NAB Business Payments Card – Rates & Fees

Information verified correct on December 11th, 2016

Enjoy no monthly card fee and no fee for additional cardholders. Just load this card with money and keep track of all your business expenses.

The NAB Business Payments Card gives you the ability to use your own money to make online and in-store purchases with any merchant that accepts Visa. You load your card with money and use these funds as and when required, and you also set up a direct debit that pays any outstanding debt at the end of every month. This card is an option for small to medium sized businesses as it does not attract monthly or annual account-keeping fees.

Product NameNAB Business Payments Card
Purchase rate (p.a.)15.50% p.a.
Annual fee$0 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.
$200
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
Complimentary Travel InsuranceNo
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.
$200
Annual Fee$0 p.a.
Late Payment Fee$9
Cash Advance Fee$2.50 or 2% of the transaction amount (whichever is greater)
Overseas Cash Advance Fee$4
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
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders2
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Absolutely $0 annual fee on the life of the card
  • Allows you to have multiple cards, each with its own set limits of spending

Cons

  • The emergency credit option is subject to fees and interests
  • Provides only up to 35 days of interest free period.

NAB Business Payments Card Review

You can use this card to make business payments, and while the primary cardholder's card comes with a $200 credit limit, the business is free to allocate different limits to individual cards. You can get additional cards for other employees, and doing so does not attract any additional fees.

To load money onto to card you're required to have an eligible NAB business transaction account. The good thing is this card does not have a direct link to the transaction account, protecting money in the account from unauthorised access.

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Benefits of the NAB Business Payments Card

  • Additional cards

    A single facility can have as many as 1,000 cards, and you can nominate a single cardholder to have an emergency credit limit of $200. As part of each billing cycle, you receive statements with summaries of individual cardholders.

  • Fees

    This card does not attract any monthly or annual fees, and additional cards do not attract these fees either. If you use this card to make international transactions, an international transaction fee of 3% applies. Payment orders processed in currencies other than Australian dollars attract a fee of $5. Each cash advance attracts a $4 fee.

  • Interest

    When you use the $200 credit limit to make business purchases you get up to 35 interest-free days, but to take advantage of these interest-free days you have to pay your outstanding balance in full every month. Interest calculates every day and applies monthly.

  • Loading the card

    Loading your NAB Business Payments Card requires that you have an eligible business transaction account with NAB, which can include a NAB Business Cheque Account, a NAB Everyday Business Account, a NAB Business Management Account, a NAB Community Fee Saver Account, or a NAB Farm Management Account. While you can load the card as per your needs, you have to set up a direct debit to take care of outstanding debts at the end of every month. To load your card you can turn to any NAB branch, or make payments through internet banking, NAB Connect, NAB phone banking, NAB ATMs, and even BPAY.

  • Access

    You can use this card in-store, online, and over the phone, as long as the merchant in question accepts Visa, which includes millions of locations worldwide. You can use this card to withdraw cash at ATMs, although doing so attracts a fee. Use ATMs to check available balances and go online to view your transaction history.

  • Visa benefits

    Visa Entertainment gives you access to special offers for movies, events, shows, and experiences. Visa Global Customer Assistance Services offers round-the-clock emergency travel assistance and Verified by Visa offers secure shopping online.

Features of the NAB Business Payments Card

  • Annual fee. This card does not charge an annual fee.
  • NAB Defence. This is a security system that protects you from fraud.
  • PayWave. The NAB Business Payments card gives you the convenience of being able to use the PayWave technology.
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How to apply for the NAB Business Payments Card

Keep in mind that only Australian sole proprietors and businesses can apply for this card.

To complete the online application you will require the following information:

  • An Australian Business Number, if you have one
  • Business contact details
  • Sole proprietors should provide Tax File Numbers
  • A list of authorised signatories
  • Financial summary details including your assets, liabilities, turnover, and pre-tax earnings
  • Details of your NAB business transaction account.

This business card gives you a simple and effective way to keep track of business expenses across multiple employees, but given that other banks also offer business cards with similar features, make sure you compare a few before signing up.

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6 Responses to NAB Business Payments Card – Rates & Fees

  1. Default Gravatar
    george | May 8, 2016

    Partner and I both cardholders do I need a pin to withdraw or purchase she is overseas and I’m hopeless.

    • Staff
      Ysa | May 10, 2016

      Hi George,

      Thanks for your question.

      Yes, a PIN is required in order to purchase or withdraw money.
      Please also note that overseas ATM withdrawals attracts a $5 withdrawal fee as well as a 3% international transaction fee.

      I hope this helps.

      Cheers,
      Ysa

  2. Default Gravatar
    kathryn | February 28, 2015

    can i pay any outstanding amounts over the counter at my branch ? Or do i have to set up direct debit ? Thanks

    • Staff
      Jonathan | March 2, 2015

      Hi Kathryn, thanks for your inquiry!

      Credit card outstanding amounts can be paid via direct debit or through a branch. However it is important to note that an outstanding amount would not be cleared until the next scheduled direct debit date.

      I hope this helps.

      Cheers,

      Jonathan

  3. Default Gravatar
    Toya | April 15, 2013

    what is the foreign transaction fee on this card?

    • Staff
      Jacob | April 15, 2013

      Hi Toya. Thanks for your question. Please see a list of foreign currency conversion fees for different providers here. Compare travel money options here. Let us know if you need more information about this topic. Jacob.

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