VISA® Corporate Frequently Asked Questions
Why is it important to use the U.S. Bank VISA® Corporate Travel Card when I travel for business?
Travel is a large controllable expense and it is for this reason that today most universities utilize a travel card program. The charges you make are summarized in reports to the University. By utilizing the reports, the University can realize additional cost savings and negotiate favorable rates with hotels and other travel vendors.
Is the U.S. Bank VISA® Corporate Travel Card like other VISA® credit cards?
No. Unlike other VISA® cards, which have revolving lines of credit, the U.S. Bank VISA® Corporate Travel Card is a charge card. The balance is payable in full before the next billing.
Will my U.S. Bank VISA® Corporate Travel Card affect my personal credit rating?
This account is to be used only for reimbursable University related travel expenses. The account will NOT be used for personal charges; therefore, U.S. Bank does not report the activity to any credit bureaus. If any portion of your account balance reaches 150 days past due, the delinquency will be reported to your credit bureau. You should not reference this card as a credit liability.
I have a card currently that gives frequent flier miles for every dollar I charge. Can I have this feature associated with my U.S. Bank VISA® Corporate Travel Card?
No. It has been well documented that frequent flier mile programs can cost a company more money due tot he incentive to spend higher dollar amount to gather more miles.
Is my account ready to use when I receive the card?
No. You will need to call U.S. Bank Customer Service at (800) 344-5696 to activate your card and verify your social security number. At this point, your card is ready for use.
On what does my statement generate?
Your account cycles is on the 21st of each month, at which time a statement is produced.
Is there a monthly limit on the amount I can charge?
Yes and no, the monthly limit is $3,500. However, because it would not be unusual for a faculty member to travel abroad for an extended period of time on University business, the amount automatically doubles. Therefore, the cardholder is limited to a maximum monthly spending amount of $7,000.
Whose responsibility is it to pay the bill?
It is the employee’s responsibility to ensure payment in full is received at U.S. Bank prior to the next billing cycle. Each individual employee makes payment. Each employee will complete the requisite paperwork for reimbursement of legitimate University travel expenses.
Do I wait for the VISA® bill to submit my Travel Reimbursement Voucher?
No. Please submit your Travel Reimbursement Voucher when you return from your trip. It is important that timely Travel Reimbursement Vouchers are submitted to ensure prompt reimbursement.
If payment in full is not received by the next billing cycle, is there a late fee?
No. A late fee is not assessed if payment is not received by the next billing cycle.
What happens if payment in full is not received before the third statement?
Your U.S. Bank VISA® Corporate Travel Card will be suspended. In addition, a delinquency fee of 2.5% is applied to the entire delinquent balance for the past two billing cycles. This fee is the responsibility of the individual cardholder. The University will NOT reimburse this fee.
Is it important to reconcile my statement each month?
Yes. Even though you have been reimbursed for your business expenses, you should review statement for accuracy. This will ensure that your account always remains in proper balance. If you have not received your statement, please contact U.S. Bank Customer Service at (800)-344-5696.
What if I do not recognize a charge or need more information about a charge on my statement?
Refer to the back of your statement for billing inquire/problems or questions. U.S. Bank must hear from you no later than 60 days from the original statement date on which the charge in question appeared. Be sure to keep records of all discussions, including the name of the Customer Service Representative and the date of the conversation.
What happens once I have notified U.S. Bank of a dispute?
After U.S. Bank has received notification U.S. Bank will "suspend" the amount in question. While U.S. Bank is conducting an investigation, you do not need to pay the amount in dispute. However, you are obligated to pay the entire balance of the charges not in question.
How are currency conversion rates determined?
Conversion rates are determined on the day VISA® receives the transaction. VISA® calculates the rate by averaging the government mandated rate and the wholesale market rate. The cardholder will see and exact conversion rate on their monthly statement. For the cardholder to receive an approximate conversion rate, or US dollar amount on a posted transaction, the cardholder should contact U.S. Bank Customer Service at (800) 344-5696.
Does the U.S. Bank VISA® Corporate Travel Card provide car rental insurance coverage?
Your U.S. Bank VISA® Corporate Travel Card offers primary car rental insurance. This coverage is worldwide up to the full value of most rental cars for damage or theft when the rental is primarily for business purposes for a period of up to 31 consecutive days.
The entire transaction must be paid on your U.S. Bank VISA® Corporate Travel Card and you must decline the rental company’s collision damage waiver option or similar provision offered by the car rental company.