5 best prepaid credit card in Singapore in 2023
Prepaid credit cards have become the new normal among all business payment methods. The prepaid card market in Singapore is expected to reach US$11.89 billion by 2026. This is a CAGR of 11.5% from 2022 when the market value was estimated to be US$7.68 billion.
Naturally, the stark rise in the market value is not only because prepaid credit cards are easier to use but also because they enable more control and authority over business expenses. While using normal credit cards, you are basically borrowing money, whereas prepaid credit cards are already loaded with money.
Prepaid credit cards in Singapore come with funds already loaded in them. This means that you can spend up to the given credit card limit. In function and process, these cards are very similar to traditional credit cards.
However, the only difference is that while using a credit card, you are constantly borrowing from the bank or the financial institution.
But with a prepaid credit card, you already have the funds available in it. Think of it like a gift card; every transaction is subtracted from the existing balance.
The best prepaid card in Singapore is provided by Volopay. Voloay is an expense management solution that can give you instant access to prepaid cards.
Volopay prepaid cards with various management and spending features like these cards can easily be issued to employees with a certain fund limit.
Plus, all expenses are recorded in real-time, and with direct accounting automation, your finance and accounting team can take a seat back.
Moreover, Volopay cards are equipped with advanced security features like spending limits, alerts on unauthorized transactions, expense approval workflow, etc. These cards can help you efficiently save money and also spend money in a more mindful fashion.
Volopay cards are connected to the expense management system; expense reports and analytics comes hand in hand.
Aspire corporate cards are designed to help businesses make easier and faster payments. It helps empower your team by giving them faster and more controlled access to company funds.
Admins of the company can load the Aspire cards with funds which become the expense limit. So overspending is one less problem.
Moreover, all transactions are tracked and recorded in real-time. Hence, storing physical receipts and chasing employees to submit their claims with proof is another problem eliminated.
Aspire also provide accounting automation and international transactions facility. Furthermore, Aspire cards also enable the user to get cashback and rewards on SaaS payments.
DBS provides a range of secured credit cards that can be used as prepaid credit cards with credit limits and approval checks. DBS-secured credit cards can be obtained by giving a deposit upfront. A minimum of 10,000 SGD is required.
It is best to get these cards with a deposit instead of getting into the complexities of revenue and credit score fulfillment. This is because the deposits have an impact on your credit limit. Meaning the higher the deposit, the higher the credit limit.
Of course, you have to make repayments for all the transactions to avoid paying any extra interest charges.
Revolut is a financial solutions application that provides a wide variety of features for personal and business uses. The Revolut account comes with a prepaid card to make spending and withdrawal easier.
This is a no-charge account that can be upgraded to access more features by paying up to 19.99 SGD a month. Revolut cards support free international currency exchange and also allow the user to store money in 25 different currencies.
There are different types of cards available with different account plans, like metal cards, personalized cards, etc. Moreover, these cards also help businesses with savings, investments, spending management, and budget control.
The Wise mobile app or Wise online website allows you to open a Wise and order a prepaid card. This card supports international transactions in more than 170 countries. This means the users can hold money and make exchanges in more than 50 currencies.
The currency exchange rate provided by Wise is 0.41% lesser than the usual market rate. You can load the Wise prepaid cards using your debit card or bank account.
Plus, you don’t have to worry about interest payments or overdraft charges.
Unlike regular credit cards, prepaid credit cards allow you to spend money that you loaded into the card. So it is not exactly borrowing credit from the provider.
Hence, prepaid credit cards do not affect your company credit score. Any spending or transactions made through the prepaid credit card is not reported or logged to the credit bureaus.
As you only get to spend the amount that is loaded in the prepaid credit card, only transactions up to that limit will be allowed. Once the funds are exhausted, non-reloadable prepaid credit cards do not allow any more spending.
However, some other prepaid credit cards can be reloaded. But for once, with the spend amount, there will be no overspending.
Prepaid credit cards help to improve the business cash flow as all expenses are tracked. Business payments and purchases can move quickly and efficiently using these cards.
As all expenses will be made through the card, streamlined transactions become a natural outcome. Ultimately, the business cash flow will remain stable, and the business will be able to make better spend decisions.
