Best Business Credit Cards in Singapore 2023
Discover the pinnacle of financial empowerment for businesses in Singapore with the finest selection of business credit cards. Whether you prioritise cashback, travel privileges, or streamlined expense management, these cards cater to diverse industries and spending habits.
From startups to established enterprises, the best business credit cards in Singapore are indispensable tools for navigating the ever-evolving realm of commerce.
Best business credit cards for travel expenses
For every burgeoning business, going abroad to do international business is part and parcel of growth and expansion.
Because of that, travel expenses can quickly (and easily) rack up, especially if you’re travelling with employees too. To help save on costs, use these business credit cards that offer exclusive travel perks like complimentary travel insurance, hotel and flight discounts, and even earn some miles/cash rebate while overseas.
Complimentary airport lounge access
On average, entry into airport lounges costs around US$35 per pax per visit to enter and enjoy their amenities. While this is fairly affordable, most of us would prefer saving on travel expenses wherever possible – especially on pre-flight privileges before the trip has even begun.
That said, complimentary access to airport lounges is even more pertinent for business owners who frequently travel overseas for business trips. For that, we recommend the UOB Regal Business Metal Card for its unlimited DragonPass airport lounge visits via the Mastercard Travel Pass.
Alternatively, the DBS World Business Card isn’t too shabby either – offering 10 Priority Pass lounge visits per year to be shared between you and your colleagues.
When it comes to business trips, every penny saved counts because it’s extra money that’ll be re-invested back into your business. So to further add to your savings, why not use a cashback business credit card like the Volopay Corporate Card which promises unlimited 2% cashback on all eligible overseas transactions.
Alternatively, the Airwallex Borderless Card stands out as a decent travel credit card for businessmen too because of its 1% cashback on both eligible local and overseas spend.
Lastly, an honourable mention goes to the Aspire Corporate Card. Although its 1% cashback applies to specific online spend, it offers a competitive 0.7% rate on foreign transaction fee – making it viable for overseas spend too.
The American Express Singapore Airlines Business Credit Card is mostly appropriate for earning 8.5% cash rebate on eligible Singapore Airlines flight bookings. So if plane tickets comprise the bulk of your travel expenses, choose this card.
When we talk about business trips, we can’t forget about business credit cards to earn miles with. Our personal recommendation includes The American Express Singapore Airlines Business Credit Card.
While fairly self-explanatory, this SIA-affiliated credit card earns up to 8.5 HighFlyer Points per S$1 spend on eligible Singapore Airlines Group flights. Each HighFlyer Point is worth 1 KrisFlyer Mile. So essentially, you’re earning 8.5 miles per S$1 (mpd) on all eligible flight bookings. Meanwhile, all other spend will earn a base rate of 1.8 mpd too.
Other miles card alternatives include the DBS World Business Card (2 mpd on overseas spend) and Citi Business Card (0.8 mpd on all spend).
If cashback or miles aren’t really your interests, these business credit cards earning rewards points might be more suitable. For instance, the DBS World Business Card earns 10 DBS Points per S$10 on eligible overseas spend.
However, the best aspect of rewards credit cards is their flexibility to convert your points into either cash rebates or miles, in the event your preferences change. So using the DBS World Business Card as an example, each DBS Point is worth 2 miles. Thus, you’ll be effectively earning 2 mpd on your overseas transactions too if you convert your points.
The main drawback to this card is that rewards points can only be earned in blocks of S$10 spend. If that’s not practical for you, the Citi Business Card (2 ThankYou Points per S$1 overseas spend) might be a more sensible option.
Complimentary travel insurance
Business credit cards with complimentary travel insurance coverage are great travel companions for both savvy entrepreneurs and corporate travellers alike. They provide the necessary financial safety net against unexpected travel mishaps like trip delays, interruptions, and cancellations.
But more importantly, those that offer personal accident (accidental death and/or permanent disablement) coverage are great for cardholders and their dependents. This coverage can apply to your colleagues and their dependents too!
Overall, the DBS World Business Card, Citi Business Card, and Maybank Business Platinum Mastercard provide up to S$1 million in coverage for accidental death, and permanent disablement.
Best business credit cards for office expenses
For instance, the Citi Business Card provides 2 ThankYou points per S$1 spend for eligible business expenses like office supplies and telecommunication services. This card is ideal for businesses with their own office spaces.
Alternatively, for digital businesses, the Aspire Corporate Card is a good option – rewarding 1% cashback for eligible digital marketing and SaaS spend.
Best Business Credit Cards for Supplier Discounts
Supplier discounts play a pivotal role in reducing costs and boosting profitability for businesses overall.
Often negotiated through procurement agreements, having the right discounts from the right supplier will help your business go far.
