For many entrepreneurs, separating personal and business expenses is an important aspect of setting up your own business that is not often discussed. However, doing so will make it easier for accounting and taxpaying purposes, especially when your business grows.
While there are a few options for business banking accounts that cater to small businesses and even solo entrepreneurs, there are not many options for corporate credit cards. However, one corporate credit card that entrepreneurs and small business owners can consider is the American Express Singapore Airlines Business Credit Card.
Read Also: 5 Best Business Bank Accounts In Singapore For New Business Owners
Why Use A Corporate Credit Card?
Given the plethora of credit card options for consumers, one may question the need to have a corporate credit card instead of a personal credit card (especially one that is dedicated to business expenses).
However, there are advantages to using a corporate credit card including separating personal and business liability. Additionally, using a corporate credit card becomes more important when the business grows and hires employees who may be entrusted with a corporate credit card.
What Is The American Express Singapore Airlines Business Credit Card?
The American Express Singapore Airlines Business Credit Cardis a corporate credit card for businesses that earn rewards (HighFlyer points) for credit card transactions on the American Express payment network.
Colloquially, it may also be referred to as the HighFlyer card because of the HighFlyer points accumulation. However, do note that it is possible to be part of the HighFlyer programme without signing up for the American Express Singapore Airlines Business Credit Card.
Eligibility, Requirements And Fees
Qualifying for American Express Singapore Airlines Business Credit Card is similar to a personal credit card. The individual needs to be 21 years and older and earning at least $30,000 per annum for Singapore Citizens and Permanent Residents or $60,000 per annum for foreigners.
However, the difference is that you need to prove that you are a business owner or acting for a business:
- You must be a business owner and/or a person with executive authority of a company or business with a valid UEN.
- Director’s resolution or board resolution if the business is not a sole proprietorship or partnership.
- Certified IDs of beneficial owners/ shareholders (with ownership of 25% or more)
Fees: $301.80 per year for main card and $99.92 per year for supplementary card, inclusive of 8% GST (first 2 cards free)
Fees for foreign currency transactions: 2.95%
Earn More HighFlyer Points
The key attraction of this corporate credit card is the ability to earn HighFlyer points with the card spend.
The HighFlyer is Singapore Airlines’ Business Travel Programme or the business equivalent of KrisFlyer.
Accrued HighFlyer points may be used to redeem for eligible flight tickets (including airport tax and government surcharges). The minimum HighFlyer points that can be used is 1,050 per transaction or $10.
Every S$1 spent on eligible Singapore Airlines Group flights (including Scoot and partner airlines – Lufthansa and SWISS) earns up to 8.5 HighFlyer points. This is 3.5 points higher than the 5 HighFlyer points earned if you are a HighFlyer member that does not utilise the American Express Singapore Airlines Business Credit Card. Additionally, other eligible spend earns 1.8 HighFlyer points.
Free Hotel Stay And Airport Lounge Pass
Aside from the HighFlyer points accumulation, there are other card benefits.
Cardholders will gain complimentary Accor Plus membership. This includes one night of complimentary stay per year at participating Accor hotels and resorts and dining discounts.
Cardholders will also gain 2 Priority Pass airport lounge access.
Cardholders can also enjoy offers under the American Express Selects programme and Hertz Gold status.
You can also be fast-tracked to KrisFlyer Elite Gold status with $$15,000 spend with the Singapore Airlines Group within the first 12 months. This would normally take 50,000 Elite miles earned with 12 months to attain.
Flexibility In Payment
Additionally, the American Express Singapore Airlines Business Credit Card offers some payment flexibility that may be useful for small business owners.
The card offers 21 interest-free days if closing balance is paid in full.
Additionally, cardholders can use With Pay Small to break up Singapore Airlines purchases into small payments over 6 months at 0% interest. This only applies if payment is made in full to the Card Account each month.
Read Also: Why Cash In Bank (And Not Profit) Is The Number One Priority That Business Owners Need To Care About
Whether you are a solo entrepreneur who wants to maximise his/her air miles or a small business owner who needs to entrust an employee with corporate expenses, the American Express Singapore Airlines Business Credit Card is a corporate credit card worth considering. Its HighFlyer point accumulation makes it well suited for business travellers while the income requirement makes it accessible to most employees/ entrepreneurs.
This article was originally published on 23 May 2022 and updated with new information.
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