Bankwest Business MasterCard Large Rewards – Rates and Fees

Information verified correct on December 5th, 2016

Get rewarded for your business spending with bonus points, a lucrative rewards program and tailored rewards redemption.

The Bankwest Business MasterCard Large Rewards lets you earn rewards while providing you with the flexibility to make necessary business purchases. The card offers a competitive low rate on purchases, balance transfer offer and cash advances.

Product NameBankwest Business MasterCard Large Rewards
Rewards ProgramBankwest Business Rewards
Balance Transfer Limit95% of available credit limit
Purchase rate (p.a.)18.50% p.a.
Annual fee$99 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.)18.50% 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.
$5,000
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.
$50,000
Minimum Monthly Repayment2%
Card TypeMasterCard
Late Payment Fee$35
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.
2.95% 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.
$5,000
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.
$50,000
Annual Fee$99 p.a.
Minimum Repayment2%
Late Payment Fee$35
Over Limit Fee$30
Cash Advance FeeGreater of 2% or $4.00
Overseas Cash Advance FeeGreater of 2% or $4.00
Overseas Emergency Replacement$0
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$0
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.
2.95% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders3
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • You can enjoy an interest-free period of up to 55 days.
  • You are allowed up to 3 extra cardholders for no additional charge.
  • Your business' everyday spending can be turned into valuable points that you can use on over 2,500 different types of rewards.

Cons

  • Minimum spend of $2,500 within 3 months is required to earn the bonus points.
Rewards ProgramBankwest Business Rewards
Bonus Points on Sign-up28,000
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (AMEX)0
Rewards Points per $ (VISA/MC) CapUncapped
Rewards Points per $ (AMEX) CapN/A
Points Expiry24 months

Bankwest Business MasterCard Large Rewards review

The Bankwest Business MasterCard is a business credit card, meaning you can take it out to make business purchases. When these purchases are made the liability rests with the primary cardholder. You can opt for a credit limit of between $5,000 and $50,000, with this being offered on an unsecured basis. The card comes with an annual fee of $99 and an annual reward fee of $79.

Benefits of using the Bankwest Business MasterCard Large Rewards

  • Rewards Program. The Bankwest Business MasterCard Large Rewards is tied to the Bankwest Business Rewards program, which offers tailored rewards for both personal and business use. You have the choice between letting each individual cardholder redeem their own rewards, or redeeming rewards as a business. The earn rate changes once your reach a pre-set spending limit. You will receive 1 point for every dollar spent on eligible purchases. You also earn 28,000 bonus points if you spend at least $2,500 on eligible purchases within the first 3 months after opening the account. You can view the full list of rewards available on the Bankwest Business Rewards website. Generally you’ll be able to find travel vouchers and other types of vouchers, merchandise, charitable donations, and cashback into a Bankwest credit card account.

Features of the Bankwest Business MasterCard Large Rewards

  • Competitive rate. The card comes with a purchase rate of 18.5% p.a. for purchases, which is the same rate for balance transfers and cash advances.
  • Balance transfer rate. When you bring an existing balance over from a non-Bankwest card, you'll be charged an interest rate of 18.5% p.a. You can transfer up to 95% of the approved credit limit.
  • Interest-free days. You’ll receive up to 55 interest-free days on purchases when you pay your closing balance in full by their due dates.
  • Personalise your card. You can add your business name to both your card and any additional card on your account for no additional cost.
  • Additional cardholders. You can add up to 3 additional cardholders to your account. Keep in mind that as the primary cardholder you will be responsible for any transactions made on their cards.
  • Repayments and statements. The minimum repayment required is 2% of the balance or $20, whichever is greater. When you receive your statement you’ll also receive individual transaction listings for each individual cardholder, which can make business expense reporting easy.
  • Account access. If you have a Bankwest cheque or savings account, you can access these via ATMs and EFTPOS terminals using your Bankwest Business MasterCard Large Rewards.
  • MasterCard PayPass. You can take advantage of convenient ‘touch and go’ payment for purchases under $100 with MasterCard PayPass.

How to apply for the Bankwest Business MasterCard Large Rewards

You will need to provide the following information.

Application requirements

  • Personal identification documents
  • Past three years of business financials, including profit and loss statements and balance
    sheets
  • Past three years personal tax returns for individuals associated with the business
  • Past 12 months worth of bank statements for non-Bankwest accounts, including trading and loan
    accounts
  • Business plan and cash flow projections if your business is a startup
  • Purchase Order, Offer and Acceptance or Contract of Sale for lease, HP or chattel mortgage details
  • Copies of certificates of titles and/or property valuations
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