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Even if you’re a small business owner, getting a corporate card should be at the top of your list. Cards like the Citibank Corporate Card can help to keep your business and personal expenses separate.
Keeping business away from personal spending makes keeping track of your expenses way easier. This can really help when it comes to filing annual tax returns and keeping accounts.
Citibank offers several commercial cards, including the Citi Corporate Card and Citi Business Card.
Although both target business owners, they differ in terms of perks and eligibility. This article will break down the differences to help you make the best corporate and business card decisions for your company.
What does the Citibank Corporate Card offer?
Benefits of the Citi Corporate Card:
- Low annual fee
- Travel accident coverage
- Flexible liability
Citibank Corporate Card Fees
The Citi Corporate Card has an annual fee of S$150 (not including GST), which is lower than some of its competitors’.
Earn up to 0.3% cashback on annual spending with the Citi Corporate Card. Every S$1 spent earns you one Citi ThankYou Point. These points can be redeemed for reward vouchers or cash rebates.
ThankYou Points can also be exchanged for flight miles, at a rate of 5 Citi ThankYou Points to 2 Frequent Flyer Miles. On top of this, enjoy free travel accident insurance coverage of up to S$1,000,000 per cardmember.
Choosing the Citi Corporate Card also allows you access in terms of liability flexibility.
Your company can pick from Sole Corporate Liability, Joint & Several Liability, Cardmember Liability and Personal Liability. This allows you to manage card payments more efficiently within the company.
Personal Liability cardmembers can also enjoy contactless payment using the PayWave feature for transactions below S$100.
To set up a Citi Corporate Card, your company’s minimum net worth must be S$50,000+, depending on years of operation.
Take note that the minimum annual income for foreign employees holding the cardmember or personal liability card is S$42,000, versus S$30,000 for Singaporean residents.
Verdict: Should you get the Citi Corporate Card?
The Citi Corporate Card is good for larger businesses looking for a no-frills, globally recognised corporate card. However, smaller businesses might not be a good match for the Citi Corporate Card because of its minimum net worth requirement.
How to apply for the Citi Corporate Card?
Step 1: Visit the Citi Corporate Card website
Step 2: Be sure to read the benefits, terms and conditions and eligibility & fees diligently
Step 3: Click on “contact me”
Step 4: Fill in the necessary details on the contact form, including your contact information and company registration number
Step 5: Click submit! A Citi Commercial Cards Sales Manager will reach out to you within 3 business days
Citibank corporate card: Are there any promotions?
When you’re a Citibank card member, you get to accumulate ThankYou points. Simply head to the ThankYou website to find a wide range of ways for ThankYou members to redeem their points. Some of the ways include using points to book your next flight, cash rewards, purchase gift cards and shop on participating online partners such as Amazon.
Should you activate your Citibank corporate card for overseas usage?
If you’re planning an upcoming work trip, it’s best to activate your corporate card for overseas use well in advance. Should there be a need for added cash, you also have the option to withdraw money from eligible ATMs. All you need to do is activate the card for overseas use via the Citibank Online website, Citi Mobile app or hotline.
Are there any alternative business card options?
If you’re a small business owner, the Citi Business Card might be more suited for you. Separate your business and personal expenditure and earn rewards faster.
As opposed to the Citi Corporate Card, the Citi Business Card has a points rate of S$1 to two Citi ThankYou Points, that means twice the rewards. Similar to the corporate card, you’ll also be eligible for free travel accident insurance.
This card also gives you access to a wide range of suppliers, along with a credit line of S$100,000 and an option to set card limits to monitor spending.
Verdict: Citi Corporate Card vs Citi Business Card
For small business owners, this card might be a better way to track business transactions and expenditure. Do take note that the Citi Business Card has an annual fee of S$150.
Another alternative is... the Aspire Corporate Card.
What is Aspire Corporate Card?
The Aspire Corporate Card is a virtual debit card that focuses on helping tech-savvy small and medium businesses to boost their marketing efforts. Linked to the Aspire Business Account, this card offers up to 1% cashback on online marketing and Saas spend on over 10 different merchants (including Facebook, Google). If you’re constantly running ads on these platforms, Aspire can help you save on your digital growth processes.
What’s more? Deal easily overseas with an ultra-low transparent fee of 0.7%, and no foreign exchange fees.
As an Aspire Corporate Card holder, you’ll also be privy to special deals and discounts. Gain access to over S$50,000 worth of benefits from our partners!
With zero hidden fees, Aspire’s Corporate Card is a great option for smaller businesses.
As a tech-savvy business owner, you’ll know that online marketing is one of the best ways to build brand knowledge. Save on advertising spend with Aspire. Apply today!
