Spend Management
All You Need To Know About Corporate Credit Cards in Singapore
Corporate credit cards offer more than just convenience. They unlock cost-cutting opportunities and a bevvy of perks.
Want to avoid tiresome reimbursement processes? A corporate credit card can help. Visit our site and learn how OCBC corporate credit cards can help.
The expense claim process can be long, repetitive, and tedious. Luckily, employers can issue corporate credit cards to employees for their money during business trips.
This article gives an overview of the Oversea-Chinese Banking Corporation or OCBC corporate credit card and what it offers businesses. Read on and determine if a corporate credit card can help you and your business.
If you’re looking for a corporate credit card for your business, contact Spenmo today!
Overview of OCBC Credit Cards
The OCBC corporate credit card is a bank card used by corporate employees in Singapore. It allows cardholders to earn unlimited cashback with no minimum spend.
The OCBC bank cards come in plastic and digital formats. You can also opt to customise your card with your company’s logo for no additional fees.
You can add your digital card to e-wallets, including Google Pay, Apple Pay, and Samsung Pay. You can access the card through the OCBC business mobile app or OCBC Velocity, the bank’s business financial management platform.
When accessing the OCBC card through the OCBC app, you only need to follow four easy steps:
- Log in to the OCBC Business app.
- Click the arrow to access the SGD account.
- Select the account linked to the relevant debit card.
- Select “Manage Card.” The app will display your card details after this step.
If you want to see your card details using OCBC Velocity, you need to do the following steps:
- Put your login details to the OCBC Velocity.
- Click “Overview.” You can also click “View all accounts.”
- Choose the correct debit card number.
- Select “Manage Card.” The app will display your card details after this step.
Different OCBC Corporate Credit Cards in Singapore
OCBC offers several types of credit cards in Singapore for a wide range of uses. Read on and discover if your ideal OCBC business debit card or credit card is on the list.
All these cards require a minimum income requirement of $30,000 for Singaporeans. Meanwhile, the minimum income requirement for foreigners is $45,000. They also have a foreign currency transaction fee of 3.25%.
OCBC 365 Credit Card
The OCBC 365 Credit Card is ideal for families or individuals who pay for their bills and groceries.
This credit card has a minimum spending balance of $800 every month. You can use it to pay for daily essentials, including dining, groceries, and petrol. You can also use the card to pay for travel expenses.
With an OCBC 365 credit card, you can enjoy a 6% cashback on dining expenses. These include local, overseas, and even online food delivery. You can also get a 5% cashback on fuel expenses and a 3% cashback on groceries and bills.
The card has an annual principal fee of $193 and a supplementary annual fee of $96. The yearly interest rate for the card is 26.88%.
OCBC Plus! Visa Credit Card
OCBC Plus offers 7% rebates at select establishments, including FairPrice Store, Unity, and Warehouse Club. It also provides a 3% rebate at Fairprice Online.
With OCBC Plus, you can waive your first-year annual fee. The bank can also waive the annual fee on your second year if you spend at least $2,500 per year.
The annual principal fee for OCBC Plus! is $107, and the yearly interest rate is 26.76%.
NTUC Plus! Visa Credit Card
If you get the NTUC Plus credit card, you can enjoy up to a 12% discount on FairPrice stores, Unity, and Warehouse Club. You can also get up to an 8% rebate at FairPrice Online.
OCBC Frank Card
An OCBC Frank Card has a minimum spend of $600. You can enjoy a 6% cashback for mobile expenses with an OCBC Frank Card.
When you meet the $600 minimum spend, you will receive a 4% additional cashback on specific online categories.
If you get a credit card, you will have to pay an annual principal fee of $80, and the yearly supplementary fee is $40. If you spend a minimum of $10,000 per annum, the bank can waive two years of annual principal fees.
The OCBC Frank Card has an annual interest rate of 26.88%.
OCBC 90°N Card
The OCBC 90°N Card is ideal for people who are always on the go. You earn a KrisFlyer mile for every dollar you spend.
The card has an annual principal fee of $193 and a supplementary annual fee of $96. The annual interest rate is 26.88 per cent.
OCBC Titanium Rewards Card
The OCBC Titanium Rewards Card can be a good option for young couples or families starting a new stage in their life. You can charge one-time purchases to the card, which can be helpful if you buy a new home or have a baby.
