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Money receipt example for corporations

foreign welcome back thanks for tuning in to the show today now today's episode we are going to take a look at corporate credit cards so typical fashion will break down what a corporate credit card is how it works the pros the constant of course for all you wondering is there a way for you to add a corporate credit card to your wallet or not so of course that sounds interesting to you then go ahead press the Subscribe button and let's get to work now with most things if you take a look at the main page of the channel we have a dedicated playlist to all different types of credit cards so I'll put that down below for you as well as you know the links to the actual business credit cards because that's the closest comp to corporate cards and that's really where we're going to pick this one up so when you go to like any bank site especially bigger mid to big big Banks right at the top of the menu you're going to see like personal you're going to see wealth management you're going to see small business then you say maybe see corporate or Enterprise something like that that's how we're breaking this down so small business credit cards are giving me the cards we're most familiar with so if you think about the chase Inc business those are small business cards which really means that you and I can get them you know being a sole proprietor which is really busy you know you use your name as the company your social security number you can get them as a regular LLC like this you name it you really don't have to be you know a giant business uh corporate cards on their hand while they function pretty much the exact same thing as credit cards or they're most comparable to charge cards you know charge cards you must pay the balance in full at the end of the every billing cycle but they function the exact same thing you swipe things you're allowed to buy it buy stuff with other people's money for the month it's pretty cool right but the main difference here is one who's who they're really targeted at and again as the name might imply corporations right so really you know is anyone making or any business you know usually a few million dollars in annual revenue give or take so you know if you're going to apply for these you're more likely most often you can't actually apply directly to the site they want you to submit you know basically you submit a lead and then someone from their corporate team reaches out and you get basically gonna account managed to walk you through this because you're going to have to submit some level of documentation now I just say a few million dollars in annual revenue as a general statement every bank is going to have it you know different we'll talk about some examples at the end of this of course you know so it's not really a set number but again you know you're just not going to work with your sole proprietor something like that so you know there's a few differences here that we're going to cover between small business cards and corporate cards you know the number one that you know you want to hand out corporate cards to your employees and that's kind of where this picks up so if you take a look at the debt section right and actually using the cart the biggest thing here is that you know when you're issuing these cards there are no personal guarantees especially if you're the business owner employees or things like that because the company is responsible for the total debt on the cards now some cards can offer individual liability where the employee is responsible for paying the car then they would file reimbursement requests later on that's very rare because it kind of defeats the purpose of a corporate car again if you've worked in Corporate America then you maybe you've been handed the new generic Amex green corporate card right and really companies hand these out so again you can use it for expenses whatever you may be buying in your job your department whatever and then you know you would still usually have to submit receipts for that to verify because again you could technically buy whatever you wanted with the card but you don't have to fill out an expense report to get reimbursed so that kind of makes it easier for the company even though usually um there is some sort of internal policy about you know submitting receipts and things like that another reason this is good because again small business cards remember small business cards pull personal credit um to you know get your approval they don't report to personal credit unless you're in like your delinquent and then they do start to report to personal credit there is a difference there's where corporate cards if the company starts doing poorly it's not going to start reporting to your personal credit even if you're the owner because the business is responsible not necessarily you or any employee so big distinction there now that also means that you're again you're not really going to be able to get away with applying with a social security number you're really going to need a legit Ein employer identification number along with you know your company documents and things like that to show you are Incorporated and everything back to our first point of why they'll have a like a business relationship manager actually reach out to you for approval so the other big thing here is the software and expense tracking now again the main difference is you know you can issue many employee cards on the small business side to your team you know but yeah and usually you're not talking that many cards as well as corporate cards again for a corporation could be issue to many many people hundreds of people thousands of people tens of thousands of people depends on really how big your company is so you know your Finance and Accounting Department really need an easy way to manage that so another big difference here is the actual expense tracking software now