Corporate Credit Card

9 Best Corporate Credit Cards: What Suits Your Business?

Many businesses rake in tons of revenues each year. They spend most of this money on expenditures like IT equipment and office rental. Although this is a plus, it can also be detrimental to the company’s financial health if it’s not regulated.

Here’s where a corporate credit card comes in. This convenient rectangular plastic card boasts plenty of benefits, one of which is tracking expenses. It provides detailed monthly statements so you can know where your hard-earned money goes.

Additionally, it offers secure, cash-free payments due to its global acceptability. Different corporate cards bring various offers and features to the table. As such, you need to choose the right one for your modern business so it can earn you cash credits and more.

See Also: Steps to Cancel Credit Card in Singapore

What is Corporate Credit Card?

Also referred to as a commercial credit card, a corporate credit card is a card intended for business expenses like plane tickets and accommodations. Established companies issue them to their employees.

These cards have a higher credit limit compared to personal credit cards. Moreover, they offer exciting deals and incentives like points or cash back, waived foreign currency costs, shopping vouchers, air miles, and complimentary travel insurance.

 

How it Works

A credit card issuer will consider your company’s financial stability and credit history before giving you the card. The employee’s or business’s name will appear on the card after the approval process and upon the issue (both names appear in some cases).

The employee will receive their credit card number, although the business will pay for the entire card spending.

Once everything is set, the physical and virtual cards will give you details about how employee spending operates on an individual level, thanks to their expense management software. This helps you stop unnecessary spending or fraud before they even happen.

9 Best Corporate Credit Cards in Singapore in 2022

Here are some of the best business credit cards you should use in your business for maximum positive results:

1. Citi Corporate Card – Best for Small and Medium Companies Who Need Regular Business Travel

Citi Corporate Card is an offering from Citibank. It’s a single payment solution for all your business needs. It offers streamlined expense handling. Plus, it has a suite of three liability types, each offering a unique cashback reward:

  • Sole Corporate Liability- 0.3% cashback of the organization’s yearly spending
  • Joint & Several Liability- Citi Thankyou Point (1 Citi Thankyou Point= S$1), at least 10% at participating merchants, and 0.3% cashback of the business’ yearly spending.
  • Cardmember Liability and Personal Liability- gain up to 10% at participating merchants plus a Citi Thankyou Point reward on every purchase. You can redeem the points for a range of bonuses or cash rebates.

Payment Network: Mastercard or Visa

Benefits, Fees, and Rewards:

  • Free yearly coverage of employee misuse (US$1.65 million per company, US$25,000 per cardholder)
  • Annual fee: S$160.5
  • Free travel accident insurance, at least S$1,000,000 per cardholder
  • 0.40 miles (1pt) for each S$1 expenditure

Key Features:

  • Free travel accident insurance
  • Free annual coverage of employee misuse
  • Free travel accident insurance

2. DBS World Business Card – Best for High-End Executives

The DBS World Business Card brings more to the table than a clean, executive look. It’s one of the best corporate credit cards in Singapore, with loads of enticing features- not only expense management software- and rewards.

You can enjoy smooth travel experiences and access luxe airport lounges with it.

Benefits, Fees, and Rewards:

  • Free yearly coverage of employee misuse (US$25k per cardholder, US$1.65m per company)
  • 0.30% cash back on general expenditure
  • 1% cashback on local dining and 2% on overseas spending.
  • Free travel accident insurance, at least S$1,000,000 for each cardholder.
  • Up to 10 free lounge visits every year via Priority Pass
  • 24/7 dedicated business service thanks to DBS BusinessCare

Key Features:

  • 0.3% cash rebate on general spending
  • Free annual coverage of employee misuse
  • Free travel accident insurance

pretty young lady holding credit card and laptop

3. Aspire Corporate Card – Best for Tech-Forward SMEs, Startups, and Freelancers

Are you a tech-forward freelancer, SME, or startup seeking a reliable corporate card to match your unique lifestyle? Look no further than Aspire Corporate Credit Card. 

