best corporate credit card

Top 10 Corporate Credit Card For Business in Singapore

There is no one-size-fits-all when it comes to corporate credit cards, as each business is unique, in one way or another. But as a business grows, the volume of purchases, payments, and other transactions increases, and you’ll need a card to keep up with it.

If you want to track your business expenses efficiently without having to reimburse, equip your employees with the best corporate credit card options in Singapore. 

1. American Express Singapore Airlines Business Credit Card – Best for Overseas Corporate Travels

Key Features
  • 8.5 HighFlyer points per S$1 spend on Singapore Airlines (SIA) or SilkAir (worth 8.1% cashback)
  • 1.8 HighFlyer points for every S$1 on general spend (worth 1.7% cashback)
  • No caps, no blackout period and no restrictions on HighFlyer points
  • 2 complimentary lounge visits per year
  • KrisFlyer Elite Gold
  • Hertz Gold Plus Rewards Programme
  • Cashback rate: 1.8%
  • Free travel inconvenience and accident insurance
  • 1 year free Accor Plus membership (50% dining discounts across the Asia Pacific and 1-night complimentary stay yearly)
  • Extended payment terms up to 51 days
  • 0% installments on select merchants
Annual Fees
  • S$299 
  • First two supplementary cards are free
  • S$99/year for additional cards
Payment Network  American Express
Website https://www.americanexpress.com/en-sg/

 

The American Express Singapore Airline Credit Card could be an excellent option for consumer-facing companies where overseas business travel is a usual scenario. This card is simple to manage as you can assign an account manager to book flights and redeem points. 

The AMEX SIA card earns HighFlyer points instead of KrisFlyer miles. It also allows employees to travel comfortably and earn reward points redeemed at select SIA brands. This credit card is open for individuals with a registered business in Singapore, and employees holding the cards should have a minimum annual income of S$30,000.

 

2. DBS Visa Platinum Business Card – Best for High Cashback Rates

Key Features
  • 1 DBS Point for every S$5 charge
  • Complimentary travel accident insurance
  • Complimentary annual coverage in case of employee misuse
  • Extended payment terms up to 55 days (0% financing cost)
Annual Fees S$192.60 (waived for the first year)
Payment Network  Visa
Website https://www.dbs.com.sg/sme/default.page

 

The DBS Visa Platinum Business Card can streamline your business’ finances through extended credit terms. You can also earn rewards from consolidated recurring bill payments to various suppliers. 

As of today, it is one of the best cash-back rates in the market at 0.4% on all kinds of spending. You can redeem points as vouchers, miles, or cash rebates. Its low annual fee also makes it a popular choice among many SMEs. Like the AMEX SIA business card, the minimum required income stands at S$30,000 per annum.

illustration of men and women spending on credit card

3. DBS Corporate Charge Card – Best for Procurement and Operational Efficiencies

Key Features
  • Complimentary travel accident insurance up to S$1M per cardholder for full air fair charges
  • Up to USD 25K per cardholder and USD 1.65M complimentary annual coverage in case of employee misuse
  • 24/7 use of expense management tools
Annual Fees No annual fee
Payment Network  Visa
Website https://www.dbs.com.sg/corporate/solutions/cash-management/DBS-corporate-card

 

The DBS Corporate Charge Card is a good pick for large companies. The card is best for travel, petrol, and supply purchases. One notable feature is the 24/7 access to online reporting tools that allow businesses to become more manageable through efficiently tracking employee expenses. It also allows managers to set a spending limit.

Surprisingly, it has no annual fee and is available to individuals aged 21 years and above.

4. Aspire Visa Corporate Card – Best for Foreign Transactions

Key Features
  • Low-cost international transfers powered by Wise
  • 1% cashback on digital purchases
  • Unlimited cashback
  • Advanced security and fraud protection
  • 24/7 use of integrated accounting tools
  • Can be used over 50 plus foreign currencies
  • 51-day free credit limit
  • Can be integrated with Quickbooks Online and Xero
Annual Fees No annual fee
Payment Network  Visa
Website https://aspireapp.com/

 

The Aspire Corporate Credit Card is a powerful Visa card that offers businesses an expense management software solution in combination with perks and benefits. With low fees, it is a popular choice for many businesses, especially those whose transactions involve foreign currency exchanges, as it has a low foreign transaction fee of 0.7%.

