Best Business or Corporate Credit Cards in Singapore 2023 – that will be the topic of today’s article.
Explore the best business or corporate credit cards in Singapore and how they can fit into your offshore corporate financial tools.
If you want to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837).
Table of Contents
Introduction
Running a business comes with a lot of hurdles, especially when it comes to managing the finances.
That’s why, it is very important to have a separate bank account as well as a credit card associated with a business.
I’ve already covered the details related to the best business bank accounts in Singapore for non-residents.
You can access the details of those business bank accounts by clicking here.
Today, I will be focusing on the best business credit cards available in Singapore.
Business credit cards are extremely important for those who wish to get some benefits from their business spending.
It is always important to use a business/corporate credit card instead of a normal one when you are handling a company.
There are multiple differences between business credit cards and corporate credit cards.
Business credit cards are suitable for small businesses, start-ups, and sole proprietors.
The liability of a business credit card rests with the individual cardholder.
A business credit card is specialized for small business needs, lower credit limits, and expense tracking tools.
The process of getting a business credit card is simple and is based on the cardholder’s creditworthiness.
Corporate credit cards are suitable for large corporations and organizations.
The liability of a corporate credit card rests with the company.
Corporate cards are specialized for larger spending volumes, robust reporting, customizable controls, and higher credit limits.
The process of getting a corporate credit card is complex and involves the evaluation of the company’s financial stability and creditworthiness.
It’s essential to review the specific terms & conditions of each card to understand the details and benefits associated with them.
It is possible to acquire most of the cards in this list as a non-resident, yet again, it depends on the terms set by the issuer.
You should note that this is only being provided as a general informational article.
Any of these cards aren’t endorsed by me as I’m not affiliated with them.
The information provided by me at the time of writing this is accurate and up to date. It may change by the time you read this based on the credit card issuer’s terms and policies.
You should also know that business/corporate credit cards do not come with a predefined credit limit.
If you have a business and want to enquire about the credit limit, then you can contact the bank.
You can do so by clicking on the links provided within the article or going to their official websites and navigating from there.
Without any ado, let us see the information related to some of the best business credit cards in Singapore.
American Express
American Express Singapore Airlines Business Credit Card
The first card on our list is the American Express Singapore Airlines Business Credit Card.
This card comes with an annual fee of S$301.80 (inclusive of GST). The annual fee is waived if the cardholder spends more than S$15,000 in the first year of acquiring the card.
Other fees include:
Later payment fees – 2.5% of the outstanding amount. This is capped at S$150.
Cash advance fees – 4% of the withdrawn amount. This is capped at S$150.
Foreign transaction fees – 3.6%.
ATM withdrawals – S$3.50.
Card replacement fees – S$15.
Features
First of all, you’ll get 30,000 HighFlyer points upon spending S$4,000.
Additional 30,000 HighFlyer points are offered through spending another S$4,000 within the fourth to sixth month.
These points are worth S$570 upon redemption for offsetting airline expenses. 1 HighFlyer point is worth 1 KrisFlyer mile, which can be used for free travel with Singapore Airlines.
Upon personally calculating, A first-class flight ticket to Shenzhen from Singapore can be redeemed through 45,000 KrisFlyer miles.
These expenses consist of tickets, extra luggage, advance seat selection, and cabin class upgrades.
You also get an Accor Plus membership worth S$418, which offers a free night’s stay each year.
You can earn 5,000 HighFlyer points upon spending S$500 within the first year.
15,000 HighFlyer points can be obtained upon spending S$10,000 annually with the Singapore Airlines Group.
8.5 HighFlyer points are offered for each S$1 spent on eligible Singapore Airlines Group flight expenses.
1.8 HighFlyer points for each S$1 on all other eligible purchases.
Priority Pass Membership worth S$221 along with two complimentary visits for two people per year.
Upon spending S$15,000 in the first year, you can fast-track to the KrisFlyer Elite Gold Status.
Complimentary Hertz Gold Status.
There is no interest for credit card transactions up to 51 days.
Additionally, you can opt for flexible payments related to Singapore Airlines purchases for six months without any interest.
Eligibility
Given below is the eligibility for the American Express Singapore Airlines Business Credit Card.
— At least 21 years old.
