The construction industry is dynamic and functions uniquely compared to other sectors. So it’s absolutely important to have the best credit card for construction business that can help extend repayment terms to suppliers, leverage unsecured credit, and earn rewards on your cards on eligible vendor payments. 

American Express is well known to offer a range of business credit cards tailored to meet the specific needs of construction companies, providing unique benefits and perks that can enhance your business operations. 

In this blog post, we will explore and evaluate American Express’s best corporate credit cards for construction to help you make an informed decision that aligns with your firm’s financial goals and requirements in the year 2024.

The Best American Express Construction Business Credit Cards

The three best business credit cards for contractors and construction businesses are:

1. Corporate Platinum Card
2. Corporate Gold Card
3. Corporate Green Card

Before we dive deeper, here’s a quick overview of the cards:

Corporate Platinum Card

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Annual fee: $550

Ideal for: business leaders and seasoned travel folks who want to enjoy the comfort of premium travel benefits.

Travel benefits:

• $189 CLEAR Plus Credit
• $200 airline fee credit
• Earn 5% Uber Cash
• American Express Global Lounge Collection
• Hilton Honors Gold Status Enrollment
• Fee Credit for Global Entry or TSA PreCheck
• Marriott Bonvoy Gold Elite Status
• Premium Car Rental Status
• Fine Hotels + Resorts Program

Special offers:

• 50% off One Year of an Annual Subscription to Panera’s Unlimited Sip Club
• 6-month free Obé Fitness Membership
• 6-months of free, unlimited access to your favorite magazines via Readly

Membership rewards:

• Individual and Corporate Membership Programs

Others:

• Global Dining Access by Resy

Corporate Gold Card

Annual fee: $250

Ideal for: for core employees who are always on the road and traveling for work.

Travel benefits:

• Earn 5% Uber Cash
• $100 Airline Fee Credit
• $100 LoungeBuddy Credit
• Hilton Honors Silver Status
• Fee Credit for Global Entry or TSA PreCheck

Special offers:

• 50% off One Year of an Annual Subscription to Panera’s Unlimited Sip Club
• 6-month free Obé Fitness Membership
• 6-months of free, unlimited access to your favorite magazines via Readly
• 4-months of free CLEAR Plus Membership

Membership rewards:

• Individual and Corporate Membership Programs

Corporate Green Card

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Annual Fee: $75

Ideal for: for employees who make regular business expenses and travel occasionally.

Travel benefits:

• Earn 3% Uber Cash
• Hilton Honors Silver Status

Special offers:

• 50% off One Year of an Annual Subscription to Panera’s Unlimited Sip Club
• 6-month free Obé Fitness Membership
• 6-months of free, unlimited access to your favorite magazines via Readly
• 4-months of free CLEAR Plus Membership

Membership rewards:

• Individual and Corporate Membership Programs

Why Using An American Express Corporate Credit Card Might Be Beneficial Your Business

1. Access to unsecured credit: Improve your buying power as you can use the unsecured credit to help procure materials, construction equipment, and labor, so you never have to worry about your projects stalling and ensure they stay on track with the timelines.
2. Easy payment to suppliers: With these American Express Corporate Credit Cards, the benefit is twofold - you can improve your cash-flow position with extended supplier repayment terms tied to your American Express billing cycle, and you can pay them with ease even if they do not accept American Express cards yet. 
3. Customizable rewards program: With American Express, you can choose how you want the rewards system to work. You can either get cash back as a statement credit for business growth or incentivize your employees with reward points that they can redeem for travel, gift cards, etc. You can also choose to combine both.
4. Travel perks: Traveling to different job sites and project locations is expected in the construction field. With select cards, you can skip the long security lines, take advantage of the CLEAR queues at participating airports (requires enrollment), or take a breather at any available lounges in the American Express Global Lounge Collection.
5. Online account access: Since you're always on the road, it's critical that you have access to spend data and account information even on the go. American Express provides 24/7 online access to the Corporate card account information. View statements, pay bills, create expense reports, dispute charges, and do much more from anywhere.

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Choosing American Express as your go-to corporate credit card solution for your construction business comes with a bunch of awesome benefits. 

And just when you thought it couldn't get any better, here's the cherry on top – Amex’s powerful integration with Fyle!

Amex + Fyle: Streamline Your Expense Management Process Without Switching Cards

Manage your American Express Credit Cards right from Fyle by linking them for effortless tracking of spend, instant collection and matching of receipts, and automatic coding of expenses – all without relying on delayed statements or broken bank feeds. Learn how it can power your business:

Unlimited Virtual Cards And Extensive Spend Controls

The integration now supports issuing unlimited virtual cards from Fyle for any purpose. There are many reasons why this is powerful for construction businesses:

Faster Procurement:

The instant issuance of unlimited virtual cards is ground-breaking, streamlining conventional procurement processes. Here's how it works: once your American Express card integrates with Fyle, you can generate unlimited Amex virtual cards to anyone, all on the same credit line as your original card.

