Best business credit cards in Singapore in 2024
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.
6 Best business credit cards in Singapore
1. Volopay corporate cards
Overview
Volopay's corporate cards in Singapore are designed to streamline and simplify business expenses for companies. These cards provide a modern solution to manage corporate spending efficiently, offering a range of features and benefits tailored for businesses of various sizes.
Set-up process and requirements
Setting up Volopay corporate cards involves a straightforward process. Companies need to meet basic eligibility criteria and provide necessary documentation. The digital onboarding process ensures quick and hassle-free card issuance, allowing businesses to start managing their expenses promptly.
Key features of the card
Volopay corporate cards come with a suite of features, including real-time expense tracking, customizable spending limits, and automated receipt capture. The cards integrate with accounting software, enhancing the overall financial management process.
Additionally, advanced security measures safeguard against unauthorized transactions. It’s extensive features list makes Volopay one of the best corporate credit card in Singapore.
Limitations
While Volopay corporate cards offer numerous advantages, there are limitations to consider. These may include acceptance limitations at certain vendors or regions. It's crucial for businesses to assess whether the card aligns with their specific operational needs and the geographical scope of their activities.
Rewards offered
Volopay provides a variety of rewards to incentivize card usage. These rewards may include cashback, discounts, or even free virtual cards that businesses can utilize for various benefits. The rewards add an extra layer of value to the corporate card, contributing to cost savings for the company.
Targeted customers
Volopay's corporate cards cater to a wide array of businesses, spanning from emerging startups to well-established enterprises. Businesses that prioritize streamlined expense management, integrated financial solutions, and a contemporary approach to corporate expenditures discover significant value in Volopay's services.
The cards are designed to accommodate a diverse range of industries, promoting both financial control and adaptability.
2. American Express
Overview
American Express business credit cards in Singapore provide robust financial solutions for enterprises, combining purchasing power with exclusive benefits. These cards are tailored to meet the unique needs of businesses, offering a range of features to enhance financial flexibility.
Set-up process and requirements
The set-up process for American Express business credit cards involves a comprehensive yet efficient procedure. Eligible businesses can apply, providing necessary documentation and meeting specific criteria.
The streamlined process ensures a quick and seamless issuance of cards, allowing companies to leverage their financial benefits promptly.
Key features of the card
American Express business credit cards are distinguished by key features such as expense management tools, flexible payment options, and access to business insights. These cards often come with enhanced security measures, empowering businesses with control over spending while facilitating seamless transactions.
Limitations
While American Express cards offer considerable advantages, it's essential to be aware of potential limitations. Some vendors or regions may have limited acceptance, requiring businesses to assess the card's compatibility with their operational landscape.
Rewards offered
American Express business credit cards present enticing rewards programs, including cashback, travel perks, and membership rewards.
These incentives add significant value to business expenditures, contributing to improved utility and enhancing the overall financial experience with the card itself.
Targeted customers
American Express business credit cards are particularly well-suited for medium to large enterprises. These cards cater to businesses that require elevated purchasing power, premium benefits, and tailored financial solutions.
With a focus on exclusive rewards and a strong reputation, American Express is an ideal financial partner for businesses operating at a larger scale.
3. Citi business credit card
Overview
Citi's business credit cards in Singapore stand out as a comprehensive financial solution for enterprises, offering a suite of features designed to enhance financial management and flexibility. These cards are crafted to meet the diverse needs of businesses, providing a reliable tool for expense control and strategic financial planning.
Set-up process and requirements
The set-up process for Citi business credit cards involves a straightforward and efficient procedure. Eligible businesses can apply by meeting specific criteria and submitting necessary documentation.
The streamlined onboarding ensures a quick and hassle-free card issuance, allowing businesses to leverage the benefits promptly.
Key features of the card
Citi business credit cards are distinguished by key features such as customizable spending limits, advanced expense tracking, and integration with accounting tools. These cards often come with additional perks such as travel insurance and purchase protection, providing comprehensive financial support for business operations.