— Businesses should qualify for the minimum income requirement and the internal assessment.
— Applicant should either be a business owner or an individual with authority.
— The company/business should have a valid UEN (Unique Entity Number).
— The photo ID (NRIC/passport) of the applicant should be provided as a clear copy.
— Income Tax Notice of Assessment for the past two years.
— Resolution of the director/board. Not necessary for sole proprietor/partnership.
— If there are any owners/shareholders with 25% or more ownership, their certified IDs are needed as well.
To get more details regarding the American Express Singapore Airlines Business Credit Card or to apply for it, click here.
Citibank
Citibank offers three different types of business/corporate credit cards namely, Citi Business Card, Citi Corporate Card, and Citi Purchasing Card.
Citi Business Card
The Citi Business Card is a credit card designed for small and medium enterprises.
This business credit does not have any annual fees for the first year.
Following that, it is going to be S$150 per card with an additional GST of 7% to 8% (estimated $162).
Features
You can get a credit line of up to S$100,000 in addition to your personal credit card line.
This card can be used at over 33 million establishments worldwide for travel, entertainment, and other business expenses.
You will also receive travel accident insurance coverage of up to S$1,000,000 per card member. This is only applicable when you charge the full fare to the Citi Business Card.
The rewards that come with spending S$1 are equal to 2 Citi ThankYou Points.
These can be redeemed for cash rebates or other rewards from the online catalog.
Eligibility
The eligibility criteria for this card haven’t been mentioned on the official website of Citibank Singapore.
Therefore, you must contact the bank’s support team to know the details regarding eligibility or any fees associated with this.
To apply for the Citi Business Card, you can click here or visit the Citibank official website.
Citi Corporate Card
The Citi Corporate Card provides a simple payment solution specialized for your business requirements.
The annual fees are S$150 per card with an additional GST of 7% to 8% (estimated $162).
Features
The user-friendly reporting system simplifies expense settlements and tracking. This further results in reduced costs and resource allocation.
This card allows you to maximize your benefits through their rewards program.
Depending on the liability type:
— You can earn 0.3% cashback on your company’s annual spending.
(or)
— Citi ThankYou Points (S$1 = 1 Citi ThankYou Point) with the Joint & Several Liability options.
Additionally, you can earn up to 10% rewards at participating merchants.
For Cardmember Liability and Personal Liability, every purchase earns Citi ThankYou Points (S$1 = 1 Citi ThankYou Point).
These Citi ThankYou Points can be redeemed for cash rebates or a wide range of rewards.
You can also be transferred to selected Frequent Flyer Programs, i.e., 5 Citi ThankYou Points = 2 Frequent Flyer Miles.
Eligibility
The eligibility criteria for getting the Citi Corporate Card is as follows.
— The company should have a net worth of at least S$50,000 depending on the number of years it is active.
— Employees should have an age of at least 21 years or above.
— The minimum annual income required for Sole Corporate Liability and Joint & Several Liability is S$30,000. This is applicable to Singaporeans, permanent residents, and foreign employees.
— For Cardmember Liability and Personal Liability, S$30,000 is the minimum annual income. This is only for Singaporeans and Permanent residents. It is S$42,000 for foreigners.
To apply for a Citi Corporate Card or to know more details, click here.
Citi Purchasing Card
The Citi Purchasing Card is best known for tracking, controlling, and managing transactions.
The annual fee for this card is S$28.04 per card with an additional GST of 7% to 8%.
Features
Tailor the Citi Purchasing Card Programme to align with your organization’s accounting procedures.
This is useful in eliminating unnecessary paperwork and saving valuable time.
By reducing administrative tasks, you can potentially decrease purchasing costs by up to 76%.
Effortlessly monitor and manage transactions from your desk with our user-friendly reports.
You’ll get complimentary travel accident insurance, offering coverage of up to S$1,000,000 per card member.
To qualify for this coverage, the full travel fare must be charged to the Citi Purchasing Card.
Protect your company against potential card misuse by employees with complimentary corporate liability waiver insurance.
This provides coverage of up to US$25,000 per card member and US$1,650,000 per company.
Eligibility
The company should have a net worth of at least S$50,000 depending on the number of years it is active.
To apply for a Citi Purchasing Card or to know more details, click here.
