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.

Step 1.Have your information ready.

This includes personal and business details, and your business financial data supplied through accounting software such as Xero, MYOB or QuickBooks. 

Step 2. Complete the online application.

We’ll verify your personal details, run a credit check and validate your income and expenses, all in real time.

Step 3. Get an instant decision.

You’ll get a decision straight away with our fast, simple online application form. If fully approved, your application documents will be generated and available to you in Internet Banking, in most cases within minutes. Then all you need to do is review, accept and submit to access your card account.

Choosing the right credit card for your business

When you select a business credit card, consider your business's unique needs and preferences. We offer a range of cards, including low-rate credit cards, rewards credit cards,and charge cards with added features such as insurance and concierge services.

Consider your everyday business expenses, and the business credit card benefits that interest you. It's also essential to review the interest rates, fees and charges of each card to find one that suits your business's financial situation.

Eligibility Checking your eligibility to apply online

Before applying for a business credit card, you must check you are eligible to apply. To apply online for a NAB business credit card, you must:

  • be 18 years or older 

  • have an Australian Business Number (ABN) registered for at least 12 months have an annual turnover of at least $75,000.

  • be registered for GST

If you’re unsure if you are eligible to apply, speak to a NAB business banker or enquire online 

Documents you need to apply online

The documents you may need to provide depend on whether you are an existing NAB customer or a new customer.

For all customers we may need your:

  • business financial data supplied through accounting software such as XERO, MYOB or QuickBooks
  • we may ask you for information on your current level of tax debt and repayment plans with the ATO and tax residency details

New customers

New customers may also need to provide business and personal details. In addition, if you are approved for your business credit card account, we will set you up with Internet Banking access to review and accept your contracts.

Existing NAB customers

When you apply online your business and personal information will be pre-filled, but you will need to confirm your details and provide any additional documents requested. To avoid delays in the process, when you apply, have all the necessary documents ready, as well as your NAB ID and password.

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