With the rising popularity of prepaid credit cards, it has become a common and widely accepted payment method. As these are also easy to use, every business uses a prepaid credit card and accepts payments through it.
Along with this, these cards are convenient and help businesses make quick and faster payments. Plus, all the payments can be managed through the mobile app.
As all the prepaid credit card expenses are tracked and recorded, the accounting and finance team of the company can ease off a bit as reconciliation will no more be as taxing and cumbersome as it used to be.
All the expense data from the prepaid credit card app or system can be transferred or integrated with your existing expense management software. Hence, all the data will automatically be checked and reconciled according to the other payment aspects.
Prepaid credit cards work on an already-loaded sum of money. All expenses incurred are deducted from the existing balance.
Every expense is tracked in real-time. This means the where, when, and how much of all the transactions are recorded in the app or software connected to the cards.
This means you can access that database anytime and look up any expense. No expenses will get mixed up, and no need to keep the physical receipts.
One of the most amazing features of prepaid credit cards is that they are not directly connected to the business’s main spending account. This means there is no way any hacker will reach your business bank account.
Plus, these cards can be operated through your phone so that you can block or freeze these cards anytime.
As prepaid credit cards are loaded with a certain amount of funds so the employees and managers automatically will be more mindful of the expenses.
All expenses will have o be under the given spending limit. Hence financial discipline in spending behavior comes naturally. Along with this, adhering to the business budget will also no more be a difficult task.
Businesses can get prepaid credit cards from either banks or other financial services-providing institutions. Every provider has a process in place to work on your request to get a prepaid credit card, and every provider might have different features on the card.
However, some basic requirements remain the same. Here is how you can get a prepaid credit card in Singapore.
Before getting a prepaid card, elementary research is essential. When you decide to get a prepaid credit card, you know the loophole or pain points your business is looking to fulfill.
Hence, research the different options available in the market and shortlist those providers who align with your company's needs and demands. Choose the ones that offer the features you specifically want and are also price compatible.
As stated above, each provider has its own way of processing your card request and has its own eligibility criteria set in place.
Once you have shortlisted the providers that align with your business demands, next look at the criteria and see: whose does your business match the best?
Look at the ones that fit the best and shorten the list.
Step 3 is to check out the application process. Now that you have the providers shortlisted look into their application process. Understand all the steps and make a note of all the documents required.
Gather those necessary documents; some of the common ones are business owner identity proof, annual revenue generation documents, business registration documents, etc.
Now that you are armed with the necessary documents go ahead and fill out the application. Some providers conduct the whole process offline, whereas some facilitate an online procedure.
Complete the application process and make a note of the date by which the institution promises to send you the card.
If you decide to get a corporate credit card, there is a whole credit assessment and approval process.
To get a corporate credit card, there are various requirements for a business to fulfil, like a good credit score, ACRA registration, a valid UEN number, a minimum of 15 employees, an annual turnover should be more than $4 million, and $250,000 or more should be the annual company expense.
There might be other criteria that are subjective to the provider.
After your business profile check, you are given corporate credit cards with a certain limit of credit. Based on your credit score and repayment history, the credit amount is decided.
Along with this, you have to list down the card usage policies of your business and clearly share them with all the employees.
Once you get a corporate credit card, you can activate it using the mobile app or card software and give them to your employees.
Don’t worry; you are not giving up your entire control. You can set spending limits and align the card with the company spending policies to make sure that no employee overspends or charges the company for any of their personal expenses.
After corporate credit cards smoothly fit into your system. You can easily track and manage your card expenses. You can monitor the transactions made through the card; you can check the details of any expenses at any time.
Along with this, if you get a corporate credit card through an expense management system, they provide you the feature of automatic creation of expense report creation and analytics.
There are numerous new tools to help businesses make quick and secure payments; one of them is a prepaid credit card. Prepaid credit cards in Singapore are the best to control overspending while avoiding a debt trap.
Now that we have you here, let us introduce you to the best payer in the corporate cards game — Volopay! Along with being an extensive expense management software, it offers high-tech corporate cards.
Volopay cards help businesses make payments easily, track and record all activity in real-time, get access to unlimited virtual cards, integrate directly with accounting software for accounting automation, make quick international payments at the lowest FX rates, and a lot more.