DBS
With DBS, you get access to two different types of business credit cards namely:
— DBS World Business Card
— DBS Platinum Business Card
Let us have a look at each of them individually to have a better understanding.
DBS World Business card
The DBS World Business Card is a credit card that offers a variety of benefits to small and medium-sized businesses (SMEs).
There is a welcome offer on the fees, which is S$0 for the first year. Following that, the annual fees on this card are S$410.40 (inclusive of the GST).
Other fees include late payment fees of S$45 per card
Features
DBS World Business Card comes with a great set of benefits and privileges.
If you spend a minimum of S$2,000 within the first 3 months of card membership, you’ll get 5% cashback (capped at S$100 per card). This is only valid up to 30th June 2023.
DBS reward points are offered up to a redeemable 2% cash rebate or air miles.
Additionally, S$1 million travel insurance coverage and 10X priority pass access are offered.
Cash rebates in reward points are offered in the following way:
Foreign Currency transactions – Earn a 2% cash rebate or 20 air miles for every S$10 spent.
Local dining, entertainment, and travel – Earn a 1% cash rebate or 10 air miles for every S$10 spent.
Other transactions – Earn a 0.3% cash rebate or 3 air miles for every S$10 spent.
This card also offers employee misuse coverage for up to USD 1.65 million. This is usually USD 25,000 per cardholder and USD 1.65 million per company (for two or more cards).
Eligibility
— The age requirement for applying is at least 21 years or above.
— The minimum income requirement is set at S$80,000 per annum.
To apply for the DBS World Business Card or to know more details, click here.
DBS Platinum Business Card
This card has an annual fee of S$ 194.40, which is almost half the fee for a DBS World Business Card.
Adding to that, the annual fee for the first year is waived on this credit card.
Other fees include a late payment fee of S$45.
Features
If you spend a minimum of S$2,000 within the first 3 months of card membership, you’ll get 5% cashback (capped at S$100 per card). This is only valid up to 30th June 2023.
You can earn 1 DBS point for every $5 charged, which can be redeemed for vouchers, air miles, or a 0.4% cash rebate.
You can make payments on time while extending credit terms up to 55 days at 0% financing cost.
Enjoy travel insurance coverage of up to S$1 million when you pay your travel expenses through your card.
This card also offers employee misuse coverage for up to USD 1.65 million. This is usually USD 25,000 per cardholder and USD 1.65 million per company (for two or more cards).
Eligibility
The eligibility criteria for obtaining a DBS Platinum Business Card is as follows.
— The age requirement for applying is at least 21 years or above.
— The minimum income requirement is set at S$30,000 per annum.
To apply for the DBS World Business Card or to know more details, click here.
UOB
UOB offers a wide range of business/corporate credit cards, which have been listed below.
UOB Platinum/Signature Business Card
One of the main features of this card is the 0.3% cash rebate or UNI$1 for every S$5 spent on monthly purchases.
The annual card fee for this card is S$181.68 and the replacement fee is S$20.
Other features include:
— UOB Commercial Privileges Programme.
— UOB Dining Privileges.
— UOB$ Programme.
— Complimentary Travel Insurance.
— e-commerce Protection (UOB Platinum Business Mastercard).
— e-commerce Purchase Protection (UOB Signature Business Mastercard).
In order to know more details or apply for the UOB Platinum/Signature Business Card, click here.
UOB Business Plus Card
One of the main features of this card is the 60-day payment period free of interest. This is only applicable when the amount has been paid in full within the 2-month period.
The interest rate for this card is 1.15% per month, which makes it 13.8% p.a.
An additional line of credit is offered for efficacy during the maintenance of cash flow.
The annual card fee for this card is S$96.90 and the replacement fee is S$20. The annual fee is waived for the first 2 years on the UOB Business Plus Card.
Other features include:
— UOB Commercial Privileges Programme.
— UOB Dining Privileges.
— UOB$ Rebate Programme.
— Complimentary Travel Insurance.
— Access to cash through Business Payment Facility (up to the credit limit).
In order to know more details or apply for the UOB Business Plus Card, click here.
UOB Empire World Business Mastercard
One of the main features of this card is the 1.5% cash rebate on the local/overseas transactions charged to the card.