The card offers no annual fees, no interest charges, and minimum monthly fees too! Note, however, that this is a debit card that works with the flexibility and convenience of a credit card. It also integrates with the Xero accounting software and makes reporting and tax filing easier for your accountant. 

5. Citibank Corporate Credit Card – Best for Business Expense Tracking

Key Features
  • Earn reward points with no expiration
  • Redeem reward points as gift vouchers, hotel accommodation, or air miles
  • Easy access to foreign currency when overseas
  • Advanced security and fraud protection
  • Citibank member privileges on golf, spa, travel, and others
Annual Fees S$150
Payment Network  Visa or Mastercard
Website https://www.citibank.com.sg/

 

The Citi Corporate Card is best for SMEs whose employees require frequent overseas travels. It also provides significant travel coverage, including medical evacuation and loss of income reimbursement. Moreover, it gives a 3% cashback on all purchases. 

This card offers a healthy line of credit to employees who will be using the card. And one of its most useful features is a powerful spend management tool for the organization. 

6. DBS World Business Card – Best for Airport Priority Passes and Rebates

Key Features
  • 2% cashback or 2 miles for every S$1 spend on foreign currency
  • 1% cashback or 1 mile for every S$1 spend on local dining, entertainment, and travel
  • 0.3% cashback on all other spendings
  • Priority Pass Access (10 complimentary visits per year)
  • Up to S$1M travel insurance coverage for full fair charges
  • Up to S$1.65M complimentary coverage of employee misuse when you sign up for two or more cards
Annual Fees S$406.60 (1-year waiver)
Payment Network  Visa or Mastercard
Website https://www.dbs.com.sg/

 

Another DBS credit card for business travelers is the DBS World Business Card. It is among DBS’ finest cards and allows 10x priority access to airport lounges worldwide. 

You will also get discounts on essential business services like recurring bill payments, fuel, dining, and online purchases. Also, you’ll get added perks of waived late payments fees and 24/7expenditure tracking. To be a cardholder, your minimum annual income should be S$80,000.

sample of credit card

7. Volopay Card – Smart Corporate Card and Customizable Credit

Key Features
  • 2% cashback on foreign currency transactions (all merchants – no cap)
  • Up to S$500K credit line
  • Unlimited virtual cards
  • Real-time expense tracking
  • Accounting automation (Quickbooks, Xero, Netsuite)
Annual Fees none
Payment Network  Visa 
Website https://www.volopay.com/sg/

 

Volopay is one of the most innovative corporate cards in the market today, offering both physical and virtual cards. Volopay corporate cards are designed to cater to businesses of all kinds and are easily a one-stop-shop card for all your business needs. 

Volopay’s mobile app allows you to manage payments to local and international vendors from a single dashboard. It aims to reduce operating costs through features like accounting automation and real-time expense tracking.

8. UOB Platinum Business Card – Best for Commercial Discounts 

Key Features
  • 0.3% cashback or UNI$1 for every S$5 spend
  • Automatic cash rebates on business expenses
  • Dining discounts at over 1000 locations
  • Earn your UOB$ cashback on the spot and all year round at participating outlets
  • Complimentary travel insurance worth S$500K
  • E-commerce protection
  • Spending visibility
  • Auto-enabled for overseas use
Annual Fees S$180
Payment Network  Visa or Mastercard
Website https://www.uob.com.sg

 

UOB Platinum Business Card is a great card to keep track of your company’s cash flow. To help businesses improve on their collections, this card allows suppliers to convert their account receivables to cash. 

