What is a corporate card and how does it work? The better approach to managing business expenses in Singapore (2026)

Key takeaways

• Corporate cards are payment cards issued by a business to manage employee spending and business expenses. These include corporate credit cards, debit cards, prepaid cards, and virtual cards.

• Different types of corporate cards suit different businesses. Corporate credit cards are typically used by larger, established companies, while debit or prepaid corporate cards can be a better fit for SMEs in Singapore.

• Airwallex Corporate Cards give Singapore businesses a better way to manage expenses, combining multi-currency spending, built-in expense management, and lower fees than many corporate credit card programs.

When you run a business, making purchases and payments is inevitable. Using your own cash or credit card can work in the early stages of business, but you should ideally find a solution that helps you manage funds more cleanly and effectively.

As your payment volume increases, so do your needs for financial reporting and expense management. Without the right tools, finance teams can quickly lose oversight of corporate card transactions, employee expenses, and spending patterns across the business.

With the right corporate card program in place, you can issue company cards in minutes, set spending limits by cardholder or use case, and track expenses in one place. In this guide, we’ll cover the types of corporate cards available in Singapore, the key benefits of a corporate card program, and how Airwallex Corporate Cards support more effective business spending as part of an all-in-one financial operations platform.

What is a corporate card?

A corporate card (or a corporate credit card) is a payment card issued by a business for employees to use for work related expenses. With these cards, transactions are tied to the business entity rather than specific employees or the owners.

Corporate cards come in different forms, including corporate credit cards, corporate debit or prepaid cards, and physical or virtual cards. In Singapore, more businesses are adopting digital-first corporate card programs as an alternative to manual reimbursements.

These cards allow employees to make purchases and spend money quickly and efficiently. Purchases are made on behalf of the company without employees having to use their own personal funds or personal credit cards and get reimbursed later.

Corporate cards also improve transparency and allow businesses to monitor their business spending and corporate card transactions more efficiently. You can even set them up to set spending limits or restrict purchases to certain categories. For example, travel and entertainment cards might only allow travel expenses or business dinners.

How do corporate cards work?

A corporate card programme usually starts with you choosing a card provider and deciding who needs access to company funds. You issue cards to employees or teams based on how they spend, whether that’s travel, subscriptions, or day-to-day operations. Each card runs within rules you control, such as credit limits, spending categories, or usage periods, so employee spending stays aligned with your policies.

Corporate card transactions feed straight into your expense management and accounting software. That gives finance teams a live view of company expenses without waiting for receipts or month-end claims. 

At the end of each billing cycle, you review spending in one place and settle balances centrally. In most corporate card programmes, the business entity remains responsible for payment. This protects employees’ personal credit cards and gives you tighter financial control and more predictable cash flow.

Types of corporate cards in Singapore

Corporate cards can come with different features to help you manage spending, control employee expenses, or earn rewards programs that support your business. Depending on the corporate card programme you choose, you can also decide how corporate liability is handled and how much responsibility sits with the business or the individual cardholder.

Corporate credit card

Corporate credit cards operate with a credit limit set by the card issuer. These cards can be issued under corporate liability, where the business entity is responsible for repayment, or individual liability, where the employee is named on the card and the issuer checks their credit history. Many corporate credit cards have minimum operational or revenue requirements, which make them harder for smaller businesses to access.

Corporate virtual card

Corporate virtual cards are issued digitally rather than as a physical card. They can be set up as credit cards or debit cards, and they’re often used for software subscriptions, online purchases, or one-off payments.

Because virtual cards can be created quickly and locked to specific spending limits or merchants, they’re a popular option for controlling employee spending and reducing the risk of fraudulent transactions.

Corporate prepaid or debit card

Corporate debit cards and prepaid cards are a good fit for SMEs in Singapore that don’t meet the requirements for many corporate credit cards. These cards draw directly from company funds, which means spending is limited to the available balance.

Many businesses prefer debit or prepaid corporate cards because they offer tighter financial control, help manage expenses without interest charges, and work well for international transactions when paired with multi-currency accounts.

Corporate travel card

Corporate travel cards are designed for frequent travel expenses such as flights, accommodation, and business dinners. They allow you to separate travel spend from everyday expenses, making it easier to track spending patterns and manage employee expenses related to trips.

Corporate card with built-in expense management

Some corporate cards are linked to expense management software. These cards are built to simplify expense reporting, enforce company policies, and give finance teams clearer visibility into company expenses across departments.

Benefits of a corporate card program for Singapore businesses

Corporate cards make it easier to manage day-to-day business spending and employee expenses, while giving teams more control and visibility as they scale.

Flexible access for spending

A corporate card program is ideal if your staff needs to make regular business related purchases and you want to reduce the paperwork and red tape involved in making these payments. 

A corporate card allows employees to pay for work related expenses directly, without relying on personal funds or personal credit cards. This gives teams more autonomy while helping finance teams maintain financial control over company expenses.

Improved tracking for transparency and security

Each corporate card creates a clear record of corporate card transactions, making it easier to track expenses and monitor employee spending across the business. This visibility helps finance teams identify spending patterns and ensure compliance with internal policies.

Clear tracking also strengthens protection against fraudulent transactions. You can see when and where cards are used, flag unusual card usage, and act quickly if something doesn’t look right.

Rewards and other benefits

Many corporate credit cards include rewards programs, such as reward points, airline miles, or cashback on business related expenditures like travel expenses or office supplies.

Businesses can reinvest these rewards into future travel, employee incentives, or everyday expenses. Some corporate cards also include added benefits such as travel insurance or emergency assistance.

Factors to consider when choosing a corporate card for your Singapore business

Card issuing options

Look for a corporate card provider that offers both virtual cards and physical cards, so employees can pay online, in store, or while travelling. Easy, fast card issuing is another bonus. 

