Corporate Payment Card: What Is It, The Benefits, How to Apply, and The Alternative

Written by
Ekky Pramana
Last Modified on
March 7, 2024

What is a corporate payment card?

A corporate payment card is a credit or debit card specifically issued to companies or businesses. Unlike personal payment cards owned by individual consumers, corporate payment cards are designed to facilitate the financial needs of a company, including purchasing goods and services, operational expenses, and bill payments. These cards are typically given to employees or managers who require quick and controlled access to company funds. These cards also enable the company to monitor and manage transactions more efficiently.

Although credit cards are a convenient solution for businesses, credit card penetration in Indonesia is still low. Recent data shows that only around 5% of the total population has access to credit cards, making it one of the lowest adoption rates in Southeast Asia.

In this article, we will explain the benefits of corporate payment cards for businesses in Indonesia, the differences between personal and corporate payment cards, as well as the process and requirements to obtain a credit card for business. We will also provide insights into Aspire as an alternative to conventional corporate credit cards, equipped with extra features to help businesses streamline their financial activities.

Benefits of a corporate payment card

Ease of managing company funds

One of the main benefits of corporate payment cards is the ease in managing a company's finances. With corporate payment cards, companies can reduce administrative complexity in processing transactions and payments. Company managers can easily purchase goods or services without going through complicated and time-consuming processes.

Enhanced transaction control and supervision

Corporate payment cards also enable companies to monitor employee spending, creating transparency and reducing the risk of fraud. Payments using corporate cards also facilitate auditing, allowing companies to focus on core business activities and growth strategies while maintaining better control over their finances.

Perks and incentives

Corporate payment cards often offer reward and incentive programs. With each transaction, companies can earn reward points or cashback. 

These incentive programs not only provide financial benefits, but also increase employee motivation to actively use corporate payment cards for company transactions. For example, Aspire, one of the providers of virtual corporate debit cards, offers an unlimited cashback for transactions at various popular merchants worldwide such as AWS, Google Workspace, Slack, Adobe, Figma, Gojek, Grab, and others.

What’s the difference between a corporate payment card vs a personal payment card?

There are several fundamental differences between personal payment cards and corporate payment cards, ranging from the use cases, to the application process, the cardholders’ responsibilities, and different credit and transaction limits.

Use cases

Personal payment cards are typically used by individuals for personal spending such as daily shopping, bill payments, or personal transactions. On the other hand, corporate payment cards are exclusively used by companies to facilitate business transactions, including purchasing raw materials, operational expenses, and other business requirements. The purpose of using corporate payment cards is primarily to streamline company transactions and provide better control over business expenses, while personal payment cards focus on individual needs.

Application process

To obtain a personal payment card, individuals usually apply directly via banks or financial institutions that provide credit or debit cards. Common requirements include proof of identity, income verification, credit history, and other personal information. Once the application is approved, individuals will receive a personalized card with their name printed on it.

A corporate payment card involves a more complex application process. The company needs to apply via the bank or card provider, delegate cards to eligible employees or managers, and set credit limits and card usage. The application requirements for corporate payment cards involve company documents, such as business licenses, financial reports, proof of business and other company. Additionally, the company needs to provide a list of employees or managers who are authorized to use the corporate card.

Once the application is approved, the corporate payment card will be issued in the name of the company and can be used by employees or managers according to the credit limit set by the company.

Cardholder responsibilities

In personal payment cards, the cardholder is fully responsible for every transaction and the timely payment of the card's bills.  With corporate payment cards, the responsibility is centralized within a company. Corporate cardholders are usually employees or managers issued cards for business purposes. The company is responsible for monitoring the usage of corporate payment cards and paying related bills.

Credit and transaction limits

In personal payment cards, the credit limit is determined based on the cardholder's personal finances. The amount varies depending on their credit history and income. In contrast, corporate payment cards typically have higher credit limits as they are determined by the financial needs of the company rather than a specific individual. Additionally, the transaction limits on corporate payment cards are usually higher than personal cards, considering they are used for business purposes that may involve significant purchases. Corporate payment cards provide greater flexibility in meeting a company’s financial needs on a larger scale compared to personal cards.

Is it safe to use corporate payment cards?

Corporate payment cards are generally designed with high levels of security to protect companies from potential financial risks and card misuse. However, like any other payment cards, the level of security also depends on the policies and security systems implemented by the card provider and the company itself.

Some steps that companies typically take to enhance the security of corporate payment cards include:

  • Transaction Limitation and Control: Companies can set daily or weekly transaction limits to restrict the amount of funds that can be used with the corporate payment card. Additionally, they can activate additional controls, such as blocking transactions at specific locations or types of businesses.
  • Two-Factor Authentication: Some corporate payment cards require two-factor authentication, such as One-Time Password (OTP) or fingerprint verification, to enhance security during transactions.
  • Reporting and Monitoring: Companies can monitor and review transaction activities regularly to detect potential misuse or suspicious activities.
  • Additional Security Features: Some corporate payment cards come with additional security features, such as fund protection in various top-tier partner banks, to add an extra layer of security for businesses that hold substantial amounts of funds.

