Corporate and Business cards have a variety of differences. Before you open either card be sure to go over all the all the details and fine print to make sure you open the correct card for you.
Below, you can find out whether you should open a Corporate or Business Credit Card.
What Is a Corporate Credit Card
Corporate credit cards are generally used by million dollar corporations. You are not required to have a personal guarantor unlike Business credit cards.
In order to earn a Corporate credit card you are required to provide a tax ID and corporate financial records for the issuer to review.
When to Use a Corporate Card
Business can use Corporate Credit Cards to streamline and monitor employee expenses. Using a Corporate card allows the company to categorize and analyze employee expenses.
Pros and Cons of a Corporate Card
Like all things there are several positives and negatives to a Corporate card:
- Pros:
- Improves reporting and record keeping abilities
- Easier to monitor and analyze employee spending
- Variety of benefits regarding travel and emergency assistance services
- Dedicated customer service rep
- Cons:
- Cost and fees could potentially outweigh benefits
- Must make sure employees do not make personal expenses
- Employees lose potential benefits they could earn on their own cards
Fees and Costs of a Corporate Card
Corporate credit cards fees and interest rates vary from provider to provider and the type of card you select. Generally the spending cap is very flexible and can be set up via your card issuer.
What Is a Business Credit Card
Business credit cards are best for smaller business and can be used for a wide range of business expenses. Using a Business credit card can really help the company build a strong credit history.
Liability for late/nonpayments is the major difference between Business and Corporate credit cards. Business card payments require a designated person to be responsible.
When to Use a Business Card
This card is generally meant for small to medium sized companies and should be used to purchase items for the company. These cards allow companies separate personal and business expenses protecting the owners personal credit.
Pros and Cons of a Business Card
Learn about the pros and cons of business card down below:
- Pros:
- Owners and employees can buy work items and pay off the balance over time
- The card allows business owners to develop strong credit profiles
- Provides spending reports
- Offers higher spending limit
- Cons:
- Employers must make sure there is no misuse or fraudulent activities
- Higher APY due to additional perks
Fees and Costs of a Business Card
Business credit cards fee like a Corporate card fees vary by provider. Application does not require any financial documentation and Business credit cards interest rates vary by market conditions.
Business Checking Accounts Options
 • Earn up to $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. • Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card. • Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions. • Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments. • Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account. • Get support you can rely on. Get access to our customer support team, plus a wide array of solutions that carter to every stage of your business • Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology. • Associate Debit and Employee Deposit Cards available upon request |
 • Open a Huntington Unlimited Plus Business Checking Account • Earn $1,000 bonus when you open a Huntington Unlimited Plus Business Checking account and make cumulative new money deposits of at least $20,000 within 30 days of account opening. • Maintain minimum daily balance of $20,000 for 60 days after meeting deposit requirement. • The $1,000 bonus will be deposited into your account within 14 days of meeting requirements. • Enjoy overdraft protection with no annual fee or deposit-to-deposit overdraft protection with no transfer fee! • Bonus Service. Choose one bonus service such as fraud tools, discounts on payroll services, or Huntington Deposit Scan® • Ideal for businesses with higher checking activity and greater cash flow needs. |
 • Open a Huntington Unlimited Business Checking Account • Earn $400 bonus when you open a Huntington Unlimited Business Checking account and make cumulative new money deposits of at least $5,000 within 60 days of account opening. • The $400 bonus will be deposited into your account within 14 days of meeting requirements. • Get Overdraft Protection Account with no annual fee, or Deposit-to-Deposit Overdraft Protection with no transfer fee. • Enjoy unlimited transactions. And up to $10,000 in cash or currency deposits monthly in-branch or at an ATM at no charge. • Designed for businesses with higher checking activity and greater cash flow needs. • Bonus service. Choose one bonus service such as fraud tools, discounts on payroll services, or Huntington Deposit Scan®. |
Author’s Verdict
Depending on the size of your company each card can be right for you. Larger companies would benefit from a Corporate credit card and smaller companies would benefit more from a Business credit card.
Hopefully the above information helps you understand which card is best for your bottom line.
Also be sure to check out our own lists of bank promotions and CD tables!
| PROMOTIONAL LINK | OFFER | REVIEW |
| Chase Private Client | $3,000 Cash | Review |
| U.S. Bank Business Checking | $900 Cash | Review |
| Chase Business Complete Checking® | $300 or $500 Cash | Review |
| KeyBank Key Smart Checking® | $300 Cash | Review |
| Truist One Checking | $400 Cash | Review |
| Chase Total Checking® | $300 Cash | Review |
| Chase College CheckingSM | $100 Cash | Review |
| J.P. Morgan Self-Directed Investing | Up to $700 Cash | Review |
| Chase Secure BankingSM | $100 Cash | Review |
| SoFi Checking and Savings Account | $325 Cash | Review |
| Huntington Bank Unlimited Plus Business Checking | $1,000 Cash | Review |
| Huntington Bank Unlimited Business Checking | $400 Cash | Review |
| Huntington Bank Business Checking 100 | $100 Cash | Review |
| Fifth Third Bank Checking | $400 Cash | Review |
| Axos Basic Business Checking | $400 Cash | Review |
| Axos Business Interest Checking | $400 Cash | Review |
| Axos Bank Business Premium Savings | $375 Cash | Review |
