Expense it—Corporate credit cards for your startup business
Are you filing a Profits Tax Return for the first time this year? Tax season is a crucial time for new business owners to review their savings accounting systems and see if there are any gaps in record-keeping that they can patch up for more streamlined tax reporting in the future.
For startups in their first year of trading, owners may not have gotten around to setting up a separate business savings account for operations. That means you’re hit with a big headache when it comes to separating business expenses from personal ones to find out how much you actually made and spent on your business venture.
Photo credit: @startaeteam
One of the easiest ways to keep records clear is to sign up for a corporate credit card to pay for all of your business expenses. That way, you only need to check the balance on a finance tracking app like gini to find out how much you’re spending on your business each month. This not only makes the savings accounting process easier to understand, but also opens up more flexibility for your cash flow.
We previously covered some personal credit cards with great lifestyle rewards programs. This time, we’ve collected six major corporate credit card options to help you keep your business and personal expenses separate but at the same time, bring you spending rewards to get you more for your money. Take a look at some of the options in Hong Kong below that compare annualised percentage rates (APR) for retail purchases and extra card benefits:
- DBS VISA Business Card (Key Facts Statement)
- APR 36.33%
- Only available for limited companies that are registered in Hong Kong who currently have Enterprise or Consumer savings accounts with DBS.
- Good for companies with multiple employees that require the use of a corporate card, with the option to set different spending limits per employee card.
- Bank of China VISA Infinite Commercial Card (Key Facts Statement)
- APR 35.7%
- Only available for sole proprietorship, partnership or limited companies that are registered in Hong Kong or Macau, established for at least 6 months and is a current client of Bank of China (HK), Nanyang Commercial Bank or Chiyu Banking Corporation.
- Get access to discounts and offers for hotels, dining, office maintenance and supply and business center services, as well as Plaza Premium Lounge Service access at the airport. Earn 1 Gift Point with every HKD1 purchase that can be redeemed for rewards or converted to other travel awards point programs.
- HSBC Business Mastercard® (Key Facts Statement)
- APR 33.37% (HKD card)
- Enjoy an exclusive rate on airport limousine services in Hong Kong, extra RewardCash earnings for overseas spending, free travel insurance for up to seven days and complimentary access to Plaza Premium lounges at airports around the world.
- Hang Seng Platinum Commercial Mastercard® (Key Facts Statement)
- APR 34.97%
- Receive up to HKD800 in Mannings Cash Vouchers upon successful card application, enjoy worldwide airport lounge access, earn Cash Dollar spending rewards, free travel insurance for up to 60 days and more.
- American Express® Business Card (Key Facts Statement)
- APR N/A
- Only available for clients over 21 years of age who are Hong Kong or Macau residents, with a gross personal annual income of over HKD100,000 and are the owner, partner, shareholder, CEO, managing director or executive of the company.
- Earn double Membership Rewards points when you enrol in the Turbo Program, enjoy complimentary travel insurance, 10% discount on select cinema tickets year round and no pre-set spending limits on your card.
- American Express Corporate Card (Key Facts Statement)
- APR N/A
- Only available for businesses registered in Hong Kong with over 5 employees, in operation for over 2 years and with an annual revenue of HKD8,000,000 or above.
- Earn Membership Rewards points that have no expiration, save on dining, travel and entertainment with exclusive discounts, enjoy Travel Inconvenience Insurance for up to HKD8000 and more.
Save yourself time and money; you already have enough on your plate as a business owner without the unnecessary trouble of sorting through your personal and company transactions. By opening a corporate credit card and managing the savings accounts through a consolidation tracker like gini, you can max out the value of business expenses, stress-free and streamlined.