What's the Best Maybank Business Card for a Singapore SME?

As a Singapore-based small and medium enterprise (SME) looking to expand your customer base and gain overseas market share, Maybank’s corporate banking solutions can seem attractive. Its international network of 2,400 offices in 20 countries and strong presence in all 10 ASEAN countries makes it well-positioned to help businesses like yours grow into multinational corporations¹. To help you understand whether Maybank truly meets your business’s needs, this article delves into the most well-received Maybank business credit and debit cards, their features, fees, benefits, and more. We’ll also introduce an alternative non-bank card option, the Wise Business Card, for your consideration.

Maybank corporate cards overview

Here’s an overview of the cards we’ll review — there’s more detail coming up later on each.

*Details accurate as of 19 March 2025

**Please see the Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

How does a corporate card work?

Unlike personal cards intended for personal expenses, corporate cards are company-issued cards provided to employees for business-related expenses, such as travel, entertainment, and office supplies. Employees can make necessary purchases without using personal funds and seeking reimbursement, streamlining the expense management process by using corporate cards. This approach reduces the administrative burden on a company’s finance team, allowing them to focus on more strategic financial tasks.

There are 2 types of corporate cards: corporate credit cards and corporate debit cards.

A corporate credit card allows employees to make purchases using a line of credit extended by the card issuer, enabling the company to pay for expenses and settle the balance later, often with the option to carry over balances with interest. In contrast, a corporate debit card is directly linked to the company’s bank account; transactions deduct funds immediately.

For many Singapore businesses (SMEs, especially), a business debit card is often enough to meet their daily needs, including vendor payments, employee expenses, and operational costs.

An excellent business debit card option is the Wise Business Card linked with the Wise Business account. In addition to covering most of those daily needs, it has the advantage of no annual or monthly fees, foreign transaction fees, or hidden forex markups. These can quickly add up and eat into a business’s profits, especially if you frequently make payments in foreign currencies to your suppliers, vendors, contractors, and/or consultants based overseas.

Learn more about Wise Business

Maybank Business Platinum Mastercard

Singapore-based SMEs with a minimum annual sales turnover of S$200,000 can consider the Maybank Business Platinum Mastercard², a Maybank business credit card that charges an annual fee of S$196.20 (waived for the first 2 years).

Pros of this card include:

• Rewards program: Every S$1 spent translates to 1 TREATS Point³. TREATS Points are redeemable for various rewards, including cash credit, air miles, and vouchers⁴.
• Extended interest-free credit: The card offers up to 51 days of interest-free credit on purchases. This gives your business greater financial flexibility, allowing you to respond to unexpected expenses or seize unforeseen opportunities without disrupting cash flow.
• Enhanced expense management: Tools like automated bill payments and customised reports streamline financial operations, saving time and resources.

Cons of this card include:

• Interest rate: The Maybank Business Platinum Mastercard charges an annual interest rate of 27.8%. While this is typical of corporate credit cards, some cards charge a lower interest rate, with an example being the UOB Business Plus Card (extended payment) — learn more in this article, which would be more helpful in reducing financing costs for businesses that may carry balances.
• Foreign transaction fee of up to 3.25%: Foreign transaction fees can accumulate, significantly raising the cost of international purchases and payments — eroding profit margins.
• Limited immediate rewards: The rewards program may not provide immediate tangible benefits without substantial spending.

Given this, the Maybank Business Platinum Mastercard may be more suitable for established SMEs with consistent transaction volumes (to leverage the rewards program) and businesses looking to streamline their financial processes and gain better control over expenditures.

Maybank Business Platinum Visa Debit Card

Like all debit cards, the Maybank Business Platinum Visa Debit Card⁵ has no annual fee.

Pros of the card include:

• Rewards program: Every S$5 spent in Malaysian ringgit translates to 3 TREATS Points, while every S$5 spent locally and other foreign currencies translates to 1 TREAT Point. TREATS Points are redeemable for various rewards, including cash credit, air miles, and vouchers⁴.
• No minimum annual sales turnover requirement: This makes the card accessible to a broader range of Singapore-based SMEs.

Cons of the card include:

• Cash flow constraints: Since debit card transactions deduct funds directly from your business’s checking account, they can strain cash flow, especially if you make large purchases without adequate funds.
• Foreign transaction fee of up to 3.25%: ⁶ Once again, foreign transaction fees can accumulate, impacting profit margins.

Given this, the Maybank Business Platinum Visa Debit Card may be more suitable for small businesses and startups, especially those who frequently transact in Malaysian ringgit for the accelerated TREATS Points award.

Wise Business Card: The ideal corporate card for managing global business payments

Illustration of Wise Business products

The Wise Business Card, coupled with the Wise Business account, is a great overseas payment solution for international businesses. That’s because Wise Business has no foreign transaction fees and offers currency conversion with the mid-market exchange rate, low, transparent fees, and no hidden costs.

Compare that to the Maybank business cards in this guide, which charge up to 3.25% in foreign transaction fees.

Conclusion

Overall, Maybank offers decent business credit and debit card options to support Singapore businesses of different sizes. Its strong regional focus on ASEAN makes it a reliable choice for any Singapore SME looking to expand their business.

That said, Maybank’s offerings may not be the best choice if you and your employees travel frequently, conduct business internationally, or purchase online from foreign merchants.

• Hold and manage 40+ currencies for all your international transactions
• Pay suppliers and receive payments internationally without the hefty foreign transaction fees
• Always get the mid-market rate with zero markup
• Seamless integrations with popular accounting software
• Say goodbye to monthly fees

Get started with Wise Business today

Sources checked on 19th March 2025