And with UOB Platinum Business Card, you can boost your savings with a 0.3% cash rebate. Among its best features are exclusive discounts from reputable technology, utilities, and logistic suppliers. Earn instant rebates when you make purchases at Apple, Dell, Exabytes, Microsoft, and other business services and merchants. 

9 . Maybank Business Platinum Mastercard – Best for International Use

Key Features
  • Complimentary business logo printing
  • Complimentary travel insurance
  • Up to S$1M travel insurance when you charge your airfare in full
  • Global concierge services
  • TREATS points for every S$1 spend
  • Interest-free period of up to 51 days
  • Worldwide withdrawal services
Annual Fees $0 for two years; S$180 thereafter
Payment Network  Mastercard
Website https://www.maybank2u.com.sg/en/personal/cards/credit/maybank-business-platinum-mastercard.page

 

Maybank Business Platinum Card comes with a seemingly unlimited list of benefits. Get peace of mind when you travel and get travel perks such as travel insurance, luggage loss claims, and worldwide withdrawals. And the best news is that you won’t pay an annual fee for two years. 

Plus, this card allows you to consolidate business statements, track expenses, and settle expenditures. It also features an auto-pay-bills program where you can earn S$50 NTUC for signing up. You can even get your business logo printed on your card. Truly, a card that will give your business a competitive edge.

10. UOB Regal Business Metal Card – Best for Luxury Perks

Key Features
  • 2% cashback on dining and overseas spending
  • 0.3% cashback on utilities
  • 1.5% cashback on all other spends
  • Complimentary Accor membership worth S$299
  • Unlimited access to over 1000 airport lounge across 500 airports
  • Complimentary adept health protect membership
  • Complimentary green fees
  • Access to 60 golf clubs worldwide
  • Complimentary 12x drive home valet service
  • Up to S$500K travel insurance 
  • Luggage protection up to S$3K
Annual Fees $680
Payment Network  Mastercard
Website https://www.uob.com.sg/regal/privileges.html

 

The UOB Regal Business Metal Card is truly a cut above the rest and is a by-invitation-only membership. With this card, SME executives get to experience world-class travel, dining, accommodation, and entertainment. 

This metal card is designed for business trips and travels and offers travel perks that are beyond what other corporate credit cards can offer. It has a comprehensive suite of benefits and privileges that will allow businesses to save on areas where they spend most.

To summarize:

Corporate Credit Card Annual Fee Payment Network Key Benefits
American Express Singapore Airlines Business Credit Card S$299 American Express Overseas business travels
DBS Visa Platinum Card S$0 on the first year; S$192.50 thereafter Visa  High cashback rates
DBS Corporate Charge Card S$0 Visa 24/7 expense management tool for operational efficiency
Aspire Visa Corporate Card S$0 Visa  Foreign transactions and finance management
Citibank Corporate Credit Card S$150 Visa or Mastercard Expense tracking and frequent travels finance management
DBS World Business Card S$0 on the first year; S$406.60 thereafter Visa or Mastercard Airport priority passes and rebates
Volopay Card S$0 Visa Customizable credit
UOB Platinum Business Card S$180 Visa or Mastercard Supplier discounts
Maybank Business Platinum Mastercard S$0 for two years; S$180 thereafter Mastercard International use and travel perks
UOB Regal Business Metal Card S$680 Mastercard Luxury perks – hotel and entertainment

 

See also: Best Credit Cards in Singapore and Supplementary Card

Factors to Consider in Choosing the Best Corporate Credit Card for You

Depending on the nature of your business, you can narrow down some factors in choosing the best corporate credit for you. Credit cards are being marketed with attractive features. Still, you need to consider how it can best cater to your business’s needs. 

How to Choose a Corporate Credit Card

Corporate credit cards enable cost-cutting and business solutions opportunities for many companies. Beyond just swiping, it is necessary to choose the right fit for your business. 

1. Understand how these cards work. 

Corporate credit cards work similarly to personal credit cards in most ways. Still, you must familiarize yourself with the card you are eyeing for your business needs. An excellent corporate credit card offer may also depend on the company’s credit worthiness. 

