Best Business Credit Cards in Singapore 2023

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.