Limitations
While Citi business credit cards offer substantial advantages, it's crucial to note potential limitations. Some businesses may find that the card's acceptance may vary across international regions, requiring careful consideration for companies with extensive global operations.
Additionally, specific industries or niche businesses may encounter limitations based on the nature of their expenditures.
Rewards offered
Citi business credit cards present appealing rewards programs, including cashback, travel rewards, and points redemption options. These incentives add significant value to business expenses, contributing to overall cost savings and enhancing the financial experience for cardholders.
Targeted customers
Citi business credit cards cater to a broad spectrum of businesses, ranging from small and medium enterprises to large corporations. These cards are particularly well-suited for businesses seeking a versatile financial tool with features tailored for strategic expense management.
With a focus on flexibility and rewards, Citi's offerings appeal to businesses across various industries.
4. DBS business credit card
Overview
DBS business credit cards in Singapore provide a comprehensive financial solution for enterprises, offering a range of features to streamline expenses and enhance financial control. These cards are designed to meet the diverse needs of businesses, providing tailored tools for effective financial management.
Set-up process and requirements
The set-up process for DBS business credit cards is designed for simplicity and efficiency. Eligible businesses can easily apply, meeting specific criteria and submitting necessary documentation.
The seamless onboarding process ensures swift card issuance, enabling businesses to quickly access the benefits of the card.
Key features of the card
DBS business credit cards are characterized by key features such as real-time expense tracking, customizable spending limits, and integration with digital platforms for efficient financial management.
These cards often come with additional perks such as insurance and business-related privileges, catering to the unique needs of corporate clients.
Limitations
As DBS cards offer significant advantages, however, they also come with potential limitations. Not all features will suit your exact needs and at the same time, some provided features may not fit your system. Make sure you do a thorough compatibility test before onboarding.
Rewards Offered
DBS business credit cards present enticing rewards programs, including cashback, travel benefits, and points redemption options. These rewards add value to business expenses, contributing to overall card-effectiveness and enhancing the financial experience for holders.
Targeted customers
DBS business credit cards cater to a diverse range of businesses, from small enterprises to large corporations. These cards are particularly well-suited for businesses seeking a holistic financial solution with features tailored for efficient expense management.
With a focus on digital integration and rewards, DBS's offerings appeal to businesses across various industries.
5. UOB business credit cards
Overview
UOB's business credit cards in Singapore represent a dynamic financial ally for enterprises, offering a plethora of features designed to revolutionize expense management and financial agility.
These cards are not just a payment method; they are a strategic partner for businesses navigating the intricacies of corporate spending, making them one of the best business credit cards in Singapore.
Set-up process and requirements
Starting up the UOB business credit card onboarding is quite easy. Eligible businesses can kickstart the application by fulfilling specific criteria and submitting the necessary documentation. The user-friendly onboarding process ensures a swift card issuance, empowering businesses to swiftly harness the card's benefits.
Key features of the card
UOB business credit cards distinguish themselves with features such as adaptive spending limits, cutting-edge expense tracking tools, and seamless integration with digital platforms for a futuristic financial management experience.
Complemented by additional perks like travel insurance and exclusive privileges, these cards redefine the landscape for corporate clients.
Limitations
While UOB business credit cards gives access to an array of advantages, prudent considerations include potential restrictions card usage with respect to certain vendors or regions. Businesses with a global footprint should carefully evaluate the card's compatibility with diverse geographic landscapes.
Tailored industries or niche businesses may also need to assess limitations linked to their specific spending patterns.
Rewards offered
UOB business credit cards offer businesses with extensive rewards programs, spanning from cashback incentives to travel luxuries and points redemption possibilities. These rewards inject a strategic edge into financial planning, contributing significantly to overall cost-effectiveness and amplifying the allure for cardholders.
Targeted customers
UOB business credit cards seamlessly cater to small to medium-scale businesses, from emerging startups to established corporates.
Tailored for enterprises seeking not just financial tools but strategic companionship in financial management, these cards resonate with businesses valuing adaptability, efficiency, and a dash of rewards in their corporate expenditure strategies.
