Grow Your Venture in 2023: 10 Best Credit Cards for Business

Ask any entrepreneur, and they’d tell you that starting a business isn’t a walk in the park. It requires not just time, effort, and patience, but also deep pockets.

If you’re also a small business owner, you’ve probably relied on loans to keep your venture afloat. But did you know that you can also use credit cards for business to cover your expenses?

Yes, credit cards aren’t only for your personal shopping sprees. You can also use them to pay for the things you need to seamlessly run your business, such as equipment, supplies, utility bills, and others. 

So before you shell out any more money, compare the credit cards below. Check how each of these options can help you become a better entrepreneur.

Why Get a Credit Card for Business?

You might be wondering why you need a business credit card in the first place. If you’re still on the fence, here are some compelling reasons to get one right now:

✔️ Cashless Payments

A business credit card allows you to conveniently pay for various costs—like equipment purchases, accounts payable, and more—without using cash or issuing a check. After all, running a business requires a lot of spending. Instead of emptying your bank account every time you’re faced with an inevitable business expense, get a credit card to soften the financial blow.

✔️ Quick Access to Cash

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

Just watch out for those cash advance fees—don’t let them snowball and turn into bigger debt.

✔️ Credit Card Perks

The credit card experience isn’t complete without the perks, and corporate credit cards have plenty. The more you use your credit card for corporate expenses, the more points you earn. This allows you to redeem exciting perks and freebies that could help your business. 

✔️ Sign-Up Bonuses

If perks aren’t enough, some credit cards also come with special sign-up bonuses. For example, if you apply for any of the HSBC credit cards through the Moneymax website, you can receive a welcome gift when you get approved. See, applying for a business credit card comes with a lot of perks you can’t get anywhere else!

Business Credit Card vs Business Loan: Pros and Cons

“But wait, shouldn’t I just get a business loan?” It’s true—there’s a lot to gain from getting a business loan,^[1] but you’ll still get more value out of using the best business credit cards in the Philippines. 

Here’s a quick overview of the pros and cons of choosing a credit card over a business loan.

👍 Pro: Credit Cards Allow You to Organize Your Finances

The best advantage of using credit cards for business is how they make tax preparation and filing more convenient. You can keep your personal and business expenses separate with a dedicated credit card. It's easier to compute your income tax that way.

You can also deduct the interest and other credit card fees from your tax as part of your business expenses.

👍 Pro: Easily Pay for Unexpected Business Expenses

Need to pay for a purchase immediately? It’s faster to use your credit card than to apply for a business loan and hope the provider approves your application quickly. 

Also, getting a cash advance allows you to borrow just enough for your specific needs. It’s more practical and convenient than borrowing a large sum of money through a business loan and having to pay back significantly more than what you took out.

👎 Con: You Can’t Borrow a Lot of Money

Getting a cash advance using your credit card may be quicker than getting a loan, but there’s a limit to how much you can borrow. If you’re planning to expand your business, using a credit card likely won’t take you anywhere near your goals. If you need a large sum, then get a business loan that can let you borrow up to ₱2 million or more.

👎 Con: Not Suited for Long-Term Goals

Speaking of business expansion, a business credit card can only help cover your business’ short-term financial needs. You can't just rely on your credit card if you’re planning to turn your small business into a bigger enterprise. For that specific purpose, it’s better to apply for a business loan that will net you more funds and allow more flexible monthly payments. 

How to Choose the Best Credit Card for Business

Still want a business credit card after weighing the advantages and disadvantages? Good! The next step is to consider the following factors when comparing credit cards:

🔎 Determine What You Spend the Most On

To maximize a credit card for a small business, identify what you’ll most likely spend the money on. Since credit card perks vary, choose one whose rewards match the types of purchases and payments you often make. 

For example, some credit cards offer higher rates for earning rewards or cashback on business expense categories such as groceries, fuel, travel, utility bills, or dining. If your business spending is more or less the same across various 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 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.

Do you often make a lot of big-ticket purchases? You’ll benefit more from a credit card with a 0% interest 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 little to no interest.

If you have plenty of suppliers or employees paying for purchases on your behalf, a corporate credit card is an excellent choice. The best credit cards for a small business can 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

If you’re going to use a credit card for most of your business expenses, you'll need a higher credit card limit. Business costs, even for small businesses, can get huge, especially in the beginning. With a high credit limit, you can avoid getting maxed out easily and hurting your credit score.

Your credit limit will depend on your income and other factors, so you won’t know 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 can request the bank to increase it around one year after receiving your card.

Best Credit Cards for Business in the Philippines

Now you’re all set to explore and compare credit cards for business! We’ve listed the best credit cards—a mix of consumer cards and corporate cards—to consider for your business.

