Getting the most out of your business credit card

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.

An easier way to pay

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 $200 or less, you won’t even need to enter your PIN. 

Manage your cash flow with your card

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.

Get the full picture of your expenses

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.

Check your expenses anytime, anywhere

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.

Manage expenses across your business

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 Spend Clarity for Enterprise, which is an online expense management system that can give you full visibility and control over your ASB Visa Business credit card spend. It's only available to ASB Visa Business customers.

Stay in control of your cards

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

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

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.

Earn True Rewards with every purchase

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 BP, 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.

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Business banking Getting the most out of your business credit card