Best credit card for small business startup
Credit cards have become an essential tool for businesses to make payments for various expenses such as supplies, equipment, travel, and other operational costs.
Startup credit cards, in particular, provide small businesses with much-needed access to credit and the ability to make purchases without the need for immediate cash on hand. Credit card usage also offers perks such as rewards points, cashback, and other incentives that can help companies save money.
Additionally, credit cards offer businesses a streamlined payment process, easy record-keeping, and enhanced security measures. However, in order to find the most suitable or best credit card for small business startup you need a thorough understanding of what the market has to offer.
Benefits of using credit card for small businesses startups
1. Better access to capital
One of the biggest advantages of using a credit card is better access to capital. Startups often struggle to secure financing from traditional lenders, such as banks, due to a lack of credit history or collateral.
Credit cards provide an alternative source of financing and can help businesses access the capital they need to launch and grow their operations.
2. Acts as a source of emergency funding
Startup credit cards can also serve as a source of emergency funding for small businesses. Unforeseen expenses can arise at any time, and having a credit card can help businesses cover these unexpected costs without disrupting their operations.
3. Help separate business and personal expenses
Separating personal and business expenses is essential for small business startups. Using a credit card for business expenses can help entrepreneurs track and manage their business and personal expenses separately, making tax preparation and financial reporting much easier.
4. Help build business credit
Building a strong credit history is important for small businesses. Using a credit card responsibly and paying bills on time can help small business startups build their credit history, which can be beneficial when applying for loans or financing in the future.
To know more about how to build a strong credit history for your business and the best small business line of credit options available in Singapore, check out our article on the best small business line of credit in Singapore for 2024
5. Better cash flow management
The ideal or best credit card for small business startups can help small businesses manage their cash flow effectively as well.
Many credit cards offer a grace period for repayment, which can help entrepreneurs manage their cash flow and ensure they have enough funds to cover their expenses.
6. Financial tracking
Business owners can easily utilize credit card statements to obtain an exhaustive account of their business spending. This enables them to monitor their expenses meticulously and detect areas where they can reduce costs or improve their budgeting.
Moreover, numerous credit cards also provide expense-tracking features that help in this process.
7. Flexibility and convenience
Lastly, small businesses can benefit from the flexibility and convenience offered by credit cards, which can be utilized to make both online and offline purchases.
Moreover, credit cards often provide rewards programs that can aid businesses in saving money on their regular purchases.
Additionally, they offer flexible repayment schedules, which can be especially useful for businesses that are in the early stages of development.
Why Volopay corporate cards are the top choice for small business startups?
Volopay corporate cards are secured by bank-grade security and they come with additional security features such as spending limits, transaction controls, and multi-level approval workflows.
The spend control features of Volopay definitely make it a great choice for corporate card for startups. You can restrict card usage according to spend thresholds or even vendors.
The process of applying for Volopay cards is pretty straightforward. Additionally, you’ll be guided throughout the process by Volopay’s support team.
There are no hidden fees or charges associated with Volopay corporate cards, providing businesses with transparency and clarity when it comes to their expenses.
All expenses made with Volopay cards are tracked in real-time, as and when they happen. All these transactions can be viewed and managed from Volopay’s comprehensive dashboard.
Unlimited virtual card feature is what makes Volopay the most preferred choice for startups. You can issue an unlimited number of virtual cards and you won’t have to pay any extra fees at all.
Get the best corporate card for your business!
Other startup credit card alternatives in Singapore
1. The American Express Corporate Card
The American Express Corporate Card is one of the best credit card for small business startup and offers a range of benefits for business owners. It provides businesses with comprehensive expense management tools, including online account management and real-time expense tracking.
Moreover, it offers a range of travel-related benefits, such as travel accident insurance, travel inconvenience insurance, and access to airport lounges. Cardholders also enjoy attractive cashback and rewards programs.
The American Express Corporate Card is widely accepted in Singapore and internationally, making it a convenient payment option for businesses.
2. DBS Business Card
DBS offers several business credit cards, including the DBS World Business Card, DBS Platinum Business Card, and DBS Logistics Purchasing Card. These cards come with a range of benefits, such as rewards programs, cashback offers, and complimentary insurance coverage. They also offer flexible repayment options and a range of spending controls that can be customized according to the business's needs.
The DBS World Business Card offers exclusive privileges and access to airport lounges, while the DBS Platinum Business Card offers comprehensive travel insurance coverage.
3. Citi Business Card
The Citi Business Card is designed specifically for small business startups and offers a range of benefits, such as rewards programs, cashback offers, and discounts on business-related purchases.
Cardholders also enjoy access to a dedicated team of customer service representatives who can assist with any queries or issues. The Citi Business Card provides comprehensive expense management tools, including real-time expense tracking and detailed spending reports.
4. UOB Business Credit Cards
UOB offers several business credit cards, including the UOB Business Platinum Card, UOB Visa Corporate Card, and UOB Purchasing Card. These cards offer a range of benefits, such as rewards programs, cashback offers, and complimentary insurance coverage. They also offer customizable spending controls and flexible repayment options.
The UOB Business Platinum Card offers exclusive privileges and discounts on business-related purchases, while the UOB Visa Corporate Card provides enhanced security features to protect against fraud and unauthorized transactions.
Check out our article to discover the top corporate credit cards for small business in Singapore for 2024. Compare the features, and benefits to find the best card that suit your needs.
5. Maybank Platinum Business Card
Maybank offers the Maybank Platinum Business Card, which is designed specifically for small business startups. The card offers attractive cashback and rewards programs, as well as complimentary insurance coverage. It also comes with comprehensive expense management tools, including real-time expense tracking and detailed spending reports.
The Maybank Platinum Business Card offers flexible repayment options and customizable spending controls to help businesses manage their expenses effectively.
6. Aspire corporate card
Aspire offers one of the best credit card for small business startup, offering attractive rewards and cashback programs, as well as other benefits such as travel insurance and airport lounge access.
Aspire's corporate card also comes with expense tracking tools, with real-time data and a dashboard for easy tracking. The card can also be issued to multiple users with customizable spending limits and control, while transactions are also monitored for any fraudulent activities.
Furthermore, the Aspire Corporate Card also has no annual fees and transaction fees.
Also, get to know the best credit card providers in Singapore in 2024 and why Volopay corporate card is the better alternative to others.