Best Corporate Credit Cards in Indonesia

Written by
Ekky Pramana
Last Modified on
March 7, 2024

The rapid digital transformation has led to developments in various payment methods used in financial transactions for both individuals and companies. For example, cash payments were the only payment method in the past, but nowadays cash payment methods are increasingly replaced by various cashless payment methods, such as credit cards, bank transfers, debit cards, e-wallets and QRIS, which have recently become popular among the public in Indonesia. 

According to data published by Statista, in 2012 the number of digital financial transactions in Indonesia was only Rp1,97 trillion, while in 2021 the number of existing digital financial transactions increased dramatically to Rp305 trillion. The change in transaction methods from cash to non-cash is not only experienced by individuals, but also owners of Micro, Small and Medium Enterprises (MSMEs), startups, and large companies — and it's now part of our daily lives. 

It is inevitable that digital transformation also plays a role in the increasing number of virtual financial transactions. For example, there are now more software or application service providers that provide digital payment solutions, one of which is credit cards. 

According to the data from the Central Bank of Indonesia (Bank Indonesia), in 2022 the credit card transactions in Indonesia reached Rp323,6 trillion, an increase of 32% from the previous year, which was Rp245,5 trillion. This is enough proof that the opportunity for credit card payments does exist and credit cards are also becoming one of the increasingly popular transaction methods in Indonesia, both for individuals and for companies for their various business transactions. In this article, we will discuss more about Corporate Credit Cards.

Why are credit cards (especially corporate credit cards) becoming more popular?

There are a few reasons why corporate credit cards are gaining popularity:

Practical and Flexible

These are the two main reasons businesses choose to apply for a corporate credit card. Credit cards allow your team members to make transactions faster, for example when entertaining clients, subscribing to applications or software for office and division needs, or paying for accommodation and transportation during business trips.

Globally accepted

Credit cards, especially those that work with global payment networks such as Visa, Mastercard, JCB, and AMEX, are accepted in various places, both locally and overseas. It makes it easier for both the company and employees when they’re on business trips abroad and there is no need to exchange money with the local currency.  

Companies also do not have to bother with advanced cash for their employees before the business trip.

All financial transactions are documented properly

Another advantage of using a corporate credit card compared to cash transactions is that it provides a detailed report every month for all transactions made. This is certainly helpful for the finance department to do bookkeeping and check every existing transaction to minimize the possibility of potential misuse or fraud. 

Rewards and discount programs

Some corporate credit card issuers also work with various merchants to offer discounts or rebates. Not only that, credit card providers also offer reward programs that can provide certain benefits such as upgrades for hotel rooms or lounge facilities at the airport. 

Given these benefits, it's not surprising that many banks in Indonesia now offer credit cards for corporate purposes, which are often referred to as corporate credit cards, company credit cards, or business credit cards. The advantages that corporate credit cards offer, as mentioned above, also make them increasingly popular among businesses both MSMEs, startups, and corporations.

Should my business apply for a corporate credit card?

Considering the convenience and benefits offered by corporate credit cards, you might be tempted to apply for a corporate credit card to help your business run smoothly. In addition to the benefits offered, it is also important to recognize the drawbacks of corporate credit cards before application. Here are some drawbacks of corporate credit cards to consider. 

A Long and Complicated Application Procedure

Prior to issuing a corporate credit card, the issuing institution will check whether a business is eligible for this corporate credit card benefit. Usually, the process will take a long time and undergo a lengthy procedure. 

Annual fee

Both personal and corporate credit cards are often subject to annual fees, and they are usually quite high. This will increase the company's expenses.

Numerous limitations

Corporate credit cards usually have many limitations, be it a small credit card limit, or the number of cards that can be issued to the company by the institution. This can be a challenge for a bigger company or when employees need to make transactions with a large nominal amount.

Security risk

As with any other digital payment method, there are security risks when transacting with a credit card, or when a credit card is lost.

Lists of corporate credit card providers in Indonesia

With the increasing popularity of credit cards as a payment method in Indonesia, several banks in Indonesia have issued corporate credit cards, company credit cards, or business credit cards to help facilitate and grow your business. Here's an overview of some of the corporate credit cards issued by various banks in Indonesia. 

Mandiri Corporate Card

The corporate credit card product from Bank Mandiri is also called Mandiri Corporate Card. It offers a limit of Rp10 million to Rp40 million for Mandiri Corporate Card Gold and Rp40 million to Rp1 billion for Mandiri Corporate Card Platinum. For the membership fee of the main card, Bank Mandiri charges Rp500 thousand per year for the Platinum Credit Card and Rp350 thousand per year for the Gold Credit Card, but additional cards are exempt from membership fee. 

