What Is a Corporate Credit Card?
Corporate credit cards are the type of card given by established companies to their employees. These cards allow them to charge their authorised business expenses, such as plane tickets and hotel stays, without having to use their own card or cash. With corporate credit cards, both employers and employees can handle costs more easily.
Also known as business credit cards, corporate credit cards come with numerous perks, such as access to airport lounges and frequent flyer miles. With this type of credit card, employers can also track employee spending more easily.
- Also known as business credit cards, corporate credit cards come with numerous perks.
- The annual cash rebate on purchases is the most obvious benefit of corporate cards.
- There are numerous banks in Thailand offering corporate credit cards for expats, including KASIKORN Bank, Bangkok Bank, and Krungsri Bank.
What Are the Benefits of Corporate Credit Cards?
A corporate card is used to reimburse the organisation for travel and entertainment expenses. These should have either 100% corporate liability for payments or a liability split between the company and the individual. They can be used at any location. Here are some benefits of corporate credit cards:
- The annual cash rebate on purchases is the most obvious benefit of corporate cards. Cashback rebates vary by provider and their partners. They can range anywhere from 1% to5%, depending on the card issuer and the type of purchase made (items such as office supplies, airline tickets and gasoline etc.).
- Business travel and entertainment costs normally account for about 10% of most companies’ budgets. This figure can rise when items like office supplies, computers, and cell phones are added into account. By simply importing card statements into an expense report and accurately classifying all transactions, spend analysis reports become much easier. The ability of a finance team to evaluate data correctly and effectively is significantly improved by centrally storing this spend information in the same format for all employees within an organisation. Corporate cards and expense management solutions make the entire expense management process significantly more straightforward and efficient.
- There is always the risk of expense fraud when workers pay for items themselves and send expenses with photos of receipts. Organisations should also include a clause in their card policies stating that any illegal purchases are the employee’s responsibility. The cost of fraud will be eliminated if employees are given corporate cards.
Where Can Expats Get Corporate Credit Cards in Thailand?
The majority of Thai banks offer foreigners corporate credit cards for business purposes. Different corporate credit cards have different specifications, but they all have several things in common. Below are some of the banks in Thailand offering corporate credit cards for expats:
The main reason companies must use corporate credit cards is to simplify their employees’ work-related spending because corporate credit cards allow them to monitor and control employee spending.
Kasikorn corporate credit cards are convenient and will keep your company running smoothly. It improves your company’s financial liquidity by providing a long interest-free period. The spending limits, which include cash withdrawals, apply to all aspects of life, both at home and overseas, as well as direct debits. Every time you use your card, you will receive 0.5 per cent cashback in your account. For travel accidents, you get maximum coverage.
Corporate credit cards should have either 100% corporate liability for payments or a liability split between the company and the individual.
Bangkok Bank provides expats with corporate credit cards that are convenient and flexible for all business expenses. They offer corporate cards with coinvent spending, allowing you to easily set a credit limit and manage your spending. They are flexible when it comes to entertainment and travel expenses. While visiting overseas, you are covered by travel accident insurance and receive service assistance, as well as a monthly statement and summary report for credit card spending.
The Krungsri Corporate Credit Card allows you to make either a minimum payment (with interest and fees) or a full payment (without interest and fees). Members of the Krungsri Corporate Credit Card have the option of extending their payment time by up to 50 days if complete payment is made on the due date. You are exclusively invited to relax in Thai Airways International’s Royal Silk Lounges at Suvarnabhumi Airport 2 times per year if you travel abroad. Members of the Krungsri Corporate Credit Card may withdraw cash up to 50% of their credit limit, depending on their available balance on the date of cash withdrawal. Through the card expenses summary report, which will be sent to you every month, you can increase cost control and productivity.