Best corporate credit card in Singapore for 2024
In the world of corporate finances, managing day-to-day expenses can often be as intricate as handling substantial investments. Petty cash, a modest yet vital component, plays a crucial role in maintaining the financial flow within a business. However, managing and handling petty cash comes with its own set of challenges.
To solve these issues, businesses have started using corporate credit cards to streamline daily expenses and accounting. These corporate cards can benefit businesses of all sizes and are a great tool to replace petty cash and make the most of a company’s budget.
What is a corporate credit card?
A corporate credit card, in essence, is a financial instrument tailored for businesses. It allows employees to make authorized purchases on behalf of the company, offering a seamless alternative to traditional petty cash handling.
These cards typically come with higher spending limits and are specifically designed to cater to the unique financial needs of organizations.
How does a corporate credit card work?
Corporate credit cards function on a simple premise: the company issues these cards to its employees, granting them the authority to make business-related purchases. The company then receives a consolidated bill, simplifying expense tracking and reimbursement.
With customizable spending limits and expense categories, corporate credit cards empower businesses to maintain control and transparency in their financial operations.
Best corporate cards in Singapore
Corporate credit cards are indispensable tools for businesses, offering financial flexibility and control.
Let's explore some of the top corporate card providers in Singapore for 2024, each catering to different needs and preferences.
1. Volopay corporate card
● Overview
Volopay offers a comprehensive corporate card solution with a focus on expense management and automation. Companies can use Volopay’s physical and virtual corporate cards. Our platform integrates seamlessly with popular accounting software to make sure that all your corporate card expenses are in sync with your company ledger.
● Set-up process and requirements
Setting up a Volopay corporate card is straightforward, with minimal requirements, making it accessible to a wide range of businesses. You must simply complete the registration process through our website after which a representative will get in touch with you to take things forward.
● Key features of the card
Volopay's card boasts features like real-time expense tracking, virtual cards for online payments, and customizable spending limits for each corporate card that you issue for your business and its employees.
● Limitations
While Volopay offers robust expense management, it may not be as suitable for businesses seeking rewards or cashback options.
● Targeted customers
Small to medium-sized businesses that prioritize expense control and automation with a deep level of customization.
● G2 rating
Highly rated on G2 with an average of 4.2 out of 5 stars from 83 reviews for its user-friendly interface and excellent customer support.
2. Citi corporate card
● Overview
Citibank is a global financial giant, and its corporate card offering is no exception. They provide a wide range of services, including travel and entertainment expense management.
● Set-up process and requirements
The setup process for a Citi Corporate Card may involve more extensive requirements, catering to established enterprises.
● Key features of the card
Citibank's card comes with a plethora of perks, including rewards programs, travel benefits, and concierge services. Citibank corporate cardholders also get complimentary travel accident insurance coverage of up to S$1,000,000 per card member if the full fare is charged to the Citi Corporate Card.
● Limitations
It may be less accessible for smaller businesses due to potentially higher credit requirements. The Citi corporate card also has many eligibility requirements such as - The business needs to have a minimum net worth of S$50,000 depending on years of operation, the employee using the card must be 21 years or older, and other terms and conditions.
● Targeted customers
Medium to large enterprises seeking a comprehensive corporate card solution.
● G2 rating
Since Citi is a traditional bank and not an online SaaS service provider, they are not rated on the G2 platform.
3. Aspire
● Overview
Aspire was founded in 2018 in Singapore. The company offers corporate cards tailored to startups and SMEs, with a focus on cashback rewards and expense tracking.
● Set-up process and requirements
Aspire's corporate cards are designed to be accessible to startups and SMEs, with a streamlined application process.
● Key features of the card
Cashback rewards, no annual fees, and integrations with accounting software make Aspire an attractive choice for many businesses.
● Limitations
It may not offer the same level of premium services as larger banks. You will also need to pay additional fees for each user that you want to add to the platform to issue cards for them and control and track their expenses. You can issue multiple corporate cards but it comes for $15/card.
