Purchasing and Business Services Manual (PUR)

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Effective: 11/1/1995

Revised: 11/12/2014

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PUR 208: Credit Cards and Store Accounts

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Purpose

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To prohibit the use of store credit cards and revolving accounts

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Source

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University policy

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Background

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The use of purchase orders and the several, small-dollar purchasing options helps suppliers to invoice the proper agency/org and object/sub-object codes. Suppliers that have provided departments with store credit cards or revolving accounts have been unable to track transactions well enough to properly invoice the correct departments and agency/orgs.

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Policy

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Departments are not authorized to use store credit cards or revolving accounts. Departments choosing to conduct business with a particular supplier over an extended period of time should obtain a Purchasing Card through Purchasing and Business Services. Departments having a specific need for a store credit card or revolving account may make their case to the vice president for finance and deputy treasurer and the chief procurement officer. If approved by both, a department may obtain such a store credit card or revolving account in the name of the department and not the university. Please note that many stores will require a personal guarantee for this type of account, as it obligates only department funds and not general university funds.

This policy does not impact the university-sponsored travel card or the university-sponsored purchasing card.

Neither does this policy impact an employee’s ability to use a personal credit card for university purchases with subsequent reimbursement, subject to the limits of PUR 304–03, “Reimbursements.”

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Cross-References

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For information on the purchasing card, see PUR 304–04, “The Purchasing Card.”

For information on employee reimbursements, see:

  1. PUR 304–03, “Reimbursements”

    and

  2. the Financial Services Policies and Procedures Manual:
    1. FIN 420–01, “Faculty and Staff Reimbursements”

      and

    2. FIN 422–02, “Student Reimbursements.”

For information on the travel card, see the Financial Services Policies and Procedures Manual—FIN 515, “University-Sponsored Travel Credit Card.”


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