So easy to use: A corporate card that comes with a slew of perks can make your (and that of your employees) life a lot easier and more rewarding. Photo credit: Unsplash
One of the most useful things that SME owners can arm themselves with is a corporate credit (or debit) card.
Not only does a corporate card offer you top convenience, it also often comes with a host of benefits and perks such as credits, cashback and air miles, which you can earn as you spend on business essentials.
If you are wondering about the differences between a credit and a debit card, debit cards (virtual or not) can help you save on foreign exchange (FX) charges, which credit cards tend to charge up to five times more for.
Debit cards also do not require credit assessments, and may have expense management services, which most credit cards do not have.
These are five of the best corporate cards to have in your phone or wallet:
What it is: This virtual corporate card comes free when you sign up for the free Aspire Business Account. Aspire is a neobank that serves entrepreneurs and SMEs.
What it offers: This is one debit card that aims to help busy corporates do it all – make quick payments for less, get cashback, and enjoy a slew of perks and rewards, as well as credit of up to $1 million for startups.
Nice perks: With the card, you can enjoy significant FX savings of up to five times compared to the average bank, and earn 1% cashback on digital marketing and software-as-a-service (SaaS) spend. For added convenience, the card is integrated with Google Pay and Apple Pay (coming soon).
The virtual card can also be issued to every one of your team members to delegate corporate purchasing. You won’t need to worry about overspending – admins can set card budgets and spend limits, and track team spending through real-time notifications. This is now often the preferred way to manage company spending, compared to having your employees make upfront payments on behalf of the company, and process manual claims afterward.
All transactions made are automatically synced to your accounting and software workflows.
Payment processor: Visa
Eligibility: No minimum revenue or credit requirements.
Fees: The card has no sign-up, monthly, annual or hidden fees. You can also issue unlimited cards and add unlimited users, all for free.
Overall: This is our recommended option for startups and fast-growing businesses that frequently need to make international or digital payments, and want a quicker, easier way to manage their expenses and track team spending.
What it is: A corporate debit card with a built-in budget that enables you to manage your business expenses from Volopay, an AI-based platform that offers bill payments, expense management and accounting automation.
What it offers: In a bid to make messy and convoluted expense management a thing of the past, Volopay offers real-time tracking for spending incurred by your staff using the corporate card through its web software and mobile application. You can also set card budgets, and get up to $500,000 in credit.
With just a couple of clicks, it is able to integrate with your accounting software, so closing the accounts will be a breeze every month. Just sign up for free to get started.
Nice perks: You can opt for either physical or virtual cards for your team. In certain instances, you may enjoy up to 2% cashback on a transaction made using the Volopay card. Terms and conditions apply.
Payment processor: Visa
Eligibility: No minimum revenue or credit requirements.
Fees: There are no annual fees for the card, but you do need to pay to use Volopay. Prices start from $5 per user per month. There is also a trial period of up to two months.
Overall: This card is likely to appeal to those who are managing large teams, need to keep tabs on expenses, and want an all-in-one card that can make their lives a little easier – while earning cashback along the way.
What it is: This corporate credit card offers a slew of business-related and personal perks.
What it offers: With the card, you can enjoy TREATS points for every dollar spent and redeem them for air miles, vouchers and cash credits; a low interest rate of 20% per annum; complimentary travel insurance; global concierge services; and a two-year annual fee waiver. You can also withdraw cash from more than a million ATMs worldwide.
Nice perks: The credit limit is based on your company’s profitability and not affected by your personal cards.
You can set independent limits for multiple cards as long as they are within the overall limit. You also get sent customized reports of your budget and spending, which will help you keep track of your expenditure.
Payment processor: Mastercard
Eligibility: Your company must be registered in Singapore with at least one local director who is a Singaporean or permanent resident (PR). Directors must be between 21 and 60 years old. The company must be in operation for at least 2 years, with an annual sales turnover of at least S$200,000.
Fees: S$180 per card per annum (free for the first two years).
Overall: This is a great card for those who love automatic annual fee waivers (who doesn’t?), travel frequently for work, and need some help with expense tracking.
What it is: A corporate credit card that provides savings, privileges and better control over your spending.
What it offers: A 0.3% cash rebate on UNI$1 for every S$5 charged on monthly purchases. Earn automatic Mastercard cash rebates on participating merchants such as Apple, United Airlines and SF Express, as well as UOB$ rebates from Cold Storage, Shell, and more.
Nice perks: Get up to S$1 million of complimentary travel insurance (only when you pay 100% of the airfare using the UOB Platinum Business Card); UOB Dining Privileges at more than 1,000 dining locations; and exclusive discounts and privileges from suppliers that are on the UOB Commercial Privileges Programme.
You can also enjoy extended payment terms of up to 51 days, a consolidated view of business expenses, and pre-set credit limits for each card user.
Payment processor: Mastercard
Eligibility: Most likely assessed on a case-by-case basis as the details are not on the website. But expect the usual eligibility standards like other banks. The documents you need to submit depend on your business structure.
Fees: S$180
Overall: Perfect for those who are foodies or travel buffs, and want to earn cashback as they spend – be it for business or leisure.
What it is: A corporate credit card that allows a company to select Sole Corporate Liability, Joint & Several Liability or Cardmember Liability type of card.
Employees can apply for the Personal Liability Corporate Cards to differentiate their business and personal expenses. It is also one of the few cards to have both Visa and Mastercard as payment processors.
What it offers: The rewards you are eligible for depend on whether you are holding a Sole Corporate Liability, Joint & Several Liability or Cardmember Liability corporate card. Read about the differences here.
Citi ThankYou Points can be transferred to selected Frequent Flyer Programmes at the rate of 5 Citi ThankYou Points to 2 Frequent Flyer Miles. See the online catalogue here.
Nice perks: Complimentary travel insurance of up to S$1 million per cardmember if the full travel fare was paid using the Citi Corporate Card, as well as complimentary corporate liability waiver insurance coverage of up to US$25,000 per cardmember and US$1,650,000 per company to protect against card misuse by employees.
Reconcile your expenses easily using the easy-to-use payment solution, benefit from streamlined expense management – and pay for all your travel, entertainment and other business expenses at over 33 million establishments worldwide with just a wave of your contactless-enabled card.
Payment processor: Visa or Mastercard
Eligibility: You must be 21 years of age and above. The minimum net worth of a company starts at S$50,000, depending on years of operation. The minimum annual income for Sole Corporate Liability and Joint & Several Liability is S$30,000 for both Singaporeans/PRs and foreign employees. Minimum annual income for Cardmember Liability and Personal Liability is S$30,000 for Singaporeans/PRs and S$42,000 for foreigners.
Fees: S$150 per card (excluding GST).
Overall: A good choice for those who travel frequently and are looking for an all-in-one expense tool.
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Belinda loves thinking about random stuff, and collecting useless bits of facts and trivia. She often roots for the underdog, and believes the world needs more happy endings.
