Bankwest Corporate MasterCard – Rates and Fees

Information verified correct on December 5th, 2016

The Bankwest Corporate MasterCard allows you to control expenditures by setting monthly limits. This credit card is suitable for medium-sized and large businesses.

This Corporate MasterCard by Bankwest allows you to have a central billing account for your employees’ business expenses. As the account holder, you can restrict the monthly spending of the cardholder by setting a limit on transaction amounts.

You can have as many cardholders as you wish under this facility. It also provides you and your employees with the ability to earn rewards points for your daily spending and redeem them for rewards.

Product NameBankwest Corporate MasterCard
Rewards ProgramBankwest Business Rewards
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Standard Balance Transfer Revert Rate (17.99% p.a.)
Balance Transfer Limit95% of available credit limit
Purchase rate (p.a.)17.99% p.a.
Annual fee$39 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 50 days on purchases
Cash advance rate (p.a.)17.99% 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
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
Annual Fee$39 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$25
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
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes
Rewards ProgramBankwest Business Rewards
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (AMEX)0
Points ExpiryNever

Bankwest Corporate MasterCard review

Bankwest Corporate MasterCard is designed to accommodate many cardholders and there are no maximum limits on the number of cardholders you can have with this credit facility.

Cardholders are able to transfer their store card and non-Bankwest credit balances at a 17.99% p.a. rate.

The credit card is accessible through EFTPOS and ATMs.

Benefits of the Bankwest Corporate MasterCard

  • Corporate MasterCard Business Rewards Program. Earn 1 point per $1 spent on eligible purchases. The account holder is free to choose their preferred form of redemption and there are two choices. You can choose to let the individual cardholder access the reward points or select the business redemption option. With the business redemption option, the reward points are inaccessible to the cardholder and can only be redeemed by the business. You get to earn both personal and business rewards with the Bankwest Corporate MasterCard Business Rewards Program.
  • Complimentary Insurance Covers. You can save on insurance costs with the following complimentary covers. The cardholder will not be held liable for unauthorised transactions made using the credit card and this includes illegal transactions. The cardholder also gets coverage against transactions arising from a stolen credit card. The business also gets a business liability cover which gives each cardholder a limit of $20,000. This covers the business against illegal or unauthorised transactions if the facility has more than one cardholder. The cardholder is not obligated to accept these complimentary covers. Based on the limits, exclusions, terms and conditions, you can accept or reject the insurance provision.
  • Interest-free days. There is an interest-free period on transactions for cardholders of up to 50 days.
  • Number of cardholders. There is no maximum limit on the number of cardholders you can have per account.

Features of the Bankwest Corporate MasterCard

In addition to the rewards program, there are other features that you can access with the Bankwest Corporate MasterCard. These are:

  • Rewards program fees. If you choose the rewards program, annual fees are $99 for annual facility fee for the card and an annual reward fee of $39
  • Annual fee. Annual fee of $39 and if you spend over $10,000, your annual fee will be waived.
  • Individual card limits. The minimum credit limit is $5,000 and maximum limit is subject to approval. The account holder can set the individual monthly limits.
  • Liability. The account holder is liable for any transaction undertaken by the cardholders.
  • Balance transfers. Consolidate your debts up to 95% of the credit limit for an interest rate of 17.99% p.a.
  • ATM limits. The daily ATM withdrawal limit is $1,500.
  • Repayments. The minimum repayment required is 2% of the closing balance or $20.
  • Personalisation. Credit cards can be personalised to display the business name at no extra cost.

How to apply for the Bankwest Corporate MasterCard

The table below highlights the application criteria for the Bankwest Corporate MasterCard credit card. The credit card is eligible only to:

Eligibility criteria

  • Relationship to business. Not just any employee can apply for the card. Instead, you'll need to be the proprietor, director, secretary, trustee, partner or guarantor to apply.
  • Location. The business must operate in Australia.

The application process requires that you first begin by filling out your basic details. The Bankwest Business Sales Team will then get in touch with you to complete your application.

Required documents

  • Personal details. This will include your title, full names, phone number, email address and relationship to the business. You will also be required to indicate if you are a Bankwest customer.
  • Contact information. Include details of your physical address

You must be the appropriate representative of the business to apply for this product. You also need to highlight that that you have read and agree with the privacy policy offered by Bankwest before proceeding with your application.

Apply for the Bankwest Corporate MasterCard conveniently to manage and monitor your employees business expenditures. The credit card has no limits on the number of cardholders.

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