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Friday, September 30, 2022

Best Credit Cards With Employee Spending Limits of 2022

Best Credit Cards With Employee Spending Limits

credit card advice

Choncé Maddox

Written by: Choncé Maddox

Choncé Maddox

Choncé is a Certified Financial Education Instructor (CFEI) and a nationally recognized personal finance and budgeting expert. She's paid off $50,000+ of personal debt and her debt story has been highlighted in Essence Magazine and on "Good Morning America" as part of its 2020 Debt-Free Decade series. Her work has been featured on sites, including Business Insider, LendingTree, Credit Sesame, Barclaycard, and The New York Post. Choncé was named one of the top financial experts to follow on Instagram by Black Enterprise.

Edited by: Lillian Guevara-Castro

Lillian Guevara-Castro

Lillian brings more than 30 years of editing and journalism experience. She has written and edited for major news organizations, including The Atlanta Journal-Constitution and the New York Times, and she previously served as an adjunct instructor at the University of Florida. Today, she edits all CardRates content for clarity, accuracy, and reader engagement.

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If your business is growing, you’ll want to consider some of the best credit cards with employee spending limits sooner or later. Allowing your employees to have a credit card for business purchases can take a lot of time and pressure off your plate. They can make necessary purchases without exceeding certain limitations according to your business’s cash flow.

Choosing a card that allows you to set a custom credit limit for each employee can help you maintain your business budget and avoid problems with overspending or fraud. Being able to earn more rewards (and meet your welcome bonus quicker) while obtaining the materials and services your business needs is also a plus.

To help you narrow down your options, here are nine of the best credit cards with employee spending limits.

Rankings | FAQs

Best Business Cards With Employee Spending Limits

Granting your employee the privilege of using a business credit card is a big step. That said, setting employee controls and safeguards is also crucial. The business credit card options below allow you to monitor your employees’ spending and set custom limits depending on their role and spending needs.

1. Capital One Spark Cash for Business

This card is currently not available.

Business Rating

★★★★★
N/A

OVERALL RATING

N/A
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
N/A
N/A
N/A

Capital One has a few business cards well worth considering. The Capital One Spark Cash for Business waives the annual fee the first year, allowing you the chance to try the card out. This card also gives you and your employees unlimited cash back on all purchases and a generous welcome bonus when you and your employees spend a certain amount within the first three months. The process for setting different spending limits for employees is straightforward.

As with any good business credit card, you’ll be able to stay up to date with your purchases since you can find merchant information, including the company address, logo, phone number, and map when it’s available. If you have monthly subscriptions for business services, you’ll also be able to see a list of these transactions all in one place so you can carefully monitor your business expenses.

Another benefit is that you can track spending from employee cards and see transactions from when they post.

BUSINESS CARD RATING

★★★★★
4.7

OVERALL RATING

  • Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase made for your business
  • No Annual Fee
  • Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
  • Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
  • With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 12 months
N/A 12 months
15.49% - 21.49% Variable
$0
Good/Excellent

The Ink Business Unlimited® Credit Card offers employee credit cards at no additional cost. While unlimited is in this card’s name, it does not refer to the spending limit but rather to the cash back you can earn. Cardholders (employees and the primary cardholder) can earn unlimited cash back that can be used for travel, a statement credit, gift cards, and more.

Personalize the experience for cardholders by setting the type of purchases they can make and the specific spending limits they have on the card. For example, if you have a team member in marketing, he or she may need to spend more on materials than someone in operations.

Use your Ink Business Unlimited® Credit Card to set a specific card limit for them and earn rewards based on their purchases. This card also has no annual fee and standard benefits like fraud protection, purchase protection, and personalized account alerts.

BUSINESS CARD RATING

★★★★★
4.7

OVERALL RATING

4.7/5.0
  • 0% Intro APR for the first 12 months; 18.99% - 26.99% variable APR after that
  • Earn unlimited 1.5% cash back for your business on every purchase, everywhere — with no limits or category restrictions
  • No annual fee
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel
  • Rewards won't expire for the life of the account
  • Redeem your cash back rewards for any amount
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 12 months
N/A
18.99% - 26.99% (Variable)
$0
Good

The Capital One Spark Cash Select – 0% Intro APR for 12 Months is an excellent alternative to the Capital One Spark for Business card because it has no annual fee.

You’ll get free employee cards, custom spending limits, and the ability to assign an account manager to a card to make purchases and payments. You can also review transactions and resolve any other problems with your employee’s spending and card usage.

