By Diana Arizaleta (Senior Consultant)
As I explained in my previous article on the topic, premium commercial cards are gaining traction. In markets like the U.S. and India, issuers have already launched upgraded SME and corporate card offerings, and in other regions we’re starting to see experiments with what ‘premium’ can look like in different contexts. It’s worth saying, these aren’t entirely new products - business and corporate cards have been around for decades - but the push to elevate them to a premium positioning is still at an early stage.
Naturally, the picture isn’t the same everywhere. In some markets, the premium commercial cards landscape is already busy with overlapping perks and features. In others, they’re still niche, with plenty of white space. That means there’s a real opportunity for issuers who can design propositions that feel relevant to the businesses they’re targeting, rather than just adding another me-too product to the pile. Which begs the question; how?
Look closely and you see familiar patterns. SME cards often lean on travel rewards or discounts on business tools. Corporate cards are more likely to focus on controls, compliance, and spend integration. Each of these has its place, but when multiple players offer roughly the same mix, it’s hard for businesses to appreciate the product’s unique value.
For those looking to enter the market, replication isn’t going to be enough. What buyers actually want is a product that fits with the way they run their business and makes their financial management smoother. That’s not something you can achieve by simply re-packaging the same perks.
This is where customer insight matters most. For SMEs, the owner or key decision-maker is usually the one using the card. They want flexibility to manage cash flow, and they’ll stick with a product if it offers everyday value. Most will prioritize perks such as cashback on essentials, rebates on software, or services that directly support business growth. Other might value more the premium service package, lifestyle perks, and enhanced protections that are part of premium value propositions
In corporates, the decision sits with finance or treasury teams. Their priorities are compliance, visibility, and seamless system integration. They are not particularly interested in lifestyle perks, but they will pay attention if the card offers them tighter spend control, better risk management and an improved employee experience.
The differences in focus areas will become clear once you talk to the people involved and understand where their pain points lie, as well as the combination of perks they value most. These customer insights empower providers to design and test premium propositions, tailored to their priority segments.
Understanding the customer is only part of the equation. Products also need to work in the markets they’re launched into.
Local payment infrastructure, regulation, and cultural expectations of value all shape how well a proposition lands. In some countries cashback and rebates are seen as the most tangible benefits but in others, bundled perks feel more attractive. In markets where expense management platforms are already embedded, integration is a baseline expectation. In markets where they’re less common, it can be a differentiator. Regulation also sets boundaries around what can be bundled, from insurance to rewards.
So while issuers may want a consistent global strategy, the strongest propositions are those that have enough flexibility to adapt locally.
It’s natural to keep an eye on what others are doing. The real opportunity lies in spotting where the market is oversupplied and where gaps remain.
If most SME cards in a region are stacked with travel perks, doubling down on services or cash-flow management might be a smarter angle. If corporate offerings are still fairly generic, going further on spend analytics or integration could make a big difference.
Competitor insight should be a guide, not a blueprint. The goal isn’t to copy the market, but to see clearly where you can take inspiration from and where you can credibly take a different position.
Marrying customer and competitor insights can reveal what is truly a “must-have” to compete, as well as the key differentiation that addresses unmet needs. Even markets that seem “saturated” often have white spaces. Players like Clara in Mexico, Brex and Ramp in the US, Capital on Tap in the UK, they identified pain points to solve like access to credit for SMEs, lengthy onboarding, opaque reporting, unclear pricing and more, turning those solutions into rapid growth and wide adoption.
Success in this market isn’t about being first to launch or offering the longest list of perks. It comes from three things: knowing your customers deeply, designing products that work in their specific context, and making deliberate choices about how you differentiate.
Premium commercial cards are still at an early stage in many places, and adoption looks very different market to market. That leaves space for issuers who want to play seriously, but only if they build propositions that deliver real value.
That’s the edge insight provides. Understanding customers, markets, and competitors is the foundation for building products that stand out. If you’d like to explore how KAE can help you achieve this, book a free consultation call with one of our experts.