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Corporate Credit Cards: Find the Best For Your Business Needs

Credit card payment, buy and sell products & service,selective focus
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Corporate credit cards can make life easier for many large and growing businesses in Singapore. As we know, the volume of expenses and payment needs also increases and can become pretty complex as a company grows. Hence, you will need a reliable system, and corporate credit cards could be a great tool. 

A corporate credit card provides actual business solutions from flying and accommodation needs of employees to ease online business purchases. On top of this, the company can also enjoy robust features like expense tracking, detailed analytics, and a dedicated customer service representative. And if used efficiently, it could further stimulate a company’s growth. 

If you are a CFO, a business owner, or a manager and are ready to get a corporate credit card for your company, this guide will help you find the best fit. 

While on the subject for individuals, check out our recommendation for the 6 Best Credit Cards For Beginners in Singapore and also the 7 Best Singapore Credit Cards For Overseas Use.

How Do Corporate Credit Cards Work? 

Corporate credit cards are designed for companies earning S$4M and more annual revenues. Some providers also require a minimum number of employee cardholders to be authorized for use. Due to stringent eligibility requirements, corporate credit cards can only be acquired by S-Corps, C-Corps, and some LLCs.

In many ways, corporate credit cards work similarly to personal and business credit cards. Similarities include having access to quick funds and rewards programs. With corporate credit cards, the debt is often solely tied to the company. Thus, these cards also feature tools to help efficiently manage the purchases made on the company’s behalf.

These cards are handy during business travels and in making business-to-business purchases. It also eliminates the tedious process of reimbursements. But, like other credit cards, these cards also come with benefits and drawbacks. Here are some of those worthy to note:

Pros

The benefits of using corporate credit cards are far beyond convenience and rewards. Today’s corporate credit cards have a lot more to offer in terms of being a business tool, providing access to credit lines, and a catalyst for business growth. 

  • No personal liability for the cardholder

Often, the liability rests within the business, and the cardholder is relieved from personal liability. However, nowadays, some providers offer flexible options regarding this guarantee.

  • Spend control and visibility

Expense management is complex for many large companies, and corporate credit cards offer relevant control. You can limit card payments to specific suppliers. Corporate travel is another expensive item, and a system that tracks this spending makes expense management more effective.

  • It allows integration with the company’s accounting system 

Providers enables easy integration of your card statements with your existing accounting system. This feature allows account managers to access spending information on-demand and quickly pinpoint irregularities.

  • Eliminates expense fraud

With an online expense report feature, corporate credit cards help companies eliminate manual and paper-based reconciliations. These tools help flag duplicate expense claims and help streamline the reporting process. 

  • Advanced security measures

Corporate credit card providers ensure that their security involves multiple layers of protection to keep all your information and transactions safe.

  • Enhanced credit card rewards 

The company earns rewards on many of its purchases and can be converted into vouchers, cash rebates, or discounts. This feature is handy for companies who frequently engage with specific types of vendors such as petrol or office supply merchants.

Cons

Corporate credit cards also have some drawbacks, primarily if you use this as one of your company’s main payment methods.

  • Personal and business expenses overlap

At times, there may be a gray line between what is considered a personal expense and a business expense. Such instances could cause a significant issue in an employer-employee relationship.

  • May require high annual fees and spending requirements than other types

Some corporate credit cards may require high annual spending to qualify for certain rewards. It may also come with higher interest rates than a personal credit card if payments are not paid on time.

confused young businessman checking phone with card on his hand

5 of Today’s Best Corporate Credit Cards in Singapore

1. Citi Corporate Credit Card

The Citi Corporate Card is a straightforward option for businesses whose primary goal is to separate their employees’ personal and business purchases. It also has exclusive benefits tailored to your business needs, such as reporting solutions that track and reconcile business expenditures. 

Moreover, the suite of liability options allows the company to have better control over liability and choose an appropriate expense management tool.

Key Features
  • High cashback rates of up to 0.3% on annual spending
  • Every dollar spent earns you 1 ThankYou point which can be redeemed as vouchers or rebates
  • Complimentary insurance up to S$1M per cardmember for full fares charged to the card
  • Accepted at over 33 million establishments worldwide
  • Allows contactless payment for a hassle-free checkout
Annual Fee S$150 per card
Website https://www.citibank.com.sg/gcb/business/commercial_cards/citi-business-gold.htm
Payment Network Visa or Mastercard

Highlights

  • Free travel insurance coverage of up to S$1M per cardholder
  • Access to S$100,000 credit line 
  • Personal Liability Cardholders can use the PayWave contactless payment feature for purchases under S$100.

