How to Pick Your Corporate Credit Card? Ultimate Guide to Picking a Corporate Credit Card for Your Business

When starting your business, there are lots of expenses to keep the business running, including purchasing costs, rent and salary. It would be such a waste not to pay with credit cards since you can earn credit card rewards, cashback or miles. Reap has prepared an ultimate comparison between the business credit cards in the market so you can pick the best one for your business!

What is a corporate credit card?

Why do business owners need to get a corporate credit card instead of using a personal credit card? In fact, there’re lots of exclusive discounts and offers for corporate cards for business owners. Once the company applies a corporate card from the bank, when employees pay for entertainment or business trips, they can pay with the corporate card and count as the company’s expenses without having to declare with the company again. Apart from that, when using only one credit card for the company’s expenses, you could earn the most out of the credit card rewards and cashbacks. Aside from handling expenses, having a corporate credit card can also enjoy exclusive offers. Some of the corporate credit cards offer airport lounge service, airport limousine service and travel insurance to card owners, bringing convenience to business owners. Corporate credit cards can also ease pressure for businesses since they offer online bookkeeping and finance management platforms, which the accounting department can easily access for payment transaction records. Businesses can also enjoy up to 50-60 days interest-free repayment period, bringing more cash flow for daily operations.

What are the differences between corporate credit card and business credit card?

We often see banks offering corporate credit cards and business credit cards. The most significant difference is the annual income and the scale of the company. Corporate credit cards are usually for SMEs and newly-founded businesses with a smaller size of employees and annual income. For bigger companies and multinational enterprises, business credit cards are more suitable since the bank could offer several cards for executives, so they could charge the bills to the company without handling any declarations.

How to apply for a corporate credit card?

It’s very simple applying for a corporate credit card. All you need is to meet the requirements of the credit cards. While different credit cards have different requirements, the general conditions are mainly related to the company’s annual income, number of employees and years of operations. Applying a corporate credit card also requires the applicants to submit an effective business registration in Hong Kong. Some of the corporate credit cards require the business owners or executives to apply.

Corporate credit cards and business credit cards options

American Express Credit Cards

AE is one of the most popular options for corporate credit cards. Apart from being a symbol of wealth and status, AE corporate credit card can also offer several practical and attractive offers and services, including travel insurance and a 24-hour customer service hotline. With such benefits, lots of business owners would choose AE credit cards. Amex offers both corporate credit cards and business credit cards. The biggest difference between the two would be the annual sales revenue of the company. For SMEs, AE corporate credit card would be a good choice since companies with annual revenue less than HK$1,000,000 are applicable. For AE business credit card, enterprises of a bigger scale would be more suitable since the minimum requirement for the company’s annual revenue is above HK$1,000,000.

American Express Corporate/Business Credit Card

Rewards and Savings:

  • HK$1 = 1 point. Points can be redeemed for flight tickets and hotel stays, shopping, and gifts
  • No expirations for points
  • Enjoy up to 20% off on dining in different cities in the world
  • Exclusive discounts and offers for traveling, entertainments, and shopping
  • Free travel insurance (for accidents, medical coverage, and travel delays). Golden Cards owners can also enjoy luggage insurance coverage

Business-related Offers:

  • Save transaction cost, operations, and accounting time cost by managing daily expenses
  • Can set credit limits
  • Provides liability guarantees, such as comprehensive legal liability and corporate legal liability
  • Data can integrate with various business accounting software (requires AE API integration)
  • Support online work reporting tool “AE @ Work”
  • 51 days repayment period

Customer Service:

  • 24-hour customer service hotline
  • Travel-related customer service: flight ticket confirmation, sightseeing tours arrangements, hotels, and limousine rental and flight reschedule
  • Global emergency support, medical and legal referral service. If you are 200km away from home, you can enjoy up to 90 days of global support service
  • Emergency replacement for new cards and cash in cheques
  • Withdraw company cash flow

Requirements:

  • Corporate annual revenue less than HK$1,000,000
  • Valid Business Registration in Hong Kong
  • At least 5 effective employees
  • At least 2 years of operations for Corporate Card, at least 1 year of operations for Corporate Golden Card

American Express Cathay Pacific Corporate Card / Elite Corporate Card

Rewards and Savings:

  • Every HK$10 charged to Corporate Card with Cathay Pacific will earn 1 Asia Mile
  • Every HK$7 eligible corporate spendings will earn 1 Asia mile
  • One-off joining bonus of 15,000 Asia Miles when there are 3 or more members under the same program
  • Earn one-off 3,000 Asia Miles after making the first 3 purchases
  • Bonus 1,000 Asia Miles for every HK$20,000 or more in one purchase with Cathay Pacific using Corporate Cards
  • For Elite Corporate Cardmembers, earn extra 3,000 Asia Miles when annual accumulated spendings over HK$400,000
  • Enjoy up to 20% off on dining in different cities in the world
  • Exclusive discounts and offers for traveling, entertainments, and shopping
  • Free travel insurance (for accidents, medical coverage, and travel delays).

