Grow Your Venture with the Best Credit Cards for Business

Mayee Gonzales
·11 min read
Best Credit Cards for Business | Moneymax
Best Credit Cards for Business | Moneymax

For entrepreneurs, credit cards for business is not just an option but rather a necessity. Whether you’re a freelancer, online seller, or solopreneur with several employees, there’s a card that best meets your needs for managing your business finances.

Here’s everything to know about business credit cards in the Philippines and how to find the perfect card for your venture.

Why Get a Credit Card for Business?

Having a business credit card allows you to conveniently pay for various costs—like equipment purchase, accounts payable, and more—without using cash or issuing a check.

When you need to pay with cash, you can use a card as a source of credit instead of getting a loan. Access to cash is faster with a credit card than a business loan. Also, you get to borrow only what you need when you use a credit card specifically for business.

The best advantage of credit cards for business is how it makes tax preparation and filing more convenient. With a dedicated credit card, you can keep your personal and business expenses separate. It’s easier to compute your income tax that way. You may also deduct from your tax the interest and other credit card fees as part of your business expenses.

How to Choose the Best Credit Card for Business

how to choose best credit card for business
how to choose best credit card for business

Determine What You Spend the Most on

Perks such as credit card rewards and cashback vary from one card to another. Choose a business credit card that rewards you the most on the types of purchases and payments you often make. For example, some credit cards offer higher rates for earning rewards or cashback on certain business spending categories, like groceries, fuel, travel, utility bills, telecommunications services, or dining.

If your business spending is more or less the same across various spending categories, a credit card with a fixed rebate or rewards earn rate is good enough.

Look for Business-Friendly Features

Not interested in earning credit card rewards? Focus your search on cards with features that will help you manage your business finances better. For example, if you want to save on credit card fees, go for a credit card with no annual fees.

Will you be making a lot of big-ticket purchases? Businesses will benefit much from a credit card with a 0% installment program. This feature allows converting payments for large purchases (such as kitchen equipment for food businesses or laptops for tech startups) into smaller monthly installments at zero interest.

If you have employees doing business on your behalf or you’re paying many suppliers, a corporate credit card is an excellent choice. This type of business credit card has features that help you manage and monitor your business expenses, as well as allow you to issue cards to your employees.

Get a Credit Card with High Credit Limit

Of course, you’ll need a higher credit card limit for your business than a typical credit limit for personal credit cards. Business costs, even for small businesses, can get huge especially at the beginning. With a high credit limit on a card, you avoid getting maxed out easily and hurting your credit score.

The credit limit you’ll get on a card will depend on your income and other factors, so you can’t tell for sure how much the bank is willing to give you until your new card arrives. Your best bet is a premium credit card (usually with a “Gold” or “Platinum” branding) that carries a higher credit limit than basic cards.

If your credit limit turns out to be lower than your projected monthly expenses, you may request the bank to increase your credit limit around one year after receiving your card.

Read more: Credit Card Limit: What is It and How Do Banks Determine It?

Best Credit Cards for Business in the Philippines

Ready to apply for a business credit card? A credit card for your company, perhaps? We have listed the eight best credit cards—a mix of consumer cards and corporate cards—to consider for your business.

Metrobank Rewards Plus Visa

best credit cards for business - metrobank rewards
best credit cards for business - metrobank rewards

Best for: Rewards on common business expenses

This Metrobank credit card is ideal for MSMEs as well as online businesses because it offers double the rewards points on purchases typically made by such types of enterprises. Earn 2 points for every PHP 20 spend on electronic products (like smartphones and laptops), telco services, transport services, and online purchases.

📌 Key Benefits and Features:

  • Minimum monthly income requirement: PHP 29,167

  • Rewards:

    • 1 point per PHP 20 spend

    • 2x points on electronics, gadgets, telecommunications, transportation, and online purchases

  • 0% installment for up to 24 months

💸 Fees and Charges:

  • Annual fee: PHP 2,500 (free for the first year)

  • Interest rate: 2%

  • Cash advance monthly interest rate: 2%

  • Cash advance fee: PHP 200 per transaction

  • Late payment fee: PHP 850 or the unpaid minimum amount due, whichever is lower.

  • Overlimit fee: PHP 750

Citi Cash Back Visa

best credit cards for business - citi cash back
best credit cards for business - citi cash back

Best for: Earning cash back

For a practical entrepreneur, earning rebates per month is better than rewards. The best cashback credit card for grocery businesses—whether online or not—comes from Citibank. The Citi Cash Back Visa lets you earn a high cashback rate on supermarket purchases and electricity bill payments to Meralco. All other purchases charged to the Citi Cash Back earns a rebate as well.

