The Best Cashback Cards in Singapore for Businesses

How do corporate cashback cards work?

Corporate cashback cards works much like cashback on personal cards but with features and benefits tailored to businesses. Here's an overview of how corporate cashback cards typically work.

1.Application

The streamlined process behind the application of a corporate cashback card varies on the issuer chosen by the business/corporation. The primary requisite that stands common among all the issuers is the submission of documents, such as the company's identity proof and financial information, including revenue, expenses, and other significant documents. The card issuer assesses and approves or denies the application based on their respective evaluation criteria. If the corporation inclines toward a credit card, then its creditworthiness also serves as an element for the issuer to consider before the grant of a corporate cashback credit card. 

2.Credit Limit & Debit Balance

Once the application for a credit card is approved, the credit card issuer assigns a credit limit to the corporate cashback card. This limit determines the maximum amount the business can borrow/spend using the card. It is based on the company's financial health, credit history, and the issuer's analysis of the business's ability to repay the borrowed amount. However, on the other hand, for a debit card application, the extent of fund accessibility depends on the financial balance available in the business account with which the card is associated.  

3.Card issuance

The credit card provider issues physical/virtual cards to the business, which employees can use as needed. The business can request multiple cards for employee use, each with different spending limits, enabling better expense tracking, management, and control.

4.Purchases and payments

Businesses can use corporate cashback cards to make purchases for their operations, such as buying office supplies, paying for services, or covering travel expenses. Every transaction made using the card is recorded by the card issuer and the cashback is granted on qualifying purchases that come under the umbrella of benefits provided by the corporate cashback card.

5.Cashback rewards

Corporate cashback cards offer cashback rewards depending on the card's terms and conditions. The rewards typically comprise a percentage of the total purchase amount and can vary depending on spending categories. For instance, a card might offer 1% cashback on all purchases and higher cashback percentages for specific categories like travel or business equipment.
There can even be rotating cashback categories. Herein, these cards offer a higher percentage of cashback on certain categories of spending. These categories, however, often change at specified intervals.

6.Statement and reporting

The credit card issuer provides monthly statements to the business detailing all the transactions made with the corporate cashback card during the billing period. These statements allow the business to track and reconcile expenses, manage budgets, and spot unauthorised or fraudulent charges. Many issuers also offer digital portals or mobile applications for seeking real-time transaction information and reporting tools.

7.Cashback redemption

The cashback earned on these cards can be redeemed according to the card's rewards program. The redemption options may include the following:

• Direct deposits to the business's bank account: This is perhaps the most simplified mode of cashback redemption. Through this mode of redemption, your cashback is directly deposited to your business account within a few days and reflected in your balance.
• Statement credits: In this method of cashback redemption, instead of providing you rewards or money directly, card companies reverse the cashback amount (credit back to your account) from your spend amount. This means you do not have to pay that money (cashback amount) back to the card issuer.
• Applying cashback on future purchases: Hereby, the cashback amount/points you have gathered can be deducted from your future payment amount. 

The redemption methods often vary depending on the card issuer and the specific rewards program associated with the card.

8.Payment and interest

The business is responsible for making payments on the corporate cashback card's outstanding balance by the due date specified in the monthly statement. Interest charges will typically apply to the remaining balance if the entire balance is not paid. Businesses should manage their cash flow effectively to avoid accumulating high-interest debt.

9.Additional benefits

Corporate cashback cards often come with benefits and perks specially designed for businesses. For instance, travel insurance, purchase protection, extended warranties, and dedicated customer support are usual benefits accompanying corporate cashback cards.

Also, cashback cards often require a minimum spending amount each month to be eligible for cashback rewards. It's essential to review the card's terms and conditions to understand if there are any such requirements.

Why should businesses opt for corporate cashback cards?

Businesses may opt for cashback cards for several reasons. Some key advantages and benefits of using them for business expenses are listed below.

1.Improved cash flow

Cashback earned on business spend can provide an additional source of cash flow for the company. By redeeming the cashback rewards or applying them as statement credits, businesses can effectively lower their overall expenses or allocate the savings made for future purchases. This way, cashback helps improve liquidity and provides flexibility in managing finances.

2.Significant cost savings

These cards allow businesses to earn a percentage of their spend back as cashback rewards. Companies can accumulate cashback over time by using the card for everyday business expenditures, like supplies, software services, travel, or client entertainment. This can result in colossal cost savings, especially for companies with substantial spending volumes regularly.

3.Spend tracking/reporting

Cashback cards are often supplemented with sophisticated expense tracking and reporting tools that simplify spend management and enable businesses to monitor and categorise spending easily. Detailed statements, access through digital platforms, and integration with accounting software can help streamline financial processes, enhance accuracy, and save time and effort when reconciling expenses.

