Many small business owners fail to see the need of having a separate business account to manage their finances. Most of them start by using their personal accounts and realize later on that it isn’t the most efficient way to manage cash flow.
From writing checks, paying suppliers to enjoying rewards, having a separate credit card can do wonders for your business.
If you’re looking to finally make the switch, here’s a quick overview of some of the best credit cards for businesses in Singapore:
Priding themselves as the credit card that lets you do business on your own terms, the DBS Visa Platinum Business Card grants cardholders a plethora of benefits each time they spend. With one of the most competitive cashback rates in the market at 0.4%, this credit card is great for small business owners who want to maximise their dollar through rewards on recurring bill payments.
On top of that, new users who spend a minimum of S$3,500 monthly within the first three months of card issuance will receive 3%* cashback on their spending. Other perks that cardholders are entitled to include complimentary travel accident insurance of up to S$1 million per cardholder and annual coverage of employee misuse of up to US$ 25,000 per cardholder.
Annual fee: S$192.60 (Inclusive of GST)
*Valid from 1 October 2020 to 30 June 2021. Capped at S$105 per card per month.
When it comes to flexibility and rewards, the UOB Visa Platinum Business Card leads the charge. With extended payment terms of up to 51 days and its comprehensive expense management feature, customers can enjoy greater financial flexibility while improving their cash flow.
Various discounts and rewards are also granted to cardholders ranging from complimentary travel insurance to cash rebates. What’s more, UOB customers are automatically entitled to rewards under the UOB Commercial Privileges Programme, where you can get exclusive privileges and offers from trusted suppliers that you cannot get anywhere else.
Annual fees: $180
Looking for a credit card with interest-free instalment plans? Look no further than the Standard Chartered Business Platinum Card. As you expand and scale your startup, you may need to make upgrades or pay for bigger purchases to facilitate business growth. With access to a 0% interest instalment plan, founders no longer have to dish out a large sum of money upfront.
To top it all off, annual credit card fees are waived for the first three years, allowing you to generate even more savings compared to other banks. For those who consider themselves ‘big spenders’, this card allows you to earn as you spend. With each $1 charged to your card, it’ll be translated to 1 point, which is equivalent to 0.3% cashback on all qualified spend. Matched with the card’s instalment programme, this makes the Business Platinum Card one of the most affordable credit cards in the local market.
Annual fees: $160.50 including GST (waived for the first 3 years)
If you travel often or have heavy expenditures during business trips, the Citi Corporate Card might be the solution you’re looking for. Made with the go-getter in mind, this business credit card rewards users up to 0.3% cashback for all corporate expenses made on the card.
Another coveted feature of this card is its single payment method. With this payment solution, say goodbye to hefty paperwork and manual data processing for good. This enhanced expense management feature allows you to track and reconcile expenditures easily, with just a click of a button. Other exclusive benefits offered by this credit card include complimentary travel and corporate liability waiver insurance.
Annual fees: S$150 (excluding GST)
A corporate card that provides a two-year annual fee waiver for cardholders? You read that right. Not only that, but Maybank Business Platinum Card users will also get access to low-interest rates of 20% p.a. and flexible credit limits based on your company’s profitability.
If you have little to no experience in accounting as a small business owner, fret not. Consolidated statements are provided each month to help entrepreneurs monitor their spending and reconcile expenses for more coherent tax reporting. Complimentary travel insurance, customisable spending limits for multiple cards, and cash rebates are also among some of its other perks.
Annual fees: $180 (waived for the first 2 years)
Just as its name suggests, the Aspire Virtual Card operates entirely online with no physical cards like its counterparts. Despite being a relatively newer contender, Aspire has grown to become the leading payment services provider for modern businesses in the region.
One of the main reasons the Aspire Virtual Card remains a hot pick for small businesses is its low and transparent fees. While its line of products is far more niche than traditional banks, they have a long list of product features that will help founders across all sectors grow their business with ease. Expense management, accounting integrations, 1% cashback on qualified digital spend—you name it. The best part? It’s 100% free.
Annual fees: $0
Now that you have a round-up of the best business credit cards in the country, it’s time to make an informed decision. When choosing the ideal credit card for your startup, always look beyond the perks and assess whether the card meets your business needs. Always ensure that your financial goals are aligned with your preferred business finance partner.
Whether you’re looking for virtual cards for remote teams, accounting integrations, or cashback on marketing spend, Aspire has all that you need. Save time and money when you sign up with us today!
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