How to apply for a business credit card in Australia?
Business credit cards are essential payment tools for businesses. This is because they provide much-needed access to capital and the tools required to help fund operations and growth.
They also help small businesses build their credit score, helping them qualify for larger and more favorable financing in the future. Additionally, business credit cards offer a host of rewards and benefits.
However, if you are a growing company, knowing how to apply for business credit card is crucial information to keep in mind.
You can also use business credit cards as special cards for employees to help manage their spending and reduce out-of-pocket expenses. You can assign individual physical or even virtual cards to employees who might be frequently spending on behalf of the organization.
Business credit cards can be beneficial to the expense management system of organizations for several reasons. The digital tools they come with enable businesses to track and monitor spending easily, consolidating all expense data on one platform for easy management.
Financing the operations of your business with your credit card is not a good idea. Doing so can make it extremely difficult to keep a distinction between your personal and business spending. Having a separate business credit card for business finances makes much more sense.
The rewards, offers, and perks offered by business credit cards can improve the purchasing power of organizations. By offering discounts with particular vendors, cashbacks on spending, travel benefits and points, and a host of other perks these cards can help businesses recover money by spending money.
By providing businesses with a constant source of credit, business credit cards can help with the organization’s cash flow management. By having such a card at your disposal you will be able to make purchases without actually using any cash immediately.
This way you can plan more effectively for future cash flow needs.
Are you looking for a business credit card for your startup? Check out our guide on best startup business credit cards in Australia and choose the best one for you.
While the eligibility criteria for the business credit card application process in Australia may differ from provider to provider, some of the general requirements include:
• You must be a resident of Australia.
• The minimum age of the applicant must be at least 18 years.
• You must maintain a good credit rating history. Generally, a score of 600 is considered a minimum requirement.
• You must be able to produce a valid Australian TFN or Tax File Number.
• Some form of identification proof must also be provided, such as a driver’s license or passport.
• The applicant must have a steady income source, either via self-employment or employment.
• Recent bank or financial statements may also be required as proof of your financial capacity.
• You will also need to have an ABN or Australian Business Number.
The exact business credit card application requirements in terms of documentation are likely to differ from provider to provider. However, some of the documentation that is generally required includes:
• Business registration documents
• Bank or financial statements
• Business credit history documentation
• Proof of identification documents
• Proof of business ownership documents
The first step in how to apply for a business credit card is to choose a provider. Identify the right business credit card provider for your business based on a comparison of various factors such as features provided, cashbacks and offers, fees, interest rates, and so on.
Obtain and gather all documentation required to apply for business credit card such as registration documents, proof of ownership and identification, ABN number, and credit history.
Finally, once you have gathered all required documents and chosen your provider you can proceed to fill out the application form of your chosen provider. After the application process is complete you will receive your card within a short time.
If you’re looking for a business credit card that is easy to obtain and loaded with features, then Volopay is definitely an option.
Volopay business cards come with a host of valuable and unique features such as automated spend tracking, expense approval workflows, vendor and cash flow management features, budgeting features, international transactions, flexible credit lines, budget-friendly rates more.
You can even get unlimited virtual Volopay cards at no additional cost whatsoever. These cards can be used as gift cards, burner cards, budget cards, subscription cards, travel cards, and vendor cards, the use cases are potentially limitless.
The best part is that the application process for obtaining Volopay business cards is extremely easy to follow and the customer support team guides you throughout the process. Once you’re done applying you will get your cards almost instantly.
You can easily check your credit score using digital tools available online.
Yes, this is because business credit cards have a variety of benefits such as easier expense management, cash flow management, virtual or employee cards, budgeting help, cashbacks, discounts, offers, and a lot more.
There is no official benchmark, however, a minimum credit score of 600 is generally acceptable to apply for business credit card.