DBS Corporate Credit Cards: Which One is the Best Choice for Businesses in Singapore?

DBS is one of the most popular banks in Singapore, with a significant regional presence, as well as many different products and services for both businesses and individuals. If you’re looking for ways to make managing your business expenses easier, DBS can help with a broad range of corporate credit cards designed for different niches.

In this article we will review the various card options DBS offers for businesses. We will also give you the lowdown on which business card might be the best one for your needs.

We'll cover:

DBS corporate credit cards: Head to head

Here’s an overview of the cards we’ll review - there’s more detail coming up later on each.

*Details correct at time of research - 18th December 2024

If you’d like to take a look at debit card options for your company,

➡️ Check out our Review of the Best Business Debit Cards in Singapore

How does a corporate card work?

If you already have a DBS Business Account you may be thinking about adding in a DBS corporate credit card for yourself or for team use. A corporate card is different to a personal credit card because it’s intended for business use. Many corporate cards are issued by employers, to give team members ways to manage business spending in a controlled way. Business purchases can be made on the card, with simple ways to manage the expense process after purchase. This can cut down on business admin and save time.

DBS Corporate Charge Card

The DBS Corporate Charge Card is used to help your business manage employee spending, including the accounting and reconciliation process. You can issue cards to team members with pre-set limits to allow you to stay in control of your cash flow, while giving employees the tools they need to make purchases for your business. This card also offers travel benefits if you use it to pay for a trip.

The balance of this card must be paid in full by the due date shown in the invoice, or finance charges will apply.

Key features:

• Travel accident insurance of up to 1 million SGD per cardholder when you pay for travel with your card
• Issue two or more DBS Corporate Charge Cards to get complimentary employee misuse cover
• Set and manage card limits conveniently
• Card reporting and expense management tool that can be customised to work seamlessly with your Enterprise Resource Planning system
• No annual fee

DBS Virtual Card

The DBS Virtual Card is intended to allow your business to centrally book things like employee travel, without having to issue individual company cards to each employee if you don’t want to. Instead, the card can be issued in the business name and used when paying for corporate travel and other business spending. You’ll be able to set the types of spending allowed - restricting use to flights or hotel bookings for example - for greater control.

The balance of this card must be paid in full by the due date shown in the invoice, or finance charges will apply.

Key features:

• Issue cards in the company name rather than in individual names, and set limits on the type and value of spending allowed
• Travel accident insurance of up to 1 million SGD per cardholder when you pay for travel with your card
• Options for some complimentary employee misuse cover
• Card reporting and expense management tool that can be customised to work seamlessly with your Enterprise Resource Planning system
• No annual fee

➡️ Check out our Review of the Best Virtual Cards in Singapore

DBS Purchasing Card

The DBS Purchasing Card can be issued with limits for overall card spending, and also by merchant category. This allows you to keep control of how the cards are used.

Online applications are not available: You’ll need to either visit a branch or call the bank to talk through the card and decide if it's the right one for your specific business needs.

The balance of this card must be paid in full by the due date shown in the invoice, or finance charges will apply.

Key features:

• Consolidate accounts payable for easier reconciliation
• Set limits by merchant category as well as per card
• Avoid payment processing costs on small purchases
• Issue two or more DBS Purchasing Cards to get complimentary employee misuse cover
• No annual fee

DBS Logistics Purchasing Card

The DBS Logistics Purchasing Card (P-Card) is the first of its kind in Singapore, designed to meet the specific needs of the logistics sector. You can order P-Cards for your employees and set individual limits, safe in the knowledge that this card can only be used for purchases related to logistics such as depot handling charges. Keeping all your logistics costs in one account can improve efficiency when reconciling accounts payable, and removing the need to handle cash can also cut down on admin and save time. DBS states that haulier drivers can save 30 minutes a day thanks to the increased efficiency, making this a potential cost saver.

The balance of this card must be paid in full by the due date shown in the invoice, or finance charges will apply.

Key features:

• Secure transactions which are limited to logistics spending
• Remove the need to handle cash, minimising admin and the risk of theft
• Faster accounts payable reconciliation
• Available for haulier companies and depot owners aged 21 or over

DBS Platinum Business Card

The DBS Platinum Business Card is available for businesses to issue for their team, or you can apply yourself directly with the bank if you meet the minimum income requirements. You can get travel accident insurance when you pay for your trip with the card.

The finance charge of this card is 12% p.a. - which is lower than the other DBS corporate cards.

With this card you do not necessarily have to repay the full balance of the card when you get a statement. However, finance charges will apply if you don’t pay back the billed amount in full and on time.

Key features:

• Can be issued to individuals as well as thorough businesses
• Keep business spending separate to personal spending more easily
• Complimentary travel accident insurance if you charge your airfare to the card
• Annual income of 30,000 SGD is required to apply for this card
• Annual fee applies

DBS World Business Card

The DBS World Business Card can be issued directly to an individual as long as you meet the minimum income requirement - or a business can choose to issue these cards to individuals to manage company spending. There are lots of great perks including cash back on spending which is set to a variable level depending on the spend category. Travel benefits are also thrown in including lounge access, insurance and some Mastercard exclusive offers.

With this card you do not necessarily have to repay the full balance of the card when you get a statement. However, finance charges will apply if you don’t pay back the billed amount in full and on time.

Key features:

• 80,000 SGD minimum annual income required - an annual fee also applies
• Up to 2% cash rebate on spending
• Travel accident insurance included if you charge your travel to the card
• Priority pass lounge access 10 times a year

Wise Business Card: The ideal corporate card for SMEs managing global payments

If you’re looking for a card to manage business spending when you travel, the DBS corporate cards may not be the most attractive option, because of

• The 3.25% foreign transaction fee and
• High cash advance fees for ATM use.

This can push up the costs of your overseas spend, and will also make it more expensive when you spend in foreign currencies online.

Take a look at the Wise Business Card as a low cost alternative to DBS corporate cards⁸. The Wise Business Card is a debit card, not a credit card, so you’ll need to make sure you have money in your account in advance of spending. It’s also linked to the Wise Business account, a corporate account that lets you save money, time and stress on making payments and getting paid internationally.

Conclusion

DBS has many business credit card options to support Singapore businesses of different types and sizes. Each card has its own interesting feature, and the Logistics Purchasing Card is a particularly interesting option if your company happens to be in the logistics niche.

There are a few downsides to the DBS range of corporate credit cards though. In particular, all cards have a 3.25% foreign transaction fee, and there’s also a cash advance fee to pay when you use your card at an ATM. At 5%, and at least 15 SGD, this can make getting cash out for business spending particularly costly.

Using a credit card for business spend isn’t the right idea every time. While it does offer some great flexibility, using a business debit card, such as the Wise Business Card can help you cut down on the costs of handling overseas transactions. Given the global nature of modern business, this can mean you keep more of your profits for yourself in the end.