Card review - Citibank corporate credit card in Singapore
Corporate cards are empowering tools for any business. Your business finances must be separated from your personal expenses. Corporate cards have proven to be extremely useful in this case.
The magic begins when you combine the powers of a corporate card with one of the world’s largest leading private sector banks — Citibank.
Citibank is known to offer various kinds of services to its customers, and one of the greatest services tends to be Citibank Corporate Credit Cards.
With the Citibank corporate card, Singapore companies have an excellent and healthy way for businesses to get a line of credit and also can be used as a spend management tool.
A quick rundown of CitiBank Corporate Card
Corporate cards are defined as business-specific debit or credit cards that are essentially used to keep regular track of the company expenses made by the employees.
These cards can be used for everything from travel expenses to online subscriptions or local payments. All Citibank corporate credit cards are attached to a certain spend limit.
Applying for a CitiBank Corporate Card Singapore is a fairly uncomplicated task. Like any credit card application, the company’s official representative (or owner, in case of sole proprietorship) needs to fill out the application
The supporting documents are then verified by the bank before approving the cards.
These supporting documents and information include the company’s legal structure, type of organization, line of business, business revenue, number of employees, TIN (tax identification number), and years since incorporation, etc.
There are certain terms & conditions given by CitiBank for corporate card applications. The most important ones are listed below, and a full set of the T&C is provided to the company during the application process.
• CitiBank holds the right to terminate any or all of the offers provided by the CitiBank corporate credit card Singapore without any prior notice.
• Reward points will not be adjusted in the month of purchase. It will be settled by CitiBank in the month of reversal.
The eligibility criteria for CitiBank corporate credit card include:
• The company must have a minimum net worth starting at S$50,000
• The employee must be of 21 years of age & above at the time of card application.
Key features of the Citibank corporate credit card
• The Visa Intellilink Spend Management device is a useful asset that helps oversee, limit, and analyze card spending across the company.
• You can avail of e-statements, and gain complete control and visibility over card spending.
• The Citibank corporate credit card Singapore allows you to have your pick out of a wide range of discounts, offers, and establishment-specific benefits supporting the Citibank cards.
• Since Citibank corporate cards are internationally enabled, they eliminate the need for companies to purchase and distribute foreign exchange to traveling employees.
• Easy-to-understand single-glance statements are issued to members for a bird’s eye view of the monthly payments.
• Companies can pay off all employees’ card statement bills in a single transaction, using check, NEFT, or RTGS transfer.
• The card supports service bills, allowing companies and employees to cover power, phone, and subscription services without hassle.
• The cards come with a grouping feature that lets the cardholder make mass payments and repayments during a single exchange utilizing the Citibank Corporate Credit Card.
• Since the cards are verified and supported by Visa, the “Verified by Visa” affirms a level of security, as well as a wide-reaching access network.
Highlights of the Citibank Corporate Credit Card
With the highlights of the Citibank Corporate Credit Card, Singapore companies enjoy a range of top-quality services and support. The corporate cards are designed to be very easy to use, as well as provide a blanket of safety for their users. Some of the key highlights include:
• Corporate cost management - Citibank offers a spend management tool called Visa IntelliLink that assists card users and finance departments to manage their card limits and spending.
• Citibank’s range of banking services are all extended to their corporate card users, including but not limited to net banking, SMS banking, mobile banking, phone banking, in person banking services.
• Given Citibank cards’ adaptability, drawing funds is possible with most domestic and international ATMs/Cash Points.
• In the event of any emergencies, losses, or theft, cards are replaceable by Citibank around the clock, in any location.
• Citibank’s corporate cards are protected against misuse and fraud. Their fraud protection systems immediately inform cardholders about unapproved card access or purchases and create a failsafe against misuse.
Related read - American express corporate cards comparison for businesses
Breaking down the benefits for all your business needs
The company is not the only one who benefits from opting for the card. The employee features offered by CitiBank corporate credit cards are also very useful to cardholders.
• Using the card lets card members earn reward points with every purchase. These points don’t have a lapse date.
• Purchases for gift vouchers, airline tickets, hotel stays, and leisure activities can be redeemed with earned reward points.
• Business items and administrative tasks such as hotel bookings, travel, meals, and car rentals can be purchased at discounts up to 55%. Food charges within Singapore enjoy a 20% discount.
• Citibank card members also earn benefits in the form of golf club access, spa access, shopping points, and much more across Singapore and 30 other participating countries.
• Purchases related to business travel can be booked in person, online, or even over the phone. The Citibank customer service helpdesk supports card members around the clock, even while they are traveling.
Bank Privileges
Bank privileges with the card include personalized attendant services during your corporate travels, hospitality and hotel bookings, as well as shopping and restaurant benefits at participating outlets.
Reward Point Benefits offered by the Card
There is no termination date or clause for reward points earned by card members.
Complimentary company benefits
Aside from the standard benefits listed above, CitiBank corporate credit card also offers additional complimentary company benefits.
• Travel accident insurance which covers up to S$1,000,000 for every card holder.
• Corporate liability waiver insurance that offers coverage of around US$25,000 per card member.
• It protects against card misuse by corporate employees. This is a coverage of approximately US$25,000 per card member.
Once you understand the benefits of a corporate card, the obvious conclusion to draw is that real-time reconciliation and a central dashboard to handle all business expenses are the need of the hour.
The best expense management solution is Volopay. An extensively high-end platform curated to take care of everything from petty cash to major accounting automation and international transfers.
Suggested read: Card review - UOB corporate cards in Singapore
A minimum CIBIL score is required to get a Citibank corporate credit card. If you are a borrower with a low CIBIL score, Citibank won’t consider your credit card application. The applicants should have at least a CIBIL score of 750 and above to receive a Citibank corporate credit card in Singapore.
If your spending is less than S$800, you will, either way, keep earning a 0.25% rebate on your retail purchases. The absolute cashback is capped at S$80, consolidated across all retail spending each statement month.
1. Log in to the Citi Mobile® App. 2. Tap on "Money Rebate". 3. Choose how much Cash Rebate to redeem. 4. Upon confirmation, an assertion credit will be reflected in your next statement.
1. Login with the help of your Citibank Corporate Credit Card. 2. Citibank will send a text message containing a redemption link to your registered mobile number. 3. You can select the number of rewards to redeem after opening the link. 4. Once the reward points are successfully redeemed, they will reflect in your next statement.
The utilization of personal credit cards for business can have a few drawbacks: 1. You need to have an approved value for the card, which is based on your personal credit score. 2. The illusion of a line credit card can lead to unnecessary and unwarranted purchases. 3. The loan fees are staggeringly expensive if the dues aren’t paid on time. 4. Yearly charges for some credit cards can become costly throughout the long term. 5. Expensive charges for late or incomplete payments.