Singapore is one of the most business-friendly countries in the world, offering a wide range of opportunities for entrepreneurs and corporations alike. One critical aspect of running a successful business is managing expenses effectively, which often requires using credit cards to pay for everyday purchases such as office supplies or travel expenses.
Business credit cards offer several benefits that can help companies save money and streamline operations, including higher spending limits, cashback rewards, and travel perks.
This article aims to provide an objective overview of the top five business credit cards available in Singapore for 2023. We will analyze each card’s features and benefits based on objective criteria to help you make informed decisions that suit your company’s financial needs and goals.
Whether you’re looking for cashback rewards or prefer earning air miles for your next company trip, this guide will give you all the information you need to choose the best business credit card in Singapore.
Factors to Consider When Choosing a Business Credit Card
The selection of a suitable credit card for business purposes should be based on careful consideration of various factors, including but not limited to reward programs, interest rates, annual fees, and relevant benefits.
It is important to choose a card that offers benefits that are most useful for the specific needs of the business. Eligibility requirements are also crucial as some cards may only be available to businesses with a minimum revenue or number of employees.
Additionally, it is essential to compare interest rates and annual fees among different cards to find one that provides the best value for money.
Overall, thorough research and assessment of these factors can ensure that a business credit card is chosen wisely and effectively supports the financial needs and goals of the company.
American Express Platinum Business Card
The American Express Platinum Business Card is a premium financial tool that offers comprehensive benefits to entrepreneurs and professionals seeking exclusive rewards, services, and support for their business needs.
This card features various benefits including airport lounge access, hotel upgrades, travel insurance, concierge services, and reward points that can be redeemed for flights or hotel stays.
However, the eligibility criteria for this card are strict as applicants must have a minimum annual income of S$200,000 and should have an established credit history with no adverse records.
Overall, the American Express Platinum Business Card is ideal for high-income earners who value luxury perks and superior customer service from their credit cards.
Citibank Business Signature Card
Citibank’s Business Signature Card is a financial instrument that offers its users numerous benefits, including travel insurance coverage, cashback rewards on business expenses, and access to Citibank’s global network of ATMs.
The card provides an attractive rewards system with up to 10% cashback on selected business categories such as advertising and marketing expenses, office supplies, and electronics purchases.
Additionally, the credit limit can be easily adjusted to meet the changing needs of businesses. This feature offers a high level of flexibility for entrepreneurs who need access to more funds as their businesses grow.
With these features, Citibank’s Business Signature Card is an excellent tool for managing business finances efficiently while enjoying various perks and benefits along the way.
HSBC Visa Platinum Business Card
HSBC’s Visa Platinum Business Card offers a range of benefits for businesses, including cashback rewards on eligible spending and access to exclusive discounts on travel, dining, and entertainment.
The card is available to businesses that have been operating for at least two years and have an annual turnover of at least SGD 500,000.
In addition to cashback rewards and exclusive discounts, the HSBC Visa Platinum Business Card also provides complimentary travel insurance coverage for up to SGD 1 million.
Furthermore, the card comes with a suite of business tools such as expense management software to help streamline financial processes.
With competitive interest rates and fees, the HSBC Visa Platinum Business Card is a great option for businesses looking to maximize their spending power while enjoying added perks.
Maybank Business Platinum Mastercard
Maybank offers a Business Platinum Mastercard that provides various benefits for businesses, including cashback rewards and travel insurance coverage, making it a competitive option for business owners in Singapore.
This credit card has an excellent rewards program that allows users to earn points for every dollar spent on eligible purchases, which can be redeemed for cash rebates or air miles.
Additionally, the Maybank Business Platinum Mastercard offers generous travel insurance coverage of up to SGD1 million for cardholders and their employees when they travel overseas on business trips.
To be eligible for this credit card, businesses must have an annual turnover of at least SGD300,000 and a minimum of two years’ operating history.
Overall, the Maybank Business Platinum Mastercard is an attractive option with its numerous perks and eligibility criteria catered towards established businesses in Singapore.
UOB Business Platinum Card
Moving on to another top business credit card in Singapore for 2023, the UOB Business Platinum Card is a popular choice among businesses.
This card has several best features that make it stand out, including attractive cashback rewards of up to 1.5% on all spend categories, unlimited access to airport lounges worldwide, and complimentary travel insurance coverage of up to $1 million.
To be eligible for this card, businesses should have an annual turnover of at least $500,000 and be registered in Singapore with a minimum of two years’ operation. Additionally, the principal cardholder must be at least 21 years old and earn a minimum income of $30,000 per annum.
Overall, the UOB Business Platinum Card offers great value for businesses looking for benefits such as cashback rewards and travel perks while maintaining low eligibility requirements.
DBS Visa Business Card
The DBS Visa Business Card is a viable option for businesses seeking a credit card that offers cash rebates and flexible payment options.
This card provides benefits such as up to 3% cash rebate on contactless payments and online transactions, with no minimum spend required.
The eligibility criteria are straightforward, requiring applicants to be registered in Singapore with a minimum annual turnover of SGD 500,000.
Additionally, the DBS Visa Business Card offers flexible payment options such as full payment or partial payment with interest charged on the outstanding balance.
Overall, this business credit card is suitable for businesses looking for cash rebates and flexibility in their payment options while maintaining control over their finances.
Comparison of Benefits and Rewards
Analyzing the benefits and rewards of various credit cards can help businesses make informed decisions that optimize their financial management strategies.
When it comes to DBS Visa Business Card, it offers a wide range of benefits and rewards to its cardholders. For instance, cardholders can earn 1 DBS point for every S$5 spent on eligible transactions, which can be redeemed for a variety of options such as air miles, travel vouchers or cash rebates.
Additionally, with this card, businesses can enjoy up to 50% off at partner merchants such as Shangri-La Hotels & Resorts and BreadTalk. Furthermore, the card also provides complimentary travel insurance coverage when you purchase your flight tickets using this card.
All in all, by maximizing rewards and redeeming points effectively with DBS Visa Business Card, businesses can enjoy significant savings while managing their expenses efficiently.
Conclusion
When it comes to selecting a business credit card in Singapore, there are various factors that come into play. These include the rewards and benefits offered by the card, annual fees, interest rates, and ease of use.
Based on these factors, we have shortlisted the top five business credit cards in Singapore for 2023.
The American Express Platinum Business Card tops our list due to its exceptional rewards program and premium benefits.
The Citibank Business Signature Card offers an attractive cashback scheme along with other useful features such as travel insurance and access to airport lounges.
Similarly, the HSBC Visa Platinum Business Card provides comprehensive coverage for travel-related expenses and unlimited cash rebates on eligible transactions.
The Maybank Business Platinum Mastercard is another excellent option for businesses looking for a reliable credit card that offers great value through various rewards programs.
Lastly, the UOB Business Platinum Card stands out due to its low-interest rates and flexible payment options.
By comparing these top five business credit cards in Singapore based on their benefits and rewards programs, businesses can choose the one that best suits their requirements.