Take advantage of low interest rates and manage your corporate costs under a single account with the NAB Business Card.
The NAB Business Card is suited to small to medium-sized businesses. It offers a low interest rate on purchases, interest-free days and complimentary business liability insurance. Plus, you can request additional cardholders for colleagues and set individual credit limits to suit their spending needs.
| Product Name | NAB Business Card |
|---|---|
| Purchase rate (p.a.) | 15.50% p.a. |
| Annual fee | $108 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 35 days on purchases |
| 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. | 3% of transaction value |
| Complimentary Travel Insurance | No |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | Yes - Conditions apply |
| Joint Application | No |
| Annual fee | $108 p.a. |
|---|---|
| Late Payment Fee | $15 |
| Overseas ATM Withdrawal Fee | $4 |
| Foreign Currency Conversion Fee 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% |
| Gambling Transactions Allowed | Yes |
| Number of Additional Cardholders | 1000 |
NAB Business Card review
With the NAB Business Card, NAB aim to make it even easier for small to medium sized businesses to operate efficiently without having to fuss with cheques or reimburse your staff from receipts after they have paid the bill from their own pocket. The NAB Business Card gives your business the flexibility of allowing nominated employees the ability to make business transactions with their own company charge card.
Benefits of the NAB Business Card
- Interest-free days. If you pay your balance in full by the end of the statement period, you can enjoy up to 35 interest-free days on eligible business purchases. Please note that interest-free days don't apply to cash advances, including ATM withdrawals and travellers' cheques.
- Interest rates. The NAB Business Card has an interest rate of 15.5% p.a. on purchases.
- Additional cardholders. If your employees need to make purchases, you can request additional cardholders to link to the one account. You can personalise these cards with individual credit limits and order the card with specific names.
- Eligible for Samsung Pay. You can link your NAB credit card with Samsung Pay to make contactless payments using your qualifying Samsung device at the checkout.
Features of the NAB Business Card
- Annual fee. This card comes at the cost of a $108 annual fee. Please note that monthly fees also apply to any additional cards.
- Statements. Each month you’ll receive a detailed statement for each cardholder, not just for the total account. This gives you the assurance that you can clearly see which of your employees are making what debits from your business account. This can also make business reporting much easier come tax time.
- Liability insurance. The NAB Business Card comes with liability insurance which protects your account against unauthorised transactions. The liability insurance indemnity is limited to $20,000 per cardholder and to $150,000 for the business in each policy year. Please see the policy information booklet on the NAB website for more information about the eligibility requirements, cover available and how to make a claim.
- Individual cardholder credit limits. As mentioned, you can request additional cardholders under the single account and set individual credit limits for each card depending on your employee's spending needs. There isn't a limit to how many cards you can request, so you can apply for as many additional cards as you require. However, please note that monthly fees also apply to any additional cards.
- International transaction fee. If you use the card to make transactions overseas or in a foreign currency online, the card charges a 3% foreign transaction fee.
- Credit limits. The overall facility credit limit minimum is set to $5,000.
- Accessing your accounts. The NAB Business Card can be used to pay for purchases online, over the phone, in person or at any outlet where Visa or Mastercard are accepted. The card can be used at ATMs to withdraw cash or to pay for purchases via EFTPOS. NAB Telephone Banking is also available. This facility allows you to hear the details of your last five transactions or to transfer cash from your regular NAB business banking account into your account, if required. Transactions can be viewed online either by NAB Internet Banking or NAB Connect via the NAB’s secure online banking portal. As a Visa card, you can use this card in millions of locations around the world wherever Visa is accepted.
- Repayments. As a charge card, the closing balance of the account must be paid in full by direct debit each month.
How to apply for the NAB Business Card
If you've compared your options and decided you'd like to apply for the NAB Business Card, you can apply online. Before you apply though, make sure you've met the eligibility requirements and organised the necessary documents and information.
Eligibility requirements
You can apply for the NAB Business Card if you meet the following criteria:
- You're a sole trader, a partnership with up to two partners, a company with up to five directors or a trustee of an eligible trust.
- You have a registered with a valid ABN/ACN, GST and a turnover of at least $100,000 per year.
- You're at least 18 years of age.
Required documents and information
Along with your completed application form, you will be required to provide the following:
- The last two years’ worth of business financial statements
- Interim business financial statements, such as profit/loss statements or BAS
- Personal Taxation Returns for the last two years for all business partners or directors. Your application may also require a Director's Guarantee if your business is an incorporated company.
Once you’ve submitted your application, you should receive a notification email. Shortly after NAB has received your NAB Business Card application, they will contact you to advise you of the progress of your application. Although the NAB Business Card offers a number of benefits that could suit your business, make sure to compare your options before you apply.
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