Review - Maybank corporate cards for businesses
Recognized as one of the largest banks in Southeast Asia, Maybank has built an illustrious market in Singapore.
For over 50 years, Maybank has helped SMEs scale their business to transform into multinational corporations across and beyond the ASEAN region.
Among their unique business solutions, the Maybank corporate card program has gained prestige from startups, SMEs, and MNCs.
Looking to get corporate credit cards in Singapore? Here we review the features, benefits and compare Maybank corporate cards with Volopay.
Overview of Maybank corporate cards
The meteoric rise of B2B payments in Singapore is projected at a compound annual growth rate (CAGR) of 5% between 2021 and 2025.
This ascension is largely due to commercial cards, particularly the Maybank corporate card offering in Singapore.
Maybank corporate cards allow businesses to carry out domestic and international transactions with unparalleled convenience.
For their amazing benefits and exciting rewards specifically designed to assist growing businesses, Maybank was awarded the Excellence in SME Banking at the Global Retail Banking Innovation Awards in 2020.
Comparing different types of Maybank corporate cards
1. Maybank business platinum Visa debit card
This Maybank corporate card offers businesses exciting features and rewards on shopping, commuting, and cash withdrawal transactions.
With the Maybank business platinum Visa debit card, users can make PIN or signature-based and even contactless payments at VISA establishments around the world.
The level of security provided by Maybank corporate cards comparison to other cards in the market is exceptionally high since it uses one time authorization code or 2 factor authorization token to ensure secure payments at 3-D secure merchant portals. It also allows secure NETS purchases at select merchant outlets.
Customers can easily withdraw cash locally in Singapore via the shared ATM Network at SGD 0 service fee.
Overseas cash withdrawals can be under the VISA Plus network with a modest SGD 5 service fee per transaction.
Members enjoy complimentary travel perks worth SGD 300,000 for travel accidental insurance and SGD 200 in luggage loss or delay and missed flight claims. Maybank corporate card lets you earn 1X TREATS point on Visa transactions for every SGD 5 and redeem it for vouchers, air miles, and more.
To be eligible for the Maybank business platinum Visa debit card that offers the facility of a Visa platinum debit card, an ATM card, and a NETS card combined in one, users must be aged 18 and above with a Maybank corporate current account.
The maximum daily and monthly spending limit on this Maybank corporate card is SGD 10,000 and SGD 15,000, respectively.
2. Maybank business platinum Mastercard
Maybank credit card comparison to others offers a wide range of benefits such as reward points, global concierge service, employee card statement generation, and more.
This Maybank corporate card offers useful features such as local and international cash withdrawals on the Mastercard network, a flexible credit limit, automated bill payments, customized finance and expense reports, and more.
Maybank offers customers the facility of customizing their card with complimentary business logo printing and travel accidental insurance of up to SGD 1 million, along with luggage loss or delay and missed flight claims.
Maybank offers an exclusive global concierge service, unlocking access to dining recommendations, overseas travel assistance, flight booking, and more.
Users can avail of a 2-year annual fee waiver on Maybank credit card comparison to other banks that only offer 1 year fee waiver, with a decent annual fee of SGD 180 charged from the third year.
Maybank business platinum Mastercard also offers TREATS reward points, with 1 TREATS point for every SGD 1 spent, redeemable in the form of vouchers, air miles, and more.
To be eligible for this Maybank corporate card, the user must be between the ages of 21 and 60.
The company must be registered with ACRA, operating for at least two years, with an annual sales turnover of at least SGD 200,000.
Manage your business payments in a better way with Volopay
Maybank corporate card program, while rewarding, lacks diversity in its offerings. If you want to have the flexibility to have or not to have physical cards, then Volopay is the perfect fit for you.
Volopay is an all-in-one expense management software that offers a robust corporate card program. We offer both physical and virtual cards for effective spend management.
Volopay corporate cards come equipped with a flexible, low-interest credit line of up to $500,000 to help companies scale exponentially.
You can allot physical cards to your senior management executives, sales team, or frequent flyers that require a physical card to simplify corporate travel, client meetings, and more.
Our virtual card provides businesses with the ability to generate VISA-powered virtual cards with a unique 16-digit number to manage subscriptions, one-time payments, specific projects, and more.
Volopay corporate cards empower companies with superior controls that allow them to enable or disable physical cards from being used online or in-store or for ATM withdrawals and block or freeze virtual cards in an instant.
With multi-tiered approval workflows, customizable submission policies, and a unified dashboard to manage employee expenses effortlessly, choose Volopay as the ideal corporate card program for your business.
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FAQs
Yes, many banks and financial institutions offer corporate debit cards. A corporate debit card is different from a corporate credit card. While corporate credit cards are linked to the business’s credit card account, corporate debit cards are linked to the company’s funding account, directly taking money out of the available capital.
While corporate cards do not affect personal credit scores since no personal guarantee is attached to them, they can significantly impact your business credit score and positively or negatively affect the creditworthiness of your company, based on how corporate cards are utilized.
Absolutely! Volopay facilitates cross-border vendor payments and remittances in over 130 countries worldwide.
At Volopay, security is our topmost priority. To ensure secure bill payments, we use multi-currency E-wallets of reputed MAS authorized Major Payment Institutions (MPIs), and all your money is safeguarded under escrow arrangement.
While using corporate cards for personal use is not illegal per se, pretending to pass off a personal expense as a corporate expense is a fraud, and you could face either job termination, fines, legal action, or all of the above. Therefore, keeping your personal expenses off corporate cards is strongly recommended.
The key difference between business credit cards and corporate credit cards is that while the primary cardholder is liable for all repayments related to business credit cards, only the company is responsible for all corporate credit card expenses.