Best business credit cards in Australia in 2023
Access to credit can be essential for the growth and success of a business. Business credit cards provide a flexible and convenient method of handling expenses, accumulating rewards, and establishing creditworthiness for a company.
Additionally, in emergency cases, they can be particularly helpful. However, given the variety of choices available in the market, it can be challenging to identify the best business credit cards Australia has to offer a card.
Ideally, the card you choose must be one that perfectly meets all of your business's specific needs and demands.
A business credit card is a financial tool designed specifically for businesses, rather than individuals. It allows businesses to make purchases using a credit limit that is determined by the creditworthiness of the company, and not that of the individual owners or employees.
Business credit cards typically offer higher credit limits than personal credit cards and are designed to help businesses manage their expenses, earn rewards, and build credit for the company.
They often come with special features, such as expense management tools, travel benefits, and cash flow management options. The best business credit cards offer a convenient and flexible way for businesses to manage their finances, especially for small and medium-sized enterprises.
One of the primary reasons why business credit cards are crucial for companies is that they help to keep business and personal transactions separate.
When owners and employees use personal credit cards for business expenses, it can be challenging to keep track of which expenses are for personal use and which are for business use.
This can lead to confusion and create issues during tax season. Business credit cards allow businesses to keep their expenses separate and make accounting and bookkeeping easier.
It also allows for a clear separation of liability, so the business is responsible for paying off any expenses incurred on the card, not the individual.
Business credit cards offer access to immediate funds, making it easier for companies to manage their finances.
With a business credit card, businesses can make purchases and pay for expenses without having to wait for cash flow to catch up. This can be particularly helpful for small and medium-sized businesses that may not have the cash reserves to cover unexpected expenses.
Additionally, some business credit cards offer cash advances or lines of credit, which can be helpful in emergency situations.
The best credit cards for business provide easy repayment plans, which are beneficial for businesses to manage their cash flow.
Instead of paying for expenses upfront, companies can distribute the cost over a certain period, making it simpler to handle their finances.
Moreover, business credit cards provide flexible payment alternatives, allowing businesses to choose between paying the full balance or the minimum balance every month.
This feature can be particularly advantageous for businesses that encounter cash flow fluctuations due to seasonal changes.
Another one of the benefits of a business credit card is improved cash flow. Business credit cards have the potential to enhance cash flow by granting a revolving line of credit to businesses.
This means that companies can obtain funds when necessary instead of relying on a one-time payment or loan.
Furthermore, business credit cards frequently provide interest-free grace periods, which allow companies to postpone payment without incurring additional interest fees.
This aspect can be particularly advantageous for businesses that need to make significant purchases or pay for expenses upfront.
Read our article on cashflow management to know the effective ways to manage and improve your business cashflow in detail.
Finally, credit cards for businesses also provide a variety of benefits and rewards.
These perks can do a lot to help businesses acquire advantages and save money. Several business credit cards provide rewards or cashback points for almost every purchase that is made using the business card.
These rewards can be redeemed to pay for a host of things such as merchandise, travel expenses, or statement credits.
In fact, the best business credit cards for rewards offer unique benefits such as discounts on business-related expenses, travel insurance, or airport lounge access.
The American Express Business Explorer Credit Card is one of the most popular business credit cards in Australia, offering a range of benefits and rewards for businesses. The card comes with a competitive interest rate of 16.99% p.a. and an annual fee of $149.
It also offers a generous welcome bonus of 120,000 Membership Rewards points, which can be redeemed for travel expenses, gift cards, or merchandise.
Additionally, cardholders can earn 2 Membership Rewards points per dollar spent on eligible purchases, and there are no caps or limits on the number of points that can be earned.
The ANZ Business Black Credit Card is a top-tier business credit card that provides numerous benefits and rewards for companies.
With a yearly charge of $300 and a 20.24% p.a. interest rate, the card offers various travel advantages, including free access to airport lounges, travel insurance, and concierge services.
Moreover, cardholders can acquire 1.5 ANZ Rewards points for every dollar spent on qualified purchases, and there are no restrictions or boundaries on the number of points that can be accumulated.
The NAB Qantas Business Signature Card is one of the best business credit cards Australia has available. The card has an interest rate of 18.5% per annum and an annual fee of $295.
It offers perks on travel, such as travel insurance and complimentary membership to the Qantas Club. Additionally, cardholders can earn 1.5 Qantas Points for every dollar spent on eligible purchases, and there are no limits on the number of points that can be earned.
