What is a corporate debit card and how UK businesses can benefit from it

Any business with expenses to pay will need to find a convenient, cost-effective method for spending and purchasing. For many companies, this is a corporate debit card.

But what is a corporate debit card, and what benefits does it offer? We’ll answer these key questions and more here in this guide. This should help you decide whether corporate debit cards are the right choice for your business.

So, let’s get started.

What is a corporate debit card?

A corporate debit card is a payment card, which draws funds from a linked business bank account. It’s usually used for covering everyday work-related expenses, such as supplies, travels, equipment or meals.

Having a corporate debit card means that employees don’t have to use their own money and claim expenses for reimbursement later on.

Corporate debit card vs credit card

Now, how is a corporate debit card different from a credit card? Here’s a quick look at the main differences between the two:

Corporate card benefits ✅

Here are the main advantages of corporate debit cards for your business:

• Accepted everywhere
• No interest to pay
• Helps to separate personal and business expenses - which is essential for accounting and liability purposes
• Much more convenient than using petty cash
• Provides a more organised and accountable way to manage business expenses
• Some corporate cards come with rewards and extra perks.

Wise Business Card

Need to cover international business expenses? Use the Wise Business Card, a powerful multi-currency card for spending all over the world. It’s the ideal choice for covering travel, accommodation and purchases from overseas suppliers.

The Wise Business card automatically converts currency at the mid-market exchange rate whenever you spend, for just a low conversion fee. There are no annual or monthly fees, nor foreign transaction fees.

What’s more, you’ll even get 0,5% cashback on eligible purchases.

Open a Wise Business account and you can get an employee expense card for everyone who needs one. You’ll stay in the driving seat, with the option to pre-set spending limits and track expenses all in one place.

Learn more about Wise Business

Read more about corporate cards 💡

And that’s it - a quick guide about corporate debit cards. We’ve looked at what they are, and how they differ from business credit cards. And of course, the benefits of using a corporate debit card.

You should now have all the information you need to decide whether something like the Wise Business Card could be the right option for your company.

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