Issuing corporate credit cards can help businesses take charge of their expenses and empower their teams. It’s a step that allows for custom spending management, deeper insight into a business’s financial habits, easy access, and often better repayment flexibility compared to lines of credit or loans. From 2024 to 2025, the corporate credit card market grew from $23.78 billion to $25.51 billion. It’s expected to reach $43.08 billion by 2032.

Setting up these credit cards involves determining eligibility, choosing a card programme, and applying. When selecting a credit card programme for your business, you’ll want to consider which features, perks, and credit terms best fit your financial goals, reflect your brand and principles, and appeal to your employees. If you’re considering setting up credit cards for your business, here’s what you need to know.

What's in this article?

• What are corporate credit cards?
  
• Applying for a corporate credit card
  
• Who’s eligible for a corporate credit card programme?
  
• Types of corporate credit cards
  
• Choosing the right corporate credit card
  
• Terms and features to consider when choosing a corporate credit card
  
• Managing your corporate credit card
  
• Overcoming challenges in getting a corporate credit card
  
• How Stripe Issuing can help
  

What are corporate credit cards?

Corporate credit cards are specialised payment cards issued to employees to handle business expenses such as travel, dining, office supplies, and client entertainment. Unlike personal credit cards, these cards are tied to a company account and typically are paid in full within 30 days.

Many larger organisations manage these cards through a corporate credit card programme, a centralised system that allows finance teams to issue cards across the workforce while maintaining oversight through employee spending limits, merchant category controls, and real-time expense tracking. These programmes often come with added benefits such as travel perks, purchase protections, and integrations with expense management software. This makes it easier to enforce company policy and streamline reimbursement. Company credit cards are the individual cards issued to employees within this broader framework.

To qualify, businesses must generally meet eligibility requirements including legal registration, a strong credit history, documented financial stability, a tax identification number, and a dedicated business bank account. Businesses typically need a high business credit score, strong annual revenue, and 10 or more employees, with some issuers also setting a minimum annual spending threshold.

Corporate cards have historically only been issued to businesses with annual revenues of at least $4 million, while smaller businesses could apply for small-business credit cards instead. Some issuers now offer small businesses corporate charge cards, which function similarly to credit cards but require businesses to pay their balances in full every billing cycle. Annual fees on corporate credit cards can reach as high as $895, while APRs after any introductory period typically range from 14% to 25% depending on creditworthiness. Many cards also offer promotional 0% APR periods, though these typically expire after 12 months or more, at which point standard rates apply to any remaining balance. The responsibility for payment typically rests with the company, though this can vary based on individual agreements.

Applying for a corporate credit card

Corporate credit card applications require preparation, attention to detail, and an understanding of your business’s financial standing. Here’s a step-by-step guide.

• Select an authorised representative: Select a company representative to oversee the application process. This representative must have the authority to enter into binding financial agreements on behalf of the business. Common examples include a financial officer or an authorised manager.

• Determine your needs: Define exactly why your business needs credit cards, which employees will be issued cards, and how employees will be permitted to use them. This will inform the features you seek.

• Research options: Compare card issuers and the value of various cards. Select the best match for your business needs.

• Check credit history: Check that your business’s credit history is up to date, and address any errors before proceeding. You can request your business credit report from major bureaus and review it carefully for any inaccuracies—such as incorrect payment records or accounts that don't belong to your business—before submitting a card application.

• Gather documentation: Collect all necessary documentation, including but not limited to your tax identification number (TIN), financial statements, and business license. Different cards have different requirements, so confirm what you need before beginning the application process.

• Submit application: Fill out the application form, which might require personal details of the business owner or financial officer applying for the card, as well as business information. Submit to the issuer. The approval process can take a few hours to several weeks as the issuer reviews your submitted materials and credit history.

• Review cardholder agreement: Once approved, you will be assigned a credit limit and sent a cardholder agreement. Carefully review the terms of this agreement, including how to handle disputes and unauthorised charges.

• Set up an account management system: Set up a system for how you’ll track expenses, gather reports, and pay down your balance.

• Distribute cards: Distribute cards to your chosen employees, and remind each cardholder of spending limits and usage policies. Common card recipients include sales personnel, executives, and employees with frequent travel or purchasing duties.

Who’s eligible for a corporate credit card program?

Any business that wants to launch a corporate credit card program must meet several requirements.

• Business Registration: The business must be legally registered and operational. The Company must provide Legal documentation demonstrating its operational Status such as articles of incorporation, business licenses, or a certificate of good standing.

• Creditworthiness: Businesses must have good credit histories and are often required to have high credit scores. This score is influenced by loan Repayments, credit lines, and overall financial health. Small Business cards in the US, for example, often require a personal FICO score of 670–720+, but some Corporate cards skip the personal credit check entirely and instead base assessments on Business cash or Revenue. Corporate cards for large, established businesses typically don't require a personal credit check, but small Business cards almost always do.

