Statistics compiled by the Indonesian Credit Card Association show that the value of credit card transactions in Indonesia during 2022 is IDR. 226,046,284. Where the category of customer users are divided into two, namely personal credit cards and corporate or business credit cards.
A business credit card for a corporation, not only allows the company to have ease in the availability of capital while exerting pressure on positive cash flow, but it can also offer some interesting things as follows:
1. Opportunity to build a business track record;
2. Building corporate image;
3. Safer in every transaction;
4. The opportunity to save money as many card companies offer special deals on business and office supplies, marketing, SaaS subscriptions; and
5. The opportunity to take advantage of discounts from vendors partnering with the Bank.
Most of the banks offer special purchase promos such as gifts or souvenirs, points, cashback and discounts on travel, insurance or other benefits. One of them is the Indonesian banking giant, BCA.
What is BCA Corporate Credit Card
BCA provides a variety of business products, one of which is a business credit card, with derivative services, namely Smart Cash Accounts, BCA Smart Cash, BCA Visa Corporate, and finally BCA Corporate Business Account. Where, the BCA Corporate Credit Card service is the BCA Visa Corporate.
BCA Visa Corporate is a credit card Service issued by BCA at the request of the company, and used by the company's designated person only for the benefit of the company.
Key features of using BCA corporate credit card
Online Report and Payment
BCA makes it easy to access information about detailed financial statements and payments that will appear in accordance with the card bill, limit information and transactions can be accessed online. Along with a summary of monthly usage reports for the company, payments can be made directly via Klik BCA Bisnis.
Wide Network
BCA Visa Corporate can be used at more than 65,000 merchants in Indonesia, and millions of merchants around the world with the Visa logo. Supported by more than 1,200 BCA branches, 17,000 BCA ATM networks, and more than 400,000 merchants with 500,000 EDC machines. Enjoy competitive conversion rates when using BCA Visa Corporate credit cards abroad.
Corporate Pride
BCA offers to print the company logo exclusively on the BCA VISA Corporate credit card, as a symbol of appreciation for executive employees who are trusted as BCA Visa Corporate credit card holders.
Ease of Transactions
Corporate credit card companies can change their habits to pay for business transactions from cash payments to online transfers, so that payments will be more effective and efficient in practice.
Competitive Exchange Rates
Companies can enjoy competitive conversion rates when using BCA Visa Corporate credit cards abroad
Types of BCA corporate credit cards available and how they compare to each other
BCA Visa Corporate
The minimum payment for BCA Visa Corporate is 5% of the outstanding balance or a minimum of Rp50,000, with a cash withdrawal administration fee of 4% or a minimum of Rp40,000. Details of other fees charged on this type of card include:
Annual Fee: Rp250.000
Replace Lost/Damaged Card: Rp50,000
Interest Rate: Cash Withdrawal 1.75% And Purchase 1.75%
Request For Copy Of Invoice: Rp50,000
Fee Limit: Rp40,000
Payment of BCA credit card bills at ATM BCA, there is no administration fee.
BCA Smartcash card
This type of card is a special credit card for professionals and companies that are used to fund their business entities, with limits ranging from Rp10,000,000 to Rp250,000,000.
Minimum payment of 5% of the total bill or a minimum of Rp50,000 plus Installment and Arrears transactions (if any), with a late fee of 1% or a maximum of Rp100,000.
Annual Fee: Rp250.000Â
Replace Lost/Damaged Card: Rp50,000
Interest Rate: Cash Withdrawal 1.75% And Purchase 1.75%
Request For Copy Of Invoice: Rp10,000
Fee Limit: Rp40,000
Interest on purchase transactions is 1.75% effective/month with a grace period of 15-45 days, and interest on cash withdrawals is 1.75% effective/month without a grace period of 15-45 days. Where BCA Smartcash card cash withdrawal interest calculation is a daily interest calculation, including weekend and other holidays calculated from the transaction date.
BCA Corporate Credit Card application terms and Conditions
Legality documents required in the fulfillment of this credit card application are:
- Company Profile;
- Deed of Establishment and amendments;
- Ratification of the deed of establishment and approval/receipt of notification of amendments to the Articles of Association from the Minister of Law and Human Rights/from other authorized agencies;
- Business License;
- Company Registration Certificate (TDP)/joint Registration Number (NIB);
- Taxpayer Registration Number (TIN) of the company; and
- (KTP) Identity Card for Indonesian citizens/Passport & (KITAS) Temporary Stay Permit for foreign managers and shareholders.
In addition, Financial Documents are required from the applicant company in the form of:
- Company Financial Statements for the last 2 (two) years; And
- Bank statements for the last 3 (three) months.
