If you own or manage a business or nonprofit organization, you may find that you need to provide company credit cards to some employees. This entrusts the employees with a lot of responsibility, so it's important to have a clear policy regarding the usage of such company cards. The sample company credit card use policy here may be downloaded and altered as needed for your organization.
Customizable Company Credit Card Policy Template
To download the sample credit card usage policy, simply click the image below. It will open as a PDF document that you can edit. If you need help, review these tips. There are some words you need to fill in, such as specifying the name of your company and identifying the person or department to whom receipts must be given. Carefully read the policy and delete any sections that do not pertain to your company, or that you do not want to use. Add sections that contain rules you want included but that aren't addressed in this sample.
Best Practices for a Business Credit Card Policy
Whether you have a large or small business, it's important to have an internal credit card control policy that outlines guidelines for appropriate use. Your business has separate needs from other organizations, so be sure to customize your corporate credit card policy accordingly.
- You may want to specify exactly what items an employee can purchase, rather than leaving it vague (such as "in conjunction with one's job duties").
- You may even want to specify that any purchases need to be pre-approved, rather than just purchases over a specific amount (but if you do this, consider including an exception in the case of emergencies).
- If your organization is a government or religious entity, you may also want to specify that the card may not be used for the purchase of alcohol, even on business trips.
Even though your credit card policy may seem clear, it is best to have it reviewed by your company's attorney before putting it to use. Some states may have different requirements for this type of policy - for example, some states may not let you deduct future wages in an amount that takes an employee's pay below minimum wage. Some states may just have different requirements for the signature blocks. Either way, since this policy is intended to protect your business, you want to make sure it complies with your state's laws before using it.
Get Signed Employee Credit Card Agreements
After it has been reviewed by an attorney, you will want to have each employee who is issued a common card review the policy and sign off on the acknowledgement form. Once the agreement has been signed by all of the necessary parties, make sure you keep a copy of each signed contract in your files in case you ever need to enforce the policy.