Getting started with business credit cards
As a small business owner, a business credit card can be a valuable tool to help manage your business expenses. However, choosing and applying for the right credit card can be overwhelming, especially if you are new to the process. In this article, we will provide you with useful information to help you understand the eligibility requirements and online application process for a business credit card.
How the online application process works
The below simple steps outline the process from starting the application to getting a decision.
How we assess your business credit card application
We will assess your application based on several factors, including your credit history, business income and business information. If your application is approved online, you will be able to access your business credit card account as soon as you have reviewed, and accepted your application documents in NAB Internet Banking.
Consider how much credit you need
The amount of credit you need on a business credit card depends on the size and needs of your business.
Keep in mind, when applying online the maximum credit limit is $50,000. If you require a facility for more than this limit, please speak to your business banker.
Understand how interest is calculated
We offer different types of credit cards with different interest rates. It's important to understand how interest is calculated, so you know how much interest you'll pay if you carry a balance on the card. Some NAB business credit cards offer interest-free days, so no purchase interest is charged on purchases if the balance is paid in full by the due date
. However, it's essential to read the terms and conditions of the card to understand when interest will be charged. When choosing a card, consider and compare the purchase interest rate, cash advance rate and interest- free period.
Understand the business credit card fees and charges before applying
Before applying for a business credit card, it's essential to understand the fees and charges associated with the card. These fees can include an annual fee, late payment fee, and cash advance fee. All business credit card fees and charges are found in the Business Banking Fees and Charges Guide.
Check the card liability structure
NAB's business credit cards are business liability products; this means the business is liable to repay all transactions on the cards.
Explore our business credit cards
Terms and Conditions
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