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 |
|
| Annual Fees |
|
| 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 |
|
| 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.
3. DBS Corporate Charge Card – Best for Procurement and Operational Efficiencies
| Key Features |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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.
7. Volopay Card – Smart Corporate Card and Customizable Credit
| Key Features |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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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