Corporate Credit Card Comparison: Find the Best Provider in Germany & Europe
In our corporate credit card comparison, we scrutinize all providers so that you can make the best decision for your company. Get informed and find the best provider now!
Key Points at a Glance
Corporate credit cards enable a clear separation between business and private expenses.
There are various types of cards specifically developed for small, medium-sized, and large enterprises.
Private use of the corporate card is not permitted.
When applying for a credit card for employees, their creditworthiness does not play a role.
Applying for a Company Card: Business Card or Corporate Card?
There are different types of corporate credit cards. Business Cards are aimed at freelancers and self-employed individuals, as well as small and medium-sized enterprises where only a few employees need a credit card. The features are limited to accounting and invoicing integration, and insurance. These corporate credit cards are often available for free or at a low cost.
Corporate Cards are suitable for larger companies that need many corporate cards. Therefore, there is usually a minimum purchase requirement. Corporate Cards offer individual additional services and better conditions. Due to the higher volume of credit cards, you can also benefit from rewards and bonus programs.
Corporate Credit Card for Employees: What to Consider?
Corporate credit cards open up new possibilities for expense management and control for companies. The following are important considerations when implementing corporate cards.
Requirements for Applying for a Business Credit Card
To apply for a credit card for your company, you must meet the following requirements:
Officially registered company
Ownership of a business account
Positive creditworthiness of the company
Depending on the provider, fulfillment of minimum sales requirements might be necessary
Residence in the issuing country of the card
Proof of adulthood, identity, and business affiliation of the applicant
The exact requirements may vary depending on the corporate credit card provider. It is particularly important to provide proof of business and to submit relevant business documents.
Billing: Can the company credit card be used for personal purposes?
At the end of 2015, an EU-wide regulation for corporate credit cards was introduced. Since then, it is not permitted for the billing of the credit card to be done through an employee's personal account. Business expenses and private expenses must be clearly separated. Therefore, the company account must also be registered with the corporate credit cards.
What can be paid for with the corporate credit card?
The corporate credit card may only be used for business-related expenses. These include:
- Travel expenses (airline tickets, hotel bookings, etc.)
- Business meals
- Training and education
- Expenditures for office supplies
- Services related to business activities
All transactions made with the corporate credit card must comply with the company’s guidelines and demonstrably serve business purposes.
Information on policies and usage agreements
To prevent potential misuse, it is advisable to set clear usage agreements for the corporate credit card. It should be clear to every employee that the credit card is not intended for private use. However, by establishing a detailed usage agreement, you ensure extra security. This agreement should specify the purposes for which the corporate credit card can be used and inform employees of their duty of care in the event of theft or loss of the card. Templates for such an agreement can be found online.
SCHUFA Checks, Creditworthiness, and Liability
Even if your employees receive personalized corporate credit cards, the liability lies solely with the company. Consequently, the personal creditworthiness of the employees does not matter, allowing even those with negative SCHUFA entries to receive a corporate credit card.
Corporate Credit Card Without a Name
Corporate credit cards can be issued without a name and used by multiple employees. There are also personalized credit cards that bear an employee's name and can only be used by that individual. The choice between these options depends on the individual needs of your company.
Digital Corporate Credit Card or Physical Model?
In addition to physical credit cards, there are now virtual models available only in digital form. These cards are either linked to the company account or topped up via an account-independent e-wallet. Digital corporate credit cards can have individual budgets and rules set. A time limit is also possible. This type of credit card is particularly suitable for individuals who sign up for online software subscriptions, book webinars, or make online purchases.
Mobile Payments with Apple Pay or Google Pay
Some credit card providers allow you to link your corporate credit card with Apple Pay or Google Pay. This enables your employees to make contactless payments quickly and easily with their smartphone or watch. Simply add the credit card to the corresponding wallet, and you too can benefit from convenient and secure transactions as a business customer.
Benefits of the Corporate Card
The corporate credit card offers numerous benefits for both employers and employees. Here is an overview of the advantages:
Good overview of employee payments
Direct payment of company expenses without the need for cash advances
Documentation of business expenses in real time
Digital storage of receipts
Time and cost savings in accounting
Better terms than with private credit cards
No credit checks on employees
Employees do not have to fill out expense reports
Disadvantages of Corporate Credit Cards
Despite numerous advantages, corporate credit cards also have a few drawbacks:
- Potentially burdensome administration: Especially when there are many corporate cards, the responsible person in the company might frequently face questions.
- Risk of dormant accounts: If an employee leaves the company, it is crucial not to forget to cancel their corporate credit card. Otherwise, they can continue to use it.
- Fewer providers than for personal credit cards.
Free Corporate Credit Card? – All Costs and Fees Overview
There are free corporate credit cards and providers that charge an annual fee. The costs depend on the type of card as well as its additional benefits and discounts. Additional fees may include foreign currency surcharges, foreign transaction fees, or cash withdrawal fees. These vary by provider but should be considered when comparing corporate credit cards.
Cashback & Bonus Programs: Benefits You Can Enjoy
Not only personal credit cards include lucrative benefits – business cards can also come with attractive bonus programs. The conditions offered by providers can vary significantly. Some offer an extended payment deadline or a higher credit limit, while others provide cashback, upgrades, and rewards. Special discounts at airlines, hotels, or other shops are not uncommon. Specific insurance packages are also offered as an additional service for business travelers. Look closely at the additional benefits to see which ones could be worthwhile for your company.
How Secure Are Corporate Credit Cards?
To prevent misuse of corporate credit cards, many providers take extensive security measures, including:
- An app or phone hotline for immediate blocking of the card in case of loss or theft.
- Automatic blocking in case of suspicious bookings.
- Real-time notifications of transactions.
- 3D-Secure or two-factor authentication.
- Company-specific card limits or credit balances.
- Individual card limits for employees.
- Cash withdrawals up to a set limit.
If misuse of the card occurs despite these measures, the company is liable for up to €50. If the damage exceeds this amount, the bank or the issuing credit card institute is liable. Note that the card must be blocked immediately in case of loss or theft, as the liability limit does not apply in case of negligent behavior.
Debit, Prepaid, & Co. – Alternatives to the Classic Credit Card
In our corporate credit card comparison, you will also find alternatives to the classic credit card. There are debit cards where the amount is debited directly at the time of transaction. Additionally, there are prepaid corporate credit cards, which can be loaded with a certain amount and used within that limit.
Another popular option is the virtual corporate credit card. It is available online and can be used for one-time or recurring payments. If your employees are supposed to handle travel bookings exclusively through a corporate credit card, the travel agency card is a good alternative. This involves a virtual account through which flights, train tickets, hotel stays, etc., can be booked.
Find the Best Corporate Credit Card Provider on Our Portal
Business use of credit cards is primarily specialized by Visa, MasterCard, and American Express. Among the credit card companies, both branch and direct banks as well as FinTech companies appear. Corporate credit card providers offer businesses customized solutions tailored to different target groups. In addition to Degussa, Sparkasse, and Commerzbank, there are numerous other financial companies that offer multifaceted benefits for your company.
In our corporate credit card comparison, you will find the perfect card for your needs!