Aside from expensive events, you can also use the OCBC Titanium Rewards Card for online shopping, electronics, appliances, and furniture.
The OCBC Titanium Rewards Card has an annual principal fee of $193. Meanwhile, the annual supplementary fee is $96. It has a yearly interest rate of 26.88%.
OCBC Cashflow
The OCBC Cashflow can be an excellent choice for affordable credit card options. With OCBC Cashflow, you can stretch your payments across three or six months with zero interest.
You can also enjoy a 1% rebate on all your expenses with a credit card.
The annual principal fee for OCBC Cashflow is $161, and the yearly supplementary fee is $80. It has an annual interest rate of 26.88%.
What Is a Corporate Credit Card?
Corporate credit cards are bank cards that employees use to pay for business expenses during business travels. Employees with corporate cards do not have to spend their money while traveling for business purposes.
Employees do not need the approval signatures for every purchase they make while on a business trip with a corporate card. The card can save them time due to fewer tedious and inconvenient tasks to complete.
Employers issue corporate cards to employees according to the employee’s individual needs and roles. Accounting teams manage corporate cards through an online system. The system has options for controlling the card’s purchase types, daily credit limits, and period of use.
For example, an employer may issue corporate cards covering car rental and flight transactions for a business trip, but it may not cover entertainment expenses.
Payments for expenses not covered by the card are declined and instantly reported to the employers.
Organisations can save time and effort on corporate cards on tedious tasks, like reimbursing employees.
With Spenmo, you can empower your employees with digital and plastic corporate cards. You can issue cards to your employees with pre-approved funds to track expenses in real-time.
What Does the OCBC Corporate Credit Card Offer?
The OCBC corporate credit card comes in a plastic format and a digital format for your convenience. You receive both cards when you open your account.
After opening your account, you can immediately access your digital credit card details. You can do this through the OCBC Business Banking app or OCBC Velocity.
You can view your card details or add your card to your e-wallet using the app or the site.
The OCBC corporate credit card also has no rebate cap and minimum spend. You will receive a 0.5% cashback on foreign currency expenses, and a 0.2% cashback on your local currency spend.
You can also enjoy curated global and local business, travel, and lifestyle benefits. You can take advantage of special deals from Mastercard Priceless Specials and OCBC card promotions.
With an OCBC credit card, the bank debits all your transactions directly from your business account. The bank also presents all transactions in a single consolidated statement. You will have no separate card bills to review.
You can pay using NETS or Mastercard. You will have access to more than 1,200 ATMs or any ATMs with the MEPS or Mastercard logo anywhere in the world.
| Benefits of Having a Corporate Credit Card | ||
| Optimizing working capital | Having a corporate credit card provides cash flow flexibility. You can use it as a form of working capital. | |
| Business planning | You can take advantage of interest-free credit terms to improve your cash flow positions, giving you more control over budgeting. | |
| Paying expenses | Businesses can use corporate credit cards in business-to-business transactions. You can use the cards to pay suppliers and employees’ salaries. | |
| Earning rewards | Some corporate credit card providers offer cardmembers rewards for spending a certain amount of money. They provide startups and small and mid-size enterprises (SMEs) with cash back, points, and other discounts. | |
| Saving time | Reimbursing expenses is a repetitive task that can take up time. The delay can cause issues with cash flow for employees. Employers can skip this step with corporate credit cards. | |
Manage Your Business Payments Better Today with Spenmo
Reimbursement can be a complex process if you do not have an effective payment management solution. Choosing the right expense management software solution can also be a challenging feat. If you want to manage your business payments better, contact Spenmo today. Spenmo understands that every company has different spending patterns. With our help, you can address the gaps in your company’s payment management processes.
Frequently Asked Questions
Do you get checked for a corporate credit card?
If you receive a corporate credit card, your issuer may run a credit check to know your personal credit history. It is important to note that late payments on the company's side will not impact your credit score.
But, failing to submit an expense report with your company on time can have repercussions. Some banks can report neglectful employees or companies to credit reporting agencies.
What is the difference between a business credit card and a credit card?
Individuals can use a credit card for personal expenses. Meanwhile, corporate employees can use corporate credit cards for business expenses.
How do you qualify for a corporate card in Singapore?
You have to apply for a business credit card. You also need a business entity to separate your personal credit from your business credit, a unique entity number, and an Income Tax Notice of Assessment.