4.Employee spend control

Corporate cashback cards often allow businesses to issue innumerable employee cards with individual spending caps. This feature helps exercise better hold and oversee employee spending. Businesses can monitor transactions in real-time and ensure that expenses comply with company policies, thereby preventing unauthorised or excessive spending and enhancing overall expense management.

5.Business-centric benefits

Cashback cards designed for businesses often offer extra benefits and perks tailored to their needs. These may include discounts on business services, travel-related benefits like airport lounge access or complimentary insurance coverage, and dedicated customer support for corporate cardholders. Such advantages can enhance the overall value proposition of the card and contribute to the company's operational efficiency.

6.Building credit score

Properly managed cashback credit cards can contribute to building the business's credit history and creditworthiness. Consistently making timely payments and utilising credit responsibly can establish a positive credit profile for the business and, consequently, gain improved access to financing options, better loan terms, and increased credibility with lenders and suppliers.

7.Streamlined reconciliation

The use of cashback cards simplifies the expenditure reconciling process. Detailed statements and transaction records given by the card issuer facilitate easy, accurate, and efficient expense tracking. The documentation can be particularly beneficial during tax season or when preparing financial reports, when businesses need a clear record of expenses to identify deductible items.

However, it's vital for businesses to carefully consider their specific needs, spending patterns, and financial goals before opting for cashback cards. Cost-benefit analysis and comparing different card options may be necessary to ensure the benefits outweigh the associated costs.

Types of Businesses That Can Benefit From Corporate Cashback Card

Cashback cards can save businesses money in Singapore. Here's how they can help:

• Retail & E-Commerce: These businesses can save on inventory, packaging, and ads, earning cashback with every purchase.
• F&B & Hospitality: Cashback helps offset costs like ingredients, delivery fees, and utilities.
• Startups & SMEs: Cashback cards allow startups and SMEs to make the most of their budget by earning rewards on software, office supplies, and subscriptions.
• Freelancers & Agencies: Creative businesses can cut costs on tools and ads while earning cashback.
• Consulting Services: Travel and dining expenses for client meetings can earn cashback.

For any business that spends on marketing, travel, or bulk purchases, a cashback card is essential. It’s a simple way to make everyday expenses work for them.

Best Cashback Cards Categories for Businesses

Corporate cashback cards often offer rewards in the following popular categories:

• Office Supplies: Cashback on purchases for office materials, equipment, and furniture.
• Travel: Rewards on business trips, including flights, hotels, and transportation.
• Marketing & Advertising: Cashback on digital ads, print materials, and promotional campaigns.
• Fuel & Transportation: Rewards on fuel, car rentals, and other travel-related expenses.
• Dining & Entertainment: Cashback on meals, client meetings, and business entertainment.
• Utilities: Cashback on payments for utilities like electricity, water, and internet.

How to Choose the Best Cashback Cards For Your Business

Selecting the right business card for cashback rewards can help business owners maximise savings and improve cash flow. By evaluating their spending patterns, desired perks, and card features, owners can identify the card that best suits their company’s needs. Here's a guide to making an informed decision:

Understand Business Spending Patterns

Business owners should start by analysing where their company spends the most. Cards offering boosted cashback rates in specific categories like travel, office supplies, or advertising may align well with their spending habits. Matching the card’s rewards structure to high-spend categories can significantly increase cashback earnings.

Bonus Categories vs. Flat-Rate Rewards

Businesses with concentrated spending in specific categories—like fuel, dining, or advertising—might benefit from a card with higher rewards in those areas. Alternatively, companies with more diversified expenses may find flat-rate cashback cards more suitable.

Compare Earning Rates

Cashback cards often come with different reward structures. Some offer flat-rate cashback across all purchases, while others provide tiered rates, rewarding higher spending in particular categories. Owners should choose a card that offers the best return on their most frequent expenses.

Evaluate Annual Fees

Many corporate cards charge annual fees, but the cost may be justified by higher cashback rates or additional perks. Owners should weigh the card's potential rewards against its fee and ensure the benefits outweigh the cost. For those with limited spending, a no-fee card with moderate rewards might be more practical.

Consider Sign-Up Bonuses

Many cards offer sign-up bonuses, such as extra cashback for meeting a specific spending threshold within the first few months. This can provide an early boost to rewards, particularly for businesses with predictable spending patterns. Owners should factor these bonuses into their decision-making process.

Review Redemption Options

Redemption flexibility is crucial. Some cards allow cashback to be applied directly to statements, while others offer gift cards, travel credits, or transfers to loyalty programs. Business owners should select a card that provides redemption methods that align with their cash flow needs and preferences.

