UOB corporate credit and debit cards in Singapore

Most businesses need a corporate card to handle expenses like travel or software subscriptions. As your business grows, your corporate card should keep up with your changing needs. UOB corporate cards can help you manage expenses while offering rebates and travel rewards, but are they right for your business?

In this article, we’ll take a deep dive into UOB’s 7 corporate cards in Singapore and compare their benefits, rewards, and fees. We’ll also explore why the Airwallex Corporate Card can be a good alternative, especially for businesses that handle expenses in multiple currencies.

UOB corporate cards in Singapore 

There are six corporate credit cards and one debit card available to UOB business banking customers. The benefits and rewards for each card vary, but they all provide access to UOB’s business programmes such as the UOB Commercial Privileges Programme, which offers exclusive discounts on business services,¹ and UOB BizSmart, a range of digital solutions.²

UOB corporate credit cards in Singapore

UOB corporate credit cards let you access credit and earn rewards. Here’s a brief overview of the credit cards offered by UOB in Singapore:³

• UOB World/Signature Business Card. This card helps businesses manage expenses through extended payment terms, spending visibility, and a predetermined credit limit. Cardholders earn rewards on their spending, which can be redeemed as either a cash rebate or UNI$ – UOB’s reward points program. UNI$ can be converted into airline miles, cash credit, or shopping and dining vouchers.

• UOB Corporate Card. This is a multi-currency USD/HKD credit card that simplifies employee expense management with features like custom card limits, spending visibility, and corporate liability waiver insurance to prevent misuse.

• UOB Regal Business Metal Card. According to UOB, this is Asia’s first premium corporate metal card. It offers lifestyle perks such as bespoke tailoring, airport lounge access, and 1-for-1 hotel stays. The UOB Regal Business Metal Card is available by invitation only.

• UOB Empire World Business Mastercard®. The UOB Empire World Business Mastercard is another invitation-only card. It lets executives conduct business travel in comfort, with benefits like travel rebates, airport lounge access, and UOB Travel Concierge services.

• UOB Business Plus Card. This card supports cash flow management with extended payment terms, low interest rates, and the option to draw cash from your card limit.

• UOB Purchasing Card. A procurement credit card for teams managing company purchases. It has features like automated payments, custom spending limits, and cost savings through bulk discounts.

Compare the best UOB corporate credit cards in Singapore 

We’ve prepared a comparison table that lists each UOB corporate card’s features, benefits, and fees. This side-by-side overview will make it easier to see which card suits you best.

UOB corporate debit card

UOB Singapore has only one corporate debit card – the UOB Business World Debit Card.¹⁰

Similar to ‌UOB’s credit cards, it offers tools and dashboards to help businesses manage expenses. The key difference is that the UOB Business World Debit Card deducts funds directly from a UOB business bank account, as opposed to borrowing from a credit limit. This results in a lower annual fee and higher rebate rewards, as there is no credit risk involved.

Key features: 

• Cash rebates. Earn up to a 1.5% cash rebate on local and overseas spending each month.

• Complimentary Corporate Liability Waiver. Protects against unauthorised spending of up to US$1,500,000.

• Cashless transactions. Linked to the UOB Business Current Account for cashless payments and contactless payments via Google Pay, Apple Pay, and Samsung Pay.

• Travel privileges. Access to Mastercard travel services, including complimentary travel medical insurance, and DragonPass airport lounges at US$32 per visit.

This card also partners with B2B marketplace Really Singapore to offer additional perks to property managers. Landlords, property developers, and Management Corporation Strata Title (MCST) get these benefits when they use the card on the Really platform:

• Cash rebates on supplier payments

• One platform for request-for-quote (RFQ), procurement, and payment

• Potential early payment discounts

Fees and charges:

• Annual fee. S$36.67 per year (waived for first 3 years)

• Replacement card. S$20 per card.

• Overseas ATM cash withdrawal. S$5 per withdrawal. Waived for withdrawals at UOB ATMs in Malaysia, Indonesia, and Thailand. Foreign currency transactions. Card transactions in foreign currencies are subject to a 3.0% administrative fee. Singapore dollar transactions processed overseas will incur a 1% international processing fee.¹¹

• Currency conversion fees. Foreign currency transactions (except USD and AUD) are first converted to USD, then to the card's billing currency based on exchange rates set by the card network. Although UOB doesn't list their currency conversion fees, hidden fees may still apply.

Consider using the Airwallex Corporate Card to avoid international transaction fees. This multi-currency card also lets you pay global expenses directly from held balances in your Airwallex Business Account. This means no unwanted currency conversions and fees when you spend overseas or pay in foreign currencies. Plus, you earn 1% unlimited cashback on both local and international spend. (Terms and conditions apply).

How to apply for a UOB corporate card?

In most cases, you can apply for a UOB corporate card by following this process:

Step 1: Fill in the UOB Commercial Cards application form. Indicate the corporate card you’re interested in.

Step 2: Submit the form and wait for a UOB representative to get in touch.

Step 3: While waiting, prepare the following documents:

• An SGD-denominated UOB Business or Corporate Current Banking Account (UOB Business World debit card only)

• Board Resolution signed by all partners

• Photocopy of NRIC or passport for all partners and cardholders

• Specimen Signature form

• Business Banking Facilities form

• Notice of Assessment and/or Audited Financials from the last 2 years

Premium credit cards like the UOB Empire World Business Mastercard® and UOB Regal Business Metal Card are available by invitation only. Speak with your UOB relationship manager for more information on these exclusive cards.

How to increase UOB credit card limit? 

To increase the credit limit on a UOB corporate card, you may need to submit a formal request. This may involve filling out a credit limit increase form and providing updated documents such as company financial statements.

For assistance, contact your UOB relationship manager or reach out to the bank’s customer service team.