● Targeted customers
Startups and SMEs looking for cost-effective corporate card solutions.
● G2 rating
Favorable G2 ratings for its simplicity and transparency. Aspire has an average rating of 4.5 out of 5 stars with a total of 21 reviews.
4. UOB Platinum Business Card
● Overview
UOB's corporate card provides various financial services, including expense management and credit solutions, catering to various business needs.
● Set-up process and requirements
UOB's setup process is tailored to both small and large businesses, offering flexibility.
● Key features of the card
UOB offers rewards programs, travel privileges, and comprehensive expense management tools to get a complete view of business expenses for enhanced visibility and control. The card also offers an extended payment term of up to 51 days which helps your business manage its cash flow more efficiently.
● Limitations
It may have slightly higher credit requirements for certain features.
● Targeted customers
Businesses of different sizes looking for a well-rounded corporate card.
● G2 rating
Since UOB is a traditional bank they are not rated on the G2 platform.
5. DBS World Business Card
● Overview
DBS offers a corporate card with a strong emphasis on travel and entertainment benefits, making it an attractive choice for companies with significant travel expenses.
● Set-up process and requirements
DBS caters to a wide range of businesses, with varying setup requirements.
● Key features of the card
Travel and entertainment perks, cash rebates, and comprehensive online expense management. Businesses using this DBS car can get up to 2% cash rebate. When you use the DBS World Business Card to book your complete travel fare, you also get up to S$1 million in travel insurance coverage.
Cardholders also get a 10x priority pass that lets them enjoy up to 10 complimentary visits per annum to over 1,000 airport lounges worldwide.
● Limitations
May have higher credit requirements for certain privileges.
● Targeted customers
Companies with significant travel and entertainment expenses.
● G2 rating
Since DBS is a traditional bank they are not rated on the G2 platform.
6. Maybank Business Platinum Card
● Overview
Maybank's corporate card offers various financial services, including expense management and credit solutions, catering to various business needs.
● Set-up process and requirements
Maybank's setup process is tailored to both small and large businesses, offering flexibility.
● Key features of the card
Maybank offers rewards programs, travel privileges, and expense management tools to keep track of card expenses.
You also get other features like complimentary business logo printing, a 2-year annual fee waiver, a low-interest rate of 20% p.a., global concierge services, TREATS points for every dollar spent, complimentary travel insurance, and worldwide withdrawal services.
● Limitations
It may have slightly higher credit requirements for certain features.
● Targeted customers
Businesses of different sizes looking for a well-rounded corporate card.
● G2 rating
Since Maybank is a traditional bank they are not rated on the G2 platform.
7. AMEX corporate card
● Overview
American Express, a renowned financial institution, offers a corporate card with a focus on travel and entertainment benefits, along with comprehensive expense management solutions.
● Set-up process and requirements
AMEX caters to established enterprises, often requiring robust credit credentials.
● Key features of the card
AMEX's corporate card provides access to premium travel lounges, rewards programs, and expense management tools. They offer two types of corporate cards namely the American Express Corporate Card and the American Express Corporate Gold Card.
Both cards offer 51 interest-free days to pay for purchases and up to 2 Membership Rewards points per S$1 spent. The American Express Corporate Gold corporate card offers complimentary business travel accident insurance up to $1,000,000 while the American Express Corporate Card offers coverage of up to $350,000.
● Limitations
It may not be as accessible for smaller businesses due to potentially higher credit requirements.
● Targeted customers
Medium to large enterprises seeking premium corporate card services.
● G2 rating
Since American Express is a traditional bank they are not rated on the G2 platform.
Take charge of your business expenses
What are the benefits of using corporate credit cards
1. Expense management
One of the most significant advantages of corporate credit cards is their ability to streamline expense management.
By consolidating all business-related transactions on a single statement, these cards simplify the often complex process of tracking and categorizing expenses. This feature is particularly invaluable for businesses seeking improved financial efficiency.
