Best Credit Card to use for Work Expenses

richardray_2

Hi all,

First thread so I will try and include everything!!

I have just started a new job as a consultant and the company do not provide a corporate credit card which I was used to in my previous role. Therefore I have to pay for everything myself and claim it back which I can do weekly (always paid by BACS on a Friday).

I am thinking of getting the Tesco 0% purchase card but my problem is with the cash withdrawals as you always get charged £3 it seems. I do not have anough disposable income to withdraw out my current account so am being forced to withdraw on the credit card and I cannot claim back the charge.

Is there any credit card (or any other option) where I can get withdrawals on credit and not be charged?

Thanks in advance,

Richard

rustypops

I have an Egg card and use it for work expenses. I took some cash out on it in March and even though I have paid off the outstanding balance in full, they are still charging me interest - any one know why?

richardray_2

Ah, my wife told me this.....the interest incurred for withdrawing cash will always be the last thing you can pay off. So if you withdraw £20 today, the interest on that will be the last thing you pay off regardless of whether you pay it off the same day!

chattychappy

For cash, Santander Zero works out relatively cheap - no fee, but they do charge interest.

But given your company will pay expenses weekly by BACS and for non-cash stuff you should get 4-7 weeks credit by using a credit card, surely you won't be needing to draw cash on a credit card for long??

richardray_2

Ah, great - I will be putting in a claim every 1-2 weeks and providing I submit by Wednesday, it gets paid that Friday (every week). When does interest actually start being charged? Would I be safe for all expense types (purchases & withdrawals) if I submitted my expenses 4 weeks after the transaction?

Thanks!

apt

Santander Zero charges c. 27% APR interest from the date of withdrawal for cash. No credit card is really suitable for the purpose you suggest unless you avoid cash withdrawals.

Any

What do you think you will to pay for by cash? Is it really going to add up to that much? At most places and for most items you can pay by card...

Are they not going to give you any float?

Our engineers used to get £100 as a "float" on beginning of employment to go towards car parking (they paid a lot of that) and that would be deducted from their wages/expenses on the end of employment - in the meantime they would claim it as normal expenses... cannot you agree on that?

You can get UP TO 58 days interest free on purchases - that is if you buy an item on a day when your statement July is produced, then you wait until your next (Aug in this case) statement is produced and as long as you paid that Aug statement in full by due date there is no interest....

The key is to pay every statement by due date in full. Then you never pay any interest (on purchases... cash withdrawals are something completely different..)

Any

apt wrote: »

Santander Zero charges c. 27% APR interest from the date of withdrawal for cash. Not credit card is really suitable for the purpose you suggest unless you avoid cash withdrawals.

I agree.

If absolutely necessary occasionaly drop into AGREED overdraft would be much better option...

richardray_2

Thanks for the replies.

I need cash mainly for taxis between train stations/airports and hotels and hotels to client site which can add up to £60-100 if I am at a client for a whole week.

I think it is something that I will raise with my employer as I cannot afford to pay withdrawal charges and am already living in my overdraft to its limit every month.

DarkFallout

richardray wrote: »

Thanks for the replies.

I need cash mainly for taxis between train stations/airports and hotels and hotels to client site which can add up to £60-100 if I am at a client for a whole week.

I think it is something that I will raise with my employer as I cannot afford to pay withdrawal charges and am already living in my overdraft to its limit every month.

I would advise using arranged interest free overdarft on your current account for cash withdrawals. I have 300 pound from Halifax, but there are also other providers and accounts which may offer you interest free O/D.

Any CC is fine for purchases if you claim every week and pay at full every month.

Therefore try to find a bank account with better conditions on O/D. As far as I remember Santander have some accounts good for people constantly in ovedraft.

lisyloo

I need cash mainly for taxis between train stations/airports and hotels and hotels to client site

Can you find companies that accept credit card payments or are they all small amounts?

An alternative is to ask your employer for a small float, but you have to admit your a bit short for this.

I am a little concernd that you are spending to your max every month especially if you are on expenses.
Whilst you are working you should be looking to save something for a rainy day. Plus if you are on expenses at the very least you should be saving on transport and some meals.
I think you need to consider what is going wrong with your budgetting as you should at least be saving some petrol and food money that you would otherwise have to pay for if you weren't travelling.

If you want to discuss your budgetting then people will try to help you.