No. Hopefully your employees have good enough credit to have their own credit card or bankcard and all they have to do is fill out an expense reimbursement form.
If you’re employees don’t have a credit card, help them apply for one. Point them in the right direction, don’t co-sign or guarantee someone else’s credit card. Here is a good place to get a personal credit card for a good rate, they are a credit union and credit unions typically have better rates and more lenient underwriting. They may have to pay a small fee to join the credit union if they don’t have a qualifying family member or affiliation but the savings will outweigh the small fee. Credit Union Link.
If you have an employee that doesn’t have good credit and can’t qualify for a credit card, it’s not a good idea to give them a card on your account. Figure out other ways to cover the costs, possibly by providing advances to them to cover the anticipated out-of-pocket costs, still make them report back what was actually spent and return any unused advances.
If you still feel that you need to get them a credit card on your account, put a limit on that card with your bank or credit grantor. Also, have them fill out an expense report each month for all the charges they are putting on the credit card. This does two things:
1) It makes them more responsible for the charges they are putting on the card, and
2) It gets them ready for when they get their own credit card and you have them turn in expense reimbursement forms in the future.
If you decide to add an employee to your credit card, be sure you have online access to your account and keep an eye on things! Check it weekly until you have a good comfort level but be sure to review the expense reimbursements and statements monthly.
© 2008 eMarketing 4 Business LLC