Aspire Corporate Card Review
Enjoy the lowest FX rates and earn up to 1% cashback on your digital spend with this card.
The Aspire Corporate Card is a free virtual debit card linked to an Aspire Business Account. Cardholders can take advantage of zero FX fees and earn up to 1% cashback on digital spends (online marketing and SaaS) at qualifying merchants including Facebook, Google, Hubspot and Slack.
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Effective Interest Rate
Min Income - Singaporean and PR
Benefits of using an Aspire Corporate Card
Some of the main benefits of this card are:
- Up to 1% cashback on digital spend. Earn up to 1% cashback on select online marketing and SaaS with a minimum of $5,000 category spend per month. For expenditure less than $5,000 per month in these select categories, account holders will be entitled to 0.25% cashback instead.
- No annual fee. Take advantage of all card perks without having to pay any annual fee. There’s also no minimum spending required for this card.
- Referral promotion. Both you and your referred customer will benefit from a $50 referral award if they successfully sign up for the Aspire card (valid till 31 December 2020).
Features of the Aspire Corporate Card
Here are the other key features to consider when you’re comparing the Aspire Corporate card with other options.
- Advanced fraud protection. The card is equipped with measures to help safeguard your card and PIN from any unauthorised transactions.
- No foreign exchange fees. Transact in over 40+ currencies at the visa exchange rate with a low, transparent fee of 0.7%. Aspire also indicated on their website that transacting with its card can be up to 4 times cheaper than transferring through banks.
- Real-time notifications. Keep track of your business spending with real-time notifications on-the-go.
- Eligible for Apple and Google Pay (Coming soon). According to Aspire, this virtual card may be added to Apple and Google Wallets in the forth quarter of 2020. Stay tuned for this added convenience of tap-and-go payments.
Which are the vendors that qualify for cashback rewards?
Only eligible online marketing and SaaS transactions from the following merchants will qualify for cashback:
- Facebook Advertising
- Google Advertising
- LinkedIn Advertising
- Amazon Web Services
- Active Campaign
- Google Suite
How to apply for the Aspire Corporate Card
To apply for the Aspire Card, you’ll need to sign up for an Aspire business account. The registration process typically takes around 5 minutes and accounts are approved within 2 working hours. Once you’ll successfully created the account, you’ll receive your virtual Aspire card immediately.
Before applying, make sure that you meet the following eligibility requirements and have the necessary documents on hand:
To open an Aspire Business Account, you’ll need to meet the following criteria:
- ACRA-registered business
- Have a corporate bank account that is active for at least 6 months
- Applicant’s personal information and contact number
- Business Registration Number (UEN)
- Latest 3 months’ corporate bank statements
- Credit Bureau Singapore (CBS) report. If you don’t have it, you may purchase it for S$6.42 (inclusive of GST) from CBS’ website.
What’s more, if you integrate your Lazada, Shopify, Shopee, Xero or Quickbooks account when registering for an AspireAccount, you’ll be required to upload even fewer documents, and will see your approval timing shortened dramatically.
If your business requires substantial digital advertising budgets, the Aspire Corporate Card may be ideal for you. With no annual fees or minimum spend, this card is free to use and give back up to 1% of your online marketing and SaaS expenditure. In addition, Aspire’s low foreign transaction fees of 0.7% makes it a competitive option over other similar corporate cards in the market, which can be as high as 3.25%.
However, do note that expenses in other categories outside digital spends will not be eligible for any cashback rewards. So if your company don’t have a strong focus on online services, you may want to compare other business credit cards and find one that suits your needs.