American Express alternatives
Corporate credit cards are a crucial tool for businesses of all sizes. They provide an easy and convenient way to manage expenses, track spending, and earn reward points. But with so many options, knowing which one is right for your company can take time and effort.
American Express is a well-known name in the corporate and business credit card industry. With the card issuer’s reputation for providing quality products and services, it’s unsurprising that many businesses have opted for their cards. But what if you’re looking for something a little different, something that stands out from the crowd?
Now, let’s discover and compare alternatives to the American Express Corporate Credit Cards.
Also, Read: 5 Best Corporate Credit Cards in India
Why look for alternatives to American Express Corporate Credit Card?
When it comes to corporate credit cards, American Express enjoys a good reputation. However, it doesn’t necessarily mean it’s the best fit for your business. It’s always important to discover your options and find the card that best meets your needs and goals.
One reason to look for alternatives to American Express Corporate Card is to find a card that offers better rewards and perks. Every business is unique, and what works for one may not work for another.
For instance, some companies may benefit more from a card that offers cash back on business expenses, while others may prefer a card that offers travel rewards. Moreover, while the corporate card has no joining fee, its annual fee is relatively high. There are more cost-effective options with comparable perks available that can be explored.
Another reason to look for alternatives is to find a card with a lower interest rate or a more favourable credit limit. Corporate credit cards are an essential tool for financial management. By exploring other options, you may find a card that provides the benefits you need without the added financial burden. Let us explore the different offers from competitive card issuers.
Quick Read: Top 10 Corporate Credit Card Benefits
Comparison of American Express competitors for corporate cards
Fee and other information
The Happay EPIC card is an excellent option to manage your company’s financial needs. It offers extensive benefits, high credit limits, and quick processing.
Allows integration with accounting systems and third party ERP systems.
The ICICI corporate card offers a solution for your company’s financial needs and enhances spending visibility. It has three variants – Platinum, Gold, and Silver.
Electronic upload is available for ERP systems.
The HDFC corporate credit card is a one-stop solution for all quick financial requirements. It comes in four variants, each offering comprehensive benefits.
Allows seamless integration with existing accounting systems.
Axis corporate cards come with a range of features that allow quick processes, enhanced savings, and better management of expenses.
Comes with an efficient system for reporting expenses. It also gives interactive and scheduled reports.
SBI corporate credit cards offer priority servicing and plenty of benefits to users. It comes in two variants – Signature and Platinum.
Offers compatibility with major expense systems globally.
5 Best American Express competitors and alternatives
The Happay EPIC card offers an opportunity to manage your company’s financial needs seamlessly. With extensive benefits every time you make a spend, high credit limits, and a budget tracking system, it streamlines all your expenses. Moreover, it is collateral-free and comes with minimal documentation and quick processing.
- There are no joining or annual fees involved, as well as no card fee.
- You can switch off and on any of your issued cards with just a click.
- Allows integration with accounting systems and third-party ERP systems.
- There is no markup on forex transactions.
- This card extends the option of maintaining a high control on employee spending with merchant locking.
- Helps with effective budget tracking. Budgets can also be assigned at an individual or team level or for specific projects.
- Easily reconcilable transaction statements are available on the mobile app.
- Real-time visibility and live updates are available on the website and the app.
- Attractive deals and direct cashback rewards every time you pay using the EPIC card.
- The Happay app does not have an offline version.
- There are not enough global partnerships.
The ICICI corporate card offers excellent support and infrastructure and allows you to discover attractive deals to manage your company’s financial needs. It also enhances spending visibility and tracks where your employees use the card. It comes in Platinum, Silver, and Gold Card variants.
- There is an option to choose from two billing dates.
- You can get interest-free credit for up to 50 days.
- There are no joining fees.
- The silver and gold card variants come with no annual fees. However, the platinum card has an annual fee of Rs. 999 plus GST.
- It comes with a 1% fuel surcharge waiver, applicable on all petrol pumps nationwide.
- Allows control on spending by employees and comes with an option to choose the liability.
- Electronic upload is available for ERP systems.
- You can quickly get online statements and use the reporting tools online to manage expenses.
- This card is accepted worldwide.
- It offers a lucrative rebate program.
- The company’s infrastructure is excellent, and a dedicated relationship manager is available for assistance.
- Some reviews on Mouthshut.com state that ICICI does not have prompt customer service.