You can use Aspire Corporate Credit Card from Aspire Bank in over 40 currencies with favorable exchange rates. And that’s not all: Zero foreign transaction fees are incurred during the process!

Payment Network: Visa

Benefits, Fees, and Rewards: 

  • Low foreign currency transaction charge (0.50%)
  • No annual fee
  • 1% cash rebate on select online Saas and marketing
  • S$50k+ worth of personal perks with Aspire partners, e.g., Quickbooks and Shopify
  • Eligible Saas merchants: Slack, Amazon Web Services, GoDaddy, Freshworks, etc.
  • Qualifying advertising merchants: Microsoft Ads, Facebook Advertising, LinkedIn Advertising, and Google Advertising.
  • Corporate liability waiver insurance

Weak Point: It doesn’t offer travel-related perks.

Key Features:

  • No annual fee
  • Low foreign currency transaction charge
  • 1% cashback on select online marketing and Saas

4. Volopay – Best for all Business Sizes

Volopay corporate cards have an advantage over most other cards. They effectively serve all types of businesses owners, whether small business owners or CEOs. 

It handles several responsibilities, including accounting automation, configurable spending limits, approval processing, and minimum spend credit limits.

Payment Network: Visa

Benefits, Perks, and Rewards:

  • Real-time spend tracking
  • 2% cash rebate on Fx transactions
  • Lowest Fx rates
  • Integration with accounting software such as QuickBooks and Xero
  • Auto approval settings
  • Multi-currency wallet
  • Zero yearly fees or minimum spend

Weak Points: It offers limited reporting options, and minimum transaction volumes. And its pricing is based on your selected billing duration and total monthly expenditure.

Key Features:

  • Auto approval settings
  • Real-time spend checking
  • Multi-currency wallet

5. YouBiz – Best for Startups

YouBiz corporate credit card is an innovative product from YouTrip. It’s building a name for itself in the business arena by providing payment products that bureaus can use to save, streamline, and enhance daily business functions.

The YouBiz corporate card established partnerships with Google so establishments can enjoy digital support, customizable spending rules, and direct support from travel partners like Qatar Airways.

Payment Network: Mastercard

Benefits, Perks, and Rewards: 

  • Free local transfer
  • Multi-currency expense handling platform
  • Real-time expense tracking
  • Zero annual fees
  • Personal perks with YouBiz partners
  • Unlimited cashback on all spending with no restrictions or cap

Key Features:

  • Real-time expense tracking
  • Free local transfer
  • Multi-currency expense handling platform

6. Finaxar Flex Visa Card – Best for SMEs

Flex by Finaxar is a top spending management solution. It strives to improve how SMEs handle business expenses and access working capital. This is so that they can flourish to their full potential.

It was co-developed by the leading worldwide payments technology organization Visa. It’s clear from its features and rewards that this card is all set to steer your business in the right direction.

Payment Network: Visa

Benefits, Perks, and Rewards:

  • Zero transactions charges on all expenditures
  • 20 free physical Flex Visa Business cards
  • 24/7 expense tracking
  • Interest-free working capital for over 30 days
  • Zero subscription fees in the first year
  • Fee-free credit lines

Key Features:

  • Interest-free working capital for more than 30 days
  • 24/7 expense tracking
  • No subscription fees in the first year

7. Amex Singapore Airline Credit Card – Best for Companies That Require Their Employees to Travel Regularly

The Amex (American Express) Airline Credit Card helps make travelling seamless for companies and employees. It comes with various exciting features like airport priority passes plus capabilities to keep your expenses in check and earn you worthwhile rewards.

You should be 21 years or older, have a S$60,000 p.a income if you’re a foreigner, and earn a S$30,000 p.a. income if you’re a Singapore PR or Citizen to be eligible for it.

