What's a good policy on personal use of company credit cards?

“In the past we’ve turned a fairly blind eye when employeess have used company credit cards for personal expenses. As long as they wrote us a check right away, we let it slide. But now credit card issuers are lowering credit limits and raising interest rates even for good customers like my company. I feel like it’s time to clamp down on personal use of our cards. Have any of you done this? Can you share some sample policy language I could borrow?”—Tim, Indianapolis



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