Suggested read: Detailed guide on expense management automation
2. Separation of business and personal expenses
Corporate credit cards provide a clear differentiation between business and personal spending. This separation not only reduces the chances of mixing finances but also simplifies tax filing and accounting, a critical factor for companies of all sizes.
Separating business and company expenses from a single card statement is very time-consuming and can lead to confusion.
3. Employee spend control
Without a centralized system and payment tools to track employee expenses, it is very hard to control employee expenditures. Businesses can set spending limits on corporate credit cards, allowing them to exercise precise control over their employees' expenditures.
This control mechanism ensures that spending remains within predefined boundaries, preventing overspending and promoting responsible financial practices.
4. Simplified reconciliation
Reconciliation is a common challenge for businesses, but corporate credit cards significantly simplify the process.
Since all transactions are neatly documented on a single statement, reconciling expenses becomes a straightforward task, saving time and reducing the likelihood of errors.
Related read: What is account reconciliation, its types, and best practices
5. Enhanced security
Security is a paramount concern in the business world. Corporate credit cards typically come with robust security features, including fraud protection and the ability to monitor and manage transactions in real time.
These measures offer peace of mind, safeguarding against unauthorized or suspicious activities. They also have instant card-blocking features in case the card is lost or stolen.
6. Cash flow management
Maintaining healthy cash flow is vital for any business. Corporate credit cards offer a valuable solution by allowing companies to defer payments while still meeting their financial obligations.
This flexibility ensures that businesses have the working capital they need to seize opportunities or weather financial challenges.
Also dive into our latest article where we unveil practical tips and expert insights on how to increase your business cash flow. From optimizing revenue streams to smart expense management, discover actionable steps to improve your cash flow and empower your financial stability.
7. Real-time spend visibility
Modern corporate credit card providers often offer online portals and mobile apps that provide real-time spending visibility. This transparency empowers businesses to monitor expenses as they occur, aiding in better decision-making and budgeting.
8. Improves credit score
Using a corporate credit card wisely can positively impact a company's credit score. Timely payments and responsible credit management can help build a strong credit history, which can, in turn, open doors to better financing options and partnerships to grow and expand your business further.
What documents are required to apply for a corporate card in Singapore?
Before you embark on the journey to secure a corporate credit card for your business in Singapore, it's crucial to be prepared with the necessary documentation.
Here's a list of key documents you'll need to provide to ensure a smooth application process:
1. Business registration details
To establish your eligibility, you'll need to furnish your business's registration details, including your company's name, registration number, and any pertinent legal documents.
2. Financial statements
Most financial institutions will require your company's financial statements, such as balance sheets, income statements, and cash flow statements. These documents provide insights into your business's financial health.
3. Authorized signatory information
You'll need to identify the individuals authorized to use and manage the corporate card. This typically includes key decision-makers within your organization.
4. Personal and business identification proof
Provide personal identification documents, such as passports or national identity cards, for the authorized signatories.
Additionally, include any business identification documents that apply to your industry.
5. Business and personal credit history
Lenders often assess the creditworthiness of both the business and the authorized signatories. This entails reviewing the credit history of the business and the personal credit history of the cardholders.
6. Proof of address
You may be required to submit proof of the business's physical address, as well as the residential addresses of the authorized signatories. This helps validate the accuracy of the provided information.
Corporate cards for secure and fast payments
How to apply for a corporate credit card in Singapore?
1. Assess your business needs
Each business may have slightly different reasons as to why they need to issue corporate cards. Before embarking on the application process, assess your business's financial requirements and how a corporate credit card can address them.
Consider factors like expense management, employee spending, and credit terms.
2. Choose the right provider
Once you have understood your corporate card requirements, research and select a corporate credit card provider that aligns with your business needs.
Consider factors like rewards, fees, and features offered by different providers. Make sure you select an option that is suitable to you in terms of the cost as well as the features that it provides you.
3. Evaluate credit limits
Determine the credit limits required for your business. These limits should be based on your financial needs and the creditworthiness of your organization.