📌 Key Benefits and Features:

  • Minimum monthly income requirement: PHP 15,000 for existing cardholders / PHP 20,833.33 for first-time cardholders

  • Cashback: Up to 6% on groceries, up to 2% on Meralco bills, and 0.20% on all other purchases

  • Welcome gift: Get FREE PHP 2,000 GCash from Moneymax! Until March 31, 2021 only.

  • 0% installment for up to 24 months

💸 Fees and Charges:

  • Annual fee: PHP 3,500 (free if you spend at least PHP 180,000 within a year)

  • Interest rate: 2%

  • Cash advance fee: PHP 200 or 2.04% of the withdrawn amount, whichever is higher.

  • Late payment fee: PHP 850 or the unpaid minimum amount due, whichever is lower.

  • Overlimit fee: PHP 750 or the overlimit amount, whichever is lower.

Learn more about Citi Cash Back: Moneymax Reviews: Save on Essentials with a Citi Cash Back Card

HSBC Red Mastercard

best credit cards for business - hsbc red mastercard
best credit cards for business - hsbc red mastercard

Best for: Rewards on online transactions and cashback on fuel purchases

Looking for the best credit card for business with rewards? This versatile rewards credit card from HSBC is great card if your business expenses mostly include shopping (for office supplies), gas, and dining. If you frequently purchase your products and supplies online or from overseas, you’ll earn rewards fast with the Red Mastercard.

📌 Key Benefits and Features:

  • Minimum monthly income requirement: PHP 16,667

  • Rewards:

    • 1 point per PHP 20 spend

    • 4x bonus points on online, shopping, dining, and overseas transactions

  • Cashback: 6% rebate on the first Caltex fuel purchase plus 3% all year round

  • Enjoy PHP 2,500 cash rebate when you apply until July 31, 2021[1]

💸 Fees and Charges:

  • Annual fee: PHP 1,500

  • Interest rate: 2%

  • Cash advance monthly interest rate: 2.18%

  • Cash advance fee: PHP 200 per transaction

  • Late payment fee: PHP 700 or the unpaid minimum amount due, whichever is lower

  • Overlimit fee: PHP 500

Learn more about HSBC Red Mastercard: Moneymax Reviews: 4x the Fun with HSBC Red Mastercard

AUB Gold Mastercard

best credit cards for business - aub gold
best credit cards for business - aub gold

Best for: Rewards and no annual fee

With a premium credit card from AUB, business owners can enjoy savings through its no annual fee for life feature, as well as a higher purchasing power through its high credit limit.

On top of these business-friendly benefits, AUB cardholders can also earn rewards fast and set the due date for their credit card bill on any day of the month.

📌 Key Benefits and Features:

  • Minimum monthly income requirement: PHP 50,000

  • Rewards: 1 point per PHP 50 spend

  • No interest on new purchases

💸 Fees and Charges:

  • Annual fee: No annual fee for life

  • Interest rate: 2%

  • Late payment fee: PHP 750 or the unpaid minimum amount due, whichever is lower

  • Overlimit fee: None

Learn more about AUB Gold Mastercard: Moneymax Reviews: Is AUB Gold Mastercard the Gold Standard?

Security Bank Gold Rewards Mastercard

business credit cards - security bank gold
business credit cards - security bank gold

Best for: Rewards on business expenses

Offering a higher credit limit and high rewards earn rate, this card from Security Bank is one of the best credit cards for business in the Philippines. Accumulated points can be redeemed anytime for cash rebates, e-vouchers, e-gift certificates, and items like gadgets and luggage.

📌 Key Benefits and Features:

  • Minimum monthly income requirement: PHP 36,667

  • Rewards: 1 point per PHP 20 spend

  • Secure online shopping with SecureCode

💸 Fees and Charges:

  • Annual fee: PHP 2,500 (free for the first year)

  • Interest rate: 2%

  • Cash advance fee: PHP 200 per transaction

  • Late payment fee: PHP 600 or 6% of the minimum amount due, whichever is lower

  • Overlimit fee: PHP 500

UnionBank Lazada Mastercard

best credit cards for business - unionbank lazada
best credit cards for business - unionbank lazada

Best for: Rewards on wholesale purchases

Do you buy wholesale products from Lazada for reselling? Make your online purchases more rewarding with a UnionBank Lazada Credit Card. The card provides generous perks for Lazada purchases and even rewards you with e-wallet credits for transactions made elsewhere using the card.