This card is only available through invitation, and therefore, the fees haven’t been mentioned.
Other features include:
— Complimentary Airport Limousine Service.
— Complimentary Travel Insurance.
— UOB Travel Concierge.
— Airport Lounge Access with LoungeKey.
— Mastercard Travel & Lifestyle Services.
— Mastercard Airport Concierge.
— Mastercard Southeast Asia Gold Programme.
— UOB Privilege Dining Deals.
In order to know more details or apply for the UOB Empire World Business Mastercard, click here.
UOB Regal Business Metal Card
This is said to be the high-end card offered by UOB, which comes with many benefits.
The annual fee for this card is S$686.36, which is inclusive of the GST.
Features include:
— Bespoke Tailored Shirt at MARLO worth $220. MARLO cash credit for $100 and 10% off on retail purchases.
— 2% cash rebate on overseas transactions, dining spends, and 1.5% cash rebate on all local retail transactions.
— Unlimited airport lounge access.
— Exclusive health screening packages, wine deals, and birthday perks.
— 20% off on dining (Premium Card Dining Deals).
In order to know more details or apply for the UOB Regal Business Metal Card, click here.
UOB Corporate Card
This card offers a monthly or annual rebate on the company’s spending. Alternatively, card users get UNI$ for every S$5 charged to the card.
The annual fee for this card is S$96.90 and the replacement fee is S$20. The annual fee is waived for the first year on this card.
Other features include:
— World Corporate Mastercard Complimentary Travel Insurance.
— UOB World Corporate Mastercard Privileges.
— UOB$ Programme.
— Corporate Liability Waiver Insurance.
— Complimentary Travel Insurance.
— Multi-Currency Corporate Card.
In order to know more details or apply for the UOB Corporate Card, click here.
UOB Purchasing Card
This is a purchasing card from UOB that offers savings of up to 77%. Cardholders can also get bulk discounts with the help of vendor negotiation.
In order to know more details or apply for the UOB Purchasing Card, click here.
Maybank
Maybank Business Platinum Mastercard
This is probably one of the best business credit cards available in Singapore with great benefits.
The annual fee for Maybank Business Platinum Mastercard is S$180 with the first two years’ fee waived.
The interest on this card is 20% per annum, which can be waived off if the amount has been paid in full within 20 days of the statement date.
If the monthly payments are not made promptly, then a 23.8% finance charge is applicable. This will continue to apply until a clean payment record is maintained for six months.
Other fees include:
Late Payment charges – 5% of the minimum monthly payment or S$50, whichever is higher.
Cash Advance Fee – 5% of the advance transaction amount or S$50, whichever is higher.
Foreign currency transaction fee – up to 3.25%.
Lost/Stolen card liability conversion fee – S$100.
Features
Upon spending S$800 within the first month of card membership, you’ll get S$150 NTUC vouchers.
If you sign up for auto-pay bill merchants using this card, you’ll get S$100 Takashimaya vouchers.
These offers are applicable till 31st December 2023.
Other benefits and privileges include:
— Complimentary business logo printing.
— A low interest rate of 20% p.a.
— Interest-free credit for up to 51 days on purchases.
— Flexible credit limits.
— Global concierge services.
— TREAT Points on each S$1 spent.
— Complimentary travel insurance.
— Worldwide withdrawal services.
— Auto Pay Bills Programme.
— Consolidated statements.
Eligibility
The eligibility criteria for applying to the Maybank Business Platinum Mastercard is as follows.
— As a director, the applicant should have an age in between 21 and 60 years.
— The company should have been registered in Singapore and have at least one local director.
— The company should have been in business for at least 2 years with an annual sales turnover of around S$200,000 or more.
To know more details or apply for the Maybank Business Platinum Mastercard, click here.
Bottom Line
All of the information provided within the article is up to date and accurate at the time of writing this article.
However, it is subject to changes by the time you are reading this, and therefore, it is wise to contact the card issuer regarding any necessary details.
You should remember that a credit card is an efficient tool to handle your financial situation. At the same time, it could lead to unwanted debts if not handled properly.
It is wise to choose a credit card that offers great benefits while having low fees and interest rates.
Having said that, I strongly hope that the information provided in this article is helpful to you.
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