Business Credit Cards Comparison

Manage your cash flow, save time on expense reports and enjoy perks such as points for your spending with a business credit card.

Business credit cards are designed to suit the financial needs of different types of companies, ranging from small start-ups to major corporations. These cards allow you to keep your business and personal expenses separate, assign cards to employees, manage your cash flow, track your finances and earn rewards. Just as with personal credit cards, there is a range of factors to consider before deciding if a business credit card is right for you. You can use this guide to compare business credit cards and learn more about the features and benefits available so that you can find an option that suits the needs and objectives of your business.

Business Credit Card Offer

NAB Rewards Business Signature Card

Earn 100,000 bonus NAB
Rewards Points

Offer ends 7 October 2018

Eligibility criteria, terms and conditions, fees and charges apply

Business Credit Card Offer

Earn 100,000 bonus NAB Rewards Points with a NAB Rewards Business Signature Card and take control of your business spending.

  • Receive 100,000 bonus points when you spend $5,000 on everyday business purchases within 60 days of account opening.
  • Get 1.25 points/$1 spent on everyday business purchases and take advantage of a points booster at select retailers.
  • Redeem your points in the NAB Rewards Store or transfer them to Velocity, Asia Miles or Airpoints.
  • Receive unauthorised transaction insurance and transport accident insurance, plus, access to the 24/7 NAB Concierge Service.
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Business credit cards comparison

Rates last updated September 22nd, 2018
Name Product Bonus Points Rewards Points per $ spent Complimentary Travel Insurance Annual fee Minimum Income Product Description
NAB Rewards Business Signature Card
100,000 bonus points
1.25
No
$175 p.a.
Earn 100,000 bonus points when you spend $5,000 on everyday business purchases in the first 60 days of account opening.
NAB Qantas Business Signature Card
100,000 bonus points
0.66
No
$295 p.a.
Receive 100,000 bonus Qantas Points and earn points on everyday business purchases. Also get up to 44 days interest-free and multiple cards.
American Express Gold Business Card
1
Yes
$169 p.a.
$24,000
Take advantage of a no pre-set spending limit, data that feeds to MYOB and up to 51 days interest-free on purchases.
NAB Low Rate Business Card
$0 p.a. annual fee for the first year ($60 p.a. thereafter)
Manage your cashflow with up to 55 days interest-free on business purchases and receive complimentary unauthorised transaction insurance.
American Express Qantas Business Rewards Card
80,000 bonus points
1.25
Yes
$450 p.a.
$24,000
Earn up to 80,000 bonus points, 2 Qantas Points per $1 spent on eligible purchases plus 2 domestic Qantas Club lounge passes. Ends 26 Sept 2018.
American Express Platinum Business Card
100,000 bonus points
1
Yes
$1,750 p.a.
$75,000
Get 100,000 bonus points, platinum concierge, complimentary lounge pass, overseas travel insurance and luxury hotel benefits. Ends 26 Sept 2018.
American Express Velocity Business Card
1
Yes
$249 p.a.
$24,000
Take advantage of Velocity Points per $1 spent, no pre-set spending limit, data that feeds into MYOB and up to 51 days interest-free on purchases.
American Express Business Explorer Credit Card
75,000 bonus points
2
Yes
$395 p.a.
$24,000
Earn 75,000 bonus points when you meet the spend criteria. Plus, 2 yearly entries to the American Express Lounge. Ends 10 Oct 2018.
American Express Business Card
1
Yes
$109 p.a.
$24,000
Earn up to 1.00 Membership Rewards point per $1 spent and extend your cashflow with up to 51 interest-free days on purchases.

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More business credit cards

What is a business credit card?

You can use a business credit card to free up cash flow by using a line of credit to pay for business expenses. They also usually come with perks including rewards programs, additional cardholders and expense reporting systems. Unlike a personal card, the company may be liable for the debt on a business credit card, not the individual.

What are business credit cards?

Unlike personal credit cards, business credit cards are designed specifically for work spending and often include features such as additional cards for employees, customisable spending limits for different users and expense tracking. Some business credit cards may even have analytics tools designed to help with business reporting and budgeting.

In most other ways, business credit cards are similar to personal credit cards. With either option, you'll get access to funds up to a certain limit and be able to pay off what you spend over time (with interest charges). Both personal and business credit cards also include costs in the form of annual fees and interest rates, as well as extras such as rewards programs or complimentary insurance.

