Manage your business expenses, pay less fees and earn rewards points for every $1 spent with the Hume Business Visa Credit Card.
Who else wants a business credit card that rewards spending and charges a low interest rate owing to residential security?
Hume Residentially Secured Business Credit Cards, because of the security in question, charge a low interest rate on purchases. These cards come linked to a loyalty program, where you can earn rewards in accordance with how much you spend. Every cardholder under a single account can have individual credit limits, and will receive your business name embossed on the card.
| Product Name | Hume Business Visa Residentially Secured Credit Card |
|---|---|
| Rewards Program | Hume Loyalty Program |
| Purchase rate (p.a.) | 10.10% p.a. |
| Annual fee | $40 p.a. |
| Interest Free Period The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date. | Up to 55 days on purchases |
| Cash advance rate (p.a.) | 17.95% 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 |
| Card Type | Visa |
| Foreign Currency Conversion Fee (VISA) 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. | 2.85% of transaction value |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | No |
| Annual fee | $40 p.a. |
|---|---|
| Minimum Monthly Repayment | 3% or $10, whichever is greater |
| Late Payment Fee | $20 |
| Foreign Currency Conversion Fee (VISA) 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. | 2.85% of transaction value |
| Number of Additional Cardholders | 9 |
| Rewards Program | Hume Loyalty Program |
|---|---|
| Rewards Points per $ spent (VISA/MC) | 1 |
| Rewards Points per $ (VISA/MC) Cap | Uncapped |
Benefits of Hume Business Credit Card - Residentially secured
- Loyalty scheme. You earn one loyalty point for every dollar spent on eligible purchases, and your loyalty points accumulate in your credit card account or a nominated Hume savings account. These points credit to your nominated account once every six months and 500 loyalty points convert to one Australian dollar.
- Low rate. By providing security in the form of residential property you can take advantage of a low interest rate on purchases, which currently stands at 10.1% p.a. This rate applies on all cards under the primary account.
- Personalised cards. Personalised Hume Business Credit Cards for your employees is a simple and effective way to increase the visibility of your business.
- Comprehensive reports. You receive comprehensive reports each month with individual money statements that detail the transactions relating to each card.
Hume Business Credit Cards - Residentially secured features
- Annual fee. You have to pay a nominal annual fee of $40 per account, and you can look forward to an annual fee waiver if the account’s previous year’s spend exceeds the spend hurdle that currently stands at $24,000.
- Interest-free days. If you pay the account’s closing balance in full each month, you can get up to 55 interest-free days on purchases.
- Additional cardholders. You can nominate up to 9 cardholders linked under a single account. All cardholders must be Hume customers and over 16 years of age.
- Credit limit. The minimum credit limit of this card is $5,000, and the maximum depends on your ability to repay.
- Specific credit limits. You can assign individual credit limits to each card linked to your primary account, and you can change these limits at any time.
- Visa Entertainment. This service gives cardholders an array of special entertainment offers for events around the country.
- Easy access to funds. This credit card comes with a Visa connect, so you can use it at EFTPOS terminals and ATMs worldwide. You can also use this card to make purchases and pay bills online and over the phone.
- Verified by Visa. This service provides additional safety when your credit card details make it to the World Wide Web.
How to apply for Hume Business Credit Card - Residentially secured
You can walk in to any Hume branch to apply, or you can download an application and mail it or drop it at any Hume branch. Before applying, make sure you meet the following required eligibility criteria:
Eligibility criteria
- You are applying as a sole trader, partnership, company, or trust
- Your business is registered in Australia
- You are a Hume Bank customer
Required documents
Completing the application requires you to provide some personal information, including the following:
- Details of the property you wish to use as security
- Business details like business structure, trading name, business address, and phone number
- Individual cardholder details
- Full business and personal taxation returns for the last two years
If you, as a business owner, are considering using residential security to receive a low rate credit card, this card could be of benefit. However, it’s ideal to take into account that this is not the only card of its kind and to compare a few before applying.
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