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Benefits of using a business credit card for travel and entertainment

This is the last article in the series

A business credit card program can help a business more easily manage work-related travel and entertainment expenses. A business credit card provides employees with an easy, fast and safe way to pay for work-related expenses without using their personal credit cards (and going through the time and hassles of reimbursement) or getting cash advances. Even businesses with relatively low travel and entertainment expenses find that a business credit card provides the most efficient and cost-effective method of purchasing and paying for travel and entertainment-related expenses.

Consider these benefits of a business credit card:

  • Reduced cash needs – By reducing or eliminating cash advances from your business, you can improve your cash management and reduce the costs and bother of processing and tracking advances. Additionally, by moving away from cash advances, your employees can travel and entertain for work more safely, as they won’t need to carry large sums of cash to pay for their expenses.
  • Global acceptance – Credit cards are accepted at millions of merchants worldwide. In fact, a Visa business credit card is ideal for international travel and entertainment, as all purchases are automatically converted to U.S. dollars on card statements, and business credit card users typically gain a better currency conversion rate than using a currency conversion merchant. Additionally, cash advances on a business credit card from international banks or ATMs provide funds in local currency.
  • Set spending limits – You can set spending limits for each business credit card you authorize, including specific limits on cash advances, retail spending, and travel and entertainment-related spending. You can also establish protocols for purchases that exceed your pre-set spending limits.
  • Greater account transparency – All cardholder account transactions are easily available online or by phone. Plus, you can easily convert card data into your internal MIS, expense reporting, accounts payable and general ledger systems. This streamlines expense report administration, reduces expense report cycle time, enhances data tracking for tax purposes and improves travel and entertainment data quality and accuracy. Depending on your spending patterns, you may also be able to use this data to help negotiate lower prices for airfare, hotel, rental car and dining rates for your business.
  • Discreet purchasing – Paying for travel and entertainment expenses shouldn’t be a major production – especially in front of clients or prospects. With a corporate business credit card, your employees can more quickly and efficiently take care of paying for purchases and move on to more important business matters.
  • Business credit card benefits – You receive several built-in benefits when paying with a business credit card, including rental car insurance coverage, supplemental accident coverage, lost/damaged luggage assistance, emergency card replacement and medical/legal referrals. Plus, your card comes with financial rewards or incentives, just for using it. See your business credit card’s terms and conditions for exact benefit details.

Your credit card resource

California Bank & Trust has the resources you need to help your business more efficiently and effectively manage business expenses. Our diverse credit card offerings provide flexible solutions for any business.

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The information contained herein may not represent the views and opinions of California Bank & Trust, a division of ZB, N.A. or its affiliates. It is presented for general informational purposes only and does not constitute tax, legal or business advice.
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