NAB Business Card

Last updated: Mar 19, 2020

Save with a low purchase interest rate, get up to 35 interest-free days and manage your business expenses under one account.

The NAB Business Card is a charge card that is suited to small to medium-sized businesses. It offers a low purchase interest rate and complimentary business liability insurance.

Plus, you can request additional cardholders for colleagues and set individual credit limits to suit their spending needs.

15.5% p.a.

Purchase rate

$108 p.a.

Annual fee

35 days

Interest free period

Details

Product Name	NAB Business Card
Purchase rate	15.5% p.a.
Annual fee	$108
Interest-free period	35 days
Cash advance rate	15.5% p.a.
Min credit limit	$5,000
Card type	Visa
Foreign currency conversion fee	3%

Available to temporary residents	Yes - Conditions apply
Joint application	Yes

Pros

15.5% p.a. interest rate on purchases
35 days interest-free on business purchases
Complimentary business liability insurance

Cons

This card has no promotional interest rates and rewards program which means there's no incentive for spending.

Bonus points	N/A

Annual fee	$108
Late payment fee	$15
Foreign currency conversion fee	3%
Overseas cash advance fee	2% or $2.50, whichever is greater

Expert review

Review by

Sally McMullen

sally.mcmullen@finder.com.au

Sally McMullen is a creative content producer at Finder, co-hosts our Pocket Money podcast and wrote about credit cards for almost five years. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone. She has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.

Expert review

The NAB Business Card features benefits for organisations that want to manage expenses under one account. You can set individual credit limits for each additional card linked to the account, which could be useful if your employees have different spending needs.

If you’re looking for a revolving line of credit, you might want to consider a business credit card instead. NAB also issues business credit cards linked with rewards programs, boasting low annual fees and more.

How to apply

You can apply for the NAB Business Card online in 15 to 20 minutes and receive a response instantly. Make sure your business meets the eligibility criteria and that you have the necessary information to complete the application before you get started.

Eligibility criteria

Eligible business. 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.
Annual turnover and ABN. You must have a registered with a valid ABN/ACN, GST and a turnover of at least $75,000 per year.

Business purposes. You must intend to use the product wholly or predominantly for business purposes.
Existing debt. If you're an existing NAB customer, you need to have less than $1 million in existing NAB business debt.
Residency. You must be an Australian citizen or permanent resident to apply.
Age. You're at least 18 years of age.

Required documents

Personal details. You'll need to provide personal information for all directors and shareholders.
Business information. Include your business ABN or ACN, registered address and tax information.
Financial data. You'll also need to be able to provide 12 months of business financial data from your accounting software.

Card benefits

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. Interest-free days don't apply to cash advances, including ATM withdrawals and travellers' cheques.
Competitive interest rates. The NAB Business Card charges 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 set individual cardholder credit limits and personalise each card with the employee's name.
Complimentary business liability insurance. If the account is used for fraudulent transactions, your finances will be protected by NAB's complimentary business liability insurance. 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 for the eligibility requirements, exclusions and other terms and conditions.

Rates & fees

Annual fee. You'll pay a $9 per card monthly fee (which totals to $108 p.a.) linked to the account.
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.

Foreign 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. You can use the NAB Business card wherever Visa is accepted and can track your account through NAB Internet Banking or NAB Connect.
Repayments. As a charge card, the closing balance of the account must be paid in full each month.

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NAB Business Card