COVID-19 has brought about a time of uncertainty for Singapore and countries all around the world. All businesses in the local and global economies have been affected to some degree, in particular industries such as retail, F&B and tourism. The Singapore Government has also responded by coming up with many initiatives to help companies and workers stay afloat amidst this period.
Since the inception of our business solution, we have always focused on helping businesses improve and optimise their working capital. Our platform allows businesses to use their existing credit card limits to extend business payables by up to 58 days, interest-free.
To help businesses during this period, CardUp will be offering a lowered fee of just 0.9% on all commercial rent payments. With rent being one of the largest business overheads, we hope this will help alleviate some of the pressure on business cash flow.
*Note that credit card rewards will not be earned when using the lowered fee of 0.9% for your rental payments.
How this helps your business
CardUp lets you shift your rent payment onto your credit card, which means your landlord will get paid on time, while you defer the actual outflow of cash until your card bill is due up almost 2 months later.
At a 0.9% fee for up to 58 days of financing, this translates to an effective rate of just 5.66% p.a. Furthermore, you're just paying this rate on the amount you require, as compared to a fixed-amount loan.
By leveraging your pre-approved credit card line, it is a cheaper and more convenient solution as compared to other short-term financing solutions. Also, there is no need for any heavy documentation or long approval processes - the card already lies in your back pocket.
Not using CardUp for your business payments yet? Here's how to get started:
- Sign up for your free CardUp account in just a few clicks
- Select the payment type (e.g. Rental) and fill in your recipient's bank details
- Enter your payment details, such as the payment amount, due date and frequency
- Your credit card will be charged 3 business days before the payment due date
- Your recipient will receive the funds on the specified due date via bank transfer - there is no need for the recipient to register with CardUp to receive your payments
Feel free to reach out to us at firstname.lastname@example.org should you have any questions, or click on the button below to speak to one of our business consultants.