What is a corporate card? Guide for your business spending

Key takeaways:

• A corporate card, also called a commercial card, provides flexibility and security to complete business transactions with multiple cardholders.

• Corporate credit cards are available to large, established companies with significant revenue, whereas business cards are a better fit for smaller, individually owned businesses.

• Companies can get several types of corporate credit cards, from virtual multi-currency cards to purchasing cards for everyday expenses.

When you run a business, finding the right way to manage spending can help you manage your expenses and set you up for unimpeded growth. After all, making purchases and payments is inevitable in most businesses.

Using your own cash or credit card can be enough in the early stages of a business, but as your payment volume increases, so do your needs for financial reporting. Over time, you could lose oversight of your spend. 

This is where a corporate card for business expenses can streamline your business payments.

What is a corporate card?

A corporate card is a payment tool, sometimes a credit card, that employees use for work-related expenses. Unlike a personal card, all transactions are tied to the business account rather than the individual cardholder.

These cards let employees make purchases quickly without dipping into their own funds or waiting on reimbursements. They also improve oversight – finance teams can set rules around categories of spend, such as limiting travel cards to flights and hotels, or controlling software spend to subscriptions only.

How do corporate cards work?

Corporate cards work by giving employees access to company funds for approved business expenses, with all transactions flowing directly through the business account. This ensures centralised tracking, clear accountability, and stronger financial control.

Key functions include:

• Instant card issuing: You can create physical or virtual cards for staff or departments within minutes.

• Spend limits and controls: Budgets can be capped, categories restricted, or one-off cards issued for specific payments.

• Real-time visibility: Transactions are logged instantly, making reconciliation faster and reducing admin.

• Global functionality: Many providers – including Airwallex – now offer multi-currency options, helping businesses save on international spend.

This setup streamlines expense management and reduces the reliance on employee reimbursements.

What are the benefits of corporate cards for businesses?

Corporate cards do more than provide access to credit – they offer many benefits, including giving companies a smarter way to manage spending at scale. Here’s how they help Australian businesses:

Flexible access for spending

A corporate card is ideal if your staff needs to make regular payments on their own and you want to reduce the paperwork and red tape involved in making these payments. 

A corporate card empowers your staff to easily pay for business expenses themselves without lengthy approval processes. It also gives them a sense of ownership over their budgets and responsibility over their spending. 

Improved tracking for transparency and security

Each corporate card has a clear payment trail, so it’s easy to track spending back to individuals. Your employees know that the business is monitoring their spend, so while there’s responsibility and ownership, there’s also that knowledge that whatever they spend will be easily traced back to them. 

This tracking provides a good level of protection against fraud, as you know exactly who should be using the card and when, and you can identify any instances outside of these parameters easily. 

Cash flow and cost efficiency

Corporate cards that support multiple currencies and competitive FX rates can help businesses save on international transactions and keep cash flow steady across markets.

Rewards and other benefits

Your business can enjoy team benefits with credit cards, including reward points or frequent flyer program points with your spend, or membership to particular travel clubs or international hotel chains.

Your business can claim these rewards or put them towards future flight or travel expenses or employee incentives. You can also make use of credit card bonus features like travel insurance or emergency assistance.

Types of corporate cards

Corporate cards come in several forms, each designed to meet different business needs. Here are the main types you’ll see in the market:

• Business credit cards: These cards name a specific employee or business owner as the cardholder responsible for paying the card debt. Ultimately, they’re repaid from the business' funds, but the cardholder is listed as the owner. As the owner, they’re subject to a credit check and are personally responsible for unpaid bills. These cards can also come with perks such as rewards points or travel benefits.

• Virtual cards: Not everyone needs a physical card to make purchases, and a benefit of virtual cards is that they’re ready to use as soon as they’re opened. With Airwallex, you can instantly issue virtual multi-currency cards for online spend, subscriptions, or digital advertising. They integrate directly with your business account and support international transactions at interbank FX rates.

• Purpose-driven cards: If your team travels often for meetings or events, a travel and entertainment card might be a good choice to cover those hotel stays and client dinners. If you just need to cover daily expenses, a regular payment card is great. Cards designed for specific needs can help streamline spend management. 

Compare card features, your business needs, and fees to choose the best corporate card for your business.

What’s the difference between a corporate card and regular credit card?

Business credit cards and corporate credit cards may look similar, but they function quite differently. A business credit card is usually tied to an individual (often the owner), while a corporate credit card is tied to the business entity itself. This distinction has big implications for liability, issuing, and how spending is managed.

Corporate cards, like those from Airwallex, are designed to work for SMEs through to enterprise businesses. They allow companies to instantly create multi‑currency cards for employees, set transaction limits, and gain full visibility of spending. Because cards can be issued as debit cards, businesses don’t have to take on debt or pay interest – instead, expenses are drawn directly from the business account.

Which financial providers offer corporate cards?