Payment Network: American Express

Benefits, Perks, and Rewards:

  • Up to 8.5% HighFlyer points for each S$1 you spend on qualified Singapore Airlines Group flights
  • Priority Pass Membership with several complimentary visits every year
  • Earn KrisFlyer Elite Gold status when you spend S$15,000 with Singapore Airlines Group
  • Complimentary Accor Plus membership worth over S$400 at participating Accor Hotels
  • Gain 5,000 HighFlyer points when you spend S$500 within the first year.

Key Features:

  • Priority Pass Membership
  • Complimentary Accor Plus Membership
  • 8.5% HighFlyer points for each S$1 you spend

8. UOB Platinum Business Card – Best for Medium-Size Businesses

The UOB Platinum Business Card is the most expensive card among UOB corporate cards because its offers are pretty impressive. Examples are a smooth credit scoring process and the extensive discounts on logistics, utilities, and other crucial business services.

What’s more, the UOB Platinum Business Card charges a yearly fee of S$180. It’s worth every card spend, as we shall see below:

Payment Network: MasterCard or Visa

Benefits, Perks, and Rewards:

  • Free travel accident insurance, at least S$1,000,000 for every cardholder
  • 0.30% cash rebate on general expenditure
  • MasterCard Easy Savings
  • UOB$ Programme
  • UOB Commercial Privileges Programme
  • Extended payment terms

Key Features:

  • MasterCard Easy Savings
  • Free travel accident insurance
  • UOB Commercial Privileges Programme

9. Maybank Business Platinum Card – Best for Economic Companies

This type of card commands respect among other cards in its level- or even higher! It’s a single payment solution with some interesting offers, like the no-paying annual fees for the first several years and flexible credit lines. And your entire card spending qualifies for cashback.

There are a number of criteria you should meet if you wish to apply for the card. Some of them are that your company must have a yearly sales turnover of at least $200,000, the company director must be between 21 and 60 years old, and your organization must have at least one local director.

Payment Network: MasterCard

Benefits, Perks, and Rewards:

  • 0.40% cashback (1 TREAT for every S$1 you spend)
  • Worldwide cash withdrawal
  • Global concierge, travel, and dining privileges
  • Budget data
  • Rewards for recurring bill pay
  • Yearly $180 fee waived for two years
  • Flexible credit limits

Key Features:

  • Flexible credit limits- the company’s earnings determine this.
  • Worldwide cash withdrawal- create virtual cards and make ATM withdrawals and transactions anywhere in the world on the MasterCard network.
  • Budget data- organizations will access customized reports of finances and expenses that MasterCard provides.

Other Things to Consider: Who Should Handle the Corporate Card?

Okay, corporate cards sound pretty neat, but let’s face reality here: Not everyone on the team will have one. The cards have plenty of offers and perks. As such, they should go to suitable team members.

So, what should you as a business owner consider when choosing who in your team gets the corporate card?

Does the Worker Handle Large and Frequent Business -Related Purchases? 

If yes, then they deserve the card. They can use the single payment method to make handling and tracking expenses easier, as the credit scoring process takes a while. This minimizes the headache of human error. What’s more, the card will help them get more done within a short time.

If They Travel Regularly

Travelling can be a headache, what with the paperwork and stuff that need to be handled? Business expenses sit directly on travel. Luckily, a business credit card eliminates all that hassle. It allows the employee who goes on frequent business travel to enjoy exclusive perks such as travel insurance, dining discounts, clearing of entertainment expenses, and airport lounge access. The employee can even waive some foreign expenses using the cards, saving your company lots of cash in the long run.

Final Word

Corporate cards are a crucial component in your business’s smooth functioning and growth. Unlimited virtual cards are an all-in-one tool packed with all the necessary features to handle all your business expenses and other vital aspects. Plus, they can be a personal account manager and have amazing exchange rates. However, like personal cards, companies should be mindful of the accruing interest rate. 

Key Takeaways

  • A corporate card saves you and your company money by tracking your employees’ expenses.
  • Corporate credit cards have a higher credit line than personal credit cards.
  • There’s a corporate card for every business entity. Therefore, you have to pick the right one for it to be beneficial to you and your business.

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