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Credit Card Usage Policy AFP Fort Worth Metro Chapter of the Association of Fundraising Professionals Approved by the AFP Fort Worth Metro Chapter Board of Directors on 02/13/2012. Purpose The Chapter

How to fill out credit card usage policy

How to fill out credit card usage policy?

1. Start by clearly stating the purpose and scope of the credit card usage policy. Define what types of transactions are allowed and prohibited, as well as the consequences for non-compliance.
2. Specify who is authorized to use the company's credit cards. This can include specific job titles or roles within the organization. Also, outline the process for obtaining a credit card and any restrictions on its use.
3. Establish spending limits for each credit cardholder. Determine the maximum amount that can be charged per transaction, per day, or per billing cycle. Make sure to define any exceptions or procedures for exceeding these limits.
4. Create guidelines for the documentation and approval process. Outline the required information to be included on receipts or expense reports when using the credit card. Specify who is responsible for reviewing and approving these expenses.
5. Address the issue of personal expenses. Clearly state that company credit cards are for business-related expenses only and cannot be used for personal purchases. Outline the consequences for misuse of the credit card, including potential disciplinary action or termination.
6. Include guidelines for reporting lost or stolen credit cards. Outline the steps that cardholders should take in the event of a lost or stolen card to ensure prompt reporting and minimize liability for unauthorized charges.
7. Establish a process for regular monitoring and auditing of credit card activity. Specify who is responsible for reviewing monthly statements and verifying that charges are legitimate and within the policy guidelines.
8. Provide training and education to employees on the credit card usage policy. Ensure that all cardholders are aware of their responsibilities, as well as the consequences for violations. Offer guidance on how to properly use the card and tips for tracking expenses.

Who needs a credit card usage policy?

1. Businesses of all sizes can benefit from having a credit card usage policy. It ensures that employees are aware of the guidelines and expectations when using company-issued credit cards.
2. Organizations that have multiple employees authorized to use credit cards should have a policy in place to maintain consistency and prevent misuse.
3. Companies that handle sensitive financial information or have higher transaction volumes should establish a credit card usage policy to protect against fraud and unauthorized charges.
4. Industries such as travel, hospitality, and sales, where employees frequently incur expenses on behalf of the company, should have a comprehensive credit card usage policy to manage and control spending.
5. Non-profit organizations and government agencies that receive funding from donors or taxpayers should establish a credit card usage policy to ensure transparency and accountability in the use of funds.

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What is credit card usage policy?

Credit card usage policy is a set of rules and guidelines outlining how credit cards should be used within an organization.

Who is required to file credit card usage policy?

The organization's finance department or relevant financial personnel are typically responsible for creating and filing the credit card usage policy.

How to fill out credit card usage policy?

To fill out a credit card usage policy, the organization should include details on who is authorized to use credit cards, spending limits, reimbursement procedures, and consequences for misuse.

What is the purpose of credit card usage policy?

The purpose of a credit card usage policy is to ensure responsible and transparent use of company credit cards, minimize fraud and misuse, and maintain financial accountability.

What information must be reported on credit card usage policy?

A credit card usage policy should include details on cardholder responsibilities, spending limits, documentation requirements for purchases, and procedures for reporting lost or stolen cards.