than personal credit cards. In addition, they offer exciting deals and incentives such as points or cash back, discounts on foreign exchange costs, shopping vouchers, airline miles and complementary travel insurance.
Credit card issuers consider your company’s financial stability and credit history before granting you a card. The name of the employee or business will appear on the card after the approval process and upon issuance (in some cases both names appear).
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The employee will receive their credit card number, although the business will pay for the entire card charge.
Once everything is set up, physical and virtual maps will give you details on how employee spending is operating at an individual level, thanks to their expense management software. This helps you prevent unnecessary expenses or fraud before it happens.
Here are some of the best business credit cards you should use in your business for maximum positive results:
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Citi Corporate Card is an offering from Citibank. It’s a one-stop payment solution for all your business needs. It offers simplified expense management. In addition, it has a suite of three types of liability, each offering a unique cashback reward:
DBS World business cards bring more than a clean and executive look. This is one of the best corporate credit cards in Singapore, with many attractive features – not just expense management software – and rewards.
Are you a freelancer, an SME or an advanced technology startup looking for a reliable corporate card to match your unique lifestyle? Look no further than the Aspire Corporate Credit Card.
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You can use Aspire Bank’s Aspire Corporate Credit Card in more than 40 currencies with favorable exchange rates. And that’s not all: there are no foreign transaction fees during the process!
Volopay corporate cards have more benefits than most other cards. They effectively serve all types of business owners, whether small business owners or CEOs.
Weaknesses: Offers limited reporting options and minimal transaction volumes. And its price is based on your chosen billing period and total monthly spending.
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YouBiz Corporate Credit Card is an innovative product of YouTrip. It makes a name for itself in the business sector, providing payment products that offices can use to save, simplify and enhance daily business operations.
YouBiz Corporate Card has established a partnership with Google so that establishments can enjoy digital support, customizable spending rules and direct support from travel partners such as Qatar Airways.
Flex by Finaxer is a top expense management solution. It seeks to improve the way SMEs manage business expenses and access working capital. This is so they can flourish to their full potential.
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It was co-developed by Visa, a leading global payment technology organization. It is clear from its features and rewards that this card is ready to take your business in the right direction.
The Amex (American Express) airline credit card helps make travel seamless for businesses and employees. It comes with various exciting features such as priority airport passes and the ability to keep your expenses under control and earn significant rewards.
You must be 21 years of age or older, have an annual income of S$60,000 if you are a foreigner, and S$30,000 a year if you are a foreigner. You are eligible for this if you are a Singaporean PR or citizen.
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UOB Platinum Business Card is the most expensive card among UOB corporate cards as its offers are quite impressive. Examples are a seamless credit scoring process and extensive discounts on logistics, utilities and other critical business services.
In addition, the UOB Platinum Business Card charges an annual fee of S$180. It is worth every card expense, as we see below:
This type of card commands respect among other cards of its level or even higher! It is a single payment solution with some interesting offers, such as no annual fee for the first few years and flexible credit lines. And all your card spending is eligible for cashback.
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If you want to apply for the card, you must meet several criteria. Some of them are that your company must have an annual sales turnover of at least $200,000, company directors must be between 21 and 60 years old, and your organization must have at least one local director.
Okay, corporate cards sound great, but let’s face reality here: Not everyone on the team will have one. The card has many offers and facilities. In such cases, they should approach the appropriate team members.
So, as a business owner, what should you consider when choosing which of your team will get a corporate card?
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If yes, then they are eligible for the card. They can use a single payment method to handle expenses and make tracking easier, as the credit scoring process takes little time. This reduces the headache of human error. Also, the paper will help them do more work in less time.
Traveling can be a headache, what about the documents and luggage that must be handled? Business expenses fall directly on travel. Fortunately, a business credit card eliminates all of these problems. This allows the employee who travels frequently for business to enjoy special benefits such as travel insurance, meal discounts, reimbursement of entertainment expenses and access to airport lounges. Employees can also waive some out-of-pocket expenses with the card, saving your company a lot of money in the long run.
Corporate cards are an important component in the smooth operation and growth of your business. Unlimited Virtual Card is an all-in-one tool packed with all essential features to handle all your business expenses and other important aspects. Plus, they can have a personal account manager and their exchange rates can be amazing. However, as with personal cards, companies should be careful about the interest rate that accrues.
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We try to keep the information about the financial products listed on our site as accurate and up-to-date as possible. Small business credit cards offer a myriad of benefits: rich features and flexible credit lines with credit limits that are often higher than personal cards. Plus, there’s an added bonus that small business owners don’t always recognize at first: a business credit card can help build business credit.
When it comes to building business credit, getting one of these cards can help put your business on the map, as long as the card issuer reports information to the business credit agencies. However, not all cards have the same policy when it comes to reporting to the credit bureau of the business, and it is important to understand how each card works. (In a separate article, we explain how business credit cards can affect a business owner’s personal credit).
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Get customized business credit card options and access your business credit report when you create your account. The check will not affect your credit score.
There are many commercial credit reporting agencies in the United States. Separately, the Small Business Financial Exchange (SBFE) serves as a repository of business credit information for its members, which include major financial institutions and lenders of all types that provide financing to small businesses. ,
SBFE does not compile or sell credit reports. Instead, it works with SBFE certified vendors, which are credit reporting agencies that are allowed to include credit information reported to the SBFE exchange in reports sold to SBFE members. SBFE certified vendors currently include major commercial credit agencies such as Equifax and Experian.
Adding Your Card
Credit reporting is completely voluntary. No issuer is required to report information to a credit bureau, whether it is personal or business credit information. And especially with business loans, it can be difficult to find lenders and sellers who report. This is why having a credit card report can be so helpful.
We reached out to major business credit card issuers for details on where they report small business credit card payment history. The chart below summarizes the results.
The information may also appear on credit reports from bureaus that are not listed below. One reason for this is the SBFE certified vendor model. Information reported to SBFE may also be included in reports compiled by SBFE certified vendors.
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Issuer policy may change. Be sure to check with the issuer
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