The best corporate credit cards are ones that offer the most benefits that fit your needs. Binery goes through five of the best business credit cards for owners of small businesses and corporations in Hong Kong.
Corporate credit cards help you keep your business and personal finances separate, and the interest and fees on the card are usually tax-deductible if you use the card only for business purposes.
Furthermore, corporate credit cards offer rewards, benefits, and bonuses that are comparable to (and, in many cases, exceed) those offered by consumer credit cards. For example, some business credit cards provide cardholders with airport lounge access and travel insurance, making life easier for business owners.
Business cards are not confined to business owners who have a physical shop or an office either. You may be eligible for a small business credit card if you work as a freelancer or operate an online store.
Here are five of the best corporate and business credit cards in Hong Kong, in terms of rewards and offerings, and how you can apply to each of them.
1. Airwallex Borderless Card
Airwallex is a global payments platform that is revolutionising how businesses operate and handle their money on a local and global scale. They offer a multi-currency business card that enables transactions in 140+ currencies, with lower global transaction costs and ease of use standing out as the card’s key benefits.
Rewards and Offers
With the Airwallex Borderless Card, you can create free virtual cards online and instantly for your employees, save on foreign transactions and FX by paying with your multi-currency balance, and receive 1% cash rebates on local card spending. The card automatically syncs expenses with Xero every hour and allows you to set flexible transaction limits for each card, to track your budget and reduce the risk of unexpected purchases
Airwallex offers local customer support across seven locations, enabling global customer service wherever you go in Hong Kong, Singapore, Australia, China, Europe, the United Kingdom, and the United States.
Customer support information is available on their website, or can be obtainedd through their service hotline.
In addition, Airwallex offers a Help Center that answers frequently asked questions and provides how-to guides.
You will need an Airwallex account to apply for the Airwallex Borderless Card. Fortunately, opening an account with Airwallex is easy– as long as you are a registered business, you are eligible for a business account.
2. American Express Gold Business Card
The American Express Gold Business Card is tailored to small and medium-sized businesses (SMBs) and rewards membership points for every HK$1 spent on qualified transactions.
In addition, you can enjoy up to 51 credit-free days as well as complimentary travel insurance that covers up to HK$8,000 luggage delay and up to HK$10,000 for lost baggage, as well as up to HK$2,000,000 in business travel accidents insurance.
Rewards and Offers
On top of the 51 credit-free days, the American Express Gold Business Card has no pre-set spending limit, users can receive 2.5 membership points for every HK$1 spent locally, and 3 points for every HK$1 spent through foreign currency. The card gives access to the World Trade Centre Club Hong Kong as well as airport lounges, offers complimentary business insurance and travel insurance, and includes a first-year annual fee waiver of HK$980, which comes with 3 complimentary supplementary cards for your staff.
American Express is renowned for its excellent customer service. You can always contact customer support via their local hotline with information available on their website.
Applicants must be over 21 years of age, a Hong Kong or Macau resident or citizen, and have an annual gross personal income over HK$200,000 annual gross personal income. If you are an owner, partner, stakeholder, CEO, managing director, or executive of a company, you are eligible to apply on their official website.
3. American Express Cathay Pacific Elite Corporate Card
The American Express Cathay Pacific Elite Corporate Card is Hong Kong’s sole corporate card that rewards you with Asia Miles, with a reward rate of HK$7 to 1 Asia Mile for local and overseas spending.
You can enrol three or more credit cards to receive a bonus of 15,000 miles. Benefits include a consolidated online report system for controlling costs, 51 credit-free days, complimentary travel insurance, and more.
Rewards and Offers
For every HK$7 local and overseas spending, cardholders will receive 1 Asia mile as well as earn 1 Asia mile for every HK$10 company spend on Cathay Pacific and Cathay Dragon flight, and earn 5,000 miles for every HK$25,000 spent for up to 50,000 miles within the first three months of registration. There is a first-year annual fee waiver of HK$590, 51 credit-free days, and complimentary business insurance and travel accident insurance of up to HK$2,000,000 in value, among other benefits.
As previously mentioned, American Express provides excellent customer service for all cardholders and this card comes with additional benefits – you will have access to a 24-hour customer care hotline and global emergency support.
Your business will need a minimum annual revenue of HK$8 million, at least 5 employees, have a valid Hong Kong business registration, and be in ooperation for at least 2 years to apply.
You can apply for the American Express Cathay Pacific Elite Corporate Card on their website.
4. HSBC Business Mastercard
The HSBC Business Mastercard is an excellent business credit card for HSBC business account holders to enjoy a longer repayment period and earn cash back for local, overseas and online purchases. It also offers complimentary access to airport lounges globally.
Rewards and Offers
Cardholders can earnHK$2 RewardCash for every HK$250 spent on overseas and online purchases, receive airport limousine service at exclusive rates, a 56 days interest-free repayment period, and free travel insurance (up to 7 days) when you buy your travel tickets with this card. The HSBC Business Mastercard also offers complimentary access to 70+ Plaza Premium Lounges globally and a 0.4% cash rebate on local spending.
You can find customer support on the HSBC HK Business Express Mobile App to receive real-time online support. In addition, you can call the commercial banking service hotline. More information is available here on their website.
You need to have an HSBC corporate account to apply for the Mastercard. The specific requirements are not publicly available but applications can be made here.
5. ICBC Corporate Mastercard
If you often travel with the high-speed railway, then you might like the VIP lounge service that comes with ICBC Corporate Mastercard. Although it does not provide attractive cash back, it does provide smart data to help you manage company expenses more efficiently.
Rewards and Offers
The ICBC Corporate Mastercard comes with 0.5% cashback on local retail spending and overseas spending, and purchasing travel tickets with this card makes you eligible for complimentary on-flight personal accident travel insurance coverage of up to US$150,000. The handling fee for foreign exchange is waived, and cardholders will have access to VIP lounge service is available at airports and high-speed railway stations.
Smart data, a one-stop transaction data management system, is also available to monitor and manage company expenses and access analytics reports.
You can contact ICBC via their hotline, and further information is available on ICBC’s website.
No specific requirements are stated on their website, and you can download the application form on the here.
To get the most out of your business credit card, use a reward or cashback card for all your business expenses as those points and cashbacks add up quickly.
However, it is also important that you understand the terms and conditions, annual percentage rate (APR), and fees associated with your corporate credit card so you do not get caught off guard with card limitations and hidden fees. Happy spending!