Business-related Offers:

  • Save transaction cost, operations, and accounting time cost by managing daily expenses
  • No default credit limits
  • Provides liability guarantees, such as comprehensive legal liability and corporate legal liability
  • 51 days repayment period

Customer service:

  • 24-hour customer service hotline
  • Travel-related customer service: flight ticket confirmation, sightseeing tours arrangements, hotels, and limousine rental and flight reschedule
  • Global emergency support, medical and legal referral service. If you are 200km away from home, you can enjoy up to 90 days of global support service
  • Withdraw company cash flow

Requirements:

  • Not specified

HSBC Corporate Card

HSBC Corporate Mastercard / World Mastercard / RMB Business Card

Rewards and Savings:

  • Airport limousine service
  • $2 RewardCash for every HK$250 overseas and online spending
  • Free travel insurance up to 7 days
  • Free airport services at designated Plaza Premium Lounges
  • Enjoy Hotels.com rewards and get 1 reward night by staying 10 nights, and get an extra 4% off for room bookings
  • Consolidated Rewards available for transferring all RewardCash or cash rebates from all Business Mastercards under the same company to one nominated Business Mastercard account

Business-related offers:

  • Get regular reports on account statements and management
  • Can choose to settle credit card payment by individual cardholders or by company
  • Free company liability protection is provided to prevent the company from suffering losses due to improper use of company cards by employees

Customer Service:

  • Corporate Hotline is available for Corporate Card settlement and checking RewardCash balance

Requirements:

  • Must own HSBC Corporate Account
  • Depends on the credit limits. If the credit limit is less than HK$50,000, applicants can only apply for HSBC Corporate Card. If the credit limit is over HK$50,000, HSBC World Master is applicable

Hang Seng Corporate Card

HKD Platinum Commercial Card / UnionPay Renminbi Diamond Commercial Card

Rewards and Savings:

  • Get up to 4% Cash Dollar for dining spending in Hong Kong; up to 2.4% Cash Dollars for overseas spending; up to 1.2% Cash Dollars for online spendings
  • Earn Marchant Dollars from spending at designated merchants
  • Travel insurance coverage up to HK$2,000,000 (Travel accidental coverage, accidental medical coverage, cancellation subsidy, luggage lose and delay, flight delay coverage)
  • Unauthorized spending protection
  • Discount at reserving Jockey Club Course Lounge

Business-related offers:

  • 24-hour personal assistant service, including dining reservations, flight and hotel booking, transport arrangement, commercial facilities rental, gift recommendations, and emergency support

Requirements:

  • Applicants must be owners of Hang Seng Bank Corporate Account

Dah Sing Bank Business Card

Rewards and Savings:

  • Earn HK$1 cashback for every HK$250 spending, and will automatically transfer to individual card holder’s credit card account

Business-related offers:

  • Can set a credit limit for individual cardholders
  • Separate spending details listed for individual cardholders on bank statements

Customer Services:

  • Not specified

Requirements:

  • Applicants must be over 18 years old and Hong Kong Resident
  • The company must have at least 6 months of operations and is registered as a sole proprietorship or partnership in Hong Kong, or Hong Kong registered limited company with 2 years of operations
  • Time deposits can be used as collateral to replace the company’s income or asset certificates when approving credit cards

CMB Wing Lung Corporate Card

Rewards and Savings:

  • Enjoy Priority Pass Airport Premium Lounge for free
  • Earn 1 point for every HK$1 spent; points can be redeemed for cash coupons and gifts
  • 3 times rewards for overseas spending
  • Take part in a special spending reward scheme and earn extra points according to different spending categories
  • Enjoy first 5-year annual fee waiver
  • Free travel insurance and protection (personal accident coverage, medical expenses, flight delay, luggage delay, loss of luggage, emergency evacuation

Business-related offers:

  • Set individual credit card limits for employees
  • 50 days repayment period
  • Annual expense report available

Customer Service:

  • 24-hour emergency support (lost card, stolen card reporting, emergency cash assistance

Requirements:

  • Must be the owner of CMB Wing Lung Corporate Account for at least 2 years
  • Application only available at CMB Wing Lung Bank branches

BEA Corporate Card

Rewards and Savings:

  • Receive 1% cash rebate for eligible transactions
  • 20% off at MCL Cinemas (except MCL Cheung Sha Wan Cinema)
  • Priority ticketing counter at the Festival Grand Cinema box office
  • 20% off at UA Cinemas and priority ticketing counter at the box office
  • Annual fee waiver

Business-related offers:

  • Consolidated corporate account statement available every month
  • Free access and monitor on Mastercard online reporting system and manage corporate expenditures anytime, anywhere

Customer Service:

  • Corporate Hotline is available for Corporate Card settlement and checking RewardCash balance

Requirements:

  • Not specified

ICBC Corporate Mastercard

Rewards and savings:

  • VIP lounge service at airports and high-speed railway stations
  • Lan Kwai Fong exclusive dining offers up to 40% off; including complimentary dishes and drinks
  • Get 5% Taxi Dollar rebates from HKTaxi rides on Mondays to Fridays
  • Enjoy 20% off for Cotai First Ferry tickets at the regular price

Business-related offers:

  • Account statement available for both the cardholders and company
  • Smart Data, a one-stop transaction data management system, available for managing and controlling company expenses with customized analysis reports handling the company’s reimbursement process

Customer Service:

  • Not specific

Requirement:

  • Not specific

Why do business owners need corporate cards?

One of the biggest benefits of having a corporate card would be consolidating all the expenses of a company onto one credit card, so to maximize the rewards and savings while spending. Apart from that, it also helps with managing expenses for the accounting department. On the other hand, there are still lots of expenses that require cash as the payment method, especially for regular payments and large sum payments, including salaries and rents. This will definitely impact the cash flow of the company. To tackle that, Reap is here to help! Paying thru Reap, once you’ve entered the payee’s bank account details, you can settle the payments by credit cards instead of cash. You can utilize up to 58 days repayment period by settling your payments with credit cards. Ease your cash flow pressures with Reap and set your mind at somewhere else!

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