But what if you are a start-up business? As a new business owner, your personal credit score will matter, and you may still get a credit card, a business credit card, that is. However, you may have to tie up your personal finances to qualify for a business credit card. 

Additionally, you are personally liable for all charges made on these business credit cards, including employee purchases.

2. Review your business processes.

Evaluate your business expenses and processes. Check your business’ previous reports and determine where you spend most. It may be relevant to ask yourself questions like

  • Do my staff, or I need to travel frequently?
  • Do I usually have business meetings outside the office?
  • How often do I use a service to deliver products or services?
  • Do you spend much on communication or shipping expenses?
  • How many employees will be using the credit card?

3. Check out particular business or financing offers.

You may want to check out financing offers and features your business can take advantage of. Still, be careful as some corporate credit cards with high rewards often come with higher interest rates.

Special financing offers could be an interest-free period wherein costly purchases won’t incur interest for a certain period. 

4. Know what perks, benefits, protection, and insurance the credit card may come with.

Some credit cards may offer extended warranty coverages, gadget protection, travel insurance, or vehicle insurance. And with premium cards, you may get perks such as exclusive memberships to hotels and airlines. 

5. Review other key card features.

Choosing a credit card is a significant financial decision for a business. Thus, you also need to consider the following elements to make a decision:

6. Interest Rates and Fees

Interest rates vary from one card issuer to another and are significantly based on your credit score. 

As for other fees, all issuers charge specific fees such as:

  • Annual fees

These fees are prevalent in travel credit cards. To decide whether an annual fee is worth it, you must determine if the rewards you can earn will outweigh its cost.

  • Finance charges

A finance charge is an interest that accrues on the card’s balances. The easiest way to avoid this charge is to pay balances in full each month.

  • Late payment fees

A late payment fee is charged when the minimum payment required is not made on the due date. You can avoid this by enrolling your account in the auto-pay feature. 

  • Cash advance fees

Banks usually charge a cash advance fee of 2% to 5% when borrowing against a credit card. 

  • Balance transfer fees

Many cards offer 0% interest on balance transfer fees for only a specific period. Check that the interest savings will make up for this fee.

  • Foreign transaction fees

These are fees added to purchases made outside the country. Many travel cards don’t charge this amount.

7. Rewards, Perks, and Benefits

Rewards may come in miles, rebates, points, or cash rebates. While user perks and benefits could be access to lounges and other amenities, travel upgrades, and exclusive memberships. The trick is finding a card matching your company’s spending profile.

Depending on the issuer, card type, and purchase type, cash-backs or cash rebates usually vary from 1% to 5%. Larger businesses make the most of this benefit as they can also earn higher cash rebates.

8. Promotions

Promotions or welcome bonuses offer enhanced rewards for a limited period. These offers are used to appeal to new applicants. It could be introductory 0% interest fees or temporary lower interest rates.

9. Terms and Conditions

Before signing up for any credit card, make sure that you read through the accompanying terms and conditions. 

10. Customer Service

Check to see if the card provider offers excellent customer service through various platforms. This feature is significant in resolving issues, disputes, and reporting lost or stolen cards.

11. Reporting and Accounting Tools

Nowadays, most credit card providers offer tools and business solutions that allow users to track expenses. With the help of analytics, you’ll be able to gain insight into your spending and monitor unnecessary expenses. 

You can also download credit card transactions to accounting software like Quickbooks Online and Xero.

Conclusion

Ease and convenience are the main benefits of having credit cards. For business owners, it is the boost in purchasing power, business trip discounts, higher reward offers, minimized fraud risk, and access to business tools that make credit cards essential to them. 

Key Takeaways

  • Getting a corporate card is a smart move to advance your business to the next leve
  • A corporate credit card’s built-in expense management tool is one of the best ways to benefit from it.
  • Waived fees on foreign transactions allow companies to save on expensive charges.
  • Having a corporate credit card is one of the best ways to avoid out-of-pocket expenses shouldered by employees.

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