By implementing these security measures, companies can safeguard their financial assets and mitigate the risks associated with corporate payment card usage.

As a financial solution that also offers corporate card services, Aspire provides various security features to help businesses avoid the risks of fraud or misuse. These features include real-time transaction control, spend limits for corporate cards issued to employees, and others.

Despite these security measures, there are still potential risks and security threats to corporate payment cards. It is important for companies to remain vigilant, protect card dataand provide training to employees regarding the usage of corporate payment cards.

The difference between corporate credit cards vs corporate debit cards

The difference between a corporate credit card and a corporate debit card lies in the source of funds, payment mechanism, features, security protection, and monetary impact to the company finances.

Source of funds

Credit cards provide access to a line of credit from the card issuer (banks or financial institutions). With a credit card, a company can make purchases and payments without directly using funds from the company's account. Purchases with a credit card are considered debt that must be settled by the card's billing due date. If not, they come with hefty interest rates.

Debit cards are directly linked to the company's bank account. Each transaction using a debit card deducts the amount directly from the company's account without creating debt. Debit cards only allow the use of funds available in the company's account.

Payment mechanism

With a credit card, a company can make purchases and pay bills within a certain period after the transaction, usually within a month. Credit card bills can be paid in full or in part.

With a debit card, payments are instant because the funds are directly withdrawn from the company's account at the time of the transaction. There are no bills to be paid at a certain time because there is no debt.


Corporate debit cards usually have simpler and more limited features compared to credit cards. While debit cards can be used for purchases at physical and online stores and for cash withdrawals at ATMs, they usually do not include reward programs or incentives commonly found on credit cards.

Corporate credit cards often come with various attractive features, such as reward programs that offer points, cashback, or discounts for specific transactions. Additionally, credit cards can provide access to insurance programs and additional protections, such as travel insurance, purchase protection, or protection against loss or theft of goods.

Security protection

Security protection on corporate debit cards is generally more limited. If a debit card is lost or stolen, the company may face the risk of losing funds in the bank account. Some banks provide additional security protection features for debit cards, but the level of protection may not be as strong compared to credit cards.

Corporate credit cards usually have better security protection, such as features to protect against fraud and limited liability for unauthorized transactions. If a credit card is lost or stolen, the company can typically file a claim for unrecognized transactions, significantly reducing the risk of losing funds.

Impact on company finances

Credit cards provide flexibility in cash management for companies because the business can defer payments until the due date. However, if not managed wisely, the use of credit cards can lead to debt with high interest fees.

The use of debit cards helps ensure that the company only spends funds that are actually available. That way, debit cards help prevent debt and limit company expenses according to the account balance.

How to apply for a business payment card

Getting a payment card for business is different from applying for personal bank accounts and payment cards. For personal payment card applications, customers usually only need to provide proof of identity, income verification, credit history, and other personal information. Here are some steps typically involved in obtaining a corporate payment card:

  1. Research and choose the right provider: Start by researching different financial institutions or payment card providers that offer corporate payment cards. Look for providers that offer features and benefits that align with your company's needs.
  2. Prepare required documents: When applying, there are various documents and requirements to complete the registration process. Some of these may include providing your business registration number, financial statements, proof of business, tax identification number (NPWP), and other important documents.
  3. Complete the registration form: The application process usually requires you to fill out a registration form that includes information about your company, such as the legal business name, owner or director's name, number of employees, annual revenue, and other details.
  4. Assessment process: The service provider will conduct an assessment to determine eligibility, the credit limit, and terms that can be granted to the business, if the business opts for a credit payment card.
  5. Approval and card issuance: Once the application is approved, the service provider will issue the payment card for the authorized cardholder.
  6. Activation and usage: After the cardholder receives and activates the payment card, it can be used for business transactions according to the specified purposes and credit limits that have been set.

The Aspire debit card: An alternative to corporate cards

The Aspire corporate debit card stands out as a strong alternative to conventional corporate cards, offering a range of modern features that streamline your business operations. As a virtual debit card, the Aspire card provides extra security when transacting online, reducing the risk of fraud, and safeguarding your company's data from potential breaches. Moreover, real-time transaction monitoring empowers your company to proactively detect and address suspicious activities or card misuse.

The Aspire corporate debit card offers flexibility by allowing companies to set different limits for each issued card. This ensures more precise customization according to the needs and responsibilities of individual employees or managers within the company.

Issued in collaboration with MasterCard, the Aspire corporate debit card provides convenient access to tens of thousands of merchants worldwide. This guarantees that the card can be used extensively for business transactions and other purposes, both domestically and internationally.

The Aspire corporate debit card also offers unlimited cashback benefits for various transactions, including bill payments, SaaS software subscriptions, digital advertising payments, travel bookings, and more. These perks can help your company save on transactions made with the Aspire corporate debit card.

Lastly, the entire application and registration process with Aspire is 100% online and takes only minutes to complete.

With these benefits, the Aspire corporate debit card is an attractive choice for companies seeking a secure, efficient, and advantageous alternative for payment cards.

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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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