How to waive the UOB annual fee?

To waive the annual fee for a UOB corporate card, you must first check if your card is eligible for a first-year fee waiver. Some UOB cards automatically offer this benefit upon issuance. For ongoing waivers beyond the initial period, you may need to meet specific spending thresholds or promotional criteria set by UOB.

Contact your relationship manager or the bank’s customer service team for help on getting an annual fee waiver.

Benefits of a corporate card for your business

A corporate card provides you and your employees with a convenient way to manage business expenses without relying on personal funds. Here are three key benefits:

• Convenient expense tracking. A corporate card consolidates all business expenses into one account, making it easier to monitor and categorise spending.

• Rewards and rebates. Many corporate cards offer cashback or rebates for business-related spending, while others provide travel rewards like complimentary insurance and airport lounge access. These benefits reduce overall costs and provide additional value for business expenses.

• Enhanced employee productivity. Employees can use a corporate card to pay for travel, supplies, or other work-related expenses without waiting for reimbursements. This streamlines processes, reduces delays, and allows employees to focus more on their tasks.

Corporate card alternative with no foreign transaction fees: Airwallex Corporate Card 

Keep in mind that hidden fees and unfavourable exchange rates can add up when you use your corporate card for overseas purchases.

The UOB Business World Debit Card applies a 3% fee for foreign currency payments, but additional charges can apply. That’s because UOB converts foreign currencies (except USD and AUD) into USD before converting it back to SGD, based on the exchange rates set by Mastercard. This process can result in higher overall costs.¹²

Consider the Airwallex Corporate Card as an alternative to UOB cards when handling multi-currency or overseas expenses. This VISA multi-currency debit card lets you make foreign currency payments with no admin fees or foreign transaction fees. It’s also linked to the Airwallex Business Account, letting you pay for foreign currency transactions from your held funds and avoid unnecessary currency conversion fees.

On top of that, the Airwallex Corporate Card comes with the following benefits:

• Issue unlimited cards instantly, for free. Unlike traditional corporate cards, there’s no need to apply for the Corporate Card. You can issue cards instantly from your Airwallex account.

• 1% unlimited cashback on local and international spend, and all categories. Save on a variety of business expenses worldwide, from taxi fares to social media ad spend. Terms and conditions apply.

• No hidden fees. Airwallex Corporate Cards have no annual fees or card replacement fees. If a card gets lost, simply cancel them on the dashboard and issue a new one instantly.

• Available as physical or virtual cards. With Airwallex, you have the flexibility to issue cards tailored to your business’s needs. Physical cards are ideal for in-person payments and Singapore-based teams, while virtual cards can be issued to global teams. You can even create one-time virtual cards for secure online transactions.

• Full control and visibility over expenses. Restrict spending by setting daily, weekly, or monthly spend limits. Monitor all expenses in real-time from the Airwallex dashboard, and instantly freeze or cancel cards if you detect misuse or fraud.

• Built-in Expense Management. Automate the approval and reconciliation of card expenses with Expense Management. Create multi-layer approval workflows, set expense submission criteria, and approve expenses on mobile.

Don’t just take our word for it – Singapore businesses like Hyrox, EU Holidays and PURE Group use our Corporate Cards to streamline expenses and save on foreign transaction fees. Create a free Airwallex Business Account today and take control of your global spending.

Frequently asked questions

1. Who is eligible for a corporate credit card?

Registered businesses in Singapore are eligible for most corporate credit cards. That includes proprietorships, partnerships, limited liability partnerships (LLPs), and private limited companies. Premium or invitation-only cards are available to business owners, C-level executives, or directors and require a minimum annual income or sales revenue.

2. Is a corporate card the same as a business card?

A corporate card and a business card are similar but serve slightly different purposes. Corporate cards are designed for enterprises with multiple employees and large expenditures. They tend to offer advanced features like card controls, detailed reporting, and liability waivers. Business cards, on the other hand, are more commonly used by SMEs to manage expenses and may not have the extensive controls of a corporate card. The Airwallex Corporate Card is available to businesses of all sizes.

3. How to get approved for a business/corporate credit card? 

To get approved for a business or corporate credit card, you need to provide documents like proof of business registration, financial statements, and identification. Having an existing business account with the financial institution can improve your chances, as they already have a record of your company’s financial activity.

4. Can you use a corporate card for personal use?

Corporate cards are intended for business expenses only and should not be used for personal purchases. Establishing a clear spending policy for employees is essential to ensure proper use and accountability. Cards like the Airwallex Corporate Card support this by offering controls like daily spend limits and restricting purchases to specific categories. This helps businesses stay in control of card spend while minimising misuse.

Sources

1. https://www.uob.com.sg/business/transact/cards/uob-commercial-privileges-programme.page

2. https://www.uob.com.sg/business/digital/uob-partner-solutions.page

3. https://www.uob.com.sg/business/transact/cards/business-credit-cards.page

4. https://www.uob.com.sg/business/transact/cards/uob-business-card.pag

5. https://www.uob.com.sg/business/transact/cards/uob-corporate-card.page

6. https://www.uob.com.sg/business/transact/cards/uob-regal-business-metal-card.page

7. https://www.uob.com.sg/business/transact/cards/uob-empire-world-business-mastercard.page

8. https://www.uob.com.sg/business/transact/cards/uob-business-plus-card.page

9. https://www.uob.com.sg/business/transact/cards/uob-purchasing-card.page

10. https://www.uob.com.sg/business/transact/cards/uob-business-world-debit-card.page

11. https://www.uob.com.sg/assets/web-resources/business/pdf/biz-debit-agreement.pdf

12. https://www.uob.com.sg/assets/web-resources/business/pdf/biz-debit-agreement.pdf

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.