HSBC Red Mastercard

Best for: Getting rewards on online transactions and cashback on fuel purchases

If you’re looking for a corporate credit card in the Philippines, you can’t miss the HSBC Red Mastercard. This card generates 4x rewards points on every ₱20 spend on online, shopping, dining, and overseas transactions. This is perfect if your business requires you to make bulk orders online or to travel and meet clients all over the world.

Waive your annual fees by spending at least ₱100,000 annually—an easy feat for a small business owner like you. Check out our HSBC Red Mastercard review for more details.

📌 Key Benefits and Features:

• Minimum monthly income requirement: ₱16,667
• Rewards:
  • 4x bonus points on online, shopping, dining, and overseas transactions
  • 1 point per ₱20 spend
• Cash back: 6% rebate on the first Caltex fuel purchase plus 3% all year round

💸 Fees and Charges:

• Annual fee: ₱2,500
• Interest rate: 3%
• Cash advance fee: ₱200 per transaction
• Late payment fee: ₱1,000 or the unpaid minimum amount due, whichever is lower
• Overlimit fee: ₱800

HSBC Platinum Visa Rebate

Best for: Earning rebates on your business trips and shopping

Looking for a credit card with a higher credit limit for your travel and shopping needs? Check out the HSBC Platinum Visa Rebate. Earn a 5% rebate on all shopping and travel spend and up to a 6% rebate on Caltex fuel spend.

Let our HSBC Platinum Visa Rebate review guide you through this card’s perks and features.

📌 Key Benefits and Features:

• Minimum monthly income requirement: ₱41,667
• Cash back: 
• 5% rebate on shopping and travel transactions
• 6% rebate on the first Caltex fuel purchase plus 3% all year round

💸 Fees and Charges:

• Annual fee: ₱5,000
• Interest rate: 3%
• Cash advance fee: ₱200 per transaction
• Late payment fee: ₱1,000 or the unpaid minimum amount due, whichever is lower
• Overlimit fee: ₱800

Metrobank Platinum Mastercard®

Best for: Secure online shopping and installment purchases

If you constantly shop online for ingredients, materials, and other essentials to keep your business running, consider the Metrobank Platinum Mastercard®. Protect your purchases against incomplete or wrong deliveries, defects or damage, and non-deliveries. You can also avail of the 0% installment program at partner merchants.

📌 Key Benefits and Features:

• Minimum monthly income requirement: ₱58,333
• Rewards: 1 rewards point for every ₱20 spend
• 0% installment at partner merchants
• eCommerce purchase protection of up to US$200
• Up to 50% off on premium dining offers

💸 Fees and Charges:

• Annual fee: ₱5,000 (free for the first year)
• Interest rate: 3%
• Cash advance fee: ₱200 per transaction
• Late payment fee: ₱1,000
• Overlimit fee: ₱750

Security Bank Gold Mastercard

Best for: Getting rewards on business expenses

The Security Bank Gold Rewards Mastercard’s high credit limit and high rewards earn rate make it one of the best company credit cards out there. Accumulated points can be redeemed anytime for cash rebates, e-vouchers, e-gift certificates, and gadgets.

📌 Key Benefits and Features:

• Minimum monthly income requirement: ₱30,000
• Rewards: 1 point per ₱20 spend
• Secure online shopping with SecureCode

💸 Fees and Charges:

• Annual fee: ₱2,500 (free in the first year)
• Interest rate: 3%
• Cash advance fee: ₱200
• Late payment fee: ₱1,000 or unpaid minimum amount due, whichever is lower
• Overlimit fee: ₱500

UnionBank Lazada Credit Card

Best for: Getting rewards on wholesale purchases

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

Find out more by reading our UnionBank Lazada Credit Card review.

📌 Key Benefits and Features:

• Minimum monthly income requirement: ₱30,000
• Rewards:
  • ₱6 Lazada Wallet Credits per ₱200 spend at Lazada
  • ₱1 Lazada Credit per ₱200 spend at other merchants
• Welcome gift: ₱5,000 Lazada Credits for new cardholders
• Exclusive deals:
  • ₱50 monthly shipping vouchers at Lazada
  • ₱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: ₱3,000 (free for the first year)
• Interest rate: 3%
• Cash advance fee: ₱200 per transaction
• Late payment fee: ₱1,000
• Overlimit fee: ₱500

UnionBank Corporate Visa

Best for: Cashback or employee rewards; automated expense management

For your growing business, consider a company 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, automated expense reporting and management, and the option to add your company logo.

