Credit cards policy
Intent and objectives
This policy outlines the mandatory requirements for the use of corporate credit cards across the University.
To enable staff members to make urgent or small practical purchases to enable the efficient operations of the University.
To ensure that the authorisation, acquittal and overall terms of responsibility for credit card users complies with RMIT University’s policies and delegations and other relevant State and Federal legislation.
University-wide (including controlled entities under the central financial management of FSG).
Emergency purchases, business entertainment, on and off shore incidental travel expenditures; incurred by an individual in the execution of RMIT business.
Purchases on PCard via Central procurement team.
1. Corporate credit card holders -The staff member whose name appears on the corporate credit card and purchases goods and services for RMIT business purposes only, where the only payment method accepted by the vendor is credit card or the vendor is based overseas.
2. PCard holders - The staff member whose name appears on the corporate credit card, who is empowered to purchase items on behalf of their area/department.
1.1 The University shall ensure that all corporate card and PCard usage is properly approved prior to recognition (or processing for payments), in accordance with the Delegations Policy and schedules, Corporate Credit Card Procedures, the Expenditure and Accounts Payable Procedure and PPE and Intangible Assets Procedure.
2. Use of credit cards
2.1 The use of corporate cards and PCards is restricted to RMIT business only (see Credit Card Procedures).
2.2 The credit card holder is responsible for the security of the card.
2.3 The corporate credit card can be used for purchases up to a maximum limit of $2000 per purchase. The maximum credit limit on the corporate credit card is $25,000 per month.
2.4 The PCard can be used for purchases with a maximum limit of $5000 per purchase. The maximum credit limit on the PCard is $50,000 per month, or higher if approved by the relevant authority.
2.5 The authorising officer sets the maximum limit of the credit card (see Delegations Policy and procedure).
2.6 Credit limits and amendments to credit limits must be authorised according to the Delegations Policy and schedules.
2.7 Purchases specifically excluded: Property, plant and equipment (refer PPE Policy) of any value and any IT related purchases.
Airfares are paid for by invoice as provided by the preferred Travel Management companies.
Accommodation and other travel expenses can be paid via the preferred travel providers by invoice or by credit card. In certain circumstances these costs may exceed $2000.
3.1 It is the staff member’s responsibility to ensure the card is acquitted within 14 days. The card statement should be acquitted within 14 days of the statement date. Late acquittals may result in the cancellation of the card.
3.2 The authorising officer must ensure all supporting documentation is complete and adequate.
3.3 The Intranet Credit Management System (ICMS) is used to code and authorise expenditure transactions.
4. Terms of responsibility
4.1 The authorising officer is responsible for issuing credit cards.
4.2 The card holder must report lost or stolen cards immediately.
4.3 The authorising officer is responsible for the cancellation of credit cards.[Next: Supporting documents and information ]