NAB Rewards Business Signature Card
- Receive 100,000 bonus points
Offer ends 17 June 2018
Eligibility criteria, terms and conditions, fees and charges apply
Collect 100,000 bonus points when you spend $4,000 on everyday business purchases within 60 days of account opening.
This NAB credit card combines a flexible rewards program with business account features, including multiple cards for employees, detailed monthly statements and account summaries, and a concierge service. You can also enjoy exclusive business travel and retail offers from Visa, such as car hire savings, VIP airport lounge access, retail discounts and complimentary gifts.
If you apply for the NAB Rewards Business Signature by 17 June 2018, you can get a bonus 100,000 points by spending $4,000 on everyday business purchases within the first 60 days.
| Product Name | NAB Rewards Business Signature Card |
|---|---|
| Rewards Program | NAB Rewards |
| Purchase rate (p.a.) | 18.50% p.a. |
| Offer end date | 17 June 2018 |
| 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. | $1,000 |
| Card Type | Visa |
| 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 Insurance | No |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | Yes - Conditions apply |
| Joint Application | No |
| Annual fee | $175 p.a. |
|---|---|
| Minimum Monthly Repayment | 2.5% of closing balance or $10, whichever is greater |
| Late Payment Fee | $15 |
| Cash Advance Fee | 2% or $2.50, whichever is greater |
| Overseas Cash Advance Fee | 2% or $2.50, whichever is greater |
| Overseas ATM Withdrawal Fee | $5 |
| 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. | 3% |
| Additional Cardholder Fee | $0 |
| Number of Additional Cardholders | 1000 |
Pros
- Get 100,000 bonus points when you spend $4,000 on everyday business purchases in the first 60 days of account opening.
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 Program | NAB Rewards |
|---|---|
| Bonus Points | 100,000 bonus points |
| Rewards Points per $ spent (VISA/MC) | 1.25 |
| Rewards Points per $ (VISA/MC) Cap | Uncapped |
Review of the NAB Rewards Business Signature Credit Card
The NAB Rewards Business Signature is designed to help you manage your business spending and earn rewards at the same time. You can earn 1.25 points per $1 on most everyday business spending.
You can also earn double points for spending at major department stores and hardware stores in Australia and triple points for Webjet payments, purchases made overseas and online spending with international retailers. You then have the choice of redeeming rewards for yourself or your employees, with options including travel, merchandise and gift cards.
Just like many other business credit cards, with this account you can request cards for your employees and set individual limits for them. You’re then able to see individual monthly statements, overall account summaries and enjoy the security of NAB’s Commercial Cards Unauthorised Transaction Insurance.
Features and benefits of the NAB Rewards Business Signature
Here are the key benefits you can get with the NAB Rewards Business Signature card:
- Introductory 100,000 bonus point offer. Apply and get approved for the NAB Rewards Business Signature by 17 June 2018, then spend $4,000 on eligible business purchases within the first 60 days of account opening to enjoy this bonus point offer. Note that business purchases do not include transactions NAB decides are wholly or partly for gambling or gaming purposes.
- Rewards. The points earned through this account are credited to a single account balance, which you can then use to reward yourself or your employees. Rewards available through the NAB Rewards program include travel with Webjet, merchandise, gift cards and frequent flyer points with Velocity, Asia Miles or Air New Zealand Airpoints.
- Cards for employees. You can request individual cards and credit limits for your employees, while managing all your account spending under a single credit facility.
- Detailed statements. Track expenses with detailed monthly statements for each card, as well as an overall account summary.
- Personal concierge service. Get access to a 24/7 global concierge service that can help you with travel and lifestyle services including restaurant reservations, event bookings, cultural events and more.
- Visa retail and travel offers for businesses. Enjoy exclusive privileges such as savings on car rentals, accommodation booking services, special offers on VIP airport lounge access and exclusive discounts and complimentary gift items at duty free retailers and shopping centres.
- Complimentary insurance. This card gives you access to NAB Commercial Cards Unauthorised Transaction Insurance and transport accident insurance. Eligibility requirements apply for these insurance covers, so please refer to the policy booklets for detailed information.
- Eligible for Samsung Pay. You can link your NAB credit card with Samsung Pay to make contactless payments using your qualifying Samsung device at the checkout.
Rates and fees for the NAB Rewards Business Signature
Weigh up these costs to decide if the NAB Rewards Business Signature is right for your business.
- Annual fee. This account has an annual fee of $175 per card. So, if you only had one card for yourself, you would pay $175 p.a. If you had a total of three cards (one for you and two for employees), the annual fees would total to $525, and so on.
- Purchase rate. The NAB Rewards Business Signature has a standard variable purchase rate of 18.5% p.a.
- Cash advance rate. This card has a cash advance interest rate of 21.74% p.a. Note that the cash advance rate applies to transactions including withdrawing money from ATMs or at the checkout, buying foreign currency and gambling or gaming.
- Cash advance fee. If you use this account for a cash advance transaction, you’ll pay a fee worth 2% or $2.50, whichever is greater.
- Interest-free days. If you pay your account balance in full by the due date on each statement, you’ll can get up to 44 days interest-free on business purchases.
- Foreign transaction fees. This card charges a currency conversion rate worth 3% of the total transaction when you make purchases overseas or online with a retailer that’s based overseas.
- Late payment fee. NAB charges a $15 late payment fee at the end of a statement period when your payment is 3 or more days overdue and the unpaid balance on the account is more than $100.
How to apply for the NAB Rewards Business Signature Credit Card
You can apply for the NAB Rewards Business Signature online. If you have a MYOB (Mind Your Own Business) or Xero account with 12 months of business financial data, you can apply for the NAB Rewards Business Signature online and get a decision right away. Alternatively, you can request a call from a NAB Business Banker and complete the application that way.
Before you apply, make sure you meet the eligibility criteria and have all the required information and documents on hand:
Eligibility criteria
- Age and residency requirements. You must be at least 18 years of age and an Australian citizen or permanent resident.
- Business structure. You can apply for this card if you’re a sole trader, someone in a partnership with up to two other partners, or a director of a company with up to five directors. Your business must also have a valid Australian Business Number (ABN) or Australian Company Number (ACN).
- GST registration. Your business must be registered for GST for at least 12 months before you can apply for this card.
- Minimum turnover. Your business must have an annual turnover of at least $100,000 to put in a card application.
Information and documents that you’ll need
- Business details. This includes your ABN or ACN as well as details of any directors and shareholders.
- Personal identification. If you’re new to NAB, you’ll also need to provide personal ID such as your driver’s license or passport.
- Business transaction account number. If your business already banks with NAB, have your account details ready to speed up the application process.
- MYOB or Xero logins. If you’re applying online, you’ll need to enter your login details for MYOB or Xero.
- Financial details. If you’re not applying online via MYOB or Xero, you’ll need to provide up-to-date details of your business turnover and spending.
The NAB Rewards Business Signature card combines the convenience of a credit facility for your business with benefits, including rewards and exclusive Visa offers. Remember to consider the rates and fees of this card and compare a range of options so that you can find the right business credit card for your needs.
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