Bank of Melbourne Business Vantage Visa Credit Card

Get up to 55 interest-free days on purchases, look forward to a competitive interest rate and get an unlimited number of cards linked to a single facility.

The Bank of Melbourne Business Vantage Visa Credit Card aims to simplify how businesses manage their cash flow and day-to-day expenses. With up to 55 interest-free days on purchases, you can ensure that you don't end up paying interest, and this becomes easy to achieve when you setup an auto payment plan that helps make sure your balances are paid in full each month.

Product NameBank of Melbourne BusinessVantage Visa
Purchase rate (p.a.)9.99% p.a.
Annual fee$55 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)17.15% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$1,000
Minimum Monthly Repayment2%
Card TypeVisa
Late Payment Fee$15
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$1,000
Annual Fee$55 p.a.
Minimum Repayment2%
Late Payment Fee$15
Over Limit Fee$15
Cash Advance Fee2% of each amount with a $2.50 minimum (a maximum of $15 per advance)
Overseas Emergency Replacement$52.50
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$55 p.a.
Number of Additional Cardholders9
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

As a business you stand to receive detailed statements that give you the ability to track and monitor expenses on individual cards, and you can tailor-make these reports based on parameters like transaction details, entertainment and travel expenses and merchant summaries. The Corporate Mastercard offered by this bank is another credit card that is designed for business customers.

Since this is a Visa credit card, cardholders can use their Business Vantage Visa cards at over 32-million locations around the world.

You can add an unlimited number of cards as part of a single facility, and while each card attracts an annual fee, you can qualify for an annual fee waiver on three cards if you're eligible for the Bank of Melbourne BizPack.

This card comes with a minimum credit limit of $1,000, and it offers complimentary insurance against unauthorised transaction charges and fraudulent use. If required, you can use this card to transfer balances from other credit cards.

Benefits of using a Bank of Melbourne Business Vantage Visa

Up to 55 interest-free days on purchases

  • Use this card for business purchases and don't pay interest Cardholders can use this card to make everyday business purchases, and you don't have to pay interest on these purchases for up to 55 days. The exact number of days depends on the facility's billing date and the date the purchase was made.
  • Pay entire closing balance To take advantage of the interest-free days on purchases it is necessary that you pay the account's closing balance in full every month.
  • Automatic payment plan You don't have to set reminders to make payments each month, because you can set up an automatic payment plan.

Easy account reporting

  • Round-the-clock access With Bank of Melbourne's online banking platform, you can access just about every kind of account-related information from any computer that has an internet connection and a compatible browser.
  • Detailed statements Comprehensive statements give you an easy way to keep track of all expenses, and you can seek consolidated summaries for different divisions and departments.
  • Tailor-made reports This feature allows you to track expenses in accordance to specific parameters. For example, you can find out just how much the business has spent as a whole at any particular merchant, how much was spent on entertainment, monthly travel expenses, and so on.

Visa benefits

  • Emergency assistance The Visa Emergency Assistance Centre offers all cardholders round-the-clock assistance to deal with different kinds of emergencies.
  • Visa Go-biz Upon registration with Visa go biz you get access to a number of special offers as well as a range of useful business tools.
  • Visa pay Wave These cards come with Visa pay Wave technology, so cardholders can use their cards for contact less transactions as long as they're paying less than $100, and as long as the merchant in question offers this kind of payment.

Bank of Melbourne Business Vantage Visa Credit Card features

Before you apply for the Bank of Melbourne Business Vantage Visa Credit Card, make sure you take the following points into account as well.

  • Annual fee. Each card attracts an annual fee of $55, but you can look forward to a fee waiver on three cards if you qualify for the BizPack
  • Credit limit. The minimum credit limit per facility is $1,000
  • Complimentary insurance. This card offers complimentary insurance that protects you from unauthorised transactions and fraudulent use
  • Foreign transaction fee. A foreign transaction fee of 3% applies on all foreign transactions
  • Cash advance fee. Cash advance fee stands at 2% of each amount with a $2.50 minimum (a maximum of $15 per advance) of each cash advance
  • Late payment fee. Fee applied for every late payment is $15
  • Replacement card fee. If you need a replacement card overseas, you have to pay a fee of $52.50.

How to apply for the Bank of Melbourne Business Vantage Visa Credit Card

Application criteria

Bear in mind that you have to meet the following criteria in order to apply.

  • You should be a permanent resident of Australia
  • You should be at least 18 years of age

Required information

The application process requires you to submit certain information that the bank uses to verify your business' credentials as well as its ability to borrow and repay, so keep the following information close at hand.

  • Contact details of your business
  • An Australian Business Number (ABN), if your business has one
  • If you're a sole proprietor, provide your tax file number
  • List of all authorised signatories
  • Details of pre-tax earnings and turnover
  • Details of assets and liabilities

Businesses looking at streamlining their expenses can consider applying for the Bank of Melbourne Business Vantage Visa card, but given that other banks offer credit cards for businesses, carrying out a thorough comparison will help you find the best card for your business needs.

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