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 |
| Cash advance rate (p.a.) | 15.50% 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 |
| 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 |
| Complimentary Travel Insurance | No |
| Available To Temporary Residents | No |
| Joint Application | No |
| Minimum Age | 18 years of age |
|---|---|
| Available to Temporary Residents | No |
| 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 | $108 p.a. |
|---|---|
| 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 Allowed | Yes |
| Gambling Transactions Interest Rate | Cash Advance Rate |
| Number of Additional Cardholders | 1000 |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
| Yes |
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 and cash advances.
- 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.
Features of the NAB Business Card
- Annual fee. This card comes at the cost of a $108 p.a. 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. There isn't a limit to how many cards you can request, so you can apply for as many additional cards as you need. However, please note that each additional card will collect a monthly fee of
- 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 credit card 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.
Required documents
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 2 years for all business partners or directors.Your application may also require a Director's Guarantee if your business is an incorporated company.
You will also need to disclose the following information:
- Assets and liabilities of the company directors and any business partners.
- Details of payments being made for any current business loans outstanding.
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.
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