Frequently asked questions for Business Credit Cards
Business credit cards, sometimes known as corporate or commercial credit cards, are cards that can be used by an employee or owner of a company to pay for business expenses. They are good for freeing up cash flow by using a line of credit to pay for business expenses.
It usually comes with perks such as rewards programs, additional cardmembers and expense reporting systems. Also, with a business card, the company is liable for the debt and not the individual, unlike a personal credit card.
Business credit cards, also known as corporate credit cards, help keep business expenses separate from personal ones. That way, it allows easier tracking of expenditure, which could help save costs.
There’s no hard and fast rule about using other credit cards for work-related expenses. This largely depends on how your company tracks, manages and reimburses monthly expenditure, and the preferred type of reward to get.
Rewards business credit cards: Earn cash, miles or points as you spend.
Frequent flyer business credit cards: Earn airline loyalty points for every dollar you spend. You can also use these accumulated points to redeem business flights, upgrades, accommodation, cashback and other perks for yourself and your employees.
Low-interest business credit cards: Offer flexible financing for business owners.
Corporate business credit cards: These cards are issued to employees to allow them to charge authorised business expenses such as hotel stays and flight tickets.
As a business owner, a business credit card gives you more control and visibility over your business expenses. It can also help you to manage your company’s travel and entertainment expenses. You can also enjoy other perks such as:
- Rebates or rewards on your spend
- Complimentary travel insurance
- Withdrawal services worldwide
- Complimentary lounge visits
- You could also have at your disposal management and reporting tools, as well as insurance coverage for employee misuse.
The qualifying criteria for a business credit card differ from bank to bank. Some of the criteria include:
- At least 21 years old
- Applicant should be a business owner and/or person with executive authority of a Company/Business with a Valid UEN
- Company must be registered in Singapore (with ACRA) Company must be in operation for at least a number of years
- Company must meet the minimum annual sales turnover requirement
To apply for a business credit card, besides filling in the application form provided, you also should have:
- Formed a business entity to help separate your personal credit from that of your company
- Set up your company by registering with ACRA
- Start a business bank account
You might also require:
- Company ACRA or Unique Entity Number
- Photocopy of NRIC/passport
- Last 2 years’ Income Tax Notice of Assessment
Having a business card for your small business isn’t compulsory. However, a business credit card offers a range of benefits for small business owners that make running a business easier and more organised — such as higher credit limits, a separate credit amount for your business, tracking expenses and boosting credit rating, among others.
Business credit cards can be issued to multiple cardholders, with different spending limits set. They tend to be employees who frequently chalk up work-related expenses, such as business travel, office supplies, equipment etc.
Similar to personal credit cards, business credit cards also charge an annual fee. This annual fee ranges from S$100 to S$300. Some credit cards might waive the annual fees, typically for up to 1 to 2 years. Other charges to take note of include interest rates, currency conversion fees, cash advance fees and late payment fees.
UOB Corporate Credit Card
The UOB Corporate Card extends travel privileges to both cardholders and their employees alike. Business owners can save significant costs through exclusive privileges like UOB$ Programme and Mastercard Easy Savings Specials. While at the same time, this card allows cardholders to flexibly change between monthly/annual rebate or UNI$ earnings on company spending.
It also comes with DragonPass airport lounge access at a discounted rate of US$32 per visit as well as up to US$50,000 complimentary travel accident and travel inconvenience insurance coverage. Not to mention, it can also be issued as a multi-currency corporate card (USD and HKD) to meet your business’ demands if necessary.
Overall, this card is excellent for businesses that often deploy employees for overseas business trips.
UOB Platinum/Signature Business Credit Card
The UOB Platinum/Signature Business Card is ideal for tracking and optimising business expense flows for maximum savings. Cardholders can earn 0.3% cash rebate or UNI$1 for every S$5 spend on monthly transactions, as well as have access to exclusive business essential offers under Mastercard Easy Savings Specials. Business essentials include productivity tools subscriptions (e.g. Adobe Acrobat, Zegal), business growth services (e.g. Google Ads, Meta Ads), and more.
Cardholders can also enjoy improved cash flow by extending payment terms up to 51 days at 0% financing cost.
HSBC World Corporate Mastercard
The HSBC World Corporate Mastercard enhances visibility and tracking of travel, entertainment, and everyday business expenses. Cardholders can leverage up to 53 days of interest-free credit terms to manage cash flow better, as well as streamline payment processing and reporting from manual to automated.
It also doubles up as a travel credit card when necessary, offering complimentary travel insurance and access to tons of travel and entertainment privileges.
DBS Business Platinum Credit Card
The DBS Business Platinum Credit Card rewards cardholders with 1 DBS Point per S$5 spend on retail transactions made via Visa online or through a payment terminal. These DBS Points can be redeemed for 0.4% cash rebate.