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Company credit card policy best practices

Assuming your company issues corporate credit cards, then you should compile a policy for employees’ usage of their corporate card. The policy should include:

  • The cardholder’s responsibilities
  • Their spend limits
  • Any exceptions to using the card such as approval before spending on costly items like flights
  • How they should submit receipts and report on their expenses

You should set clear and understandable guidelines for use of corporate cards. Most importantly, corporate cards cannot be used for one’s own personal expenses. Corporate cards should have a reasonable credit card limit – perhaps dependent on an employee’s status and frequency of spending.

Of course, only the person named on the card should be allowed to use it and that person is responsible for safeguarding the card and its related account information.

One other important thing to include in a policy is a procedure for when employees find themselves in an emergency and where unauthorized use of their credit card is the only reasonable path.

passing credit card over

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