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HomeFinance and AccountingBusiness FinancingHow to use Citi diamond preferred card for your business 2020?

How to use Citi diamond preferred card for your business 2020?

Let’s say you have a small business or a large corporation that requires more and more small daily expenses. If you don’t want to get money from the cash register every time or go to the bank for cash, you can get an exceptional business card called Citi diamond preferred and pay with it.

What is a card for business?

This is a regular bank card, linked to the current account of your company. So, paying it, you use the money from the company’s account. It is usually used for executive expenses such as meetings in restaurants, buying tickets and booking hotels for business trips, paying for advertising on social networks and other sites, purchasing goods for business in stores or online, expenses for official transport, etc.

And what advantages does it give?

In addition to simplifying everyday purchases, business card Citi diamond preferred gives 24/7 access to your current account, which allows you to put money on it through an ATM or withdraw cash from it. Besides, the entire history of spending on a business card is usually reflected in the mobile bank, where you can see the account statement and use other banking services, which means that it will be easier to keep accounts. Moreover, when performing simple financial operations with such a card, you don’t need to mess with accounts, which will help speed up business processes in your company.

Taking care of its customers, the company offers a convenient way to pay for your company’s employees using premium cards Citi diamond preferred. 

 Citi diamond preferred is a debit card that helps to simplify the accrual of travel, representative, overhead, or business expenses, as well as costs related to the main activities of the enterprise. The card will allow you to carry out various operations, including hotel reservations, car rentals, tickets, restaurant payments, purchase of stationery, literature, and subscription to periodicals, as well as other goods and services.

Benefits of Citi diamond preferred card: 

  • Receive information about the status of your card bills or the accounts linked to the card through the information line, using the SMS or Email informing service (monthly statement of your card bill or the account linked to the card).
  • Simplification of the work of the accounting department and cash desk of the enterprise.
  • The ability of the company to control the expenses of the staff members.
  • Registration of an unlimited number of payment cards in the name of different employees of a legal entity or individual entrepreneur to one account with the possibility of setting separate limits on the use of funds.
  • Ability to open an account in different currencies.
  • Preferential rates for cash withdrawals at the bank’s ATMs abroad.
  • Card operations are protected by advanced chip technology – a chip module is implanted in Citi diamond preferred card, which provides the highest degree of security.
  • No commission for payments in the retail and service network.
  • Professional support and consultations of the Bank’s Contact center in the online mode 24/7
  • Ability to use the promotional offers from Citi diamond preferred.

Who can issue a corporate card Visa Business: 

  • legal entities (including the budgetary institutions).
  • physical entities – business entities.
  • non-bank financial institutions.

Usually, when I use money from a company account, I have to report. Is it necessary here?

Yes, an employee who spent money from such a card must account for expenses within a few days: it is necessary to make an advance report for the accounting department and confirm purchases with receipts or invoices. That is, in the case of business cards, everything works the same as with regular cash issues.

Can only the business owner pay with this card?

No, as a rule, the bank allows you to get as many personal cards for employees as you need. But only the card owner will be able to use each specific card, and the employees will not be able to pass these cards to each other. In addition, many banks allow you to set limits on expenses from the corporate account of the company or even on each separate card. In this case, employees will not be able to spend more than you planned.

I’m an individual entrepreneur. Can I use my personal card for all this?

Yes, you can, but in practice, it is more convenient to make purchases for business from a corporate account. For example, you will have to pay a commission for transfers from the company’s account to your personal account, while with a business card Citi diamond preferred, this can be avoided. It becomes more convenient to separate and keep records of business and personal expenses. And finally, you don’t need to spend time on transfers between the accounts if you use the business card Citi diamond preferred.

It sounds interesting, but it may take a long time to issue a special card. Maybe, you will have to fill out some forms. Is there a faster option? Yes, there is. It is a virtual card, but it’s not available on physical media. It exists only online- in the bank application. You can pay with this card wherever contactless payments are accepted. To do this, it is enough to link the virtual card to Apple Pay or Google Pay, and then just pay it using your smartphone. Like a regular card, virtual Citi diamond preferred can be used on the Internet (by its number). 

What can you do with the virtual card?

Everything is the same as with a regular business card: you can pay in stores, top up your account and even withdraw cash from ATMs where contactless payment devices are already installed. You can issue as many cards as you need to one current account. But today only the business owner can use them (and only on the territory of his/her country). 

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