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 on business purchases when you pay your balance in full.
|Product Name||NAB Low Rate Business Card|
|Purchase rate (p.a.)||0% p.a. for 12 months (reverts to 13.25% p.a.)|
|Offer end date||17 June 2018|
|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.
|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|
|Minimum Age||18 years of age|
|Available To Temporary Residents||Yes - Conditions apply|
|Credit Rating Requirement||Good|
|Annual fee||$0 p.a. annual fee for the first year ($60 p.a. thereafter)|
|Minimum Monthly Repayment||2.5% of the closing balance or $10, whichever is greater|
|Late Payment Fee||$15|
|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)|
|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.
|Gambling Transactions Allowed||Yes|
|Number of Additional Cardholders||1000|
- Take advantage of 0% p.a. for 12 months on purchases.
- Pay $0 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.
- 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 and get approved by 17 June 2018, 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. Any unpaid purchase balances will collect the standard purchase rate at the end of the promotional period. This offer is also only available to applicants who apply by 17 June 2018.
- 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. After the annual fee waiver, 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.
- 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