Payments

Everything You Need To Know About UOB Corporate Cards in Singapore

A UOB corporate card is an excellent fit for your business if you wish to have a more convenient payment system. For further queries, reach out to Spenmo.


Suppose some orders are due within the day, but the production team runs out of materials. The first impulse is to ask an employee to run to the nearest store and get the necessary materials. As he pushes his cart to the cashier, he sees many people queuing up. Fortunately, he finds a cashier with only a handful of people. But when he is about to check out, he finds out that the line is for cashless payments only.

Most businesses need a card for payments. As they continue to grow, the volume of transactions increases. Business travels and other expenses become more frequent. Before you know it, there are piles of vouchers and invoices on the table. So, the accounting team may have to burn the midnight oil to track everything. That’s where a corporate card comes to save the day.

What is a UOB Corporate Card?

Corporate cards are credit or debit cards offered to established companies. Banks issue corporate cards geared toward a particular need. These are used mainly by employees for business-related expenses. These often include business travel and hotel accommodations. As such, they won’t have to pay with their personal card or cash.

A UOB card is either a credit or debit card offered by UOB. It provides a variety of credit or debit cards in Singapore. From personal to business or corporate cards, these are helpful in tracking expenses. It has Visa, Mastercard, American Express, and Union Pay credit or debit cards. UOB also offers UOB Travel Account Cards, UOB Purchasing Cards, and the like.

For businesses, UOB provides business or corporate cards. These cards give financial flexibility with commercial privileges programmes. Cardholders have access to preferential rates, exclusive discounts, and cash rebates.

How does a UOB Corporate Card work?

The UOB Corporate Cards are issued to employees for their day-to-day business-related activities. As long as it is related to work, the UOB corporate cards cover plane tickets, hotel stays, and food. These also allow the employees to charge other authorised expenses. Hence, employees do not have to use their funds and file for reimbursements.

Also, the UOB corporate cards bear the name of the company and employees as cardholders. This way, it can ensure security. It also provides security safeguards, such as the 3-D Secure (3Ds) and SMS alert service. But, cardholders must always be careful since fraudsters can still use these.

Many reviews consider the UOB as one of the best card providers in Singapore. Most of which claims that it serves as an effective payment tool for a company. The UOB Corporate Card Benefits include flexibility in managing expenses. It simplifies employee and executive expenses, mainly corporate Travel & Entertainment expenses.

Moreover, UOB corporate cards give access to exclusive discounts from participating establishments. They can also check preferential rates and receive cash rebates. In that way, it can make spending less expensive and more enjoyable. The bank is also lenient with payments, given its extended payment terms.

It also offers complimentary travel insurance protection of $1 million. The insurance also covers travel inconveniences, such as flight delays and baggage losses.

What are the different UOB Corporate Cards?

 

The UOB card is viewed as one of the best personal debit and credit cards. Even in the business world, companies can enjoy the perks of the UOB Corporate Credit Card. Here is the list of the corporate cards it offers.

UOB Platinum Business Card

Among the UOB Cards, the UOB Business Platinum Card is the most expensive one. It charges an annual fee of S$180. Yet, the name itself gives us a hint of the perks that the cardholders may enjoy.

The UOB Platinum Business Card has access to the commercial privileges programme with exclusive offers and discounts from participating establishments such as tech, utilities, and logistics retailers.

People can also appreciate its automatic 0.3% cash rebates for every S$5 transaction. Imagine spending S$50,000 on employees’ travel expenses. A rebate of S$150 will follow. It is also lenient with payment delays, given its 51-day payment extension. This card is a Mastercard Easy Savings

UOB Platinum Business Card

Among the UOB Cards, the UOB Business Platinum Card is the most expensive one. It charges an annual fee of S$180. Yet, the name itself gives us a hint of the perks that the cardholders may enjoy.

The UOB Platinum Business Card has access to the commercial privileges programme with exclusive offers and discounts from participating establishments such as tech, utilities, and logistics retailers.

People can also appreciate its automatic 0.3% cash rebates for every S$5 transaction. Imagine spending S$50,000 on employees’ travel expenses. A rebate of S$150 will follow. It is also lenient with payment delays, given its 51-day payment extension. This card is a Mastercard Easy Savings program partner in giving cash rebates.

Moreover, it has complimentary travel accident insurance coverage of S$1,000,000. It includes travel accidents, flight delays, missed flight extensions, and baggage losses.

Advantages: While it appears expensive, it is one of the most cost-efficient corporate cards. Given its perks, it can help many established companies save more. Moreso, its travel insurance coverage guarantees protection to the company and its employees.

UOB Business Plus Card

Does your business have tons of transactions recently? With the current setup, it’s pretty hard to trace purchases and payments—no need to fret if you can hardly check cash flows. UOB can make things easy for the business.

The UOB Business Plus Card is relatively cheaper since it charges a monthly interest rate of 1.15% only. This card is an excellent choice if you need more cash flow sources for more expensive business expenses. Like the UOB Platinum Business Card, it provides leniency with payments. Given its 60-day payment extension, you can manage your business payments better.

Other perks include travel insurance coverage for accidents, baggage losses, and flight delays. The UOB BPC cardholders also have access to discounts and automatic cash rebates.

Advantages: The UOB Business Plus Card is a perfect choice for convenient cash flow management. It is also inexpensive and provides security to companies with its travel insurance.

UOB Business Debit Card

Even small-scale businesses, such as micro and SMEs, may need corporate cards. Often, small businesses are concerned about credit card payments. If that is so, the UOB Business Debit Card is an excellent fit for your business. It provides perks and solutions you can enjoy.

