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Corporate Card 90-Day Payment Cycle
Posted on 1/3/19 at 11:50 am
Posted on 1/3/19 at 11:50 am
Amex.
My employer announced they are now waiting 90 days to make payments on the corporate cards. Employees are co-signed on the cards.
Employer assures us that our credit scores won't be affected by the rolling 90's, as long as we get our expense reports submitted in time so it doesn't go to 120.
Is it true rolling 90's won't hurt my credit? Or is this bullshite? I guess I'll find out one way or another...
My employer announced they are now waiting 90 days to make payments on the corporate cards. Employees are co-signed on the cards.
Employer assures us that our credit scores won't be affected by the rolling 90's, as long as we get our expense reports submitted in time so it doesn't go to 120.
Is it true rolling 90's won't hurt my credit? Or is this bullshite? I guess I'll find out one way or another...
6
Posted on 1/3/19 at 12:06 pm to deeprig9
Do you normally pay the credit card, or does the company?
Every company card I've ever had, I had to pay the bill and was reimbursed after I submitted an expense report. In a situation like that the card is yours, not the company's, and you are responsible for paying on time. If the company is telling you they won't reimburse you for 90 days I wouldn't be happy about it, but it won't impact your credit provided *you* pay the card by the due date.
OTOH, if the company always directly pays the card then it shouldn't impact you no matter how long it takes the company to get around to it. If that is the case though I'm surprised they'd even tell you what their policy is to start with.
Talk with HR and make sure you understand very clearly who is responsible for paying the card.
Every company card I've ever had, I had to pay the bill and was reimbursed after I submitted an expense report. In a situation like that the card is yours, not the company's, and you are responsible for paying on time. If the company is telling you they won't reimburse you for 90 days I wouldn't be happy about it, but it won't impact your credit provided *you* pay the card by the due date.
OTOH, if the company always directly pays the card then it shouldn't impact you no matter how long it takes the company to get around to it. If that is the case though I'm surprised they'd even tell you what their policy is to start with.
Talk with HR and make sure you understand very clearly who is responsible for paying the card.
Posted on 1/3/19 at 1:26 pm to deeprig9
AMEX is giving them 90 days fee and interest free to make the payments?
I don't know if I'd want to work for a company that has a regular policy of not paying any vendor for 90 days, just because. Could be they are just idiots but they also could be having cash flow problems.
For comparison, when one of my clients goes 30 days past, I reach out to them to make sure they got my invoice and make sure there aren't any questions. At 60 days, I stop doing additional work until they get caught up or at least work out a plan to get caught up.
I don't know if I'd want to work for a company that has a regular policy of not paying any vendor for 90 days, just because. Could be they are just idiots but they also could be having cash flow problems.
For comparison, when one of my clients goes 30 days past, I reach out to them to make sure they got my invoice and make sure there aren't any questions. At 60 days, I stop doing additional work until they get caught up or at least work out a plan to get caught up.
Posted on 1/3/19 at 1:31 pm to deeprig9
quote:
Employer assures us that our credit scores won't be affected by the rolling 90's, as long as we get our expense reports submitted in time so it doesn't go to 120.
Putting faith in someone I’ve never met in the accounting dept would make me uneasy.
Posted on 1/3/19 at 1:55 pm to deeprig9
I would ask to see something from Amex explaining the program. It could be true, but sounds off to me. Even if true, I don't like the program they are employing.
Posted on 1/3/19 at 9:35 pm to deeprig9
It wont affect your personal credit at all. The credit line is extended entirely through the company’s credit not yours.
The company likely dictated these terms with Amex and the 120 days is an internal policy to make sure people get their expense reports in before they pay the bill.
They were able to negotiate these terms because of the size of the spend and they likely pay it in full every 90 days (or each month once the cycle is set up). Amex is still making money on swipe fees.
The company likely dictated these terms with Amex and the 120 days is an internal policy to make sure people get their expense reports in before they pay the bill.
They were able to negotiate these terms because of the size of the spend and they likely pay it in full every 90 days (or each month once the cycle is set up). Amex is still making money on swipe fees.
This post was edited on 1/3/19 at 9:43 pm
Posted on 1/3/19 at 9:45 pm to deeprig9
I don't think my corporate card that I am personally liabel for does not show up on my credit report
Assuming a default would
Assuming a default would
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