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Corporate Cards: Features, perks and how to get one for your business
The main types of credit cards in Hong Kong are VISA and MasterCard, followed by American Express and JCB.
In order to choose the best credit card, you can consider the popularity and offers of the card types, and also the reputation of banks, class of the credit cards, etc. Many people own several credit cards to meet different needs nowadays. Also, you can consider your spending habits and choose Cash Back Credit Cards, Airmiles Credit Cards, Dining Credit Cards, Online Shopping Credit Cards, Premium Credit Cards, Corporate Credit Cards, Entry Level / Student Credit Cards, UnionPay Credit Cards, or Welcome Offers Credit Cards. You can also make use of MoneyHero comparison pages, and compare latest offers of credit cards.
To qualify for a corporate card, the company should have a valid Hong Kong Business registration, be in operation for a specified period of time and meet the annual revenue requirement. Some banks may require the applicants to be the owner, partner, shareholder, CEO, managing director or executive of the company. Some other banks' corporate cards are only applicable to existing Private / Enterprise Banking customers. You should ensure that you meet the bank's requirements before filling out the application form.
You can visit the bank to apply for a corporate card. To save time and make the application process faster, you can download an application form for a corporate card in advance. Alternatively, you can also apply online by filling out an online application form through the banks' websites.
Documents you need to submit vary among banks and depend on the nature of your company (For example, whether it is a sole proprietorship, partnership or a limited company).
The documents you might need to prepare include:
You can keep track of all business-related spending with the card easily through the online management tools offered by the banks, which provide customers with a single place to access information and complete administrative taks such as changing card member details, cancelling a single or multiple cards in one transaction or viewing unbilled spendings.
Apart from rewards such as cashback, air miles or bonus points, corporate cards usually provide superior services and previleges to customers including premium airport lounge service, free travel insurance and complimentary limousine service.
Apart from comparing the offers and privileges, such as cash rebates and airport lounge access, you also need to look at annual fees, handling charges, credit limit, whether e-banking services are available, and terms and conditions of the credit cards. With an advanced credit card comparison tool like MoneyHero.com.hk, this task has been made much easier for consumers like you. With just a few clicks of a button, you can easily compare different credit cards in Hong Kong and see which one is most suitable for your needs.
Just like a personal credit card, a corporate card holder should understand what kinds of fees the bank may charge, including annual fees, instalment fees, penalty fees and others, as clearly stated in the terms and conditions.
Banks have different requirements, but it usually depends on factors like a company's economic conditions, consumption and payment records.
Banks have different rules when considering a corporate card application, but generally applicants should be in the management level, such as the owner, shareholder, CEO or executive director, and most of the time the company makes the application. You may contact your banks for more information.