How to Maximise the use of your Employer Issued Credit Card
For the typical employee, getting issued a company credit card is a major milestone. It says that you’ve gained your superiors’ trust and have access to perks that only come with a certain level of seniority. You hand your corporate card over, and the person on the other side knows that you’re in a position of power. You get free seats at concerts and special rooms at hotels. You may even get to fly business class where you’d normally settle for coach.
Of course, the perks of a company-issued credit card can easily shadow the responsibility attached to it. You worked hard to get where you are, so it only makes sense to do what it takes to stay there. Here’s how you can keep your employer’s trust by making good use of your company credit card.
Keep your receipts
This is more than a personal tip; it’s a legal requirement. According to the Australian Taxation Office, businesses are required to keep records for at least five years. That means you may have to dig up a restaurant bill from four years ago during a company audit. Make sure to keep copies of receipts for you and your boss; that way, if one copy gets lost, the record isn’t gone forever. For added security—especially if the establishment issues thermal paper receipts—make digital copies and keep a month-by-month file on your computer.
Justify every dollar
Personal expenses are out of the question—it doesn’t take an MBA to know that. Even so, your corporate card is not a carte blanche, even for things directly related to your work. Charging the post-its is one thing, but buying a new laptop when you have a perfectly good one is another. This is especially a problem in higher-ranking employees, whose purchases are seldom questioned as a result of their position, according to Inside Indiana Business. Before charging so much as a piece of gum, picture yourself having to explain it to your boss. Will you be able to do it with a straight face? If you can’t, use your own money.
Always bring cash
One tip on the personal finance blog Make Love, Not Debt is to always bring cash for things that may be too small to put on the company card, or for when the card isn’t accepted at some locations. This is useful as many company credit cards use American Express, which has a smaller presence than Visa and MasterCard. This also makes it easier to separate personal and business expenses on business trips (you can’t put souvenirs on the company card). Around $100 for each day of the trip should be enough, although it won’t hurt to take local living expenses into account.
Read up on rewards
It’s not uncommon for business credit cards to come with rewards programs. Sometimes you can help yourself to them without any trouble, but some companies include them in the accounting. Your boss may let you have the occasional free drink, but may want to keep the frequent flyer miles for business trips. Before claiming the rewards for yourself, make sure your accounting office is aware of them and wait for a green light from the higher-ups.
Organize travel expenses
Travel is one of the trickiest business expenses, especially if you’re with a group. USA Today suggests keeping all trip-related documents (receipts, boarding passes, customs forms) in an envelope for the duration of the trip, and writing down the names of everyone who took part in the expense (e.g. those who attended a lunch meeting). If you’re using a different currency, use the current market exchange rate or the rates from a local bank—and provide a receipt showing the rate in use. If you travel for work often, consider keeping a business travel journal so you can keep track of your business expenses over the year, and get an idea of average costs so you have a benchmark for future travels.
When in doubt, ask
Each company has its own policies. Some will let you get away with charging a $500 ergonomic chair, while others will question every last cent. Chances are by the time you earn your corporate card, you’ll have been in the company for a while, so you’ll have a feel of what will and will not be acceptable. If you’re not sure, there’s no harm in asking—just head over to the accounting department or bring it up with your boss. If it’ll save your reputation and your job, it’s well worth the trouble.
Read the official terms and conditions
| Minimum Income | $30,000 | Minimum Age | 18 years of age |
| Residency | Permanent Australian Resident | Credit Rating Requirement | Good |
| Min Credit Limit | $5,000 | Max Credit Limit | $60,000 |
| Annual Fee | $149 | Balance Transfer Fee | |
| Minimum Repayment | 2% | Interest Charged From | Purchase Date |
| Late Payment Fee | $40 | Over Limit Fee | $40 |
| Overseas Emergency Replacement | $0 | Overseas ATM Balance check | $0 |
| Overseas ATM Withdrawal | $0 | Foreign Currency Conversion Fee |
| Rewards Points per Dollar | 1.25 Point(s) | Points needed for Syd/Mel Return Flight | 16000 |
| Points needed for $100 Voucher |
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