Bank of Melbourne Business Vantage Visa Credit Card

Information verified correct on December 4th, 2016

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.

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.

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.
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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.
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Visa benefits

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

  • 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
  • The minimum credit limit per facility is $1,000
  • This card offers complimentary insurance that protects you from unauthorised transactions and fraudulent use
  • You can use this card for balance transfers, but the balance transfer amount should exceed $200, and not exceed 95% of the approved credit limit
  • A foreign transaction fee of 3% applies on all foreign transactions
  • Cash advance fee stands at 2% of each amount with a $2.50 minimum (a maximum of $15 per advance) of each cash advance
  • Fee applied for every late payment is $9
  • If you need a replacement card, you have to pay a fee
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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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