NAB Rewards Business Platinum Card

Earn NAB Rewards Points on business expenses with the NAB Rewards Platinum Business Card

The NAB Rewards Business Platinum Card is designed to suit the spending needs of small-to-medium businesses. It offers up to 1,000 cards per facility, with customised spending limits available. It also earns points for every $1 spent on eligible purchases.

Product NameNAB Rewards Business Platinum Card
Rewards ProgramNAB Rewards
Purchase rate (p.a.)18.50% p.a.
Annual fee$175 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 44 days on purchases
Cash advance rate (p.a.)21.74% 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 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
Joint ApplicationNo
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.
$5,000
Annual Fee$175 p.a.
Late Payment Fee$9
Cash Advance Fee2% or $2.50, whichever is greater
Overseas Cash Advance Fee2% or $2.50, whichever is greater
Overseas Emergency Replacement$100
Overseas ATM Balance check$1
Overseas ATM Withdrawal Fee$5
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
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Enjoy this card's Points Booster wherein you can earn 1 point on everyday purchases, double points on purchases made in major department and hardware stores, and triple points for spending with Webjet or when making transactions overseas or online transactions in Australia.
  • Benefit from a complimentary insurance for unauthorised transactions made by cardholders and transit accident insurance.

Cons

  • The standard annual fee is $175, which is relatively high.
  • Most cards that offer up to 55 days interest-free on purchases, but this card comes with up to 44 days only.
Rewards ProgramNAB Rewards
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (VISA/MC) CapUncapped
Points Expiry36 months

NAB Rewards Business Platinum Card review

This platinum business credit card is designed to simplify business spending and provide value through the NAB Rewards program. It offers 1 point per $1 spent on everyday business purchases, 2 points per $1 spent on purchases made in major department and hardware stores (including Myer, David Jones and Bunnings) and 3 points per $1 for spending with Webjet, when travelling overseas or on overseas purchases made in Australia.

Eligible spending includes most business purchases but there are some exclusions, including cash advance transactions, interest charges and fees and government charges, including ATO payments made with this card. Refer to the NAB Rewards website for full terms and conditions around eligible purchases. Points can be redeemed for a wide range of rewards, including travel with Webjet, merchandise, gift cards and frequent flyer points for Velocity, Cathay Pacific/Asia Miles or Air New Zealand Airpoints.

In addition to rewards, the NAB Rewards Business Platinum offers complimentary unauthorised transaction insurance, transport accident insurance, statement customisation and up to 44 days interest-free on business purchases. It has a standard variable purchase rate of 18.5% p.a. and an annual fee of $175.

Benefits of the NAB Rewards Business Platinum Card

These are the major highlights of the NAB Rewards Business Platinum Card:

  • Rewards program. This card provides membership to the NAB Rewards program and allows you to earn points per $1 spent on eligible business purchases. The “Points Booster” offers double points for spending with major department and hardware stores such as Myer, David Jones and Bunnings or triple points for spending when overseas, shopping online with international retailers or paying for Webjet bookings (excludes Jetstar, AirAsia and Scoot). When you have earned enough points, you can redeem them for a range of rewards including travel with Webjet, frequent flyer points, merchandise, experiences and cash back.
  • Frequent flyer rewards. If you want to earn more frequent flyer points, this program allows you to transfer a minimum of 3,000 NAB Rewards points for 1,500 Velocity Points, 1,000 Asia Miles or $15 Air New Zealand Airpoints Dollars. To simplify the transfer rates, this means you get 1.5 Velocity Points, 1 Asia Mile or $0.015 Airpoints Dollars for every 3 NAB Rewards points.
  • Additional business credit cards. With this account, you can request additional cards for you and your employees. You’re able to set individual credit limits for each card and can organise monthly statements based on individual and overall account spending. These features can help streamline expenses and cash flow for your business.
  • Complimentary insurance. The NAB Rewards Business Platinum Card offers complimentary insurance for unauthorised transactions made by cardholders. It also offers transit accident insurance for specific injuries you may sustain as the result of an accident when you’re a passenger on an authorised business trip.
  • Visa benefits. This Visa credit card can be used in-store, online or over-the-phone anywhere Visa is accepted around the world. Other benefits include contactless payments through Visa payWave, pre-sale ticket offers through Visa Front Line Access and enhanced security when shopping online with Verified by Visa.

