UOB vs DBS vs Airwallex: Comparing Top Cashback Business Credit Cards in Singapore

For small business owners and entrepreneurs, managing expenses while maximising savings is crucial. Cashback business credit cards are an excellent tool to achieve this, offering rewards and benefits tailored to business needs. Here’s a comprehensive guide to the top cashback business credit cards in Singapore, helping you make an informed decision.

1. UOB Absolute Cashback Card

Overview: The UOB Absolute Cashback Card offers a straightforward cashback structure with a high return on most spending categories. Despite recent changes reducing cashback on certain categories, it remains a competitive option for many businesses.

Key Benefits:

• Cashback Rate: 1.7% cashback on all eligible spend, with no minimum spend requirement and no cashback cap.
• No Spend Exclusions (Initially): Initially offered cashback on categories often excluded by other cards, such as insurance premiums, school fees, and utilities.
• Recent Changes: From May 6, 2024, the cashback rate for charity, education, government, healthcare, utilities, and other professional services will be reduced to 0.3%.
• Annual Fee: S$196.20, waived for the first year.
• Income Requirement: Minimum annual income of S$30,000.
• Automatic Offset: Cashback earned is automatically used to offset the following month’s bill.

Ideal For: Businesses looking for high cashback on general spend and those who can benefit from the first-year annual fee waiver.

2. DBS World Business Card

Overview: The DBS World Business Card is an excellent option for businesses with diverse spending needs, particularly those with expenses in foreign currencies and local services. This card offers comprehensive benefits that cater to both local and international business activities.

Key Benefits:

• Foreign Currency Cashback: Provides 2% cashback on foreign currency transactions, perfect for businesses with international dealings.
• Local Spend Cashback: Earn 1% cashback on local dining, entertainment, and travel expenses.
• Employee Misuse Coverage: Offers protection against employee misuse up to US$1.65 million, ensuring peace of mind for business owners.
• Comprehensive Travel Insurance: Enjoy complimentary travel insurance coverage of up to S$1 million.
• Global Concierge Services: Access to a 24/7 global concierge service for assistance with travel, dining, and entertainment arrangements.
• Priority Pass Membership: Complimentary membership providing access to over 1,000 airport lounges worldwide.
• Annual Fee: S$492.50, which may be high but is justified by the extensive benefits offered.

Ideal For: Businesses that have frequent overseas transactions and local expenditures in dining and entertainment. It is also ideal for companies that require robust travel-related benefits and comprehensive insurance coverage.

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3. Airwallex Borderless Card

Overview: The Airwallex Borderless Card is designed to provide businesses with a comprehensive solution for both local and international transactions. It offers a straightforward cashback structure, making it an excellent choice for companies with diverse spending needs.

Key Benefits:

• Universal Cashback: Enjoy 1% cashback on both eligible local and overseas spending, providing a simple and effective way to save on various expenses.
• Zero FX Fees: No foreign transaction fees, making it cost-effective for businesses with international transactions.
• Multi-Currency Wallet: Manage and spend in multiple currencies without incurring conversion fees, which is ideal for businesses with global operations.
• Real-Time Expense Management: Access real-time transaction details and manage expenses through the Airwallex platform.
• Enhanced Security: Benefit from advanced security features including instant card freezing and transaction monitoring.
• Virtual Cards: Issue virtual cards for your team, providing control and visibility over spending.
• No Annual Fees: No annual fees, making it a cost-effective option for businesses.

Ideal For: Businesses that operate globally, require a reliable card for international transactions, and seek a simple cashback structure without foreign transaction fees.

Comparison of Top Business Credit Cards

How to Choose the Best Cashback Business Credit Card

When selecting a cashback business credit card, consider the following factors:

1. Spending Patterns: Analyse your business spending patterns. If your expenses are primarily in foreign currencies, a card with higher cashback on international transactions would be beneficial.
2. Flexibility and Limits: Look for cards that offer flexibility without stringent minimum spending requirements or cashback limits. This ensures you can maximise your rewards regardless of your spending levels.
3. Additional Benefits: Consider additional features such as employee misuse coverage, travel benefits, and specific merchant partnerships that align with your business needs.
4. Fees and Charges: Be mindful of any annual fees, foreign transaction fees, or other charges associated with the card. Ensure that the benefits outweigh the costs.

Summary

Selecting the right cashback business credit card can significantly enhance your business’s financial management and savings. The UOB Absolute Cashback Card, DBS World Business Card, and Airwallex Borderless Card each offer unique benefits tailored to different business needs. By understanding your spending patterns and evaluating the card features, you can make an informed choice that supports your business’s growth and financial health.

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