BUSINESS CARD RATING

★★★★★
4.7

OVERALL RATING

4.7/5.0
  • Earn a one-time bonus of 50,000 miles – equal to $500 in travel – once you spend $4,500 on purchases within the first 3 months from account opening
  • Earn unlimited 2X miles per dollar on every purchase, everywhere, no limits or category restrictions, and miles won't expire for the life of the account
  • Transfer your miles to 15+ travel loyalty programs
  • Redeem your miles instantly for any travel-related purchases, from flights and hotels to ride-sharing services
  • Fly through security with one statement credit for either the $85 TSA PreCheck® application fee or the $100 Global Entry application fee
  • $0 intro annual fee for the first year; $95 after that
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
23.99% (Variable)
$0 intro for first year; $95 after that
Excellent, Good

The Capital One Spark Miles for Business is a great option for anyone whose business involves a bit of traveling. Employee cards are free, and you can set spending limits per card while seeing transactions as they post.

You may have employees who need different levels of access to the business credit card, and you can set this up through Capital One as well. Employees can either be authorized users or card managers. Authorized users can make purchases on behalf of the business, monitor their card activity, and track their spending. However, they can’t view overall account details.

Account managers have more access and can manage authorized users, monitor account financial details, and even make payments on your behalf.

BUSINESS CARD RATING

★★★★★
4.6

OVERALL RATING

  • Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®
  • Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per $1 on all other purchases
  • With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring
  • With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information
  • Redeem points for cash back, gift cards, travel and more - your points don't expire as long as your account is open
  • Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards®
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
18.24% - 23.24% Variable
$95
Good/Excellent

The Ink Business Preferred® Credit Card is another option if you’re looking for cards with employee spending limits. Adding employee cards is free, and you can set limits on how much each person can spend each month. That way, they don’t have access to your total credit limit.

To set a different credit limit for employees, you’ll need to contact the cardmember service department. This card also comes with flexible rewards opportunities, and your employees’ spend can contribute to your overall reward amount.

While there is an annual fee that’s often waived for the first year, the benefits (including bonus points for spending and no foreign transaction fees) of using this card for your business far outweigh the annual cost.

BUSINESS CARD RATING

★★★★★
4.6

OVERALL RATING

  • Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening
  • Earn 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services, or business consulting services and 2% cash back on dining on the first $50,000 in combined choice category/dining purchases each year, 1% thereafter
  • Earn unlimited 1% cash back on all other purchases
  • Get 75% more cash back on every purchase when you're a Preferred Rewards for Business Platinum Honors tier member. That means you'll earn 5.25% on your selected choice category, 3.5% on dining, and unlimited 1.75% cash back on all other purchases.
  • 0% on purchases for 9 billing cycles from account opening, then a variable APR applies
  • $0 Annual Fee
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 9 billing cycles
N/A
13.74% to 23.74% Variable
$0
Good

The Business Advantage Customized Cash Rewards credit card is another business card that lets you customize your employee’s spending limit. This card comes with cash flow management tools like automatic payment transfers and the option to download business transactions into your QuickBooks software system.

You’ll be able to keep track of your team’s balance and account activity anytime. The Business Advantage Customized Cash Rewards credit card from Bank of America also comes with fraud monitoring that will block patterns of suspected fraudulent activity.

BUSINESS CARD RATING

★★★★★
4.6

OVERALL RATING

  • Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
  • Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
  • Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases
  • With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
  • With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
  • No Annual Fee
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 12 months
N/A 12 months
15.49% - 21.49% Variable
$0
Good/Excellent

The Ink Business Cash® Credit Card by Chase is a rewards card that is one of the best credit cards with employee spending limits. You can add employee credit cards to your account for free and set custom spending limits. Card users also get fraud protection and zero liability, which means you won’t be held responsible for unauthorized charges made with your card.

Purchase protection is another benefit that you may find helpful as a business owner. Whether you or your employees make a purchase for the business, you’ll be covered for 120 days against damage or theft of the item. Finally, this card’s extended warranty can come in handy if you’re buying essential supplies or materials to operate your business.

Blue Business Cash™ Card Review

at the issuer'ssecure website

BUSINESS CARD RATING

★★★★★
4.6

OVERALL RATING

  • Earn a $250 statement credit after you spend $3,000 in qualifying purchases on your card within the first 3 months of Card Membership.
  • Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
  • Buy above your credit limit with Expanded Buying Power. Make business purchases over your credit limit with no penalty or enrollments, and still earn cash back on those purchases. Terms apply.
  • 0% introductory APR on purchases for 12 months from the date of account opening, then a variable APR applies
  • Get an approval decision in as little as 30 seconds
  • $0 Annual Fee
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 12 months
N/A
14.74% - 22.74% Variable
$0
Good/Excellent

When you think of American Express, you may think of credit cards with no spending limit. However, the Blue Business Cash™ Card has flexible spending limit options and many features that business owners can take advantage of. Once you’re approved, adding employee cards to your account is easy, and you can track their spending regularly while also receiving alerts and summary reports.

