Corporate cards are an important tool for businesses to manage expenses and increase transparency in financial management. But how do you choose the right type of corporate card? Let's find out about What is a corporate card? and which bank's corporate card should you choose in the detailed article of SeABank below.
What is a corporate card?
Corporate Card is a payment card issued by banks to organizations and businesses for the purpose of payment and spending for business activities. This type of card brings many outstanding benefits compared to cash payments, helping businesses manage finances effectively and optimize costs. Corporate cards can be used for transactions such as:
- Pay utility bills such as electricity, water, internet, and telecommunications.
- Purchase supplies and materials, including stationery, machinery, and equipment.
- Pay employees, including wages, bonuses, and other benefits.
- Covers business travel expenses such as airfare and hotel costs.
- Withdraw cash from ATMs or directly at bank counters.
Learn about what a corporate card is to use it more effectively
Popular types of corporate cards
In Vietnam, when a business has a payment account at a bank, it will usually be issued two main types of business cards: debit cards and credit cards. Detailed information about these two types of cards that businesses can refer to is as follows:
Business Debit Card
A business debit card is a payment card designed specifically for businesses, issued by a bank. This card is directly linked to the business's payment account. When making a transaction using the card, the amount will be deducted directly from the account.
Advantage:
- Manage finances in your business more effectively and optimally.
- Increase transparency in spending.
- Save time in financial transactions for businesses.
- High security and safety.
- Enjoy many free or discounted programs.
- Can be used for international payments.
Disadvantages:
- Depends on the business account balance.
- Limit the amount of money that can be transacted within a certain period of time such as day, week, or month.
- Less perks than business credit cards, no rewards points or cash back.
- There can be financial management risks if spending is not controlled properly.
Debit cards will help businesses manage finances effectively.
Business credit cards
A business credit card is a type of payment card issued by a bank, designed specifically for businesses and organizations. This card allows businesses to spend first and pay later, with a credit limit provided by the bank.
Advantage:
- Solve the problem of lack of working capital, help businesses maintain business operations.
- Enhance the reputation and position of the business in the eyes of partners and customers.
- Reduce time and cost in the payment process.
- Many banks offer incentive programs such as points, rewards, and cash back for business credit card holders.
- Support to make international payment transactions easily.
- Can use the card's credit limit to borrow money from the bank.
Disadvantages:
- High interest rates: If payments are not made on time, businesses will incur high interest rates, increasing financial costs.
- Security risks: Credit cards are vulnerable to fraudulent activities, resulting in loss of account information or loss of money.
- Risk of falling into debt: Careless use of credit cards can lead to debt for the business.
- Fees and charges: Credit cards may have associated fees, such as issuance fees, annual maintenance fees, or late payment fees.
Credit cards can help businesses solve the problem of lack of working capital
What are the benefits of using a corporate card?
So, what are the benefits of using a corporate card? Nowadays, using a corporate card can help businesses optimize their business operations and manage their finances effectively. You can refer to some of the highlights below to better understand the benefits of a corporate card:
- Manage finances more effectively: Track spending easily, distinguish between personal and business spending, automate payment processes, etc.
- Enhance safety and security in payment process, manage payment risk.
- Save time and money, pay quickly and conveniently, reduce cash management costs, help increase business efficiency,...
- Enhance reputation and position: Demonstrate the professionalism of the business in financial management, increase access to capital, and easily cooperate with domestic and foreign partners thanks to the use of international payment cards.
Notes for optimal and safe use of corporate cards
To use corporate cards optimally and safely, businesses need to note the following:
- Determining your card usage needs to choose the appropriate card type such as debit card or credit card, credit limit,...
- Use your card only for business-related expenses. Do not use your card to withdraw too much cash. Do not let others use your card.
- Keep your corporate card information confidential and do not share it with anyone during use.
- Check your account statements regularly for unusual transactions.
- Pay off your credit card balance in full within the interest-free period to avoid interest charges.
- Contact the bank for advice and support if you encounter difficulties while using the card.
Businesses need to determine the need to use corporate cards appropriately.
Which bank should I choose for a corporate card?
Choosing the right corporate card can make a big difference in managing your company's finances. SeABank stands out with its diverse portfolio of corporate cards, allowing you to track spending, manage your budget effectively and enjoy many exclusive offers.