When selecting a corporate credit card provider, ensure that they can provide you with the credit limit that you are looking for.
4. Submit the required documents and application
Compile and submit all the necessary documentation mentioned in the previous section. Carefully complete the application provided by your chosen corporate card provider.
Common documents that most providers will ask for include your company’s financial statements and other legal documents to check your financial health and stability.
5. Wait for approval
The application process typically involves a review by the card provider. It may take some time for the provider to assess your eligibility and creditworthiness. They will also check your credit history if you have one to determine your credit score.
If not, they will look at your financial statements to determine the risk level they can take on for issuing corporate cards to your business.
6. Generate and activate the card
Once your application is approved, your corporate credit card will be generated. You'll receive the physical card, and you may need to activate it according to the provider's instructions.
Depending on your needs, you may issue one or multiple corporate cards for your employees.
7. Establish a clear card usage policy
Develop a comprehensive card usage policy that outlines the guidelines and restrictions for cardholders. This is an important step to perform so that there are proper usage and spending guidelines available for employees when they get their corporate cards. This policy should cover spending limits, expense reporting, and authorized card usage.
8. Card issuance
If your business requires multiple cards for different employees, the cards will be issued to authorized individuals according to your card usage policy.
They will be delivered to each one of your employees as per the instructions and address filled out when issuing their cards.
9. Set spending limits
Configure spending limits on each card to ensure responsible spending. These limits can be adjusted as needed, and the provider may offer real-time monitoring options through centralized software such as an expense management platform.
10. Train employees
Educate your employees on the proper use of the corporate credit card and the guidelines outlined in your card usage policy. Ensure they understand their responsibilities and limitations.
Conduct specific sessions to train your employees and solve any doubts regarding corporate credit card usage if needed.
11. Integrate with an expense management system
Consider integrating the corporate card usage with an expense management system or software. This will streamline expense tracking and reporting, enhancing financial transparency.
Most corporate card providers will provide a platform to manage and track card expenses by default.
12. Monitor and review the usage
Regularly monitor and review the usage of corporate credit cards to ensure compliance with your policy. This will help identify any anomalies or discrepancies in spending.
After a proper review, you can modify and update card usage settings and guidelines to better suit the needs of your employees and manage your business expenses more effectively.
Suggested read: How to ensure expense report compliance for your business?
Volopay corporate cards - #1 choice for businesses
Volopay offers one of the best corporate cards in Singapore to businesses of all sizes. Companies can issue physical and virtual Volopay cards for their employees to manage their daily expenses. The cards are linked to our expense management software through which you can track and control the cards.
You can set custom spending limits for each card that you issue. This helps to ensure that there is no chance of overspending through the corporate cards. Volopay is one of the only corporate cards in Singapore to offer such a comprehensive expense management product.
With an extremely simple and easy application and registration process, you can start using your Volopay corporate cards in no time.
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FAQs on corporate cards
Yes, responsible use of a corporate card can improve your business's credit. Timely payments and effective credit management can build a positive credit history for your company.
Yes, corporate card providers may deny your application based on factors such as creditworthiness, financial stability, or failure to meet their specific eligibility criteria.
It may be challenging to secure a corporate card with bad credit. Many providers require a strong credit history for approval.
However, options for businesses with less-than-perfect credit do exist, albeit with limitations.
Volopay corporate cards are Visa cards and are generally accepted worldwide, both within and outside Singapore.
However, acceptance may vary depending on the specific location and local payment networks.
Yes, Volopay corporate cards support cross-border payments, making them suitable for businesses with international operations or expenses.
Yes, most corporate card providers, including Volopay, allow you to set spending rules and customize limits for individual cards. This feature provides control and flexibility in managing employee expenses.
Yes, corporate cards typically allow ATM withdrawals, but it's important to be aware of associated fees and interest rates. This should be used judiciously, and businesses often set specific ATM withdrawal limits to manage cash access.