How Do Cashback Cards Help Your Business Save Every Month?

Cashback is essentially a form of rewards programme through which businesses or individuals can receive a portion of their spent ‘cash back.’ For businesses, corporate cards usually offer exciting cashback offers and help them save a significant amount of money spent on operations. A cashback corporate card will reimburse a portion of the amount spent by your business. This cashback amount is usually credited back to the same account from which the payment was made in the first place. An Aspire cashback card is one such example.

How do cashback cards work?

Cashback cards are pretty simple to use. They are just like any other debit or credit card. You simply make a purchase or spend on a service, and at the end of the same month or at the beginning of the following month, you will receive the designated cashback amount. This will be credited right back to your source account. For example, if you have an Aspire cashback card that offers 1% cashbackon digital marketing spends and you have spent SGD 5000 on digital marketing services, then your business will be eligible to receive a cashback of SGD 50.

The typical cashback percentage usually ranges between 0.5% to 1% or some cards might offer even less. Furthermore, your business must spend the minimum required amount for it to be eligible for cashback rewards.

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How to select the best cashback card for your business?

If you are looking and comparing options in cashbackcards for your business, then ensure that you keep an eye out for the following criteria to make the best choice:

1. Cashback categories: There are many corporate cards that offer cashback on almost all categories, and there are some that only cover specific ones. It is always advisable to opt for a card that offers cashback on categories that your business usually spends the most on. There’s no point in getting a card that gives you cashback on categories that your business doesn’t even consider spending on. Aspire cashbackcards mainly offer these services on digital marketing spends, software subscriptions, and e-commerce and business logistics.

2. Minimum spending amount: Just applying for a cashback card does not guarantee that your business will receive cashback. There are certain minimum spending limits set by the cards, and your business needs to meet those limits in order to be eligible for cashback.

3. Monthly cashback limit: Another criteria that you should evaluate is the monthly cashback limit that the card is offering. This refers to the maximum amount of cashback that the card will give your business. The higher this limit is, the better it is for you.

4. Sign-up bonuses: Many cashbackcards offer sign-up bonuses in addition to the usual cashback offers. The most common signup bonus is a waiver of the card’s annual maintenance charges. Aspire cashback cards usually offer exclusive rewards of over SGD 50,000 with their platform partners.

5. Additional perks: Cashback cards offer many signup promotions at the time of application, such as liability insurance and travel insurance. These perks are definitely very attractive, but don’t give them weightage over the actual cashback percentage that you will receive.

Should your business have a cashback card?

Cashback cards are definitely a smart way to save on business expenses, but does your business really need them?

1. Your expenses are predictable: If your business tends to spend in a predictable manner, like specific amounts on specific categories, then you can opt for a cashback card that offers you cashback on those categories. Aspire cashback cards offer 1% cashback on categories of digital marketing, software subscriptions, e-commerce and logistics. So, if your business is active in spending on these categories, you can go and apply for an Aspire cashback card today!

2. You prioritise cash flow over perks: If your business prioritises actual cash over additional perks in the name of cashback, then the Aspire cashback card is the perfect choice for you.

Before selecting a cashback card for your business, spend a significant amount of time figuring out if it suits your spending habits and categories. Evaluate if your business can earn back a significant amount of money spent without going over budget in the specific category. If the card doesn’t fall into your business’s expectations, then you should keep exploring for the right choice until you find one that matches your spending habits as well as your expectations.