As a small or medium enterprise (SME) in Malaysia, you may be wondering what a corporate credit card is and whether your business could benefit from having one. A corporate credit card is a credit card that is issued to a business rather than an individual. It can be used by employees to make business-related purchases, and the expenses are charged to the business rather than the individual employee. 

So why might an SME need a corporate credit card?  

There are several reasons why a corporate credit card can be useful for SMEs. Firstly, it can help to streamline expense tracking and management. By using a corporate credit card for all business-related expenses, it becomes easier to track and manage expenses, reducing the risk of errors and overspending. 

Secondly, a corporate credit card can help to improve cash flow. Instead of employees having to use their own money for business expenses and then wait for reimbursement, a corporate credit card allows expenses to be charged directly to the business, improving cash flow and reducing the risk of financial strain on employees. 

Finally, a corporate credit card can provide additional benefits, such as rewards programs or travel perks, that can help to save the business money in the long run. 

When looking for a corporate credit card for your SME, there are several features to look for; 

• Consider the credit limit – it should be high enough to cover your business’ expenses, but not so high that it becomes difficult to manage. 
• Look for a card with a rewards program that aligns with your business’ needs. For example, a card that offers cashback on office supplies or travel expenses can be particularly useful for SMEs. 
• Consider any additional perks or benefits that the card may offer, such as travel insurance, airport lounge access, or concierge services. 

What are the best business credit cards for SMEs in Malaysia? 

1. Maybank 2 Premier Card

This card offers high cashback rates on travel and dining expenses, making it a great option for SMEs that frequently travel or dine out for business purposes. It also offers travel insurance and access to airport lounges.   

2. CIMB Cash Rebate Platinum Business Card

This card offers cashback on a wide range of business-related expenses, including office supplies, telecommunications, and travel. It also offers travel insurance and discounts on car rentals. 

3. Hong Leong Wise Business Card

This card offers cashback on a wide range of business-related expenses, including office supplies, telecommunications, and travel. It also offers discounts on dining and petrol expenses. 

4. OCBC Business Platinum Mastercard

This card offers cashback on a wide range of business-related expenses, including office supplies, telecommunications, and travel. It also offers travel insurance and discounts on car rentals. 

5. Standard Chartered Platinum Business Card

This card offers cashback on a wide range of business-related expenses, including office supplies, telecommunications, and travel. It also offers travel insurance and discounts on car rentals.   

But what should you do if your SME doesn’t qualify for a corporate credit card? One alternative is to use a prepaid business card. This type of card works similarly to a corporate credit card, but instead of being issued a credit limit, the SME loads funds onto the card in advance. This can help to control spending and improve cash flow, while still allowing employees to make business-related purchases. 

In conclusion, a corporate credit card can be a useful tool for SMEs looking to streamline expense tracking and management, improve cash flow, and save money. When looking for a corporate credit card, be sure to consider the credit limit, rewards program, and additional perks or benefits that the card may offer. And if your SME doesn’t qualify for a corporate credit card, a prepaid business card can be a useful alternative.