6. Maybank credit card
Overview
Maybank's credit cards available in Singapore present a flexible array of financial solutions, addressing the varied requirements of both individuals and businesses. Known for their innovative features and dependable performance, these cards are equipped with functionalities aimed at improving financial adaptability and ease of use.
Set-up process and requirements
The set-up process for Maybank credit cards is designed for simplicity and accessibility. Individuals or businesses can initiate the application by meeting specific criteria and submitting required documentation.
The streamlined onboarding ensures a swift card issuance, allowing users to quickly access the extensive benefits offered by the card.
Key features of the card
Maybank credit cards stand out with key features such as customizable spending limits, comprehensive expense tracking, and seamless integration with digital platforms. These cards often include additional perks like travel insurance, dining privileges, and exclusive discounts, providing a holistic financial solution for cardholders.
Limitations
While Maybank credit cards offer substantial advantages, it's essential to consider potential limitations. Some vendors or regions may have restrictions on card acceptance, and users should evaluate the card's compatibility with their preferred merchants.
Additionally, specific industries or niche businesses may need to assess limitations based on their unique spending patterns.
Rewards offered
Maybank credit cards entice users with enticing rewards programs, encompassing cashback, air miles, and points redemption options. These rewards contribute to overall cost-effectiveness and enhance the overall spending experience for cardholders.
Targeted customers
Maybank credit cards cater to a broad spectrum of customers, including individuals seeking personal financial tools and businesses looking for corporate solutions. These cards are particularly well-suited for those valuing a blend of convenience, rewards, and financial control in their credit card experience.
Importance of business credit card for businesses
1. 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.
2. Expense tracking and reporting
Business credit cards play a pivotal role in efficient expense tracking and reporting for businesses. It simplifies the process of monitoring and categorizing expenditures, providing clear insights into where funds are allocated.
Many of the best business credit cards offer detailed transaction records, enabling businesses to generate accurate expense reports effortlessly. This transparency is essential for budgeting, financial planning, and maintaining a clear overview of the company's financial health.
3. Access to credit
Business credit cards provide businesses with a valuable line of credit. This access to credit can be instrumental in managing cash flow, especially during periods of fluctuating income or unexpected expenses.
The flexibility to defer payments allows businesses to navigate financial challenges without disrupting operations. Additionally, it can support business growth by providing the necessary capital for investments, expansions, or unexpected opportunities.
4. 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.
5. Employee spending control
Business credit cards enable businesses to exercise control over employee spending. By issuing individual cards to employees with predetermined spending limits and restrictions, businesses can manage and monitor expenses effectively.
This helps prevent unauthorized or excessive spending, fostering financial discipline within the organization. Additionally, the ability to track individual employee expenses simplifies the reimbursement process and enhances accountability.
6. 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.
7. 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.
What are the key factors businesses should consider when choosing a credit card?
Annual fees
The presence of annual fees can greatly influence the overall cost-effectiveness of a credit card. While certain cards have no annual fees, others may impose a significant charge. Businesses should carefully assess the benefits in comparison to the costs to ascertain whether the annual fee is warranted by the provided features and rewards.
Rewards and benefits
Business credit cards frequently offer rewards and advantages customized to suit the requirements of enterprises. Whether it involves cashback, travel rewards, or discounts on business-related expenditures, businesses should select a card that matches their spending habits and provides rewards that deliver substantial value.
Interest rates
Understanding the interest rates associated with a credit card is essential for businesses that anticipate carrying a balance. Some cards offer introductory low rates, but it's crucial to consider the standard rates that will apply after the introductory period. A lower interest rate can save the business money over time.
Credit limit
The credit limit granted by a business credit card affects purchasing power. Businesses should assess their typical monthly expenses and ensure that the credit limit aligns with their needs. A higher credit limit provides more flexibility but may come with additional scrutiny during the application process.
Bonus sign-up offers
Many credit cards entice businesses with attractive sign-up bonuses. These can include cash rewards, bonus points, or other perks. It's essential to evaluate the terms and conditions associated with these bonuses and ensure they align with the business's spending habits and goals.