The Westpac Altitude Business Platinum Credit Card is one of the best business credit cards for rewards given that it provides numerous advantages and perks for businesses. The card includes an annual fee of $150 and an interest rate of 19.84% p.a.
It also offers various travel benefits, including complimentary travel insurance for overseas travel and round-the-clock concierge services.
Moreover, cardholders can acquire 1 Altitude Point per dollar spent on qualifying purchases, and there are no restrictions or boundaries on the number of points that can be accumulated.
Another one of the best business credit cards Australia has to offer is the CitiBusiness Card. Cardholders are required to pay an annual fee of $249 and the interest rate charged is 20.99% p.a.
The card comes with a variety of travel benefits, including international travel insurance and round-the-clock concierge services.
Additionally, for eligible purchases made using the card, businesses can earn 1.25 Citi reward points per dollar spent, with no maximum limit on the number of points that can be accumulated.
Are you a small business owner looking for a business credit card? Then, check out our article on best business credit cards for small businesses in Australia and choose the best one for your business.
To choose the best credit cards for business, it is crucial to assess your business requirements and needs. Consider whether you need a card that offers a high credit limit or cash advances, travel perks, or expense management tools.
Understanding your business's requirements can help you select a card that aligns with your unique needs and helps you manage your finances efficiently.
The application process for business credit cards can differ depending on the issuer. Some issuers may mandate a certain minimum revenue or credit score, while others may request business documents like financial statements or tax returns.
To ensure a smooth application process and avoid any unexpected delays, it is crucial to carefully review the application requirements and process for each card before applying.
Business credit cards often come with annual fees and other charges, such as fees for cash advances, late payments, and balance transfers.
When selecting a card, it is important to consider these fees and weigh them against the benefits and rewards offered by the card. The idea is to choose a card where the rewards and benefits provided outweigh the costs.
Interest rates can vary widely between different business credit cards. Consider the interest rates for purchases and other transactions when choosing a card.
Keep in mind that interest rates can change over time, so it's important to read the terms and conditions carefully.
Some business credit cards offer instant credit approval, which can be helpful for businesses that need access to credit quickly.
However, instant approval often comes with higher interest rates and fees, so it's important to weigh the benefits and drawbacks before applying for a card with instant approval.
Some business credit cards may have restrictions and limits on spending, such as limits on certain categories of purchases or caps on rewards earnings.
Consider these restrictions and limits when choosing a card to ensure that it fits your business needs and spending habits.
When obtaining a business credit card, it's important to be aware of the liabilities involved, which can include personal guarantees and joint and several liabilities.
Before you choose a card it is crucial to thoroughly review the terms and conditions to comprehend the liabilities associated with the card.
Business credit cards often offer rewards and other benefits, such as cashback, travel perks, and discounts on business-related expenses.
Consider the rewards and benefits offered by the card, and make sure that they align with your business needs and requirements.
Business credit cards can also be integrated with various accounting tools like Xero, MYOB, and QuickBooks. This is particularly beneficial for businesses that want to improve their accounting processes and manage their expenses more effectively.
When choosing a credit card, it is essential to consider the integration options and ensure that the card is compatible with the accounting tools you currently use.
Volopay business credit cards prioritize security by offering features such as real-time fraud monitoring, multi-level approval workflows, strict card usage controls, and virtual card generation.
These features help businesses to minimize the risk of unauthorized transactions and fraudulent activities.
Volopay also provides businesses with the benefit of instant credit approval. Once a business applies for a Volopay card and is approved, they can immediately start using their card.
This quick and easy process of approval can be particularly advantageous for businesses that require immediate access to funds.
The business cards offered by Volopay are designed to be user-friendly, with a simple and intuitive mobile app. This makes it easy for businesses to manage their expenses and payments, and to monitor their spending in real-time.
Volopay business cards offer access to flexible and instant credit lines.
These credit limits can be even higher than traditional credit cards, which can be helpful for businesses that need to make larger purchases or have significant expenses. Moreover, the repayment cycles are very flexible.
Volopay cards can also be used by businesses as corporate cards for their employees, with customizable limits and restrictions.
This can help businesses to streamline their expense management processes and reduce the administrative burden of expense management and reimbursement.
Volopay business cards provide automated integration capabilities with most of the well-known accounting software in use today.
This makes it seamless for businesses to automate their accounting processes and streamline the tasks involved in expense tracking and reporting.
Volopay business cards provide real-time tracking of all transactions made with the card, with detailed transaction information and automated categorization.
This can help businesses to monitor their spending, identify areas for cost savings, and make informed financial decisions.