2. Maybank Business Platinum Card

The Maybank Business Platinum Card is an excellent choice for SMEs who want to centralize all their business expenses and be at a competitive edge. You can even ask them to put your business logo on your corporate cards. 

Aside from travel insurance, cardholders can also get rewards such as cash credits, mall certificates, and air miles. And with features like Auto-pay bill merchants, your company won’t miss due dates and avoid penalties. 

Key Features
  • Autobills payment for recurring expenses
  • 0.29% cashback and 0.4Miles per S$1 local spend
  • Complimentary travel insurance up to S$1M
Annual Fee S$0 per card for the first 2 years; S$180 thereafter
Website https://www.maybank2u.com.sg/en/personal/cards/credit/maybank-business-platinum-mastercard.page
Payment Network Mastercard

Highlights

  • Global concierge services
  • Flexible credit limits based on company’s profitability
  • Travel perks inclusive of claims on luggage loss, delayed luggage, and missed flight connections for the member and family

3. UOB Platinum Business Card

For companies who want better financial flexibility while maximizing their savings, then the Platinum Business Card could be the best corporate credit card for you. Aside from its supplier-related discounts, lifestyle perks, and lower interest rates, it also allows a 51-day payment extension to help you manage your payables better.

Key Features
  • Automatic 0.3% cashback for every S$5 spent on card transactions
  • Complimentary travel insurance up to S$1M including travel inconveniences
Annual Fee S$180 per card (one-year waiver)
Website https://www.uob.com.sg/corporate/commercial-solutions/uob-platinum-business-card.html
Payment Network Mastercard

Highlights

  • Exclusive discounts from participating merchants and suppliers 
  • Dining discounts at over 1,000 establishments
  • Mastercard Easy Savings program partner can be used in hotels, restaurants, and car rental services.

4. DBS World Business Card

With generous discounts and business-related privileges, the DBS World Business Card won’t truly disappoint. This card suits many SMEs and MNCs whose business expenses consist of frequent business travel, accommodation, and entertainment needs. With its host of business travel perks and rewards, companies will genuinely save money.

Key Features
  • 2% cash rebate on all overseas spend and 1% rebate on local dining, travel, and entertainment
  • Low foreign transaction fees of 3%
  • 0.3% cashback on all transactions
  • Waived late-payment fees
  • Access to over 1,000 airport lounges worldwide
Annual Fee S$406.60 – waived on the first year
Website https://www.dbs.com.sg/sme/day-to-day/business-cards/dbs-world-business-card
Payment Network Mastercard

Highlights

  • 10 complimentary lounge visits and priority passes per year
  • DBS Recurring Bill Payment service
  • Complimentary employee misuse coverage of up to US$1.65M per company

5. DBS Corporate Charge Card

Another excellent corporate credit card from DBS is the Corporate Charge Card. With this card, companies can save huge discounts on petrol and other corporate purchases. It also enables access to a 24/7 online tool that will help businesses keep track of expenses.

Key Features
  • Up to 50% discount on petrol and business essential purchases under the DBS Commercial Card Program
  • Travel insurance coverage up to S$1M
  • Complimentary employee misuse coverage for companies holding two or more DBS Corporate charge cards 
Annual FeeNo annual fee
Websitehttps://www.dbs.com.sg/corporate/solutions/cash-management/dbs-corporate-card
Payment NetworkVisa or Mastercard

Highlights

  • Corporate card program that has no overdue and allows you to block and manage selected cards
  • Expense management software tool to help you with reporting needs

To summarize:

Corporate Credit CardBest forAnnual FeeRewards Rate
Citi Corporate CardCashback bonusesS$1500.30% on annual spend
Maybank Business Platinum CardBusiness Travel perksS$180 (two-year waiver)0.29% on retail and dining
UOB Platinum Business CardMerchant discountsS$180 (one-year waiver)0.30% for every S$5 spend
DBS World Business CardLifestyle perksS$406.60 (one-year waiver)0.30% on all transactions
DBS Corporate Charge CardCorporate liability insuranceNo annual fee

Closing

Businesses are all about efficiently handling money and finding ways to save and grow more. With features like Spend Management Tools, insurance benefits, and readily available credit lines, these credit cards are definitely a corporate must-have. 

Key Takeaways

  • There is no single best corporate card in the market but you can find one based on categories where you spend most. 
  • Check all card features, reward redemptions, and earning limits before making a final choice.
  • You can maximize the use of corporate credit cards in your corporate purchases to maximize savings and rewards.

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