How to Get a Corporate Credit Card for Your Business in 2021

December 5, 2020

Managing business expenses can be hassle, especially when you don’t have a corporate credit card. Getting a corporate credit card in Singapore means you’ll be able to control your business finances, and have access to a world of privileges.

This is especially important for growing SMEs and startups. Having a corporate credit card can help to increase cash flow, streamline expense management, and help with vendor partnerships.

It might be overwhelming when deciding to get a corporate credit card. But we’re here to guide you through the process of getting a corporate credit card in Singapore.

4 Steps to take when getting a corporate credit card:

1. Define your business

First up, you should define what your business is. For example, you could be a freelance writer or consultant. In that case, you could be classified as a sole proprietor. This means that there are no partners in your business, and that you have unlimited liability.

Alternatively, you might also be registered as a Limited Liability Company (LLC) or Limited Liability Partnership (LLP), where you function as separate legal entities from shareholders and directors. This is important to note for the next step, choosing a corporate credit card.

2. Choose a corporate credit card

Depending on which category you fall into, your business needs and capabilities might be vastly different. Let’s say you’re a freelance consultant whose clients are mostly Singaporean.

In this case, you’ll be likely looking for a corporate credit card that offers you more partner benefits and rewards that are local to Singapore, versus perks overseas.

As the fees for corporate credit cards differ on their benefits, applying for a card with superb benefits that you might not need can actually turn out to be a bad financial move.

3. Check your credit score

A credit score in Singapore is a four-digit score based on your payment history. This score indicates the risk of you defaulting on your loan payments. The scoreboard ranges from 1,000-2,000. According to Credit Bureau Singapore, a score from 1,000 to 1,723 is considered a bad credit score.

If you have a bad credit score, the chances of you getting approval for a business bank account or corporate credit card might be lower. However, some corporate credit card providers do not require a credit check. Do note that these providers will still require business documents from your company to prove its legitimacy.

Head over here to find out how to beef up your credit score before opening a business bank account.

4. Prepare necessary documents

Oftentimes, banks will require you to provide documents proving your company’s legitimacy. This usually includes incorporation documents and financial statements.

Some banks require your company or partners to have a certain amount of annual income before you are eligible to apply for a corporate credit card. As eligibility requirements and documents required differ from bank to bank, we recommend checking in with your chosen provider for more information.

Looking for a way to skip all the paperwork?

That’s where Aspire comes in. Getting a corporate credit card is easy with Aspire. Linked to your Aspire Business Account, the Aspire Visa Card is a virtual business debit card with no application or annual fees.

Skip the hassle of paperwork, with Aspire’s fuss-free application process. Accounts with all required documentation can get their corporate credit card application approved within one working hour.

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