NAB Low Rate Business Card

Manage your business expenses and save with no annual fee and 0% p.a. on purchases for the first 12 months.

The NAB Low Rate Business Card is designed to suit cardholders who want to manage corporate workflow and save on standard credit card fees. This card offers $0 annual fee for the first year and reverts to a competitive fee of $60 p.a. thereafter. You can also pay back your business debts without the burden of interest with 0% p.a. on purchases for the first 12 months. After that, you can also take advantage of up to 55 interest-free days when you pay your balance in full.

Product NameNAB Low Rate Business Card
Purchase rate (p.a.)0% p.a. for 12 months (reverts to 13.25% p.a.)
Offer end date10 November 2017
Annual fee$0 p.a. annual fee for the first year ($60 p.a. thereafter)
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.
$1,000
Minimum Monthly Repayment2.5% of the closing balance or $10, whichever is greater
Minimum Income$100,000
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 Income$100,000
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.
$1,000
Annual Fee$0 p.a. annual fee for the first year ($60 p.a. thereafter)
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
BPAYYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes

Pros

  • Take advantage of 0% p.a. for 12 months on purchases.
  • Pay no annual fee for the first year.
  • Enjoy a low variable interest rate of 13.25% p.a. on purchases and cash advances.
  • Get up to 55 days interest-free on purchases.

Cons

  • There is no balance transfer feature on this card.
  • You cannot earn rewards for your spending.
  • Complimentary travel insurance is not included.

NAB Low Rate Business Card review

This business card is suitable for small to medium businesses. You can request additional cardholders, set individual credit limits and manage your business expenses under a single account. Unlike some other business products, it has a relatively low annual fee and standard interest rate which can help you minimise your card costs. As a Visa card, you can also use this card internationally wherever Visa is accepted.

Benefits of the NAB Low Rate Business Card

  • $0 annual fee in the first year. If you apply by 10 November 2017, the annual fee will be waived for the first year. The standard $60 annual fee will be charged to the card in the statement period following the anniversary of the first use of the card.
  • 0% p.a. on purchases for 12 months. You won't have to pay interest on your purchases for the first 12 months, which can help you repay your debt quicker without any additional costs. This offer is also only available to applicants who apply by 10 November 2017.
  • 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 on business purchases.
  • 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. You'll receive monthly statements for each cardholder including a summary table of your total facility. You can also personalise the individual cards with the cardholder's name.
  • Credit limits. These cards come with a minimum credit limit of $1,000. If you request additional cards for coworkers, you can also personalise the credit limits to suit their spending needs.
  • 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.

Rates and fees of the NAB Low Rate Business Card

  • Annual fee. This card has a standard annual fee of $60.
  • Purchase rate. The card's regular purchase rate is 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

If you've compared your options and decided the NAB Low Rate Business Card is right for you, you can apply for the card online. Before you apply, make sure you've met the eligibility requirements and have the necessary information on hand to complete the application.

Application criteria

  • Age. You must be at least 18 years old to apply.
  • Residency. Applicants must be an Australian citizen or permanent resident to receive approval.
  • Income. The business must have a turnover of at least $100,000 per year.
  • ABN. You're also required to have a valid ABN/ACN and be registered for the GST for at least 12 months.
  • 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:

  • Personal ID. If you're new to NAB, you'll need to provide personal ID information. If you're an existing NAB customer, you'll need to enter your business transaction account number.
  • Financial records. You need to upload copies of your profit & loss statement and balance sheet plus your transaction history from your main trading account. Please note that reports must be generated directly from your accounting software and financial data managed in Microsoft Excel won't be accepted.
  • 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 competitive rates and fees that could suit many types of businesses. As it's not the only business card on the market, make sure to compare your options before you apply.

Back to top
Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

Credit Cards Comparison

Rates last updated October 23rd, 2017
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 24 months
$90 p.a.
Exclusive to finder.com.au and available until 12 November 2017, enjoy a no BT fee, long-term balance transfer offer and complimentary insurances.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 18 months
$129 p.a.
Earn 3 bonus Velocity Points per $1 for the first 3 months, a first year annual fee refund and a yearly $129 Virgin Australia Gift Voucher.
St.George Vertigo Platinum
12.74% p.a.
0% p.a. for 24 months with 2% balance transfer fee
$99 p.a.
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
ANZ Platinum Credit Card - Exclusive Offer
0% p.a. for 3 months (reverts to 19.74% p.a.)
0% p.a. for 12 months
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Exclusive to finder, receive 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months with no balance transfer fee.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Ask a question