📌 Key Benefits and Features:

• Minimum monthly income requirement: ₱50,000
• Rewards: 1 point per ₱20 spend
• Rebate: 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 ₱5 million
• Free branding: Get your brand logo or image printed on the card for free

💸 Fees and Charges:

• Annual fee: ₱1,500 (free in the first year)
• Interest rate: 3%
• Late payment fee: ₱1,000

Metrobank Rewards Plus Visa

Best for: Getting rewards on business expenses

This Metrobank credit card is one of the best credit cards for businesses—especially for online ones and micro, small, and medium enterprises (MSME)—because it offers double the rewards points on tech-related spend. Earn double the points for every ₱20 spend on electronic products like smartphones and laptops, telco services, transport services, and online purchases.

📌 Key Benefits and Features:

• Minimum monthly income requirement: ₱29,167
• Rewards:
  • 2x points on electronics, gadgets, telecommunications, transportation, and online purchases
  • 1 point per ₱20 spend
• 0% interest installment for up to 24 months

💸 Fees and Charges:

• Annual fee: ₱2,500 (free in the first year)
• Interest rate: 3%
• Cash advance fee: ₱200 per transaction
• Late payment fee: ₱1,000 or the unpaid minimum amount due, whichever is lower

Metrobank Toyota Mastercard®

Best for: Getting car-related rewards and cash back

Does operating your business entail running plenty of errands using your Toyota vehicle? The Metrobank Toyota Mastercard® is the perfect credit card for your small business.

Aside from getting double the reward points at any Toyota dealer, you also get a 3% rebate on your Petron fuel spend. Plus, get a 10% discount on genuine accessories, parts, and labor at Toyota dealers nationwide. 

📌 Key Benefits and Features:

• Minimum monthly income requirement: ₱15,000
• Rewards: 2x rewards points for every ₱20 spend at any Toyota dealer
• Cash back:
  • 3% rebate on fuel purchases at participating Petron stations
  • 10% discount on genuine accessories, parts, and labor at all Toyota dealers
• Access to 24/7 roadside assistance service

💸 Fees and Charges:

• Annual fee: ₱2,500
• Interest rate: 3%
• Cash advance fee: ₱200 per transaction
• Late payment fee: ₱1,000 or the unpaid minimum amount due, whichever is lower
• Overlimit fee: ₱750

AUB Gold Mastercard

Best for: Getting rewards and no annual fees

With a premium credit card from AUB, business owners can enjoy savings through its no annual fee for life feature, as well as higher purchasing power through its high credit limit. AUB cardholders can also earn rewards fast and set the due date for their credit card bill on any day of the month.

Learn more about this card through our AUB Gold Mastercard review.

📌 Key Benefits and Features:

• Minimum monthly income requirement: ₱50,000
• Rewards: 1 point per ₱50 spend
• No interest on new purchases

💸 Fees and Charges:

• Annual fee: No annual fee for life
• Interest rate: 3%
• Late payment fee: ₱1,000 or the unpaid minimum amount due, whichever is lower
• Overlimit fee: None

RCBC Visa Platinum

Best for: Enjoying travel-related rewards and perks

The RCBC Visa Platinum is a worthy addition to your list of credit cards for business. It’s a good choice if your small business requires you to travel around the world.

Earn air miles easily for every ₱25 spend, get free travel insurance coverage up to ₱5 million, and get up to a 100% temporary increase on your credit limit during your travel period. 

📌 Key Benefits and Features:

• Minimum monthly income requirement: ₱100,000
• Rewards: 1 Preferred Air Mile for as low as ₱25 per spend
• Up to 100% temporary increase in credit limit during the travel period
• Free travel insurance up to ₱5 million and other travel perks

💸 Fees and Charges:

• Annual fee: ₱5,000 (free in the first year)
• Interest rate: 3%
• Cash advance fee: ₱200
• Late payment fee: ₱850 or unpaid minimum amount due, whichever is lower
• Overlimit fee: ₱600

Credit Cards for Business FAQs

1. Can businesses apply for credit cards? What are the requirements?

Yes! 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 for those applying for a business 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 year

2. How to get a small business credit card?

The business credit card application process in the Philippines is similar to the application process for personal credit cards. 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.

3. How long does it take to get approved for a business credit card?

Approval for business credit cards usually takes longer compared to personal credit cards. After sending the required documents, expect to hear back from the bank after seven to 16 banking days.

Final Thoughts

When it comes to running a small business, take any advantage you can get. That includes trying out different credit cards for business. Treat it like a personal credit card—as long as you’re using it responsibly, your business credit card can help you grow your venture.

Start your business credit card journey by comparing your options via Moneymax today!

Source: ^[1] Business credit card vs. small business loan: Which is better for you? (Bankrate, 2021)