With dedicated customer service, SeABank is always ready to support you throughout the process of use. Register now to discover the benefits that SeABank's corporate card can bring to your business. Let's learn about the following types of businesses at SeABank:
Types of corporate cards available at SeABank
Currently, SeABank provides businesses with 3 main types of cards including:
Co-branded credit cardsSeAMileage
Co-branded credit cardsSeAMileageA product of cooperation between SeABank and Vietnam Airlines, providing businesses with the opportunity to accumulate Golden Lotus (BSV) miles when making eligible transactions. The card has a limit of up to 5 billion VND, along with many privileges and incentives, such as:
Accumulate Golden Lotus bonus miles:
- Get 3,000 bonus BSV miles instantly upon card activation.
- Convert miles from payment transactions at attractive rates: 1 mile/30,000 VND (VND) and 1 mile/15,000 VND (foreign currency).
- Get a BSV card of Titan, Gold or Platinum rank when reaching a certain spending level.
Special Offer:
- 10% discount when booking Vietnam Airlines tickets.
- Discount on BRG hotel rooms in and out of the country.
- Many other offers from SeABank and Vietnam Airlines.
You can learn more about the cardSeAMileageand receive advice and support to open a card directly from SeABank according to the following instructions:
Register card
Co-branded credit cardsSeAMileage: Accumulate Golden Lotus miles, enjoy attractive offers!
Visa Corporate Credit Card
SeABank's Visa Corporate Credit Card is an international credit card solution that brings many benefits and conveniences to businesses. The card allows companies to take advantage of credit limits with a spend first, pay later policy, with an interest-free period of up to 55 days.
This helps businesses manage their finances effectively, separating personal and business expenses. In addition, Visa Corporate cards also have the following outstanding advantages:
- Flexible payment support worldwide, with easy currency conversion and withdrawals at global ATMs and POS.
- Earn reward points from every purchase and receive monthly cashback.
- Advanced security features like EMV Chip and 3D Secure ensure secure transactions.
- Combined with digital banking applications SeANet and SeAMobile Biz for flexible card management.
You can learn more about Visa Corporate Credit Card and receive advice and support to open a card directly from SeABank according to the following instructions:
Register card
Visa Corporate Credit Card: Comprehensive financial solutions for businesses!
Visa Business Debit Card
SeABank's Visa Business Debit Card is an international debit card exclusively for businesses, providing a convenient, efficient and safe cashless payment solution with many outstanding features as follows:
- Fast payment: At millions of card acceptance points (POS) and online payments worldwide.
- Diverse transactions: Withdraw money, check balance, transfer money, change PIN, and easily check transaction statements via ATM.
- Long term of use: 5 years, can be renewed or renewed upon expiration.
- Issue multiple cards: Unlimited number of cards, meeting business spending needs.
You can learn more about Visa Business Debit Card and receive advice and support to open a card directly from SeABank according to the following instructions:
Register card
Visa Business Debit Card SeABank - Perfect choice for businesses
Instructions and procedures for registering a corporate card with SeABank
To apply for a corporate credit card at SeABank, you need to pay attention to the conditions and prepare all documents according to the bank's regulations. Below are the basic steps:
Terms of use:
- Corporate customers must have a payment account opened at SeABank.
- Must meet loan conditions according to the provisions of law and SeABank.
Documents to prepare:
- Documents proving the legal status of the organization according to the provisions of law.
- Documents proving the legal representative status of the corporate bank account owner.
- Application for issuance of credit card/debit card as prescribed by the Bank.
Registration process:
- Step 1: Enterprises prepare necessary documents as required by SeABank.
- Step 2: Enterprises submit their applications directly at SeABank branches/transaction offices. SeABank will contact the enterprise to confirm the information and conduct application appraisal.
- Step 3: SeABank will notify the appraisal results. If the application is approved, SeABank will proceed to issue a credit card to the business.
- Step 4: Businesses receive and activate cards before use.
The process of registering a corporate card at SeABank is very simple and quick.
Choosing the right corporate card is an important decision, contributing to optimizing financial activities and improving business efficiency for the enterprise. Hopefully with today's article, you have a better understanding of What is a corporate card?.
If your business is considering not knowing which corporate card to choose, please contact SeABank immediately for detailed advice. SeABank's team of experts will help you find the card that meets your business's needs. To learn more about SeABank's corporate cards, please visit the website or contact Hotline 1900.599.952 (Business Customer).