This card allows you to assign an account manager to manage your business card account and set employee spending limits. You can connect your card to QuickBooks so business purchases are categorized automatically. For added transparency, consider using the American Express business app and allowing employees to add receipts for purchases made.

Business Platinum Card® from American Express Review

at the issuer'ssecure website

BUSINESS CARD RATING

★★★★★
4.6

OVERALL RATING

  • Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases with your Card within the first 3 months of card membership
  • Earn 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com, 1.5X points on business categories and purchases of $5,000 or more on up to $2 million per calendar year, and 1X point for each dollar you spend on other purchases.
  • 0% Intro APR for 12 months from the date of account opening on purchases eligible for Pay Over Time
  • Get up to $400 back per year toward U.S. purchases with Dell Technologies, up to $360 back per year for purchases with Indeed, and $120 back per year for wireless telephone service purchases on the Business Platinum Card, plus additional credits. Enrollment is required for all.
  • Access to more than 1,400 lounges across 140 countries and counting with the American Express Global Lounge Collection®
  • Use Membership Rewards® Pay with Points for all or part of an eligible fare and get 35% of those points back, up to 500,000 points back per calendar year
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 12 months (Pay Over Time)
N/A
15.74% - 23.74% Pay Over Time
$695
Excellent

The Business Platinum Card® from American Express is great for businesses that involve lots of travel. Like the Blue Business Cash™ Card, you can add employee cards and track their expenses.

The alert feature can help you monitor their spending to ensure they stay within their purchase limits. Or, if you’d rather assign an account manager from your team to handle this responsibility, you can set up your account so they have access to these privileges as well.

This card allows you to pay vendors using Bill.com, so this can be another task you assign an employee to manage with their business credit card.

How Do Employee Credit Cards Work?

Employee credit cards work just like any other credit or charge card and can be used to make purchases, often up to a certain limit. The card is usually widely accepted for in-store and online purchases, whether it’s a Visa, Mastercard, or American Express.

The business owner is then responsible for paying the bill from his or her bank account when the statement comes out. Since employee business cards work just like any other credit or charge card for purchases, employees often can’t see the business owner’s sensitive account information. They can’t set any controls or make account changes.

Business owners will need a solid credit history and a good credit score to qualify for a business credit card.

What is a Spending Limit on a Credit Card?

A credit card spending limit refers to how much you can spend on the card during a monthly billing cycle. Business credit cards are similar to personal credit cards in that cardholders can have a credit limit that specifies how much they can spend each billing cycle before maxing the card out.

Using business credit cards can be a great way to build your business credit score, maximize your rewards, and even meet your welcome bonus quicker. At the same time, it’s important to be mindful of your spending and set clear limits for employees who receive their own cards.

Credit Card Spending Limits

Your spending limit refers to how much you can charge to the card. This may be the total credit limit or a smaller amount restricted by an employer.

While your business credit card may have a high spending limit, you may not want to use it every month if you can’t afford to make payments on the bill.

If you don’t want an employee to spend the entire limit with a business credit card, you can set up custom spending limits for each card. These restrictions can often limit a transaction to a specific dollar amount and spending category, among other factors.

That means if you’d like someone to go to Best Buy and buy a printer for the business, you may be able to limit their spend to $300. Always keep your overall spending limit in mind when managing your business credit card(s), as well as what you’d be okay with your employees spending each month.

Which Card Issuers Allow You to Set Spending Limits?

Most issuers that offer a small business credit card allow you to set spending limits. This includes Chase, American Express, and Capital One.

When researching card issuers that allow you to set different spending limits for employee cards, pay close attention to the card detail information. You may have to make a few extra clicks to read the card terms, but if it’s a business card, it should boldly advertise this feature.

Another thing you’ll want to consider is how to go about adding employee cards and setting spending limits. Does the card issuer make this a relatively easy process that you can do online or over the phone? Do they provide spending monitoring tools and alerts via an app? What types of things can you limit regarding employee spending (whether it’s setting daily spending limits or vendor purchasing limits)?

Since most card issuers allow you to set spending limits, you’ll want to hone in on the specific customizations that each card offers and consider how user-friendly the card is to manage.

Do Employee Cards Have the Same Benefits as the Primary User?

Yes and no. Employee cardholders do not have the same benefits or usage privileges as the primary cardholder. However, a few benefits are often shared among the primary cardholder and authorized users.

For example, if your business credit card comes with purchase protection and liability protection, this coverage will likely extend to your employee’s card as well.