Look for Additional Perks

Beyond cashback, some cards come with added benefits like travel insurance, purchase protection, extended warranties, or discounts with partner vendors. These extras can provide additional value and utility for a business.

Monitor Spending Limits and Caps

Certain cards impose limits or caps on cashback earnings, especially in high-reward categories. Owners should ensure their card can accommodate their business’s spending volume without hitting these caps too quickly.

Look for Relevant Cardholder Perks

Some credit cards offer valuable extras such as purchase protection, extended warranties, or employee expense management tools. These perks can enhance the card’s utility and provide peace of mind.

By considering these factors, business owners can select a credit card that not only offers strong cashback rewards but also aligns with their company’s unique financial needs and spending habits.

Here are some corporate cards that provide best cashback in Singapore

Some popular corporate cashback cards worth exploring in Singapore are mentioned below.

1. UOB Platinum Business Card

Among the many corporate cashback credit cards, the UOB Platinum Business Card is renowned for supporting corporate entities with appealing cashback benefits, especially on business services with leading companies, such as Apple and Microsoft. 

The silver lining for opting for a UOB Platinum Business Card is its delivery of customer service and the exclusive discounts and rebates on suppliers for the crucial aspects that revolve around every corporate workspace. There is no minimum spending requirement or cashback limit, ultimately nullifying any restrictions that would stumble your way from leveraging the benefits of this credit card. With most of its privileges circled around corporate benefits, it is considered one of the top picks while surfing for corporate cashback credit cards, as it is accepted by several merchants in Singapore.

2. DBS World Business Card

The DBS World Business card is another reputed card provider whose services businesses should consider fully utilising. Specific transactions are eligible for earning DBS Rewards Points. You can exchange your accumulated DBS points for cash rebates, shopping vouchers, or air miles. For Foreign Currency transactions, a 2% cash rebate is awarded, while for local dining, entertainment, and travel expenses, a 1% cash rebate will be received. For all other transactions, card holders receive a 0.3% cash rebate. 

Employee misuse coverage is available for up to US$1.65 million. This coverage applies to each cardholder, with a maximum limit of US$25,000 per individual cardholder and the coverage extends to a total of US$1.65 million for the entire company if it is holding two or more DBS World Business Cards. While you will have the flexibility to monitor and analyse your card expenses at any time, note that there may be additional fees and charges associated with this service.

3.Aspire Corporate Cashback Card

Maximise your savings on everyday business expenses by utilising the Aspire cashback card for your payments. With this card, there is no annual fee; you have to shell out only a minimum transaction fee and can earn a cashback of up to 1% on various categories, including digital marketing, software subscriptions (SaaS), e-commerce, and business logistics.

Benefit from cashback rewards when dealing with the industry's leading names in business technology such as Google, Microsoft, Adobe, Meta, Slack etc. You also get S$200,000+ worth of exclusive perks with Aspire partner merchants—one of the must-have corporate cards for startups.

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How to Maximise Business Credit Card Cashback Rewards

Even if you own the best cash back credit card Singapore, it won't deliver its full value unless you use it efficiently. Here’s a comprehensive guide to help you earn and maximise cashback rewards:

1. Choose the Right Business Credit Card

The first step is to select a card tailored to your business needs. Compare cashback rates, annual fees, spending limits, and bonus categories. Choose a card that aligns with your spending habits and offers the most value for your expenses. For instance:

• A card with higher cashback on office supplies and utilities is ideal for service-oriented businesses.
• Flat-rate cashback cards work best for diverse spending categories.

2. Charge Your Business Expenses

Maximise rewards by using your credit card for all eligible business purchases. If you have multiple cards, use the one offering the highest cashback for specific expenses. For example:

• Use a card with high cashback for travel bookings when arranging business trips.
• Switch to a flat-rate card for miscellaneous purchases outside bonus categories.

3. Track and Redeem Rewards

• Check your rewards balance monthly, typically updated after your billing statement closes. This ensures you stay on top of earnings and plan redemptions effectively.
• Some cards automatically apply cashback to your statement, while others require manual redemption. Explore all redemption options, such as gift cards or transferring cashback to travel or loyalty programs, to maximise flexibility and value.

4. Leverage Introductory and Bonus Offers

• Many cards offer lucrative bonuses for meeting spending thresholds in the first few months. Plan larger purchases to qualify for these rewards.
• Take advantage of higher cashback rates in specific categories, such as dining or office supplies. Adjust spending to align with these bonuses and maximise earnings.