Suggested Read: 5 Best ICICI Corporate Credit Card Alternatives
The HDFC corporate credit card offers attractive deals and the option to manage all your financial requirements easily. It comes in four variants: the Corporate Platinum Credit Card, Corporate Premium Credit Card, HDFC Bank and SAP Concur Solutions Black Corporate Credit Card, and HDFC Bank and SAP Concur Solutions Prime Corporate Credit Card.
- Any charges and fees are communicated when applying for the card.
- It offers a credit period of up to 50 days.
- You get reward points for every Rs. 150 that you spend. 3 or 5 points are awarded, depending on your card variant.
- Offers reward points on spending.
- Allows easy integration with accounting software.
- It offers complimentary domestic and international airport lounge access. This benefit varies depending on the type of card you choose.
- Air insurance coverage up to Rs. 1 crore comes with the Corporate Black and Platinum variants.
- It allows you to generate detailed employee spending reports, thus ensuring better tracking of spending.
- It comes with a fuel surcharge waiver of 1% on all petrol pumps.
- According to some reviews on Bank Bazar, HDFC needs to improve the EMI conversion functionality.
The Axis Corporate Credit Card offers exclusive benefits and comes with a rewards program that extends lounge access, insurance coverage, and expense tracking. You can use the card globally, whether you are in Mumbai, New York, or anywhere in the world, and get excellent solutions for your business travel and financing needs.
- Offers a choice between individual and corporate liability.
- The annual fee is decided in agreement with the company.
- Offers insurance coverage of various types.
- Allows a 1% refund of your payment for fuel at petrol pumps.
- Reward points are awarded for domestic and international transactions.
- Offers an online Management Information System to streamline all information.
- Offers lounge access at selected airports.
- Offers air insurance coverage.
- You can assign spending limits for individual employees, thus managing expenses.
- Efficient system for reporting expenses. It also gives interactive and scheduled reports.
- Allows you to get detailed bank account statements, helping you ensure better employee compliance.
- You can customise your card and emboss your company’s name on it.
- Multiple reviews on Mouthshut suggest that the customer service for the card is not satisfactory.
Quick Read: Corporate Credit Card Reconciliation
The SBI Corporate Credit Card offers extensive privileges to cardholders. With global acceptance and attractive benefits, it allows you to manage your corporate spending effectively. It comes in two versions – the SBI Signature Corporate Card and the SBI Platinum Corporate Card.
- There is no joining fee involved. However, an annual fee of up to Rs. 499 applies to the Signature variant.
- It comes with a complimentary priority pass membership.
- It offers lounge access at airports.
- Comes with a business travel insurance cover of up to Rs. 1 crore.
- Offers compatibility with major expense systems globally.
- The Signature variant comes with a concierge service.
- The card is accepted globally.
- 24×7 priority services are available.
- It allows you to control spending by restricting specific merchants.
- With the chip and pin security facility, it is among the safest cards.
- A few reviews on Bank Bazar suggest that SBI corporate cards could have better customer service.
- A higher credit limit will also help improve the user experience.
Future Read: 5 Best RazorpayX Alternatives for Corporate Card
How to choose the best American Express corporate card alternative?
Choosing the right corporate card is crucial for business owners looking to optimise their firm’s expenses and improve financial management. With a plethora of options to discover, it can be challenging to determine the best American Express Corporate Card alternative. To help you make an informed decision, consider the following factors:
1. Consider your business needs
Ask yourself what is most important to your business – rewards and benefits or cost savings. It’s essential to find a card that provides the most value to your business, whether through rewards programs or discounts on subscriptions and purchases.
For instance, if you need access to premium lounges or dining experiences for business meetings, look for a card that provides benefits such as lounge access, coupons, complimentary food, and more.
2. Examine the fees and interest rates
While a card with high rewards might seem attractive, it’s crucial to ensure you’re not paying more in fees than the benefits are worth. For example, in the lure of rewards, you may be required to pay different charges, which may be counterproductive.
So it’s essential to review all of these fees to determine the overall cost of the card.
3. Level of customer service and support
The quality of service can severely affect user experience. Naturally, you may want customer support to be quick and hassle-free. Look for a corporate card provider with dedicated support, such as 24/7 customer service, good reviews, and more.
