Earn unlimited cashback with the most rewarding card for businesses

Cashback is a type of rewards programme where businesses can get a portion of the money they spend on their business purchases. A cashback card is one that reimburses you for a portion of your purchases. The cashback you receive will be credited to the same account that your card was linked to when making your purchase.

Cashback cards work in a very simple, straightforward manner. Simply use your cashback card to make your purchase, and at the end of the month or the following month, cashback will be credited to your card account. Your transaction amount will be divided by this cashback as a percentage. For instance, if your cashback card offers a 1% payback on marketing expenditures, you will receive $50 in cashback for spending $5,000 on marketing.

Typical percentages fall between 0.5% and 1%, although they might be lower or higher depending on the card issuer, card type, and your desired spending. On all eligible transactions, some cards offer flat-rate cashback incentives; other cards have a tiered system. You must spend at least the minimum amount each month specified by your cashback card in order to receive your cashback at the end of the month.

Your eligibility for cashback is determined by two factors, the rewards scheme you choose, as well as your actual spending. Keep in mind that spending money is the only method to receive cashback.

Consider whether you can get benefits from a programme without altering your regular spending patterns before committing. If so, you'll probably be able to get your money back without going over your budget. If not, look for a programme that better fits the spending patterns of your company.

For each category, the majority of cashback cards impose a cashback cap. There can also be a monthly cap on the overall amount of cashback. Some cards offer cashback and have no cashback cap too. You can earn higher cashback if you look into these elements carefully.

This is determined by the category of spending. Higher cashback rates are often granted on certain merchant categories, such as marketing expenses, business software & hardware purchase (laptops, phones, etc.), travel (Airmiles), petrol, and so on.

For example, Aspire corporate cards offer up to 1% cashback on online marketing and software as a service goods, which are crucial to any firm. These include marketing channels like Facebook, Google, LinkedIn, TikTok, and others, as well as tools like Microsoft 365, Hubspot, Intercom, Slack, Mail Chimp, Notion and others.

You must meet the minimum spend criteria to obtain rewards on your purchases with many cashback cards. If you don't spend much, consider cashback cards with no minimum spend. Also, keep in mind the maximum cashback amount, beyond which no cashback will be provided even if you spend more.

Many banks and fintech companies, including ourselves, provide corporate cards to Singapore businesses. We've covered them in our blog; click the links to see cards from banks like DBS, UOB, Standard Chartered, AMEX, and Maybank.

However, if you are a start-up or a growing business, you may not meet the eligibility criteria for most of these banks, or you may find them too expensive. Consider the Aspire Cashback Card, which provides all of the benefits while having less stringent eligibility criteria and highly relevant rewards. For a quick and easy comparison, read our article on the best business cashback cards in Singapore.

The conditions for applying for a corporate cashback card differ depending on the provider. To apply for corporate cashback cards, you must provide documentation such as your business registration details, financials, and other information. Some businesses may also need you to submit your company's credit score. This will decide the type and amount of cards you are qualified for.

Applying for digital cards, such as the Aspire corporate card, is much easier because the entire procedure may be completed online. To apply for an Aspire card, for example, you simply open an Aspire business account (Free for new businesses), submit documentation online, and your cards will be approved.

As banking becomes more digital, financial institutions are now offering Instant virtual cards. This means that if you are approved, you will receive a digital card that you may use right away. You don't have to wait a couple of  weeks for the physical card to come in the mail before you can make a purchase. They are also entirely safe and look precisely like physical cards, except they are digital.

When applying for virtual cards, follow the card issuer's instructions on how to locate your virtual card once it has been accepted.