5. Use Online Shopping Portals

Earn additional cashback by shopping through your card issuer’s online portals. These platforms often provide boosted rates at partnered retailers. Before making purchases, compare portal rates and ensure you’re earning the highest rewards possible.

6. Combine and Optimise Rewards

• If your card allows, combine cashback with other rewards programs, such as travel points or hotel loyalty programs, for added value.
• Stay aware of spending caps in high-reward categories to ensure you’re earning optimally without hitting limits.

7. Regularly Review Card Options

As your business grows, your spending patterns may change. Periodically evaluate your card’s benefits to ensure it remains the best fit. Consider upgrading or switching cards if another offers better rewards or more relevant perks.

How to Apply for a Cashback Corporate Card in Singapore

Applying for a cashback corporate card in Singapore is simple. Follow these steps:

1. Research and Compare

Find a card that fits your business needs by comparing cashback rates, annual fees, spending limits, and perks like travel insurance or purchase protection.

2. Check Eligibility

Ensure your business meets the bank’s criteria, such as:

• Minimum annual revenue
• ACRA registration in Singapore
• Good credit history for the business or its directors

3. Prepare Documents

Gather essentials like:

• ACRA certificate
• Financial statements or tax filings
• Directors’ NRIC/passport copies
• Recent bank statements

4. Submit Application

• Complete the form on the issuer’s website and upload documents
• Apply at a bank branch in-person for personalised guidance

5 Costly Mistakes to Avoid When Using a Business Credit Card for Cashback

Using a corporate card for cashback rewards can be a smart way to save money, but missteps can easily diminish its benefits even if you have the best cash rebate credit card or even debit card. Here’s a rundown of common pitfalls and how to steer clear of them:

1. Ignoring the Fine Print

Failing to read the terms and conditions of your credit card is a surefire way to lose out. Cashback benefits often come with restrictions, such as specific spending categories or minimum spend requirements. Familiarise yourself with these details to avoid missing opportunities to earn the maximum cashback.

2. Overspending for Rewards

It’s tempting to spend more just to rack up extra cashback. But remember: rewards are a perk, not the primary purpose of a credit card. Stick to your business budget to avoid unnecessary debt that outweighs the cashback earned.

3. Skipping Full Balance Payments

Carrying a balance on your card means high-interest charges that can cancel out your rewards. Always pay your balance in full each month to ensure you’re actually benefiting from the cashback program.

4. Forgetting to Track and Redeem Rewards

Many business owners lose cashback simply because they don’t monitor or redeem it in time. Some rewards expire if not used within a certain period. Set reminders to regularly check your account and redeem your cashback before it’s too late.

5. Using the Wrong Card for Purchases

Not all business credit cards reward all purchases equally. If your card offers higher cashback on specific categories like office supplies or fuel, make sure to use it for those purchases. Match your spending to the card’s cashback structure to maximise earnings.

Conclusion

Before committing to a cashback credit card program, consider whether you can benefit from it without significantly altering your spending patterns. Consider choosing a card where you're more likely to receive cashback without exceeding your budget. Otherwise, exploring other programs that align better with your company's spending patterns may be worthwhile.

By being aware of the rewards scheme, spending requirements, and any limitations associated with a cashback card, you can make an informed decision and choose a card that offers higher cashback rates and aligns with your business's spending habits.

Aspire corporate cashback cards provide attractive rewards on expenses related to online marketing and software as a service (SaaS) goods and services. By offering cashback on these specific categories, Aspire caters to the most essential business needs, enabling them to earn significant rewards on crucial business purchases.

Frequently Asked Questions About Corporate Cashback Cards

Who Can Apply for a Corporate Cashback Card?

Corporate cashback cards are available to registered businesses in Singapore, including small and large enterprises. Applicants must meet eligibility requirements such as a minimum annual revenue and good credit history for the business or its directors.

What Expenses Are Eligible for Cashback?

Eligible expenses usually include office supplies, travel, dining, telecommunications, and advertising. Some cards offer higher cashback rates for specific categories, so it's important to check the card's terms for maximum cashback opportunities.

How Can Cashback Be Redeemed?

Cashback can typically be redeemed as a statement credit or through the issuer's online portal. Some cards also allow cashback transfers to other rewards programs, like airline miles or hotel points. Ensure you understand any redemption rules or expiration dates.

Are There Additional Costs or Fees?

Corporate cashback cards may come with yearly fees, international transaction fees, and interest charges if the balance is not paid in full. Late payment penalties can also apply, so managing the card properly is essential to avoid these costs.

Are Virtual Cards Available?

Many issuers now offer virtual cards for online transactions. These cards provide added security and can be controlled through the issuer's platform, making them ideal for managing online purchases and subscriptions.