Best business credit cards in Singapore in 2023
Business credit cards are some of the most commonly chosen payment tools that businesses use to manage their expenses. Instead of letting employees pay for business expenses out of their own pocket, businesses can simply issue them with company credit cards. This may be done to cover expenses such as client meeting arrangements, office supply purchases, travel expenses, and even vendor payments.
Business credit cards offer a convenient solution to the problem of managing business expenses. However, not all card providers give the same set of features and benefits. You need to conduct thorough research on the market before you choose the best card provider for your business.
Why are business credit cards important?
Convenience
Without a business credit card at their disposal employees would have to pay for business expenses from their own pocket. This means they would also have to reimburse for the same expenses.
Reimbursement processes can often become overly complicated and in fact inconvenient. A better, more convenient option would be to give employees business cards to charge business expenses from.
Help separate personal and business finance
Having a credit card that is meant strictly for business purposes means you won’t have to use your personal cards or funds to pay for business purchases.
This will help you keep your personal finances separate from your business finances.
Helps build company credit
Business credit cards work as a great tool for building company credit. The more you use credit cards for your business and the more frequently you pay back the credit the better your company’s credit score will be. This will help you a lot in the future when applying for loans or lines of credit from banks
Improves business cash flow
Company credit cards help inject a new form of cash flow for your business. Using the line of credit offered by these cards you can get access to a lot more funds than you would have otherwise. This can help you obtain a useful balance between equity and debt to fuel your cash flow.
Perks and rewards
Business credit cards are useful payment tools not only because of their usability but also because they offer a wide range of perks and rewards.
In fact, you can use these rewards and benefits to earn money by spending money on your company credit cards.
Is Volopay corporate card the #1 choice for businesses?
If you’re looking for a corporate card solution that is both budget-friendly and at the same time feature rich then Volopay is definitely an option to consider, here’s why:
1. Card security
Volopay corporate cards are protected by multiple layers of bank-grade security. Coupled with cloud storage and protection, these layers of security guarantee the protection of all your sensitive financial information.
2. In-built spend controls
The corporate cards offered by Volopay are equipped with in-built, highly customizable spend controls that you can use to control every dollar spent with your company cards.
You can set controls for where and how cards can be used, set approval workflows for sizeable purchases and instantaneously block or freeze the card when required.
3. No personal guarantees
With Volopay corporate cards business owners have to provide no personal guarantees whatsoever. The application process is fairly straightforward and no guarantees are required from the business owner’s end.
4. Superior support
Volopay provides 24*7 hands-on support to all its clients for any and every problem. Account holders get dedicated account managers to help them with every step of the onboarding process as well as throughout the lifetime of card usage.
5. Ease of applying
The application process for obtaining Volopay corporate cards is, again, extremely simple and straightforward.
There are some bare minimum criteria that your company needs to meet and after that, once you are onboarded, cards can be generated within a matter of moments.
6. Spend analytics and real-time tracking
Volopay corporate cards are coupled with an expense management software system that tracks, records, and organizes all the transactions made by the cards, in real-time.
The system then compiles and consolidates all this data into in-depth, actionable analytics and insights that can be used to inform future financial decisions of the company.
7. No hidden charges
Volopay corporate cards come at no extra or hidden charges whatsoever. There is a 0$ transfer fee, and no SWIFT or processing fees are charged.
In fact, you can issue an unlimited number of virtual corporate cards with Volopay at no added cost.
8. Unified dashboard
The expense management system Volopay corporate cards come connected with also acts as a comprehensive, unified dashboard that has all the controls you need to manage your company cards.
This dashboard can be used to track card use, create new cards, block and freeze cards, and for expense approvals as well.
Get corporate cards equipped with a complete financial stack
Other business credit card alternatives in Singapore
1. American Express
American Express is arguably one of the most popular business credit card providers in the world. American Express offers some of the best business credit cards in the Singapore market such as the American Express Corporate Card and the American Express Corporate Gold Card.
However, Amex’s most popular offering for businesses in Singapore is the American Express Singapore Airlines business credit card.
The American Express Singapore Airlines business credit card comes at an annual fee of S$301.79. While the first two supplementary cards are offered for free if you do need more you’re going to have to pay S$99.93 per extra card.
For every S$1 you spend on SilkAir and SIA flights with this card you get up to 8.5 KrisFlyer points which are worth a cashback of 8.1%. For every S$1 you spend on general expenses you get 1.8 KrisFlyer points which are worth cashback of 1.7%.
You also get additional perks such as complimentary accommodation and dining discounts, free lounge visits, free travel insurance coverage, extended payment terms, and much more.
2. Citi business card
Citibank also falls amongst the best business credit cards providers in Singapore. Citibank's best card offering for businesses in Singapore is the Citi corporate credit card.
The Citi corporate credit card is ideal for small and medium-sized businesses. This is because the card comes at a relatively reasonable price and the designation of card liability is flexible.
The Citi corporate credit card comes at an annual fee of S$150 per card, excluding GST. When you spend S$1 with this card you get 0.40 miles or 1 reward point. The Citi corporate credit card also offers up to S$1 million of free travel accident insurance per cardholder.
Additionally, you get free annual employee misuse coverage (US$1.65 million/company or US$25k/cardholder).
To know more on how corporate credit card works and how it benefits your business, read our article on guide on corporate credit card in Singapore.
3. DBS business credit card
The DBS has several business credit card offerings in Singapore. This includes the DBS Visa Platinum Business Credit Card, the DBS Altitude Business Card, and the DBS World Business Credit Card.
DBS’s best business credit card offering, however, has to be the DBS World Business Credit Card. The DBS World Business Credit Card is an excellent choice for those who are looking for a card with high perks and rewards. This card comes at an annual fee of S$410.40, which is waived for the first year.
Users get a cashback of 2% on overseas spending and 1% cashback on local entertainment, travel, and dining spending. On the other side, general spending users get a cashback of 0.30%. With this card, you get a Priority Pass that gets users every year 10 lounge visits completely free of charge.
Users also get to benefit from the DBS Business Benefits and MasterCard Easy Savings promotions. Additional perks include up to S$1 million of free travel accident insurance per cardholder and free annual employee misuse coverage.
4. UOB business credit cards
UOB offers two main options for business credit cards - the UOB Platinum Business Credit Card and the UOB Regal Business Metal Credit Card. Both are great options for different purposes.
The UOB Platinum card is an excellent choice for businesses looking for an affordable card with useable discount perks. The Regal Business Metal card, on the other hand, is an exclusive, invite-only card that provides a range of luxury perks.
The UOB Platinum Business Credit Card comes at an annual fee of S$181.68 which is waived for the first year. The UOB Regal Business Metal Credit Card, on the other hand, can only be obtained if you have an invite and you have to pay a whopping S$686.36 in annual fees.
The Platinum card offers extensive discounts on essential business services such as utilities, logistics, and tech services. The Regal Business Metal card offers a host of exclusive memberships, unlimited lounge access, and a lot of cashbacks on overseas, local, and utility spending.
5. Maybank credit card
Maybank’s best business credit cards offering in Singapore is primarily the Maybank Business Platinum MasterCard credit card. This card offers a range of affordable discounts and perks to its users.
The Maybank Business Platinum MasterCard Credit Card comes at an annual fee of S$180.0 which is then waived for the first two years of use.
For every S$1 you spend with this card you get 1 TREAT which leads to a cashback of 0.40%. Recurring bill payments with this card get you rewards. For every S$1000 spent in a single transaction, you get 1 free lounge visit. You also get free travel accident insurance, global concierge, dining as well as travel privileges.