Cooperation documents that become other supporting documents, namely:
- Autodebet authorization letter (if payment using autodebet facility);
- Letter of recommendation for the limit;
- Power of attorney for appointment of PIC (Person in Charge) + copy of (KTP) Identity Card for Indonesian citizens/Passport & (KITAS)Â Temporary Stay Permit for foreigners; and
- Cardholder application form + copy of (KTP) Identity Card for Indonesian citizens/Passport & (KITAS) Temporary Stay Permit for foreigners.
The card is non-transferable and must be signed by the cardholder whose name is printed on the card and may not be used by anyone else in place of the cardholder.
How to apply for BCA Corporate Card
1. Find the nearest BCA branch location to get these products or services directly;
2. Contact Halo BCA at (021) 500888 and whatsapp + 62 811-1500-998;
3. Fill out the corporate Visa Application Form online, here are the details of the fields that need to be filled in:
- Form of Business Entity;
- Company name;
- Company's address;
- Company Telephone Number (area code – telephone no);
- Does the Company have a BCA Account;
- Company Person In Charge Name;
- Company Person In Charge telephone number; And
- E-mail.
BCA corporate credit card usage strategy to maximize company profits
Business trip
External services for company employees often occur either planned or suddenly, companies can take advantage of official travel promos such as airplane tickets, hotels and other accommodations through this credit card. Both in the form of discounts and cashback from merchants who work with BCA.
Purchase of Operational Equipment
BCA often provides discounts for office operational support needs such as laptops, televisions, vacuum cleaners and so on. Such as Makadata Surabaya vouchers for purchasing office stationery, discounts of 1 million at Erafone and Eraspace, and many more.
Networking
Good relations need to be built between the company and outside parties such as vendors to clients, in order to maintain good and profitable cooperation between both parties. Therefore, every activity of the relationship can be fulfilled by using a BCA corporate credit card, the attractive offers come from the culinary, electronic and lifestyle segments.
Funding
BCA smartcash is issued to debtors who need a cash account that can be used as a source of payment to distributors for every transaction made. This service also provides flexibility for customers to meet all business needs with an injection of business funds.
Protection Against Fraud
By having a BCA corporate credit card, customers will receive anti-fraud protection in maintaining the confidentiality of personal and corporate data. This is evidenced by the issuance of Decree No.114/SK/DIR / 2021 dated June 17, 2021 regarding the adjustment of the Anti-Fraud Strategy Policy.
Benefits of using BCA corporate credit card for corporate financial management
One of the main operational joints of a business is funding activities, which are inclusive access to financing for business actors, this is very much needed to meet the various needs and activities of the company. The implementation is by utilizing access to financing provided by creditors such as the BCA corporate credit card service.
As mentioned above, customers can take advantage of various promos offered by corporate credit cards for various needs such as flight discounts, discounts on purchases of domestic Office needs, to culinary promos to entertain company guests.
Through financing facilities and various programs offered, it is expected not only to support the development and financial management of the company, but also to strengthen the economic transformation of business activists in the country.
Corporate card alternatives from Aspire
Aspire issues corporate cards that are no less superior, this all-in-one platform not only works in purchases and funding, Aspire Corporate Cards are integrated with a system that allows you to monitor company spending in real time and transparently.
The main attractive services offered in this program are unlimited cashback, no monthly fees and 100% online application, layered protection from various types of fraud, and ease of submission so that your application can be approved in minutes through the Aspire app.
Main Features of Aspire Vs BCA Corporate Card
Extensive network
Aspire Corporate Cards are supported by the MasterCard network and are widely accepted by more than 48 million merchants worldwide, so you don't have to worry about using them in various countries.
Quick & easy application
In addition, Aspire has the advantage of being able to cut card registration time without having to visit a bank branch. The application also does not require a security deposit from your company, and the card obtained is not physical, but virtual.
Cashback
The advantage of Aspire compared to others is that it offers up to 1% cashback for company business purchases, enjoy this cashback at some of the most popular merchants throughout Indonesia and also the world.Â
Budgeting
Aspire allows you to be able to track corporate card spending in real time. To know when and where each spending occurs, so you can control excess spending by setting a budget. Get notified when your budget is running low.
Multi Forex Transaction
With the strong network of Aspire cards, you can make international transfers with transparent exchange rates up front and no fees, low exchange rates, free local transfers, fast and real time.
Smart Invoice
Aspire comes with Smart Invoice which has a setting as an automatic reminder so you get notifications when you receive a payment.
In conclusion, both types of Cards have their advantages. But Aspire Corporate Cards understands your needs. Starting from the MasterCard network, ease of registration, attractive cashback, multi currency, and Budget Management for companies. Aspire Corporate Cards provide convenience and protection for your corporate transactions.
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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