Corporate cards exploded in 2025 and 2026 — Caju, Flash, Pluxee and the traditional banks are fighting over CNPJ accounts. But does the product actually serve executive travel? High spreads, thin overseas cashback and steep annual fees mean an Itaú Personnalité or Santander Black on the partner's CPF (personal tax ID in Brazil) still beats the "corporate" option in many scenarios. This article unpacks six PJ cards, compares them with personal cards, and tells you when it makes sense to sign up.
14 min read
A Brazilian CNPJ in 2026 has more card options than ever. Caju, Flash, Pluxee, Swap, Stark, Mercado Pago Empresarial, Bradesco Corporate, Itaú PJ Black, Santander Negócios — each one promises control, cashback, tax deductions and simplicity. The marketing pitch is always the same: "treat your business like a business". The subtext: "stop using the partner's personal card".
For executive travel, the question is tougher. In May/26, the IOF (Brazilian FX transaction tax) on international purchases is 3.5%, identical on CPF and CNPJ. The bank spread on a traditional bank's corporate card sits between 4% and 6%, identical to a big bank's personal card. Cashback abroad is thin or nonexistent on most PJ products. And the annual fee on a good corporate card isn't cheap.
So what real advantage is left? Control, accounting reconciliation, tax deduction in some regimes — plus the corporate-governance argument of not mixing cash. This article shows when that pays off, when it doesn't, and the cheapest path for a PJ that travels.
What "corporate travel card" actually is — and isn't
In Brazil's 2026 market, "corporate card" became an umbrella term for three different products with overlapping features. Worth separating them before comparing.
Corporate expense card (Caju, Flash, Pluxee, Swap): prepaid reloadable, issued in the CNPJ's name with personalised cards per employee. Not credit. No miles like a personal card. Focused on control (limits by category, by day, by region), automated reconciliation with Conta Azul/Omie and cashback inside Brazil. Abroad, it works but the average spread is 3% to 5% and cashback disappears.
Bank corporate credit card (Bradesco Corporate, Itaú PJ Black, Santander Negócios, BB Empresarial): real credit, monthly statement, with everything a credit card offers — miles, travel insurance, concierge, lounge access on some. Average annual fee BRL 600 to BRL 2,400. Spread abroad identical to a personal card from the same bank.
Hybrid card (Mercado Pago Empresarial, C6 Empresas, Inter Empresas): credit with fintech logic. Cashback in Brazil between 0.5% and 2%, zero or low annual fee, no sophisticated concierge. Abroad, spread similar to a personal card from the same fintech (2% to 4%).
The choice isn't "which is best". It's "which fits the PJ's profile".
Comparison table: 6 PJ cards for travel (May/26)
The numbers below reflect what's offered in May/26 on standard contracts. They vary by customer tier, banking relationship and card network.
| Card | Annual fee | Intl IOF | Avg spread | Intl cashback | Concierge/Insurance |
|---|---|---|---|---|---|
| Caju Corporativo | BRL 0 | 3.5% | 3-4.5% | 0% | No |
| Flash Expense | BRL 0 to BRL 12/user/month | 3.5% | 3-4.5% | 0% | No |
| Pluxee Multiviagem | BRL 1,200/year | 3.5% | 4-5% | 0.5% | Basic insurance |
| Mercado Pago Empresarial Black | BRL 0 | 3.5% | 3-4% | 1% (Brazil), 0% (intl) | No |
| Bradesco Corporate Visa Infinite | BRL 1,800/year | 3.5% | 4.5-6% | 0% | Concierge, LoungeKey lounge |
| Itaú PJ Black | BRL 2,400/year | 3.5% | 4-5.5% | 0% | Concierge, full insurance, LoungeKey |
Look at the spread column. No PJ card operates below 3%. For context, Wise runs at 0.5% and Nomad at 1%. The gap is the same as with personal cards: a card is convenience, a global account is savings.
About the author
Curadoria Voyspark
2 years in the Voyspark editorial team
Time editorial da Voyspark — escritores, repórteres, fotógrafos e fixers em Lisboa, Tóquio, Nova York, Cidade do México e Marrakech. Coletivo. Sem voz corporativa. Cada peça com checagem cruzada por um editor regional e um chef ou curador local.
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