overall some good examples here would be expensify and ramp now overall their cards are so so at best but they are corporate cards that earn you know um some cash back I think ramp earns 1.5 um expensified not as good you just spend a ton of money on it to get one or two percent back but the point is again expensifying ramp are also more so selling corporate software for managing invoices and expenses and things like that and so having a credit card that rolls right into that software can make it easier for those departments to Mass manage all these Accounts at once set spin limits print expense reports marry up receipts to it things like that you name it it's just going to be a lot easier you have a lot more tools at your disposal than you would with your standard Chase Ink cash card for example now with that the other thing we have going here is employee versus authorized user now on small business cards again you can add employees but those are technically you're adding authorized users to the cart now when you do that it gets a little bit gray again depending on the issue and how they want to do it but small business cards again you can add the employee cards though they're since they're considered authorized users this could potentially impact their credit not all the time right because again not every single time you're going to actually get their social security number and all that stuff you know so it really just depends on how the bank is set up but there is a possibility for that as we're again with corporate cards there is no effect on personal employee credit or again even the boss because again the company is making the guarantee not you know the individual so again even if you want to go a small business that's something to check as you add in authorized users because again when you apply we apply for small business it does pull credit and it will start to report if you know if you go in the negative for some reason so then you know that's a big difference a big Pro as well just kind of keeping everything separate for everyone involved now with that this stuff doesn't come for free unfortunately these usually come at a cost so when we talk about corporate cards there's usually cost involved because again they know that they're charging corporations and corporations can pay as a cost of doing business and what have you so again most small business cards we're very familiar with them most of them have no annual fee or a small annual fee so you know most banks have you know their classic 1.5 x car youth Chase Ink Unlimited in cash they have the you know Inc preferred as well in the ink Premiere that do punch up to an annual fee has some cards you know you know that you know the major players right but again no annual fee to very low annual fee well corporate cards again could it ranges again depending on who you're taking a look at but on average you could have a fee for maybe around like a hundred dollars or something per additional account now of course these accounts are going to be pulling from like the same overall line of credit because they are charge cards but um expect to pay some level of fee which overall again if we go back to our examples now expensifying ramp I know do not have annual fees those are kind of on the fintech side of things but you know our classic example here is going to be American Express we pull up the American Express page we can see here whatever size your business we have your back so they have the small business side of the house again they have you know the gold the platinums that you're used to then they have corporate which is the green gold and platinum as well so you can kind of Click through there and see the fees but again you know they're not going to give you a corporate platinum card for any cheaper than they are a business uh Platinum Card of course you may or may not need to issue you know business platinums to your corporate platinums to people what'd you get the point there at least on the personal side of the small business side you can see they have the uh the blue business Plus Card which at least is a no annual fee cars whereas they don't show you a no annual fee option on the corporate side and again they do qualify say companies with more than 4 million in annual revenue I'm thinking they've talked about some of the points we have as well now of course again most banks we're going to offer much larger size banks are going to offer a corporate option as well so it's really whatever you're looking for in terms of rewards again they do offer some rewards but the goal here really isn't again rewards it's more so to help keep everything separate it's more so to help with that personal for first corporate guaranteeing is more so to help with it managing all these cards in one place via the software so um unfortunately I don't think there's a way that many of us are going to actually sneak in and get corporate cards the way we do small business cards but the good news is I I really don't think you're missing out on much here again these are you know specifically for a Target use case Target group so overall not too bad here so I don't have any myself but uh if you guys do have experience with corporate cards you know fun stories or whatnot feel free to drop them down below anyways guys that's gonna do it for this one so of course you liked it drop me a thumbs up down below if found a particularly interesting consider subscribing the channel if you're posting content just like this every week and right back here every Sunday with all the news you can use in the week that wasn't credit and finance again question for you guys sound enough down below for those of you that had a corporate credit card before in the past or even had to get them for your business love to hear your thoughts and your experiences on that anyways guys that's gonna do for this one as always thank you so much for watching and talk to you very soon in the next one [Music]