Foreign transaction fees
For businesses engaged in international transactions, foreign transaction fees can add up quickly. Some credit cards waive these fees, making them more suitable for businesses with global operations. Considering the cost implications of foreign transactions is essential for companies involved in international trade.
Expense tracking and reporting
Efficient expense tracking and reporting tools are crucial for businesses to maintain financial control. Look for credit cards that provide detailed transaction data, categorization features, and integrated reporting tools. This not only streamlines accounting processes but also helps in budgeting and financial planning.
Additional cardholder benefits
Business credit cards may offer additional benefits such as complimentary insurance coverage, extended warranty protection, and purchase protection. Examining these additional perks is important, as they can add significant value and protection to business-related expenses.
Security features
Ensuring security is of utmost importance in financial transactions. Seek credit cards that provide cutting-edge security elements, including fraud detection, account monitoring, and the availability of virtual card numbers. These features safeguards the business against potential fraudulent activities.
Credit score requirements
Understanding the credit score requirements for a business credit card is essential before applying. While some cards are designed for businesses with excellent credit, others may be more lenient. Knowing the credit score requirements helps businesses apply for cards that align with their financial standing.
Customer service and support
An adept and dependable customer service team plays a vital role in addressing issues or inquiries promptly. Evaluate the credit card issuer's standing in terms of customer service. Swift and efficient support can significantly impact the resolution of concerns and contribute to ensuring a favorable experience for the business.
Payment terms and flexibility
Evaluate the payment terms offered by the credit card issuer. Some cards provide flexibility in payment schedules, allowing businesses to align payments with their cash flow. Understanding the terms and conditions related to payments helps businesses avoid unnecessary fees and maintain financial stability.
What are the best ways to manage credit card usage for businesses?
1. Set clear spending limits
Establishing clear spending limits for business credit cards is foundational. This ensures that expenditures align with the budget and prevents overspending. Communicate these limits to employees and enforce them consistently to maintain financial discipline.
2. Separate personal and business expenses
Maintain a clear distinction between personal and business expenses. This not only simplifies accounting processes but also facilitates accurate financial reporting. Utilizing a dedicated business credit card for company-related transactions helps in tracking and managing expenditures effectively.
3. Keep detailed records
Maintain meticulous records of all credit card transactions. This includes receipts, invoices, and documentation of the purpose of each expense. Detailed records not only aid in accurate accounting but also serve as valuable documentation during audits or financial reviews.
4. Monitor your statements regularly
Regularly reviewing credit card statements is a proactive approach to identifying discrepancies or unauthorized transactions. Prompt identification of any irregularities allows for immediate resolution, minimizing potential financial losses.
5. Pay on time, every time
Timely payments are critical for maintaining a positive credit history. Late payments can lead to penalties, increased interest rates, and negatively impact the business's credit score. Establish a system that ensures payments are made on time consistently.
6. Pay in full when possible
Whenever feasible, strive to pay the credit card balance in full each month. Paying in full avoids accumulating interest charges and promotes sound financial practices. If full payment is not possible, aim to pay more than the minimum required amount to reduce interest costs.
7. Be cautious with cash advances
While credit cards often allow for cash advances, these transactions typically incur higher interest rates and fees. Businesses should exercise caution and explore alternative funding options before resorting to cash advances to avoid unnecessary financial strain.
8. Understand interest rates and fees
A thorough understanding of the credit card's interest rates and fees is essential. Different transactions, such as cash advances or balance transfers, may have distinct rates. Awareness of these details allows businesses to make informed financial decisions and minimize unexpected costs.
9. Utilize rewards and benefits wisely
Many business credit cards offer rewards and benefits, ranging from cashback to travel perks. Businesses should strategically leverage these offerings based on their unique needs. For example, if travel is a significant aspect of business operations, a card offering travel rewards might be more advantageous.
10. Review your credit report
Regularly reviewing the business's credit report is an essential practice. This allows businesses to identify any inaccuracies or discrepancies that could impact creditworthiness. A clean and accurate credit report is crucial for securing favorable terms on loans or credit in the future.
Why should you choose Volopay corporate card for your business?
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.