Who is responsible for the credit card? Personal vs business credit card liability

Business credit cards can offer either personal liability or business liability for the account. The type of liability determines who is responsible for managing the card and can be an important factor when choosing a business option. We’ve outlined the key details of each option below:

Personal liability credit cards

  • The primary cardholder is always responsible for managing the account.
  • You’re responsible for how much of the balance is paid off by the due date each month.
  • If a payment is late or missed, it’s you who the credit card company will contact.
  • If you choose to take personal responsibility for a business credit card, you can usually apply without needing to submit your business financials.
  • You will need to include details of your personal income, debts and assets, as well as your Australian Business Number (ABN).

Business liability credit cards

  • With business liability, it is the business entity that is responsible for managing the account.
  • If there is an issue with the account, the entire business will be held responsible, rather than one individual person that’s linked to the account.
  • It can be useful if you are a partner in a business.

What about business charge cards?

A charge card acts as a short-term (usually monthly) loan to a business for any purchases charged on the card. These cards defer payment until the end of the statement period when you're required to pay off the account in full. Interest rates do not apply to charge cards as there is no revolving line of credit, but they often apply hefty late fees if you don’t pay the balance in full by the due date.

Business charge cards are designed for organisations that have the financial stability to clear their balance each billing cycle, which will typically be between 25 and 51 days. If you are looking to borrow funds over a longer period of time, business credit cards may offer more flexibility. Despite these different account structures, charge cards do have many similar features to conventional credit cards, including expense tracking tools, supplementary cards, rewards programs and complimentary extras. As a result, they are often put in the same category as business credit cards.

Find out about fuel cards

Are there any business credit cards for bad credit?

If you have black marks on your credit history (such as defaults) or if you have no credit history, it could make it hard to get approved for a business credit card. When that's the case, here are some options you could consider:

  • Talk to your current bank. If you already manage your business transactions with a specific bank, call them and ask about your options in terms of credit cards, loans or overdraft accounts. With existing details of your business, the bank may be able to offer you a solution that suits your financial situation and business' needs.
  • Consider a personal credit card with a low minimum income requirement. While you may not currently be able to get approved for a business credit card, you could look at getting a personal card that has a minimum income requirement ranging from $15,000 to $25,000. These cards typically offer features and credit limits that someone who earns the minimum will be able to manage. So if you have bad credit but earn more than the minimum required for the card, you could still get approved.
  • Look at business loans and line-of-credit options. A business loan or line of credit typically offer set repayment terms to help reduce the risk to lenders. You can also get a secured business loan that is guaranteed by an asset or assets that you already have. So in some cases, these options may increase your chances of getting approved.

Find out about other credit card options for bad credit

How to compare business credit cards

Comparing business credit cards side by side allows you to find an option that is suited to your business’s specific needs. Some of the core factors to compare when weighing up business credit cards include:

Business spending habits

Man and woman looking down on a pen, paper and credit card
It’s important to choose a business credit card that fits with your existing business spending. This means you'll need to look at a range of factors, such as:

  • Eligible purchases
  • Capital expenses
  • Additional cardholder spending
  • Business travel needs

You can then match the types of transactions you make with the card features. For example, if your business uses a credit card for flights and regularly pays it off, a frequent flyer card might offer competitive value. On the other hand, if your business relies on the card for credit, a low rate, low fee or interest-free days business credit card might be the most affordable option.

Fees and charges

Business credit cards feature a range of fees and charges. Some of the most common include:

  • Annual fees. Business credit card annual fees can range from $0 to $700 (or more).
  • Supplementary cardholder annual fees. While some business credit cards offer additional cardholders at no extra cost, others may charge anywhere from $10 to $150 per annum.
  • Standard interest rates. Business credit card interest rates can be as low as 9.99% p.a. and as high as 22% p.a., with some cards charging the same rate for all transactions and others applying different rates depending on whether it is a purchase, cash advance or balance transfer.
  • Currency conversion fees. This charge is applied for transactions made overseas or in a foreign currency and is typically 3% to 3.5% of the transaction value.
  • Minimum required monthly payments. Business credit cards generally have minimum payments of 2% to 3% of the outstanding balance, unless they are charge cards that need to be paid in full for each statement cycle.
  • Overlimit fees. If you or an employee goes over the credit limit on the account, a fee of $10 to $30 may be applied.
  • Late payment fees. If you don’t make a payment on your business credit card, you may be charged a fee. This cost is usually around $10 to $30 but could be higher for some options, particularly charge cards.
  • Establishment fee. Some corporate credit cards may charge an establishment fee when your business applies and is approved for the account. This could be as much as $300, depending on the card.

