What's the Best OCBC Business Credit Card for Your Company?

Navigating the world of business finance in Singapore can be overwhelming, especially when it comes to finding the right tools to manage expenses and streamline operations. OCBC, one of Singapore’s leading financial institutions, offers a range of business credit and debit cards designed to help companies stay on top of their finances. Whether you’re looking to monitor spending, earn rewards, or access sustainable benefits, OCBC has a range of cards that might be suitable for you.

In this guide, we’ll explore the features, fees, and benefits of OCBC’s business cards and see how they compare to modern alternatives like the Wise Business Card—a flexible, non-bank solution for managing global payments. By the end of this article, you’ll have all the insights you need to choose the best card for your business.

Overview of OCBC corporate cards

Here’s an overview of the OCBC business cards we’ll explore along with the Wise Business Card:

*Details correct at the time of research - 9th January 2025

How does a corporate credit card work?

A business credit card is a financial tool issued by banks or financial institutions to companies for managing business-related expenses. These cards provide businesses with a structured way to handle transactions such as procurement, travel, and daily operational costs.

While personal cards are designed for individual use, corporate cards cater to businesses and are often associated with multiple users within an organisation. By assigning these cards, companies can:

• Monitor individual and departmental spending.
• Reduce the need for employee reimbursements.
• Streamline bookkeeping with detailed transaction logs, making financial audits more efficient.

OCBC Business Debit Card

Key Features

• Annual fee: None.
• Cashback Incentive: Receive 1% cashback on ecommerce, digital marketing, and travel expenses, as well as 0.2% unlimited cashback on other spends.
• Ease of Use: Seamlessly integrates with OCBC’s digital banking services.

Pros:

• No minimum spend.
• Instant monitoring and control over cash flow.
• Directly linked to the business account, avoiding debt accumulation.

Cons:

• Limited benefits compared to credit cards.
• Foreign transaction fees of 3.25% may not be ideal for overseas payments.

Wise Business Card: An ideal corporate card for seamless international payments

The Wise Business Card stands out as a modern, non-bank alternative for businesses managing international transactions. Although the Wise Business Card is a debit card, functionally speaking it offers many more benefits than a traditional debit card.

Key Benefits

• Zero FX Markup: With no foreign transaction fees, as well as conversion fees starting at just 0.26%, the Wise Business Card offers significantly lower costs for overseas payments compared to OCBC’s 3.25%.
• Multi-Currency Account: Businesses can spend online or in-store in 40+ currencies and 160+ countries, making it a versatile tool for global operations.
• Transparent Pricing: Unlike traditional banks, Wise provides full transparency in its fees, ensuring no hidden costs.

Pricing and Fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and information.

OCBC cards, while providing traditional benefits like cashback and rewards, are less optimised for international transactions due to their high foreign currency transaction fees. The Wise Business Card’s no FX markup and multi-currency capabilities make it a better choice for businesses with global payment needs.

Learn more about Wise Business

OCBC Business Credit Card

Key Features

• Interest-Free Period: Up to 53 days for each transaction.
• Sustainability Spend Index (SSI): Provides insights into your business's carbon footprint based on spending patterns, helping identify areas to reduce emissions.
• Rebate Structure: 3% rebate on expenses at selected eco-friendly merchants, including Microsoft, Meta, and Apple.1% rebate on foreign currency transactions. 0.2% rebate on SGD transactions. No minimum spending required and no cap on rebates.

Pros:

• Strong emphasis on sustainability, supporting eco-conscious businesses.
• Access to exclusive corporate rewards.
• Unlimited rebates without caps or minimum spending requirements.

Cons:

• Restricted availability due to invitation-only policy.
• Foreign transaction fee of 3.25% may offset the 1% rebate on foreign currency transactions.
• Annual fee of S$196.20 (inclusive of GST)

Eligibility Requirements

While the card is issued by invitation, general eligibility criteria include:

• Business Account: An existing OCBC Business Account is required.
• Income Criteria: A minimum annual income of S$30,000 for sole proprietors and partners.

Sustainability Implications

For businesses using the OCBC Business Credit Card, the sustainability features offer several advantages:

• Support for Sustainable Practices: By earning higher rebates for transactions with eco-friendly merchants, businesses can align their spending with environmentally conscious goals.
• Reputation Enhancement: Using a sustainability-focused card signals a commitment to corporate social responsibility, which can improve relationships with customers, partners, and investors.
• Operational Insights: The Sustainability Spend Index (SSI) provides data on carbon footprint linked to company expenses, empowering businesses to identify and act on opportunities to reduce emissions. This can lead to cost savings and operational efficiencies over time.

OCBC Virtual Purchasing Card

Key Features

• Fee: Fees not disclosed.
• Purpose: Designed specifically for online business purchases, offering enhanced security and control.
• Customisable Limits: Businesses can set spending limits per transaction, vendor, or cardholder to maintain strict financial discipline.
• Real-Time Tracking: Provides instant updates and reporting for all transactions, improving transparency.
• Integration with ERP Systems: Easily integrates with enterprise resource planning systems for streamlined financial management.

Pros:

• Enhanced Security: Virtual-only use minimises risks of physical card theft or misuse.
• Streamlined Procurement: Simplifies the payment process for online transactions and vendor payments.
• Cost Efficiency: No annual fees and detailed tracking help businesses optimise their expense management.

Cons:

• Online-Only Limitation: Virtual cards are primarily designed for online purchases and may not be suitable for in-person transactions that require a physical card. This limitation can pose challenges for businesses that engage in both online and offline purchasing.
• Limited Vendor Acceptance: While virtual cards are widely accepted for online transactions, some suppliers, particularly those accustomed to traditional payment systems like bank or SWIFT transfers, may prefer these established methods due to their reliability and recognition. This can necessitate alternative payment solutions, potentially complicating the procurement process.

Conclusion

OCBC offers a range of business credit and debit cards that cater to the diverse needs of Singapore businesses. One standout feature is its focus on sustainability with the OCBC Business Credit Card, making it an excellent choice for companies looking to align their spending with eco-conscious practices. By rewarding sustainable purchases, OCBC helps businesses not only earn rebates but also enhance their corporate social responsibility initiatives and public image.

However, the lineup isn’t without its drawbacks. High foreign transaction fees (3.25%) could be a limitation for companies with international operations. Additionally, the Virtual Purchasing Card, while useful for online transactions, may lack the flexibility needed for broader business applications.

Together with the Wise Business Account, the Wise Business Card helps companies to manage international payments seamlessly and cost-effectively.

Sources checked on 9th January 2025