Corporate credit cards are a distinct group within the greater credit card universe, separate from both personal and even the best small business credit cards. Companies may provide their employees with corporate cards for the payment of approved, business-related expenses, most often travel-related. Usually issued in the company’s name, corporate cards also display the name of the individual employee cardholder.
So why should you choose a corporate credit card over a debit card?
There are a few reasons, most notably:
To protect your bank account - credit cards offer more robust fraud protection and a degree of separation from your checking account. This means money in your account stays in your account.
To earn rewards - each year credit card companies pay out a staggering $22.6 billion in rewards. So you’re leaving money on table if you aren’t taking advantage of generous credit card rewards programs.
Why should a startup have to worry about a credit card?
For better or for worse, founders can use credit cards to help finance much of their business, especially in the early stages. We’ve all heard the story of the founder who maxes out all his credit cards in the early days to give his company a fighting chance at success. The problem with that is, most people don’t find success and end up bankrupt or deep in debt. That’s why a corporate card is so important for a young company; it can protect the founder from many of these pitfalls while providing all the upsides. This can sound too good to be true!
Enter: Brex, the smartest corporate card for startups. They provide:
1. Instant approval cards
2. No personal guarantee
3. The highest rewards in the industry
4. Built-in expense management platform.
Brex is offering startups in the GSV network, a minimum cash balance of $10,000 with all other fees waived, a staggering 90% reduction from standard minimum balance. Brex Rewards are focused on products and services startups need most (software, office food, computing) and offer limits that are 10 - 20x higher than other cards. Brex also comes with embedded expense management features. This makes Brex perfect for tech companies and early-stage startups.
GSVlabs is excited to partner with Brex on the Entrepreneurship World Cup and Passport as Brex can help startups all over the world get the best rewards, advanced fraud protection, travel benefits with no foreign transaction fees. Brex is ideal for a fast-growing startup to take care of all purchases, without any personal guarantee or impact on personal credit scores.
Join us for the Entrepreneurship World Cup to learn more about Brex and see the best startups from all over the US compete for over $100k in prizes and a chance to pitch at the global finals in November for $5M in cash and investment.