• Financial documents: The business must show documentation of financial stability. This might include balance sheets, Income statements, cash flow statements, and Tax returns.

• Tax identification number (TIN): The business must have a TIN. In the United States, this is an employer identification number (EIN).

• Personal guarantee: A corporate card typically requires no personal guarantee, meaning the business—not you—is legally liable for unpaid debts, protecting your personal assets. Small Business cards, however, often require one, making you personally responsible if the business can't pay.

• Business bank account: Some corporate credit cards require the business to have a dedicated business bank account.

• Company Revenue: Corporate credit cards often require a minimum annual Revenue of $4 million. Small Business credit cards are an option for many businesses with lower revenues.

• usage policy: Corporate cards require the business to have a policy outlining the appropriate use: spending limits, permitted transactions, and more.

Types of corporate credit cards

Corporate credit cards come in many forms and are often customised to the business.

• Charge cards: These require the balance to be paid in full at the end of each billing cycle. Unlike traditional credit cards, they carry no preset spending limit, making them well-suited for businesses with high or variable monthly expenses. The trade-off is the strict repayment requirement, which demands strong cash flow management.

• Prepaid corporate credit cards: Prepaid cards are loaded with a set amount of funds before use, meaning employees can only spend what has been allocated. These cards give finance teams control over budgets and eliminate the risk of debt accumulation, making them a popular choice for managing employee expenses on a project-by-project basis.

• Standard corporate credit cards: These function much like a personal credit card but are issued in a business’s name. They offer a revolving line of credit, allowing businesses to carry a balance from month to month. They typically come with spending controls, reporting tools, and the ability to issue multiple cards to employees under a single account.

• Travel corporate credit cards: Travel cards are optimised for businesses with employees who travel frequently. These cards often include perks such as airline miles, hotel rewards, airport lounge access, travel insurance, and no foreign transaction fees. For businesses with significant travel budgets, the rewards and benefits can translate into significant savings.

• Virtual corporate credit cards: Virtual corporate cards exist as digital-only cards with a unique card number generated for online or remote transactions. They enhance security by limiting exposure to fraud—a virtual card number can be restricted to a single vendor or set to expire after one use. They're increasingly popular for managing recurring software subscriptions and remote team expenses.

Choosing the right corporate credit card

Every business will have its own considerations to weigh when choosing and applying for a credit card. Selecting the right credit card requires carefully matching the card’s features and benefits with your business’s goals, needs, and financial behaviours. While corporate credit cards are generally designed for larger enterprises, many of the same principles apply to small and midsize businesses evaluating business credit card programmes.

Consider the following factors when selecting a card.

• Business size: Larger enterprises typically qualify for full corporate card programmes with centralised controls and reporting, while businesses generating less than $4 million annually may be better served by corporate charge cards or small business credit cards.

• Industry: Some cards cater to specific industries and offer rewards that meet the spending habits typical of those sectors.

• Growth stage: Startups might need flexible credit limits and easy approval processes, while established businesses might want cards with premium rewards, higher credit limits, and robust expense management integrations.

• Spending categories: Assess the types of expenses for which your business will most frequently be using these credit cards.

• Frequency of use: Businesses with low credit usage might prioritise cards with low to zero annual fees, while more frequent users can benefit from rewards for hitting certain spending thresholds.

• Financial health: Though smaller companies might need to provide personal guarantees or choose cards with modest benefits, companies in a strong financial position might have access to cards with better terms and more rewards.

Terms and features to consider when choosing a corporate credit card

Once you've assessed your business's eligibility and key considerations, consider the following features of various credit card programmes to select the best fit for you.

• Card benefits: Many cards offer a range of 1%–2% cash back, 1x–8x points on certain purchases, or other types of perks. Seek out benefits that match where your business will spend the most money. For example, if travel is a frequent expense, look for cards with travel benefits or rewards programmes, such as statement credit for Global Entry, TSA PreCheck, or Nexus, or airport lounge access for the primary cardholder and guests.

• APR: Compare the annual percentage rates (APRs) of different issuers. If you plan to carry a balance, seek cards with lower interest rates.

• Annual fees: Analyse annual fees to confirm that benefits outweigh costs. Cards might charge anywhere from $0 to $895 in annual fees, with several popular options around $100–$400.

• Credit limits: Make sure the credit limits meet your business’s spending needs. Credit limits vary depending on the issuer and your business's financial profile—small business cards typically start around $2,000 and can reach $50,000, while corporate card programmes designed for larger enterprises can range from $100,000 to $10 million or more. Most issuers determine limits on a case-by-case basis rather than publishing fixed ranges.

• Billing and payment options: Review billing cycles and payment options to determine what best meets your business’s cash management practices. If your business needs flexibility in managing cash flow, a card with a revolving credit line might be preferable, while businesses with strong, predictable cash flow could benefit from a charge card's lack of a preset spending limit, provided the balance can be paid in full each month.