Here are some other advantages of Mandiri Corporate Card, as highlighted on their official website:

  • Extra time / grace period for 20 to 50 days that gives flexibility for the company to manage cash flow 
  • Ability to monitor the company's credit card transactions by the company's designated PIC through VISA Spend Clarity
  • The ease of applying for an upgrade of the credit card limit and also the limit of each card through the PIC that has been appointed by the company
  • Having a company identity on the credit card obtained
  • Showing the company's name on the card
  • Various special offers and discounts for Mandiri Corporate Card holders, and
  • Bill printing date that can be adjusted to the time determined by the company.

BCA Visa Corporate

The corporate credit card product from BCA, also called BCA Visa Corporate, offers the convenience of credit card transactions with Visa. The limit available for corporate credit cards can be adjusted according to the recommendations and needs of the company, while the annual fee is set at Rp250 thousand. 

Here are some other benefits of BCA Visa Corporate, as mentioned on their official website:

  • An extensive network with 1,200 BCA branches, 17,000 BCA ATM networks, and over 400,000 merchants with 500,000 BCA EDC machines.
  • In partnership with VISA, BCA corporate credit cards can be used in more than 65,000 merchants in Indonesia and millions of merchants worldwide. 
  • Insurance coverage of up to Rp600 million for travel ticket purchases
  • Competitive exchange rates for overseas usage of BCA corporate credit cards
  • Can feature corporate identity/branding on the card.

Bank CIMB Niaga Corporate Card

Corporate credit card products from CIMB Niaga have include: Corporate Credit Card - Travel and Entertainment, Corporate Credit Card - Purchasing Card, and Corporate Credit Card - Virtual Card Number (VCN). For the application of a CIMB Niaga corporate credit card, a fee of 1% of the approved corporate limit or a maximum of IDR 2 million is applied, while the annual fee charged is IDR 500 thousand.

Here are some other benefits of the CIMB Niaga Corporate Credit Card, as mentioned on their official website:

  • A Mastercard credit card network that is accepted at both domestic and overseas locations.
  • Competitive exchange rate for credit card transactions abroad
  • Cardholders can enjoy executive lounge facilities at several airports in Indonesia 
  • Cardholders receive accident and inconvenience insurance when traveling, and
  • Interest-free period of 15 days from the date of credit card billing.

Useful tips on choosing the right corporate credit card

After knowing some of the corporate credit card providers in Indonesia, and about the various advantages and drawbacks, how can we choose the most suitable one for our business? There are several things to consider. 

Identify the company's needs

Before applying for a corporate credit card, make sure you know the amount of credit limit needed and the number of credit cards required. Adjust the limit and amount to your company's spending needs, avoid excessive limits to prevent the possibility of over expenses, but make sure the limit offered isn’t too small for the needs of your company.

Annual fee and other fees

Make sure you read the terms and conditions thoroughly, don't forget to consider the annual fees and other fees that may apply. 

Rewards and discount programs offered

Choose a corporate credit card that offers reward and discount programs that suit the needs of your company. For example, if the company credit card is mostly used for entertaining guests, you can consider a corporate credit card that offers discounts at various restaurant outlets. On the other hand, if the corporate credit card is used for business travel, you can consider a corporate credit card that offers free lounge facilities at the airport or upgrades for hotel rooms. 

Network or Financial Institution that issued the credit card

Make sure your corporate credit card is accepted by various merchants both at domestic and overseas. Credit cards issued by VISA, Master Card, JCB and AMEX are usually accepted worldwide. 

Ease of monitoring every transaction

Should you need more than one corporate credit card, make sure that all transactions made through the corporate credit cards are easily monitored by the finance department to avoid misuse and fraud by outside parties.

Alternative to corporate credit cards in Indonesia

As your all-in-one business financial operating system, Aspire offers various solutions for your businesses' needs, including the Aspire Virtual Debit Card as an alternative to corporate credit cards. The Aspire Card offers all the benefits of a corporate credit card for your business along with some benefits that you can't get from a typical corporate credit card, such as:

  • Easy to apply, 100% online, and no monthly card fees
  • Freedom to manage the number of cards needed and the limit for each card through the Aspire App
  • Secure transactions with real-time notifications for every transaction made through the Aspire Virtual Debit Card. This feature helps your financial manager monitor all transactions and reduce the risk of fraud. 
  • Unlimited cashback of 1% for every financial transaction made through Aspire Card at various merchant partners worldwide. 

Interested to find out how the Aspire Virtual Debit Card can be a solution to grow your business? Learn more about the Aspire Virtual Debit Card and apply now for free!

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About the author
Ekky Pramana
is a seasoned writer specialising in business finance and management. With a writing history at Tech in Asia, Teknoverso, and various other publishers, he leverages his market expertise to empower and educate first-time founders in managing their businesses better.
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