Whether you run a lawn-mowing company, a farm or an export business, an ASB business credit card can be a big help. It can make it easier to pay suppliers, manage your cash flow and monitor your spending. It is also a really convenient way to pay when travelling overseas.
This guide will show you a few of the ways to get the most out of your business credit card.
A business credit card can be a great way to manage expenses. It’s really useful when you need to buy goods over the phone or online. You can also enjoy peace of mind when travelling, because your business credit card can be used wherever Visa is accepted – at millions of locations worldwide. Plus, because every purchase is captured in your statement, you automatically have a record of that expense to review for later.
ASB Visa payWave is a clever way to pay using your credit card while you’re out and about. You can make contactless payments for any purchase where Visa payWave is accepted. If your purchase is for $80 or less, you won’t even need to enter your PIN.
Balancing money coming in with money going out is a challenge for any business. Using your business credit card to help manage cash flow can make it easier because you can get up to 50 days interest free on your purchases. This gives you the ability to buy goods and services today, and pay your card off later.
It also gives you some flexibility in how much you pay back each month. There is a minimum you will need to pay, but you could also decide to pay off more than the minimum or the whole amount, to save on interest costs.
Keeping track of expenses is something every business needs to do and having a record of them in the one place can save a lot of time and effort. While a pile of cash receipts is one way you can do that, you might find your business credit card is a better option for your business. With all your purchases conveniently detailed on your statement to make reconciliation easier.
If you put all your business expenses on your business credit card, you’ll have a detailed record of all your expenses, available to review at any time. Simply sign in to ASB FastNet Classic or ASB FastNet Business online banking or use your ASB Mobile app and check your business credit card balance and transactions.
You can also download your transactions and statements and share these with your accountant or integrate them with accountancy software like Xero.
Larger businesses often have a number of employees who need to make purchases, this is when ASB Visa Business can be helpful. With ASB Visa Business you can assign multiple cards each with different card limits to employees. They are all linked to one overall credit limit for your business credit card account. This can streamline the process of managing your business expenses.
While every cardholder receives an individual statement every month, the business also receives a consolidated report. Each cardholder is clearly listed so you can see exactly who is spending what and where.
For even more oversight, you can ask us about Visa Intellilink® Spend Management. Visa Intellilink® is only available to ASB Visa Business customers. It’s an online expense management system that can give you full visibility and control over your ASB Visa Business credit card spend.
Staying in control of your credit cards and being able to take immediate action when the need arises is important. Depending on the size of your business, there are different ways you can do this.
Card Control is available on the ASB Mobile app and gives each cardholder control over the features of their card. With Card Control your employees can put a temporary lock on their card if it’s been misplaced or restrict certain transactions their card can be used for.
Card Manager is available to ASB Visa Business customers with ASB FastNet Business online banking and makes managing your organisation’s credit card portfolio easier. It allows you to change the credit limit on an employee’s card within your overall credit limit, as well as cancel and replace cards that may have been lost or stolen immediately.
If you’d like to earn True Rewards on your business purchases, consider applying for an ASB Visa Business Rewards credit card. With this card you earn one True Reward dollar for every $100 you spend on purchases. You can then use those True Reward dollars just like real dollars at our partner stores like Mobil, Whitcoulls and House of Travel.
You can also have up to four cardholders linked to your True Rewards account, increasing your True Rewards earning potential across your business.
Exchanging cash for an overseas business trip can be a hassle, not to mention a safety concern if you plan to carry it on you in a foreign city.
Next time, think about taking a business credit card with you. Visa is accepted at millions of locations worldwide, so from the airport taxi to your final hotel bill, you might find your business credit card makes travelling a lot easier.
If you do need cash, you can get a cash advance from any ATM that accepts Visa, just be aware that cash advances incur interest and a fee. Plus, if you lose your card and you need a new one urgently, simply call us and we’ll organise an emergency replacement to be sent to you.
If you have an ASB Visa Business Rewards credit card, you also enjoy another travel benefit too, because this card allows you to access up to 35 day overseas travel insurance per return trip for you, your spouse and dependent children. All you need to do is make sure you activate it before you go by paying for your trip with your card or one of the other activation methods.
Our business and rural experts can help you choose the right products and services for your business.
ASB's lending criteria, fees and Credit Card Conditions of Use apply. Terms and conditions apply to travel insurance, please refer to the ASB Visa Business Rewards Credit Card Travel Insurance Policy for further details. If you are aged over 64 years you are not eligible for cover under the policy. Other exclusions and limitations apply.