What is a Company Card?
A company card is a payment card used to manage a company's purchases and expenses in a simpler and more controlled manner. The card is linked to the company's finances and can be used by one or more employees to pay for travel, representation, online purchases, software, and other services that the company needs in its daily operations.
Unlike a personal card, a company card is designed to simplify administration, provide better oversight, and make it easier to track expenses. Many companies choose company cards to avoid personal outlays and to streamline accounting and receipt management.
How do I find the best Company Card?
The best company card is not the same for everyone. To choose the right one, you need to consider how you work, what purchases you make, and how much control you want over expenses. Important steps to find the best option for your needs:
1. Start by mapping your needs
- How many people need cards?
- Will the cards be used for travel, online purchases, purchases, or all?
- Do you want to avoid personal outlays entirely?
- Do you need to set limits per user or department?
- Do you want a card for the entire company or several individual cards?
2. Choose card type: debit or credit
Debit Card (linked to account)
- Money is deducted directly from the company's account
- Good for companies that want clear control over cash flow
- Often easier to get started with
Credit Card (invoice/credit)
- The company pays afterwards (often monthly)
- Can be good for travel and larger expenses
- Some cards offer bonuses, cashback, or insurance
3. Check integrations with accounting and financial systems
A company card becomes especially valuable if it can be integrated with a system.
Examples of common integrations:
- accounting systems (to reduce double work)
- expense and travel reimbursement systems
- financial systems and reporting tools
Quick Guide
List of 8 different Company Cards
Quick Guide
Compare different Company Cards
Choosing the right company card requires more than just looking at the price. Below is a structured process that helps you compare different options in a methodical and business-relevant way.
Define needs and parameters
Start by establishing the basic requirements:
- How many employees will have cards?
- Will the cards be used nationally or internationally?
- What type of purchases will be made (travel, online purchases, subscriptions, ongoing expenses)?
- Is a credit function needed, or is debit/prepaid sufficient?
This step makes it easier to sort out irrelevant options early on.
Establish requirements that must be met
Identify features that are crucial for the business, such as:
- Support for digital wallets (Apple Pay, Google Pay)
- Individual spending limits
- Real-time overview of transactions
- Ability to block cards immediately
- Access to both physical and virtual cards
Cards that do not meet these requirements should be excluded immediately.
Analyze total cost
Compare not only the monthly fee. Consider:
- Card fee per user
- Currency surcharge for foreign purchases
- Withdrawal fees
- Credit interest (if applicable)
- Fees for additional or virtual cards
It’s advisable to calculate the cost based on the company's actual usage.
What does a company card cost the company?
The cost of a company card varies depending on the card type, provider, and how the card is used in practice. To get an accurate picture, it is important to consider the total cost – not just the fixed fee.
Below are the most common cost items to consider.
Annual or monthly fee
Many company cards have a fixed fee that the company pays per card:
- Annual fee or monthly fee per user
- The cost can vary from 0 to several hundred pounds per year depending on the card and functionality
Some modern company cards have no fixed fee at all, while traditional bank cards often charge per card.
Interest on credit
If the company card is linked to credit (payment afterwards):
- Interest is added if the invoice is not paid on time
- Interest rates are often relatively high compared to regular business loans
If the entire invoice is paid each month, interest costs can be completely avoided.
Other fees
Depending on the provider, the following may also apply:
- Late fees
- Reminder fees
- Fees for exceeding credit limits
- Fees for paper invoices
How do I buy a Company Card?
Obtaining a company card is usually a relatively simple process, but the steps may vary slightly depending on the provider and card type. Below describes the most common process – from needs analysis to finished cards.
Map the company's needs
The process begins with the company identifying its needs:
- How many employees will have company cards?
- Will the cards be used in the UK or also internationally?
- Is a credit function needed, or is debit/prepaid sufficient?
- Are there requirements for accounting integrations or receipt management?
This analysis determines which type of card and provider is relevant.
Compare card providers
The next step is to compare different providers and their offerings:
- Fees and cost structure
- Features and administration
- Support for digital wallets
- Integrations with financial systems
- Any benefits and insurances
Here, it is important to compare the total cost and not just the fixed fee.
Apply for a company card
Once an option has been selected, the company submits an application:
- Company details (registration number, company form)
- Information about the authorized signatory
- Financial information for credit applications
For credit cards, a credit assessment of the company is usually conducted.
Approval and agreement
After the application:
- The provider reviews the information
- An agreement is established between the company and the card issuer
- Credit limits and terms are set for credit cards
Processing time can vary from immediate approval to a few business days.
Order and distribute cards
Once the agreement is finalized:
- The company orders cards for selected employees
- Individual spending limits and rules are set
- Roles and permissions are assigned in the administration tool
Often, both physical and virtual cards can be issued.
Delivery and activation
- Physical cards are sent to the company or directly to users
- Cards are activated via app, web portal, or bank
- Digital cards can be used immediately after activation
Usage and ongoing administration
After activation, the company can:
- Track transactions in real-time
- Collect receipts digitally
- Adjust limits and block cards as needed
- Export data for accounting and reporting
This step continues throughout the lifetime of the cards.