• Integration capabilities: Cards that can integrate with the business’s accounting and financial platforms can simplify expense management and reporting.

• Employee spending controls: If the card will be used by multiple employees, consider one that can set individual spending limits and restrictions.

• Customer service: Consider the level of customer service provided, such as access to a dedicated account manager.

• International use: For businesses with international travel, transactions, or both, look for a card with minimal or no foreign transaction fees, wide acceptance abroad, and global customer support.

• Security features: Look into the card’s security features and fraud prevention systems, such as alerts for unusual activity, receipt submission, spending limits, transaction alerts, and two-factor authentication.

• Issuer reputation: Research the issuer’s reputation and stability. Partnering with a reputable issuer can bring peace of mind and long-term service quality. Seek out recommendations from peers and read reviews to understand the experiences other businesses have had with the card.

• Introductory offers: After considering the card’s long-term benefits, check out potentially valuable introductory offers such as 0% APR periods or bonus points. Common intro offers could include $500–$2,000 in statement credits, up to 400,000 miles, or 100,000 points.

Managing your corporate credit card

Once credit cards have been issued, your business is tasked with monitoring and recording expenses, ensuring Compliance with spending policies, and promptly paying off your account balance. Managing Company accounts effectively creates a high level of oversight and control over your business’s credit card usage, preventing misuse and integrating Card expenses with other financial records.

Mismanaging corporate credit cards can expose your business to significant financial risk, including accumulating high-interest debt, late Payment fees, or damage to your Business credit score. In more serious cases, inadequate oversight can leave your business vulnerable to employee misuse or fraudulent transactions. Consider the following best practices for managing your Company cards.

• Establish spending policy and reconciliation Process: Define what constitutes acceptable use of the Card: which expense categories are allowed and which are off-limits. The most common corporate credit card expenses are travel expenses, meals and entertainment, office equipment and technology, and recurring expenses such as software subscriptions. Create a Process with strict deadlines for cardholders to submit receipts and explain charges.

• Set credit limits: Consider setting specific credit limits for each Cardholder Based on their responsibilities and spending needs. Review these limits periodically to ensure they reflect your business's spending needs and Repayment capabilities, and work with your Issuer to adjust them as needed.

• Train employees: Create a comprehensive employee training program that outlines how to use the Card correctly, how to submit expenses, the consequences of noncompliance and misuse, and best practices for Card security and Fraud prevention, including what to do if a Card is lost or stolen.

• Integrate with accounting software: Integrate your Card provider’s systems with your accounting software to automate expense tracking and reporting.

• Monitor transactions: Frequently review transactions for each Card to catch any errors or unauthorised spending early. Act promptly if discrepancies or violations of the spending policy occur. This might involve internal discussions or more formal disciplinary actions.

• Pay balances and maintain financial discipline: Implement strict internal controls to avoid inadvertent spending and debt, and always pay your balance on time to avoid interest charges and penalties.

• Understand the Terms and Review agreement changes: track changes to Card Terms or benefits. Adapt your spending strategies accordingly, and take advantage of any new offers. Read the Card's Terms with care, and ask the Issuer for more details if anything is unclear, as misunderstandings can lead to unintentional misuse and surprise charges.

• Analyse spending patterns: Assess spending patterns to identify cost-saving opportunities, such as negotiating discounts with frequent vendors.

• Adjust policies as needed: As your business changes, periodically review and update your credit card policies to reflect any changes in your business’s spending needs or financial strategies.

Overcoming challenges in getting a corporate credit card

If your business is struggling to obtain approval for a company credit card, these strategies can help.

• Improve creditworthiness: If your business credit score isn’t strong, focus on improving it by paying debts on time, reducing credit utilisation, and ensuring credit records are error-free.

• Build a financial track record: For newer and smaller businesses, consider starting with a small-business credit card or a small line of credit to build a positive financial track record.

• Gather comprehensive documentation: Incomplete documentation can stall the application process. Confirm all necessary documentation is assembled before beginning the application process.

How Stripe Issuing can help

Stripe Issuing allows you to easily create, distribute and manage custom cards – generating new revenue streams and enhancing your customer experience.

Issuing can help you:

• Launch new card products: Quickly create physical, virtual or tokenised cards customised to your specific business needs – whether that's expense cards, rewards or something else.

• Expand revenue opportunities: Monetise your card programs by collecting shared interchange revenue or by offering value-added services.

• Improve operational efficiency: Automate card issuance and management through Stripe's APIs, reducing the complexity of working with multiple card issuers.

• Enhance customer experience: Offer your customers a branded card experience that integrates seamlessly with your existing products and services.

• Gain visibility and control: Access detailed transaction data and controls to monitor card usage, set spending limits and suspend cards when needed.

• Access Stripe's expertise: Benefit from robust infrastructure and compliance support, influenced by Stripe's experience powering card programs for leading companies.

Learn more about how Stripe Issuing can help you drive growth with custom card programs or get started today.