Cash back and rewards points for every eligible purchase usually extend to your employee credit cards too, meaning all spending on employee cards can increase the rewards points total for the primary cardholder.

Chase Screenshot

Business owners can quickly rack up rewards through employee spending.

Some employee cards may not come with spend monitoring features, so team members won’t see specific account data or any monitoring tools you have set up. Depending on your business credit card, you may have the option to assign an account manager who can review employee’s card statements and make higher-level expense management decisions on your behalf.

What Types of Businesses Qualify For a Business Card?

Any type of business can qualify for a business credit card whether you’re a:

  • Corporation
  • Partnership
  • Nonprofit
  • LLC
  • Government-owned business
  • Sole proprietorship

However, you’ll need to meet some important requirements. You’ll need to share your Federal Tax ID or your Social Security number to obtain the card. If you’re looking to build business credit, it’s better to go with your federal tax ID so you can create a separate business credit score and credit history. You’ll also need to report your annual revenue and estimated monthly spend on the card.

While there are no hard rules for how much your business should be making, companies with larger revenues are more likely to get approved. This doesn’t mean that small businesses run by sole proprietors can’t get business credit cards because they can.

Another thing to consider is that your personal credit score may come into play, especially if you don’t have established business credit. As with a personal credit card, your personal credit score and credit history may be a factor when applying for a business card.

Whether you’re a photographer, food delivery driver, or a consultancy or freelancer, you can likely apply for and receive a business credit card without any problems.

What is the Best Credit Card For a Small Business?

If you’re a small business owner looking for a business credit card, plenty of great options are available to you, depending on the credit card company. The first question you should ask yourself is, “What are you looking for in a business credit card?” followed by “How much do you wish to spend each month?”

You also may want to pay attention to the card’s interest rate if you can’t pay the bill off each month.

As a small business owner, you likely have a tighter budget than that of a large corporation. So, you may want to consider a business credit card with no annual fee, like the Ink Business Unlimited® Credit Card by Chase. With this card, you can earn unlimited cashback and also obtain an employee card for free for each team member.

BUSINESS CARD RATING

★★★★★

4.7

OVERALL RATING

  • Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase made for your business
  • No Annual Fee
  • Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
  • Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
  • With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 12 months
N/A 12 months
15.49% - 21.49% Variable
$0
Good/Excellent

This card also comes with a lower introductory APR during the first year. This can help you make the most of this card and get used to using it with your employees without paying high interest fees.

The free purchase protection, fraud protection, and expense monitoring tools that come with this card are helpful for a small business looking to limit costly liabilities that could cripple the company’s finances. When trying to find the best small business credit card, be sure to compare all the options available to you and carefully weigh the pros and cons.

Who is Liable For a Company Credit Card?

No matter who is an authorized spender, your company is responsible for paying all purchases. This is probably the most significant risk to business owners.

Business credit cards for employees may take some responsibility off your plate and help you earn rewards for every eligible purchase. But you also need to make sure you set a spending limit and pay your bill on time from your business bank account. This is where business cards with reward programs come in handy since many of them allow you to redeem rewards as a statement credit and lower your bill.

Still, if an employee spends too much on a credit card, you are responsible for paying the bill. If an employee makes a mistake and overspends on a purchase for the company or buys themselves gift cards with the credit card, they are not liable. Instead, the company or business owner is fully responsible for the balance of business credit cards.

Choosing credit cards with employee spending limits can help prevent this from happening. The only time the business is not responsible for a credit card balance is when it involves legitimate fraud. For example, if your business credit card is stolen, the credit card company’s liability protection can be used to cover you.

Is a Business Credit Card the Same Thing as a Corporate Credit Card?

No, they are actually two different things. A corporate credit card is tied to a corporate account and is more difficult for businesses to obtain. A company usually has to have a significant annual revenue (in the millions) to qualify for a corporate credit card.

Corporate Credit Card

A company must generally earn millions in revenue to qualify for a corporate credit card.

Another main difference is that the business owner or primary cardholder is liable for all purchases with a business credit card, whether they are business expenses or not. With a corporate card, the company is liable. There is also usually a corporate credit card policy outlining how employees can use the card to keep their spending in compliance.

Larger businesses with several employees who may need a credit card should consider a corporate card. Otherwise, using a business credit card works just as well.

Compare the Best Credit Cards With Employee Spending Limits Online

The best credit cards with employee spending limits are what you want to consider if you’re looking to get a new credit card for your business. As your company grows, you may want to add an employee card, so it’s essential to know your options and how you can go about doing this.

Having customizable spending limits and other monitoring tools at your fingertips can make the process run much more smoothly overall. If you’re ready to take the next step, apply for one of the cards on our list and start using it for your business expenses.

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