Features of the NAB Rewards Business Platinum Card

If you’re interested in getting this card for your business, make sure you take note of the following:

  • Annual fee. A standard annual fee of $175 applies for each card that’s linked to the account. Make sure you factor this cost into your comparison if you plan on requesting additional cards for your employees.
  • Purchase rate. The standard variable purchase rate for the NAB Rewards Business Platinum Card is 18.5% p.a.
  • Interest-free days. If you pay your account in full by the due date on each statement, you can get up to 44 days interest-free on eligible business purchases. This offer excludes cash advances, including bills paid over the counter at a bank, financial institution or post office, purchases of traveller’s cheques and transactions for gambling or gaming-related purposes.
  • Cash advance rate. If you use your card to get cash out or for another type of cash advance transaction, a standard variable interest rate of 21.74% p.a. applies from the date the transaction is made.
  • Cash advance fee. A fee of 2% or $2.50, whichever is greater, applies for each cash advance transaction made.
  • Minimum credit limit. This card has a minimum credit limit of $5,000 for the facility. Note that individual cards linked to the account must have a credit limit of at least $1,000 each.
  • International transaction fee. A fee of 3% applies per transaction made overseas or online in a foreign currency.

How to apply for the NAB Rewards Business Platinum Card

You can apply for the NAB Rewards Business Platinum Card online by filling out an enquiry form or by downloading an application and returning it to NAB. Before you apply, make sure you meet the eligibility requirements and have all the required documents and details on hand to streamline the process.

Eligibility criteria

  • Age.You must be at least 18 years of age.
  • Residency status. You must be a permanent resident.
  • Business details. You must be a business owner, partner or director.

Required documents

You’ll be required to provide the following details as part of your application:

  • Copies of your business financial statements for the past two years or more
  • Copies of any interim business financial figures
  • Copies of personal taxation returns for all business partners or directors
  • The current value of any personal assets and liabilities of all business partners and directors
  • Balances of any existing business loans/lines of credit
  • Identification details for individuals associated with the business and cardholders that aren’t existing NAB customers

The NAB Rewards Business Platinum Card provides some convenient features for managing business spending and offers between 1 and 3 points per $1 spent on eligible purchases. With a standard variable purchase rate of 18.5% p.a. and an annual fee of $175 per card, it’s worth comparing this account to other business products so that you can find a credit card that suits your needs.

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2 Responses

  1. Default Gravatar
    stanJune 21, 2017

    I want to apply for a business credit card where the two directors of the same company can each transfer reward points to each own account. Can NAB allow this?

    • Staff
      JonathanJune 21, 2017Staff

      Hi Stan!

      Thanks for the inquiry.

      Kindly refer to this part of the NAB Rewards Terms and Conditions:

      12.1 This describes the circumstances in which you can transfer points from the points balance applicable to your business rewards card account. If you earn points using a business rewards card account, you may Call Us to transfer points from your points balance to either:
      (i) the points balance of another related body corporate; or
      (ii) the points balance of another person who holds a personal rewards card account.

      12.2 At the time you make the request you will be required to provide the full name and address details of the recipient of the points. When we process the transfer:
      (i) both you and the recipient of the points must have an open and active rewards card account when the transfer is made. The transfer cannot be reversed or cancelled by either you or the recipient of the points;
      (ii) points which have been transferred to the recipient’s points balance retain their expiry period. This recipient of the points will be advised on their monthly card statement when the transferred points will expire; and
      (iii) you must not require or receive any consideration (in the form of a payment or otherwise) for any transfer of points to anyone else.

      The transfer of points may have tax implications. NAB recommends you and the recipient of the points check with an accountant or tax adviser for further information.

      Hope this helps.

      Cheers,
      Jonathan

Credit Cards Comparison

Rates last updated September 21st, 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.
Until 1 October 2017, exclusive to finder.com.au, enjoy a no BT fee, balance transfer offer with platinum privileges, including travel insurance.
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.

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