Bank of Melbourne Corporate MasterCard

Information verified correct on December 5th, 2016

Take advantage of unlimited additional cardholders, interest-free days and smart reporting with the Bank of Melbourne Corporate MasterCard.

Bank of Melbourne’s Corporate MasterCard account offers a convenient solution for handling employee expenses. This corporate credit card account is different to a business credit card and is not open to applications from the general public. To be eligible for this credit card, your organisation must have an existing portfolio of investments or loans with Bank of Melbourne. If you meet this requirement, your Bank of Melbourne banking relationship manager can arrange an application for the Corporate MasterCard.

Product NameBank of Melbourne Corporate MasterCard
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 35 days on purchases
Cash advance rate (p.a.)17.45% 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.
$500
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$250,000
Card TypeMasterCard
Foreign Currency Conversion Fee (MC)
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
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.
$500
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$250,000
Overseas Cash Advance Fee3% of the Australian dollar value
Foreign Currency Conversion Fee (MC)
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
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Bank of Melbourne Corporate MasterCard review

A corporate credit card is a line of credit designed specifically for businesses. This type of credit card has more in common with a business loan than with other credit card options.

While standard business credit cards are open to the public, the Bank of Melbourne Corporate MasterCard is only available to company directors with a business portfolio and a banking relationship manager at Bank of Melbourne. Your relationship manager will establish the fees and charges for this account based on your business’s needs, but it is worth noting that due to the asset volume of corporate customers, corporate credit cards tend not to attract an annual fee.

Benefits of the Bank of Melbourne Corporate MasterCard

  • Smart reporting. MasterCard Smart Data OnLine provides 25 reporting tools so you can review individual employee transactions as well as overall department spending. MasterCard Smart Data OnLine is a browser-based platform which can be integrated with popular business accounting and financial software packages.
  • Interest-free days. Bank of Melbourne offers up to 35 days interest-free on Corporate MasterCard purchases when the account is paid in full each month.
  • Automatic repayments. You have the option of setting up an automatic payment to settle your Corporate MasterCard balance by the statement due date.
  • Unlimited number of MasterCard cards. There is no limit to the number of MasterCard cards the Bank of Melbourne can issue to your company employees.
  • Complimentary insurances. This account provides complimentary insurances to you and your employees. Transit accident insurance from QBE offers compensation up to the value of $20,000 for each cardholder and $150,000 for the whole organisation. The cost of the travel ticket has to be charged to the Bank of Melbourne Corporate MasterCard to activate the cover. Bank of Melbourne and MasterCard also offer compensation if any of your employees are the victim of credit card fraud.

Features of the Bank of Melbourne Corporate MasterCard

  • Set employee access. Set the level of MasterCard Smart Data OnLine access for each employee so they can view, reconcile and authorise transactions themselves.
  • Control employee spending. MasterCard Smart Data OnLine lets you view and manage the credit limit, purchase and ATM withdrawal limit for each card linked to the Corporate MasterCard account. The credit limit can be set as low as $500 and as high as $250,000 depending on the approved limit from Bank of Melbourne. ATM withdrawal limits can be set at any amount between $0 and $2,000 per day.
  • Up to 35 days interest-free. Purchases made using the Bank of Melbourne Corporate MasterCard get up to 35 days interest-free when the account is paid in full by the statement due date each month.
  • Combined credit limit. Each card issued for your account shares the credit limit assigned to your business by your Bank of Melbourne relationship manager.
  • MasterCard acceptance. The Bank of Melbourne Corporate MasterCard can be used anywhere MasterCard is accepted all over the world. Bank of Melbourne charge a foreign currency conversion fee when the Corporate MasterCard is used to make a purchase or withdrawal in a foreign currency.
  • MasterCard PayPass. This Bank of Melbourne Corporate MasterCard can be used for Tap&Go payments under $100.

How to apply for the Bank of Melbourne Corporate MasterCard

Applying for a corporate credit card account is similar to applying for a business loan. Bank of Melbourne will need to see your company’s financial records and you will also need to meet application requirements to open this account. Your Bank of Melbourne banking relationship manager will provide you with more information about how to apply for the Corporate MasterCard based on your organisation’s specific circumstances. This product is only available to organisations with an existing business portfolio with the Bank of Melbourne.

A corporate credit card has more similarities to a business loan than a business credit card. If you’re looking to find a credit card solution for your business and you don’t have a portfolio with the Bank of Melbourne, have a look at our business credit card comparison.

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