The card is linked to your business current account. So, all transactions are automatically listed on your transaction history. Also, UOB ATMs are ubiquitous. You can easily find them when you run out of cash. Like the UOB Platinum Business Card, the UOB Business Debit Card gives an instant 0.3% rebate. As such, rebates are credited to the UOB Business Current Account at the end of each month.

Moreover, it has privileges like the previous UOB corporate cards. It gives access to the bank’s rebate and commercial privileges programs. Hence, cardholders can also enjoy discounts. Lastly, the card fee is fixed at S$36 annually, regardless of the total transaction amount.

Advantages: The UOB Business Debit Card fits the needs and preferences of small enterprises. It is helpful and cost-efficient for most startups. Given its features, it can help you monitor your purchases and payment. It can also limit your business spending and enjoy its perks.

UOB Platinum Business Card Fees, Rewards, & Perks
Annual fee: S$180.0, waived for the first year. The UOB Platinum Card does not charge an annual fee in the first year. But for the succeeding years, the annual fee is fixed at S$180.
0.30% cashback on general spend For every S$5 transaction, you will receive an automatic 0.30% cash rebate. Imagine spending S$50,000 on your employees’ travel expenses. You will receive a rebate of S$150.
UOB SMART$ Rebate & UOB Commercial Privileges Programmes The UOB Platinum Business Card has access to exclusive discounts and offers. Some standard participating establishments are utilities, tech, and logistics suppliers. Moreover, it can enjoy exclusive perks in over 1000 restaurants. The Dining Advisor shows those restaurants for the UOB cardholders.
MasterCard Easy Savings Card owners can use the MasterCard Easy Savings in hotels, restaurants, and car rental. The employees can use it for business-related expenses.
Free travel accident insurance, up to S$1 million per cardholder A UOB Platinum Business Card has complimentary travel insurance coverage of $1 million. It covers accidents, flight delays, missed flight extensions, and baggage losses.

Did You Know?

Corporate credit cards help you track your expenses and consequently save on them much better than personal cards can.

 

Get unlimited physical and virtual corporate cards with Spenmo

What are the benefits of UOB Corporate Cards in managing a business?

Monitor and Analyse Official Expenses of All Employees

The UOB card is perfect for more convenient and flexible cash flow management. It allows you to track all the business-related transactions of your employees. The UOB Corporate Cards are excellent choices for more cash flow sources. Meanwhile, the UOB Business Debit Card fits the needs of MSMEs. Hence, all these cards can help you check your transaction history.

Control Card Usage by Employees

The UOB is lenient with payments. It offers a 60-day payment extension. Since UOB ATMs are easy to find, you can track the transactions of your employees wherever you are.

Pay Low-Interest Rate

The UOB card charges lower interest rates than many other corporate cards. For example, the UOB Business Plus Card only charges 1.15% interest monthly. Interest charges are waived if you make a full payment for your transactions.

Stack Up the Savings for Your Business

The UOB is best for many startups due to lower charges. Even if all employees maximise the credit limit, the annual fee is fixed at S$36. Moreover, all cards have access to discounts and rebates in all participating establishments.

Enjoy Free Corporate Liability Waiver Insurance

Companies are protected from card misuse. The bank protects companies according to the card terms and conditions.

Get Access to Some Useful Services

You can use the UOB card at over 1,000 restaurants with exclusive perks and discounts. You may check The Dining Advisor for exclusive deals and discounts on your UOB Card.

Earn Cashback or Rewards

The UOB cards give 0.03% cash rebates on every S$5 purchase. Suppose business transactions amount to $50,000, you will receive a $150 cash rebate. Cardholders can enjoy discounts and exclusive rewards in all participating establishments. Cardholders can access this on the UOB Commercial Privileges and Rebates Programme.

Enjoy Travel Perks and Entertainment

The UOB card has access to travel perks and entertainment. Also, you and your employees are secure with the UOB travel insurance coverage. It includes flight delays, baggage losses, and missed flight extensions.

How can I apply for a UOB Corporate Card?

To apply for a UOB Corporate Card, do the following steps:

  • Fill out the UOB Card Application Form. For the UOB Business Platinum Card, click here. For the UOB Business Plus Card, click here. For the UOB Business Debit Card, click here. Depending on your business structure, you may check this link for more information.
  • To complete the application, you must submit the basic requirements. These documents are already enough for sole proprietorships. Limited Liability Partnerships, Partnerships, and Limited Companies (Pte Ltd) have to submit other documents. For more information, click this link.
  • You may contact the bank officer for more information and set an appointment.

Looking for a Better Way to Manage All Your Business Payments?

If you wish to have a convenient system for your transactions, UOB Cards are a perfect fit for your business. Spenmo is one of Singapore’s top providers of personal and business debit and credit cards. For further information, reach out and seek assistance from Spenmo.

 

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Frequently Asked Questions

What is the minimum balance for a UOB corporate account?

For corporate accounts, the initial deposit is S$1000. The minimum daily balance is S$10,000. If the average daily balance is lower than S$10,000, there is a monthly fee of S$35.

How do you run an effective accounts payable department?

You have to have good people and an efficient automated AP system to run an effective AP department. Delegate tasks according to skills and competency. Never give one person the sole power to check invoices, approve payments, and write checks. There must be a check and balance between functions. 

An empowered workforce must complement the working automated AP system.

What is the three-way match process in accounts payable?

Three-way matching in AP  is the process of matching the supplier's invoice, goods receipt note, and purchase orders. AP professionals do this to keep enough audit trail records, save money, and end fraud. AP professionals do this before the company issues payment after the supplier delivers.

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