📌 Key Benefits and Features:

  • Rewards:

    • PHP 6 Lazada Wallet Credits per PHP 200 spend at Lazada

    • PHP 1 Lazada Credit per PHP 200 spend at other merchants

  • Welcome gift: PHP 5,000 Lazada Credits for new cardholders

  • Exclusive deals:

    • PHP 50 monthly shipping vouchers at Lazada

    • PHP 250 discount vouchers for five Lazada Sales all year round

    • Priority access to Lazada Sales

    • Discounts from selected LazMall merchants

  • Free virtual card for convenient online transactions

💸 Fees and Charges:

  • Annual fee: PHP 3,000 (free for the first year)

  • Interest rate: 2%

  • Cash advance fee: PHP 200 per transaction

  • Late payment fee: PHP 750

  • Overlimit fee: PHP 500

UnionBank Corporate Visa

best credit cards for business - unionbank corporate
best credit cards for business - unionbank corporate

Best for: Cashback or employee rewards; automated expense management

For your growing business, consider getting a corporate credit card that can help you manage your business and employees’ expenses. One of the best credit cards for business is the UnionBank Corporate Visa because of its low interest rate and automated expense reporting and management.

UnionBank allows cardholders to choose between rewards or cashback as a benefit. If you choose the rewards program, the accumulated points on the card can be redeemed for employees’ rewards such as gift certificates. If you prefer the rebate program, the cashback will be credited back to your corporate account.

📌 Key Benefits and Features:

  • Minimum monthly income requirement: PHP 50,000

  • Rewards/Cashback: 1 point per PHP 20 spend / 0.5% cash rebate from card spending

  • Comprehensive Expense Management for 24/7 automation of expense reporting and management processes

  • Travel insurance of up to PHP 5 million

  • Free branding: Have your brand logo or image printed on the card for free.

💸 Fees and Charges:

  • Annual fee: PHP 1,500

  • Interest rate: 2%

  • Cash advance fee: PHP 1,500

  • Late payment fee: PHP 750

  • Overlimit fee: PHP 500

BPI Corporate Mastercard

business credit cards - bpi corporate
business credit cards - bpi corporate

Best for: Payment flexibility, automated expense processing, and card spending control

Another excellent business credit card, the BPI corporate credit card features an online expense management tool for an automated reimbursement process and better financial control of business spending.

You can issue as many BPI corporate cards to your employees or get just one card for your own use. BPI allows corporate cardholders to assign a credit limit per employee based on their individual spending requirements.

📌 Key Benefits and Features:

  • Express Data Online for automated expense processing and monitoring

  • Features for improving cash flow: Option to pay in installments and extend payment terms to suppliers up to 50 days

  • Control over card limits and spending on certain categories:

    • Set daily purchase limit, transaction limit, and cash advance limit per card.

    • Option to block illegal transactions using the credit card i.e., gambling.

💸 Fees and Charges:

  • Annual fee: PHP 1,700

  • Interest rate: 2%

  • Cash advance fee: PHP 200 per transaction

  • Late payment fee: PHP 850 or the unpaid minimum amount due, whichever is lower

  • Overlimit fee: None

How to Apply for Credit Card for Business

how to apply for credit card for business
how to apply for credit card for business

Basic Requirements to Apply for a Credit Card for Business

Generally, banks require self-employed applicants to have a registered business operating profitably for at least two years. Freelancers and licensed professionals may also apply for a credit card, but they should be practicing for at least one year to qualify.

Documents that are usually asked small businesses applying for a credit card include the following:

  • Certificate of Business Name Registration from the DTI

  • Latest Income Tax Return (ITR or Form 1701) from the BIR

  • Latest audited Financial Statements for at least two years

Credit Card Application Process for Businesses

The application process for a non-corporate credit card for business use is similar to those applying for personal use. It’s done either online through the bank’s website or in-person at any bank branch.

If you want a corporate credit card, inquire through the bank’s hotline or email first to get specific details on the product. The bank will guide you through the corporate card application process.

Read more: How Freelancers in the Philippines Can Get a Credit Card

Final Thoughts

While it’s good that you have many options for a credit card for business, what matters more is picking the right card for you. Compare credit cards in the Philippines using Moneymax, a free online comparison platform, so you can easily find and get the best credit cards for business.

Source: [1] HSBC Cash Rebate Credit Card Promo

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