Best Corporate Credit Cards

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Many people are familiar with personal credit cards and business credit cards, but there is another category of credit cards that isn’t as well-known. Corporate credit cards are specifically for very large businesses and they provide more access to credit than credit cards for the average individual consumer or sole proprietorship.

Below, you will learn how the best corporate credit cards work, their benefits, and how to qualify.

4 Best Corporate Credit Cards

There are only a few corporate credit card issuers in the market, but each comes with its own perks and considerations. Here are the best corporate credit cards available.

• Capital One Corporate Card
• Citi Corporate Card
• J.P. Morgan Corporate Card
• Wells Fargo Corporate Card

Capital One Corporate Card

• No APR – bill due in full each month
• No penalty APR
• Annual fee based on corporation’s card agreement
• No foreign transaction fee
• Late fees based on the corporation’s card agreement

The Capital One One Card is a corporate solution designed for businesses that spend more than $1 million each year. Businesses can select a 14-day billing cycle, during which purchases earn 1.5 times rewards for every dollar. Alternatively, a 30-day billing cycle earns 1.25 times rewards for each dollar spent. Rewards can be redeemed for statement credits, gift cards, or merchandise by the employee or the company.

Citi Corporate Card

• No APR – bill due in full each month
• No penalty APR
• Annual fee based on corporation’s card agreement
• No foreign transaction fee
• Late fees based on the corporation’s card agreement

The Citi Corporate Card is made available to large companies to better manage employees’ travel and entertainment expenses. Eligible purchases earn ThankYou rewards and can be redeemed by either the employee or the company. There are also options for ATM cash withdrawals, comprehensive reporting, and data analytics available at no added cost. To qualify for a Citi Corporate Card, businesses must have revenue over $4 million annually, as well as the ability to meet spending minimums.

JPMorgan Chase Corporate Card

• No APR – bill due in full each month
• No penalty APR
• Annual fee based on corporation’s card agreement
• No foreign transaction fee
• Late fees based on the corporation’s card agreement

JPMorgan Chase also offers a corporate card to qualified companies. Spending limits can be set per employee, and sophisticated data and reporting tools are available at no additional cost. Businesses must have a significant revenue stream to qualify, as well as meet minimum spending thresholds each year.

Wells Fargo Corporate Card

• No APR – bill due in full each month
• No penalty APR
• Annual fee based on corporation’s card agreement
• No foreign transaction fee
• Late fees based on the corporation’s card agreement

The Wells Fargo Commercial Card offers a more streamlined method for corporations to pay invoices, manage travel and entertainment expenses of employees, and cover fleet costs. It also offers more efficient reporting and accounting tools for companies and employees. Corporations must have strong business credit and revenue over $4 million to qualify.

Additional Information on the Best Corporate Credit Cards

How a Corporate Credit Card Works

Corporate credit cards are often confused with small business credit cards, but they differ in several ways. First, a corporate card is granted to a corporation and typically employees of the business are given access to their own cards under the account.

However, only the corporation’s business credit is considered, not the credit of individual employee cardholders. Unlike small business credit cards, a corporate card account does not require a personal guarantee on behalf of the business owner, leaving all liability to the company.

Corporate credit cards work well for large companies that have several employee expenses that need reimbursing, like travel costs. Instead of forcing the employee to pay for these costs upfront, companies can offer corporate credit cards in their name to pay for business-related charges. So, the company handles the payment each month without involving the employees’ finances.

A corporation with a credit card account through a corporate card issuer often negotiates the card specifics directly with that issuer. For this reason, every corporate credit card looks different, as do the perks of each account. It is not easy to qualify for a corporate credit card, but companies with significant revenue streams, long histories in their industries, and strong business credit are likely to qualify.

Advantages to Corporate Credit Cards

For large companies, the biggest draw to corporate credit cards is the ease of managing employee expenses. Beyond the simplicity of accounting, corporate cards provide some perks both to employees and the corporation footing the bill.

While corporate cards do not typically offer as robust of rewards programs as personal or small business cards, some card issuers do allow for points and miles to accumulate on purchase transactions. This gives the corporation the ability to offset some costs each year through cash back and travel rewards. In some cases, rewards from corporate cards trickle down to employees, adding an incentive to work for the company.

In addition, corporate cards often come with a variety of protections for both the company and its employees. Corporate credit cards may have rental car damage waivers, lost luggage and trip protection, identity theft protection, and spending limits for employees. Each of these additional benefits can be powerful tools for large companies.

Cautions on Corporate Accounts

Corporate cards sound like they have it all, but there are downsides to consider. Having several employees with their own access to company money via a credit card can be risky, particularly when employees are not given limitations or guidance on spending policies. Mixing personal and corporate expenses on the corporate credit card can be a significant hit to a corporation if the employee is using the card inappropriately.

Additionally, corporate credit cards may come with hefty annual fees for the company. Although the employee does not pay this fee directly, the charge may be offset by earned rewards taken away from them. Companies should recognize how large a corporate credit card bill can be each month, and they must have a strategy for paying it off.