Extra perks

  • Exclusive business rewards. Business credit cards can provide access to exclusive rewards benefits that are outside the scope of personal credit card users. Other rewards perks can include free delivery and express shipment.
  • Online business banking. Business credit cards usually give you all the access you would expect from banking online, such as 24/7 access to your account plus business security options such as encryption technology for peace of mind. Business applications may also allow mobile management so you can bank on-the-go with your business.
  • Complimentary insurance. Many business credit cards include complimentary travel insurance and liability insurance for the account.
  • Expense management systems. Keeping on top of business expenses and consolidating your credit card transactions can be difficult amongst the other million tasks involved in running a business. Expense management systems give you control and simplicity, providing an all-in-one solution for:
    • 24/7 monitoring, budget tracking by creating standard or custom reports, clear visibility of company spending and recognising patterns to better manage cycles in spending
    • Multiple reporting formats including MYOB, Microsoft Excel, Word, PDF, HTML, XML, CSV and Tab-delimited

Pros and cons of business credit cards

Pros

  • Potential tax deductions for claiming a business credit card or charge card annual fee
  • Simplified book-keeping/accounting process
  • Expense and cash flow management
  • Liability options
  • Security features
  • Customisable credit limits
  • Builds business credit
  • Additional cardholders
  • Complimentary extras specifically designed for businesses
  • Available and issued as either Amex, Visa, Mastercard or Diners Club card

Cons

  • Requires an excellent credit score
  • Personal liability options can expose you to legal issues
  • Expensive fees
  • Interest charges if you carry a balance
  • Can be hard to keep track of employee spending if you’re a small business
  • Limits spending to business expenses only

How to apply for a business credit card

If you’re interested in getting a business credit card, the first step is to compare a range of options to find one that is convenient and affordable for your business. Once you have found one, you can usually apply online. Before you apply for a credit card, you'll need to make sure that you meet the following eligibility requirements and have organised the necessary documents to complete the application:

Eligibility requirements

  • Age. You must be at least 18 years of age to apply for a business credit card in Australia.
  • Residential status. You'll usually need to be a citizen or permanent resident of Australia to apply. Make sure to confirm the card's specific residential status requirements before you apply.
  • ABN. You must have a valid ABN (Australian Business Number) to apply.
  • Credit score. You must meet the credit history requirements to apply for a business credit card.

Necessary documents and information

The other details you will be asked to provide vary depending on the card and whether you choose a business liability or personal liability option. But generally you will need to provide:

  • Contact details. Contact details for you and/or your business.
  • Proof of identification. A valid form of identification, such as your driver’s licence or passport.
  • Financial information. You'll need to provide information about your income and/or revenue as well as any assets and liabilities, including investments, debts and regular expenses.
  • Additional cardholders. If you wish to manage your employees' spending under the one account, you'll also need to provide the details of any supplementary cardholders.
  • Accountant's information. If you're self-employed, you may be required to include your accountant’s contact information.
  • Other documents. Supporting documentation such as personal tax statements, pay slips and BAS reports may also be required.

Once you have submitted your application, you should get a response within a few minutes. If you’re approved, you could have your card in as few as 5–10 business days (depending on the account and issuer). You can then activate the card and start using it for your business. With expense tracking features, additional cards, interest free periods and reward options, credit cards can be a convenient option for both big and small businesses. Now that you know more about them, you can compare your options and find a product that suits your business’ needs.

Frequently asked questions

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Credit Card Offers

Important Information*
Citi Clear Platinum Credit Card

Interest rate

12.99

Annual fee

0*

*$99 p.a. after first year

Westpac Altitude Platinum Card - Qantas

Interest rate

20.24

Annual fee

50*

*$200 p.a. after first year

ANZ Low Rate

Interest rate

12.49

Annual fee

58

Credit Cards Comparison

Rates last updated September 22nd, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
Westpac Altitude Platinum Card - Qantas
20.24% p.a.
$50 p.a. annual fee for the first year ($200 p.a. thereafter)
Earn 60,000 bonus Qantas Points when you spend $3,000 within 90 days of card approval. Plus, a $50 first year annual fee.
St.George Vertigo Visa
13.74% p.a.
0% p.a. for 16 months
$55 p.a.
Get 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.

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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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