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The Best Cashback Cards in Singapore for Businesses

Written by
Marissa Saini
Last Modified on
December 19, 2023

What is cashback and what are corporate cashback cards?

Cashback is a rewards program that reimburses a fraction of the purchase amount back to the cardholder.

Corporate cashback cards are an array of debit and credit cards specifically designed for businesses and corporations, allowing them to reimburse a percentage of the money they spend on their business purchases. The cashback amount earned is typically credited to the account linked to the card using which the purchase is made.

How do corporate cashback cards work?

Corporate cashback works much like cashback on personal cards but with features and benefits tailored to businesses. Here's an overview of how corporate cashback cards typically work.

1.Application

The streamlined process behind the application of a corporate cashback card varies on the issuer chosen by the business/corporation. The primary requisite that stands common among all the issuers is the submission of documents, such as the company's identity proof and financial information, including revenue, expenses, and other significant documents. The card issuer assesses and approves or denies the application based on their respective evaluation criteria. If the corporation inclines toward a credit card, then its creditworthiness also serves as an element for the issuer to consider before the grant of a corporate cashback credit card. 

2.Credit Limit & Debit Balance

Once the application for a credit card is approved, the credit card issuer assigns a credit limit to the corporate cashback card. This limit determines the maximum amount the business can borrow/spend using the card. It is based on the company's financial health, credit history, and the issuer's analysis of the business's ability to repay the borrowed amount. However, on the other hand, for a debit card application, the extent of fund accessibility depends on the financial balance available in the business account with which the card is associated.  

3.Card issuance

The credit card provider issues physical/virtual cards to the business, which employees can use as needed. The business can request multiple cards for employee use, each with different spending limits, enabling better expense tracking, management, and control.

4.Purchases and payments

Businesses can use corporate cashback cards to make purchases for their operations, such as buying office supplies, paying for services, or covering travel expenses. Every transaction made using the card is recorded by the card issuer and the cashback is granted on qualifying purchases that come under the umbrella of benefits provided by the corporate cashback card.

5.Cashback rewards

Corporate cashback cards offer cashback rewards depending on the card's terms and conditions. The rewards typically comprise a percentage of the total purchase amount and can vary depending on spending categories. For instance, a card might offer 1% cashback on all purchases and higher cashback percentages for specific categories like travel or business equipment.
There can even be rotating cashback categories. Herein, these cards offer a higher percentage of cashback on certain categories of spending. These categories, however, often change at specified intervals.

6.Statement and reporting

The credit card issuer provides monthly statements to the business detailing all the transactions made with the corporate cashback card during the billing period. These statements allow the business to track and reconcile expenses, manage budgets, and spot unauthorized or fraudulent charges. Many issuers also offer digital portals or mobile applications for seeking real-time transaction information and reporting tools.

7.Cashback redemption

The cashback earned on these cards can be redeemed according to the card's rewards program. The redemption options may include the following:

  • Direct deposits to the business's bank account: This is perhaps the most simplified mode of cashback redemption. Through this mode of redemption, your cashback is directly deposited to your business account within a few days and reflected in your balance.
  • Statement credits: In this method of cashback redemption, instead of providing you rewards or money directly, card companies reverse the cashback amount (credit back to your account) from your spend amount. This means you do not have to pay that money (cashback amount) back to the card issuer.

  • Applying cashback on future purchases: Hereby, the cashback amount/points you have gathered can be deducted from your future payment amount. 

The redemption methods often vary depending on the card issuer and the specific rewards program associated with the card.

8.Payment and interest

The business is responsible for making payments on the corporate cashback card's outstanding balance by the due date specified in the monthly statement. Interest charges will typically apply to the remaining balance if the entire balance is not paid. Businesses should manage their cash flow effectively to avoid accumulating high-interest debt.

9.Additional benefits

Corporate cashback cards often come with benefits and perks specially designed for businesses. For instance, travel insurance, purchase protection, extended warranties, and dedicated customer support are usual benefits accompanying corporate cashback cards.

Also, cashback cards often require a minimum spending amount each month to be eligible for cashback rewards. It's essential to review the card's terms and conditions to understand if there are any such requirements.

Why should businesses opt for corporate cashback cards?

Businesses may opt for cashback cards for several reasons. Some key advantages and benefits of using them for business expenses are listed below.

1.Improved cash flow

Cashback earned on business spend can provide an additional source of cash flow for the company. By redeeming the cashback rewards or applying them as statement credits, businesses can effectively lower their overall expenses or allocate the savings made for future purchases. This way, cashback helps improve liquidity and provides flexibility in managing finances.

2.Significant cost savings

These cards allow businesses to earn a percentage of their spend back as cashback rewards. Companies can accumulate cashback over time by using the card for everyday business expenditures, like supplies, software services, travel, or client entertainment. This can result in colossal cost savings, especially for companies with substantial spending volumes regularly.

