NAB Low Rate Business Card

Save with low-interest rates and manage your business costs with convenience with the NAB Low Rate card

The NAB Low Rate Business Card offers you an annual card fee of $60 plus low interest rates. Individual credit limits differ, but you will be given a minimum of $5,000. It also allows you to personalise your card with your business name for a professional feel.

Product NameNAB Low Rate Business Card
Purchase rate (p.a.)13.25% p.a.
Annual fee$60 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.)13.25% 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 Repayment2.5% of the closing balance or $10, whichever is greater
Card TypeVisa
Late Payment Fee$9
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.
3% of transaction value
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.
$5,000
Annual Fee$60 p.a.
Minimum Repayment2.5% of the closing balance or $10, whichever is greater
Late Payment Fee$9
Cash Advance Fee$2.50 or 2% of the transaction amount (whichever is greater)
Overseas Cash Advance Fee$2.50 or 2% of the transaction amount (whichever is greater)
Overseas Emergency Replacement$100
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.
3% of transaction value
Gambling Transactions AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Number of Additional Cardholders1000

NAB Low Rate Business Card review

This business card is designed to suit small to medium businesses. You can request additional cardholders, set individual credit limits and manage your business expenses under a single account. As a Visa card, you can also use this card internationally wherever Visa is accepted.

Benefits of the NAB Low Rate Business Card

  • Interest-free days. If you pay your balance in full by the end of the statement period, you can take advantage of up to 55 interest-free days.
  • Ease of access. This Visa card is accepted at millions of locations worldwide. It can be used to make transactions online, over the phone or in person, wherever you know Visa is accepted. You can also make purchases at ATMs, EFTPOS, and through NAB telephone banking, which is available 24 hours a day, 7 days a week. You can easily view transactions online through NAB Internet banking.
  • Additional cards. You can request additional cards to link to the single account, this means you can organise cards for employees and monitor business expenses under one account.
  • Credit limits.  These cards come with a minimum credit limit of $5,000. If you request additional cards for coworkers, you can also personalise the credit limits to suit their spending needs.
  • Personalised card. You can personalise your business card with your name.
  • Complimentary insurance policies. Unauthorised Transaction Insurance is included. Please see the insurance policy document for a comprehensive overview of what is covered and how you can make a claim.

Features of the NAB Low Rate Business Card

  • Annual fee. The card comes with an annual fee of $60.
  • Purchase rate. Any purchases will collect a purchase rate of 13.25% p.a.
  • Cash advance rate. If you use the card to make a cash advance, such as an ATM withdrawal, you'll collect the cash advance rate of 13.25% p.a. You'll also be charged a cash advance fee of $2.50 or 2% of the transaction amount (whichever is greater)

How to apply for the NAB Low Rate Business Card

Applications can be done conveniently online, but you should check that you satisfy the following requirements before doing so.

Application criteria

  • Age. As with most financial transactions, you will need to be at least 18 years old to apply.
  • Credit rating. You must have a good credit rating to qualify.

Required documents and information

In addition to these requirements, you must also be prepared to provide the following details:

  • Financial records. You will need copies of your business financial statements for at least two years, copies of any interim business financial figures, and copies of personal taxation returns for all business partners or directors. In addition, you will need to provide the current value of any personal assets and liabilities of all business partners and directors, as well as balances of any existing business loans or lines of credit.
  • Application forms. Once you have submitted your application, you will also be required to sign the necessary consents and complete a cardholder establishment details form. If your business is a company, a director’s guarantee may also be required.

The NAB Low Rate card offers features that could suit many types of businesses. As it isn't the only business credit card on the market, though, make sure to compare your options before you apply.

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