Business credit cards are useful for people looking to manage their expenses. Companies can also give these cards to trusted members of staff as a mark of reliability, providing them with the convenience of being able to buy items and services without the hassle of collecting receipts and filling in expense claims.
These cards tend to be accepted in shops and establishments all over the world and supported by security systems, which tend to make business travel much more convenient and safe than it might otherwise be.
But while it’s enjoyable to have credit in one’s hand, it’s also tempting to overspend, and it’s essential to always keep track of the amounts that are outgoing. This applies to all tiers of employment, and it’s important that companies are careful to only give credit access to people that they trust.
Have a look at the corporate credit card from HSBC to see an overview of the kind of benefits available to companies, or search online to compare corporate credit card offers in the UAE. Keep reading to see the reasons why companies choose business credit cards to manage their expenses.
1. Expense Control
Corporate credit cards that are accompanied by regular statements provide businesses with insight into the nature of their expenses, allowing them to analyse where their money is going, understand how it will be spent in the future and make preparations to better manage their payments. By speaking with a qualified bank manager, companies can tailor their spending to suit their needs.
HSBC provides company and personal billing, meaning businesses can either settle their bills in total or let employees settle directly via their personal accounts and get reimbursed by the business. It’s a good idea to look for this kind of flexibility for those who have less predictable month-on-month spending.
2. Credit limits
Some banks provide individual spending limits that empower the company to align their credit with employees’ expense requirements. Although these cards are good purchasing tools (they tend to provide higher credit), it’s important to keep track of expenditure and avoid defaulting on repayments so as not to incur interest rate increases. For this, companies can place individual limits per employee or job role and keep a close eye on expenses.
Businesspeople in the UAE tend to travel frequently, and benefits such as Airmiles are particularly gainful. These accrue for purchases made on corporate credit cards and can be redeemed for a variety of items including airline tickets, shopping vouchers and accommodation. Some credit cards provide privileges in airports including return transfers, “meet and assist” and access to priority lounges – all of which make corporate travel a little less stressful and little more comfortable.
Applying for credit cards in the UAE is one way to control company expenditure, instil effective tracking to manage daily expenses and set different credit limits for individuals to provide them with the credit that’s tailored to their expense requirements.
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