3.Spend tracking/reporting

Cashback cards are often supplemented with sophisticated expense tracking and reporting tools that simplify spend management and enable businesses to monitor and categorize spending easily. Detailed statements, access through digital platforms, and integration with accounting software can help streamline financial processes, enhance accuracy, and save time and effort when reconciling expenses.

4.Employee spend control

Corporate cashback cards often allow businesses to issue innumerable employee cards with individual spending caps. This feature helps exercise better hold and oversee employee spending. Businesses can monitor transactions in real-time and ensure that expenses comply with company policies, thereby preventing unauthorized or excessive spending and enhancing overall expense management.

5.Business-centric benefits

Cashback cards designed for businesses often offer extra benefits and perks tailored to their needs. These may include discounts on business services, travel-related benefits like airport lounge access or complimentary insurance coverage, and dedicated customer support for corporate cardholders. Such advantages can enhance the overall value proposition of the card and contribute to the company's operational efficiency.

6.Building credit score

Properly managed cashback credit cards can contribute to building the business's credit history and creditworthiness. Consistently making timely payments and utilizing credit responsibly can establish a positive credit profile for the business and, consequently, gain improved access to financing options, better loan terms, and increased credibility with lenders and suppliers.

7.Streamlined reconciliation

The use of cashback cards simplifies the expenditure reconciling process. Detailed statements and transaction records given by the card issuer facilitate easy, accurate, and efficient expense tracking. The documentation can be particularly beneficial during tax season or when preparing financial reports, when businesses need a clear record of expenses to identify deductible items.

However, it's vital for businesses to carefully consider their specific needs, spending patterns, and financial goals before opting for cashback cards. Cost-benefit analysis and comparing different card options may be necessary to ensure the benefits outweigh the associated costs.

Here are some corporate cards that provide best cashback in Singapore

Some popular corporate cashback cards worth exploring in Singapore are mentioned below.

1. UOB Platinum Business Card

Among the many corporate cashback credit cards, the UOB Platinum Business Card is renowned for supporting corporate entities with appealing cashback benefits, especially on business services with leading companies, such as Apple and Microsoft. 

The silver lining for opting for a UOB Platinum Business Card is its delivery of customer service and the exclusive discounts and rebates on suppliers for the crucial aspects that revolve around every corporate workspace. There is no minimum spending requirement or cashback limit, ultimately nullifying any restrictions that would stumble your way from leveraging the benefits of this credit card. With most of its privileges circled around corporate benefits, it is considered one of the top picks while surfing for corporate cashback credit cards, as it is accepted by several merchants in Singapore.

2. DBS World Business Card

The DBS World Business card is another reputed card provider whose services businesses should consider fully utilizing. Specific transactions are eligible for earning DBS Rewards Points. You can exchange your accumulated DBS points for cash rebates, shopping vouchers, or air miles. For Foreign Currency transactions, a 2% cash rebate is awarded, while for local dining, entertainment, and travel expenses, a 1% cash rebate will be received. For all other transactions, card holders receive a 0.3% cash rebate. 

Employee misuse coverage is available for up to US$1.65 million. This coverage applies to each cardholder, with a maximum limit of US$25,000 per individual cardholder and the coverage extends to a total of US$1.65 million for the entire company if it is holding two or more DBS World Business Cards. While you will have the flexibility to monitor and analyze your card expenses at any time, note that there may be additional fees and charges associated with this service.

3.Aspire Corporate Cashback Card

Maximize your savings on everyday business expenses by utilizing the Aspire cashback card for your payments. With this card, there is no annual fee; you have to shell out only a minimum transaction fee and can earn a cashback of up to 1% on various categories, including digital marketing, software subscriptions (SaaS), e-commerce, and business logistics.

Benefit from cashback rewards when dealing with the industry's leading names in business technology such as Google, Microsoft, Adobe, Meta, Slack etc. You also get S$50,000+ worth of exclusive perks with Aspire partner merchants—one of the must-have corporate cards for startups.

Conclusion

Before committing to a cashback credit card program, consider whether you can benefit from it without significantly altering your spending patterns. Consider choosing a card where you're more likely to receive cashback without exceeding your budget. Otherwise, exploring other programs that align better with your company's spending patterns may be worthwhile.

By being aware of the rewards scheme, spending requirements, and any limitations associated with a cashback card, you can make an informed decision and choose a card that offers higher cashback rates and aligns with your business's spending habits.

Aspire corporate cashback cards provide attractive rewards on expenses related to online marketing and software as a service (SaaS) goods and services. By offering cashback on these specific categories, Aspire caters to the most essential business needs, enabling them to earn significant rewards on crucial business purchases.

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About the author
Marissa Saini
is a seasoned writer and an avid trendspotter across business finance, personal finance, travel and lifestyle industries. With writing history at SingSaver, INK, and ohmyhome, Marissa leverages her broad range of experiences to simplify finance and make readers financially savvy.
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