Suppose you have a $100,000 limit American Express credit card. In that case, you can create multiple virtual cards for specific purposes with specific budgets (e.g., buying materials within a $10,000 budget only from Home Depot) by tapping into the $100,000 limit. You don’t have to go through the long process of requesting your bank for another credit card.

This functionality is particularly advantageous in the construction industry's fast-paced environment, where immediate procurement of materials and services is pivotal in ensuring project timelines are met.

Create Project Specific Budgets:

Virtual cards bring a whole new level of flexibility, allowing you to issue multiple cards for different needs. Let's break it down with a real-world example: if your team is working on a project, and you want to keep their spending in check, you can issue a virtual card with a weekly spending cap of $1,000 and restrictions on the type of vendors they can purchase from. 

This way, you're not only sticking to your budget but also giving your team the green light to spend within the limits you've set and making sure they purchase from trusted vendors.

Cost Savings:

Picking up virtual cards isn't just a tech upgrade—it's a potential game-changer for your construction company's bottom line. 

Using virtual cards means fewer headaches with paperwork to access a new card, a smoother reconciliation process that won't have you wasting time and manual effort, and the power to negotiate with vendors into better deals, all thanks to the real-time spending data at your fingertips. 

Real-time Visibility:

Accountants can now enjoy a real-time view of employee spending with virtual cards directly from Fyle. You can get the information in your Fyle dashboard the second your employee makes a spend. 

While it helps with quick and easy reconciliations, it also offers valuable insights into your employee's spending patterns. Virtual cards are the way to go if you want a more efficient and informed approach to managing company expenses.

Enhanced Security:

Virtual cards bring an advanced level of security compared to traditional physical cards, offering features like one-time or limited-use options to minimize the risk of fraud. 

In the event of a lost virtual card, you can easily revoke access directly from Fyle with just a few clicks, ensuring a swift and secure resolution. 

This heightened security is especially vital in the construction industry, where expenses are incurred across different locations, protecting sensitive financial transactions from potential risks.

Receipt Tracking Via Text Messages

Fyle also enables you to collect receipts via text message. Employees can send a picture of the receipt when they make a spend and Fyle extracts the information using OCR technology and reconciles it automatically when the transactions flow in.

No more chasing employees for receipts, no more unnecessary back and forths, no more wasted time and manual effort. Speed up your entire reconciliation process by 5X!

Real-Time Reconciliations On Your American Express Credit Card

With Fyle's integration, you can see employee credit card spend data immediately after settlement. Fyle automatically reconciles the expenses to the correct receipts when your employee sends them, keeping your books updated in real-time. This means you can get insights into transaction data without waiting till the end of the month for the statement. 

Frequently Asked Questions about Fyle and Virtual Cards

1. What is a virtual card?

A virtual card is a unique card number that's generated in a digital format and is associated with the account holder’s line of credit (similar to a physical card without the actual “card”). 

A user can enter this 16-digit credit card number upon online checkout instead of their physical credit card number. The transaction then appears on the account statement just as if a physical credit card had made the transaction.

2. How do I create and share a virtual card?

You can easily create and share unlimited American Express virtual cards from the Fyle app. Once you connect your American Express corporate credit card to Fyle, you can issue virtual cards within a few clicks.

3. Can my field employees use virtual cards everywhere?

Yes, virtual cards offer flexibility, allowing your field employees to make purchases wherever major credit cards are accepted.

4. Are virtual cards secure for construction transactions?

When using American Express virtual cards for transactions, the merchant is never provided with the actual physical card details. This not only shields the cards from potential fraudulent activities or theft but also significantly reduces the risk in the event of a data breach. It ensures a robust level of protection for the cardholder's information.

5. Do I still get reward points on virtual card spend?

The virtual card user does not get any of the rewards/cash back against the virtual card itself. However, all benefits of the enrolled funding card program in place with American Express, whether it be rewards, rebates, cashback, etc., are earned for all transactions created with the Virtual Card.

Conclusion

Selecting the best credit cards for construction businesses can significantly impact your financial efficiency and project management. The American Express Corporate Credit Cards—Corporate Platinum, Corporate Gold, and Corporate Green—offer tailored solutions to cater to the diverse needs of construction enterprises. From unsecured credit access to easy payment solutions for suppliers, customizable rewards programs, and exclusive travel perks, these cards empower your business operations. 

Moreover, integrating American Express with Fyle adds a new dimension to expense management, allowing for real-time reconciliations, unlimited virtual cards with extensive spend controls, and enhanced security measures. 

To stay ahead in the competitive construction industry in 2024, leverage the seamless collaboration between American Express and Fyle for a more impactful and efficient financial management approach. If you’re interested in exploring more about Fyle, sign up for a quick demo today!