Corporate cards can be issued by major banks, card networks, or fintech platforms. In Australia, the Big Four banks (ANZ, CBA, NAB, Westpac) usually have minimum requirements and formal applications, with Visa and Mastercard providing the underlying infrastructure.

Fintechs like Airwallex make corporate cards accessible for businesses of all sizes, from SMEs to enterprise. With Airwallex, you can instantly issue free multi‑currency debit cards to employees, pay directly from your held balances, and eliminate unnecessary FX conversion fees.

This means businesses can choose between traditional credit cards from banks or modern fintech solutions like Airwallex that focus on visibility, flexibility, and cost savings.

Who is a corporate card for?

Corporate cards are best suited to companies that have employees incurring business expenses. Businesses that need to track employee spend; those that have employees making regular purchases; departments with defined budgets that need to make payments online or in-person; or team members that regularly travel domestically or overseas can find value from issuing corporate cards.

Medium to large organisations often benefit most, as they need scalable ways to track and control spend. However, growing SMEs also get value from corporate cards as they gain visibility over financial reporting and spend. 

What to look for in a corporate card?

Choosing the right corporate card means assessing more than just access to credit. Businesses should consider:

• Annual and per‑card fees: Depending on team size, these can quickly add up.

• Foreign exchange rates: Companies making frequent international payments should compare FX margins carefully and look for cards that charge no or low FX fees.

• Spend controls and reporting: Strong oversight tools make reconciliation easier and help prevent misuse.

• Integration with finance systems: Cards that link seamlessly with accounting platforms reduce admin work.

What are the corporate card fees in Australia?

Corporate cards fees differ depending on the type of card they are and the financial provider they are issued by. Corporate cards issued by traditional banks tend to be credit cards or charge cards, and so can come with annual fee, which can be anywhere up to $300, plus interest rates. However, corporate cards issued by fintechs such as Airwallex are debit cards and so do not charge interest and do not come with a fee separate to Airwallex’s Global Account. 

Here are the key costs you will need to consider for corporate cards:

The corporate card designed for modern, global businesses

While corporate cards can deliver real advantages, many bank-issued options in Australia still come with steep annual fees and high foreign exchange charges. For businesses that want the same functionality without the overhead, Airwallex offers a corporate card solution that is flexible, affordable, and designed for growing Australian companies.

Airwallex Corporate Cards are multi-currency debit cards that can be issued virtually or physically. They’re free to create, and once your business account is active you can issue cards instantly to employees for both online and in‑store spend wherever Visa is accepted.

There are no annual fees, no foreign transaction fees, and you can save up to 80% on FX fees compared to the big banks. You can trade 60+ currencies at interbank rates and make payouts to 200+ countries directly from your Airwallex wallet.

You’ll also get built-in Expense Management software to keep track of card activity, proactively control employee spending, and save time on reconciliation.

Take control of your business spend today. Open a free Airwallex account and issue your first Corporate Card in minutes – start saving on fees and managing expenses smarter right now.

Corporate cards: frequently asked questions

How do corporate cards differ from business credit cards?

Business credit cards are usually issued to one individual owner, while corporate cards are tied to the company itself. Liability rests with the business, not the employee, and cards can be issued to multiple staff members under one account.

Are there fees for using corporate cards?

Most bank-issued corporate cards charge annual fees and foreign transaction fees. Some fintech alternatives, including Airwallex, offer cards with no annual fees and lower FX costs.

Can corporate cards be used internationally?

Yes. Corporate cards can be used overseas, but banks often add a foreign transaction fee. Multi-currency cards from fintechs such as Airwallex can reduce these charges and provide more competitive exchange rates.

How quickly can I receive a corporate card?

Traditional providers may take days or weeks to approve and send physical corporate cards. Virtual cards from fintech platforms can usually be created and used instantly.

Do corporate cards integrate with accounting tools?

Many modern corporate card providers integrate with accounting and expense management platforms, making reconciliation easier and reducing manual admin.

What are the security features of corporate cards?

Corporate cards typically include fraud monitoring, category restrictions, spend caps, and the ability to instantly freeze or cancel a card if needed.

Who is eligible for a corporate card?

Eligibility depends on the provider. Banks often require a large turnover or established credit history. Fintechs are more accessible, with many offering corporate card solutions to SMEs and startups with a registered business account.

Can small businesses use corporate cards?

Yes, small businesses can use corporate cards, but should be aware of the costs. The value of corporate cards increase as a business grows. Small companies might want to start with a business credit card or debit card, or opt for a fintech platform such as Airwallex that offers corporate cards included with their Global Business Account. 

Do corporate cards offer rewards or perks?

Some providers highlight points or travel perks with corporate cards. However, many businesses prefer cards that focus on low fees, spend controls, and strong reporting capabilities.

How do virtual corporate cards work?

Virtual cards are issued online and can be used immediately for digital payments. They’re useful for subscriptions, online advertising, or remote teams, and can be created for single or ongoing use.

Disclaimer: This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.