4. Spend tracking and reporting
You want a card that provides a clear and transparent breakdown of expenses, as well as a user-friendly platform for managing your bank account. Also, the best corporate card for your business should seamlessly integrate with your existing financial processes and systems.
By weighing each of these factors and doing thorough research, you can choose the best American Express corporate card alternative that fits your business needs and helps you achieve your financial goals.
Also, Read: How to Increase the Corporate Credit Card Limit?
American Express corporate credit card overview
American Express Company is a renowned financial service and travel conglomerate. Amex offers a variety of payment solutions and travel rewards to both individuals and organisations globally.
The American Express Corporate Credit Card is designed in a way that you get complete control of your corporate spending, manage your budget effectively, and earn coveted membership rewards. The two enhanced versions of this card – the Platinum and Gold cards – can also be availed for additional benefits.
American Express corporate card pricing: Fees and charges
- There is no joining fee for this corporate card.
- The American Express Corporate Card has an annual fee of Rs. 2,100. The gold card variant has an annual fee of Rs. 3,100, whereas the Platinum variant’s yearly fee is Rs. 29,000. However, these fees are subject to change and depend on the company to whom the card is offered. The exact charge is communicated when signing up for the card.
- The late fee payment charges are applicable at 3.5% of the outstanding balance. However, the minimum charge is Rs. 100.
- A cash withdrawal fee is applicable at 3.5% of the amount withdrawn.
- Rs. 100 is charged for a duplicate statement for each statement.
American Express corporate card reviews
The American Express Corporate Card provides a range of features and benefits that helps the company manage spendings better. It comes in handy, especially while travelling, booking flights, and availing of lounge access.
Moreover, the reward system is excellent, with lots of alternatives to choose from while redeeming the points. Overall, it is convenient to use and comes with helpful customer service and detailed statements for better management.
Why is Happay Epic Card the best alternative to the American Express corporate credit card?
The Happay Epic Card has advanced technology features and business benefits, making it the best alternative to the American Express Corporate Card. It acts as a card to streamline your expenses and as an all-in-one tool that helps overall management.
It works as a supplier, purchase, and T&E card, so you can carry out all activities using just this one payment card. What sets it apart is that it works as a physical as well as a virtual card. Getting a new card is seamless, as there is no limit to the number of virtual cards you can order.
Moreover, with advanced technology in action, it safeguards your finances, allows you to track expenses, and gives you visibility on the overall spending. With the Happay Epic Credit Card, you can lock specific merchants and retailers out, establish employee spending limits, and get a detailed view of how the funds are utilised. It also offers direct cashback. All of this makes it the best replacement for the American Express Corporate Credit Card.
The business credit card market is filled with a variety of options, and it’s essential to choose the one that’s the best fit for your business. If you’re looking for alternatives to American Express, there are several payment card options to consider.
When assessing options, look for features like security, rewards and benefits, fee and charges and such. Ultimately, the right card will depend on your business’s specific needs and goals, so be sure to consider all your options and choose the one that’s the best fit.
American Express provides a suite of benefits for its cardholders. From business travel protections to pre-sale ticket access, Amex cardholders can access valuable perks that add value to their card experience. Many Amex cards provide access to luxurious hotel benefits like complimentary nights or property credits and various virtual sports and entertainment experiences. All these benefits make American Express a premium choice for those seeking a card packed with valuable features.
The American Express Centurion Card, also known as the coveted “Black Card,” is one of the most exclusive credit cards in the market. Obtaining an invitation to apply for the Centurion Card is a privilege reserved for only the most elite and wealthy individuals. It is also believed that one must have an annual spending of at least $1 million on an American Express credit card to be eligible.
With its closed-loop business model, American Express stands apart from its competition, including Visa, Mastercard, Bank of America and others. Its customers are known for their premium spending and high creditworthiness, which results in increased revenues and the ability to offer larger lines of credit.
Amex’s spend-centric model, strong digital presence, and premium brand make it a dominant player in the industry. Its rewards program and market share of corporate spending are unmatched, making it a preferred choice for startups, small businesses, and corporations globally.
The Platinum Card from American Express boasts an impressive rating of 4.5/5 and has a recommended credit score of 670-850, making it the Amex card with the highest rate. With an annual fee of $695, cardholders can earn 80,000 points and enjoy a range of rewards, such as points for flights booked directly with airlines, membership rewards on prepaid hotels, and more. (Note: This is based on reviews and other factors: this may change over time)