Fees and charges

Check the card’s annual fees, interest rates, and foreign transaction fees. Some corporate credit cards charge high fees that can add up quickly, especially for international transactions and everyday expenses.

Spending limits and controls

A strong corporate card program lets you set spending limits, restrict merchant categories, and control card usage by role or team. 

Support for global payments

If your business operates internationally, make sure the card supports international transactions, multi-currency spending, and wide acceptance through major card networks.

Expense management and reporting

Choose company cards that integrate with expense management and accounting software. This lets you track expenses, simplify expense reporting, and give finance teams real-time visibility into company expenses.

Security and fraud protection

Look for features such as transaction monitoring, card freezing, and protection against fraudulent transactions. Strong safety measures help maintain financial control as you scale your business.

Rewards and perks

Some corporate credit cards offer rewards programs, such as cashback or reward points on travel expenses, office supplies, or software subscriptions. Consider whether these perks match your spending patterns.

For a deeper comparison, see our guide to the best corporate virtual debit cards and our roundup of the top corporate credit cards, which break down features, fees, and use cases for Singapore businesses.

Corporate card fees and charge

You can expect to pay an annual fee for using almost any corporate card service. On top of that, you’ll generally pay an extra annual fee per card issued to an employee. These fees vary depending on the bank and the corporate card provider, ranging anywhere from S$0 to almost S$700 per card¹ for a premium, rewards-driven corporate credit card program.

There’s also the interest to consider. Corporate cards are usually credit-based or charge cards. Like a regular credit card, they have interest charges if you don’t pay back the debt within the set time limits. This interest rate can go up to as much as 27.9%¹.

On top of this interest rate, there are fees for international transactions, foreign currency spend, and foreign exchange. If your business operates internationally, these charges can add up quickly and reduce potential cost savings. 

Airwallex Corporate Cards: A better approach to business spending

Corporate cards can be a great tool, but many corporate credit card programs come with high annual fees, foreign transaction fees, and limited visibility into employee spending. 

Airwallex Corporate Cards give you a more flexible way to run a corporate card program. You can issue multi-currency company cards and employee cards in minutes, not weeks. Cards can be virtual or physical, and you stay in control with built-in tools to set spending limits, track corporate card transactions in real time, and avoid employees using personal credit cards for work related expenses.

Unlike many corporate credit cards, Airwallex Corporate Cards come with no annual fees and no foreign transaction fees. Your team pays directly from the balances you already hold in your Airwallex Business Account, which helps you avoid unnecessary FX conversions. If a balance isn’t available, funds are auto-converted at competitive FX rates, helping you unlock considerable cost savings on international transactions.

This approach worked well for Singapore business Little Blossom. When they switched to Airwallex Corporate Cards, their team could spend freely within company guardrails, and the finance team gained real-time visibility into every cent spent. Paying for overseas software subscriptions and ad spend became simpler and cheaper, while expense reporting took a fraction of the time it originally did.

Airwallex isn’t just a corporate card provider. Corporate Cards sit inside an all-in-one financial operations platform that also includes built-in Expense Management, Bill Pay, Global Accounts, FX, and international transfers. That means finance teams can manage business spending, employee expenses, and company cards from one place, with cleaner data and better financial control as the business scales.

How to integrate Airwallex Corporate Cards into your business system

Airwallex Corporate Cards are designed to fit neatly into your existing financial operations. Getting started with your corporate card program only takes a few simple steps:

Step 1: Create an Airwallex Business Account and complete verification

Sign up, verify your business entity, and activate your account so you can start issuing company cards and employee cards.

Step 2: Fund your account

Add funds via local transfer in the currency you plan to spend. 

Step 3: Issue your first corporate card

In the dashboard, go to Cards → Create card. Choose a virtual card or physical card, then decide whether it’s a Company card for shared company expenses or an Employee card for individual work related expenses. 

Set the billing currency, name the card, and submit. Virtual cards are ready instantly, while physical cards arrive by post.

Step 4: Set spending limits and controls

Define spending limits, approved merchants, countries, and transaction types. Being more conservative here reduces the risk of fraudulent transactions.

Step 5: Enable expense management

Turn on Expense Management to automate expense reporting, route approvals, and help finance teams track employee expenses with less manual work.

Step 6: Connect your accounting software

Sync Airwallex with Xero, NetSuite, and other accounting tools to automatically track expenses, improve reconciliation, and keep a clean view of business related expenditures.

Frequently asked questions (FAQs)

What is the difference between a corporate credit card and a regular credit card?

A corporate credit card is issued to a business and linked to the business entity, with spending used for business related expenses and managed through a corporate credit card program. A regular credit card is issued to an individual, tied to their personal credit history, and paid using personal funds, even when used for work related expenses.

What is the difference between a corporate credit card and a corporate debit card?

A corporate credit card allows a business to borrow up to a credit limit and repay the balance at the end of a billing cycle, often with interest if not paid in full. A corporate debit card only lets you spend money already held in your business account, which many SMEs prefer for tighter financial control and easier expense management.

Should I use a corporate card for my business?

If your business has regular employee spending, recurring business expenses, or growing finance teams, a corporate card can make managing expenses simpler and more transparent. A corporate card program helps you track spending, set spending limits, and reduce reliance on reimbursements and personal credit cards.

What is the difference between a company card and an employee card?

A company card is shared across a team and used for common company expenses like software subscriptions or advertising spend. An employee card is issued to an individual for their own work related expenses, such as travel expenses or client dinners, with spending tracked separately for clearer expense reporting.

Sources

1. https://www.singsaver.com.sg/credit-card/comparison/best-business-credit-cards

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it 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.