ANZ business credit card. The limits, fees and need-to-knows

Managing a business and its expenses, no matter its structure or size can be a challenge. Ensuring you’re able to readily track all expenses and easily make purchases or allow employees to do so is vital to smooth operations.

One of the leading solutions for this is to set up a business credit card account. However, with a wealth of financial institutions all advertising options in this space, how do you know which one is right for your business?

Among the top 4 banks in Australia, The Australian and New Zealand Banking Group, better known as ANZ is a well-known provider of these business banking solutions.¹

In this article, we’ll take a closer look at the ANZ Business Black credit card and what it has to offer.

Let’s dive right in.

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What business credit cards does ANZ offer?

ANZ offers a wide variety of credit card options for both their personal and business banking customers. Credit cards available for business owners include²:

• ANZ Qantas Business rewards
• ANZ Business 55 Interest-Free Days
• ANZ Business Low Rate and
• ANZ Business Black

The latter of which we will focus on in this guide.

Do you need an ANZ Black Business credit card? Who is it for?

The ANZ Black Business credit card is well suited to business owners seeking to benefit from increased reward points and an extended interest-free period.

This card does come with a higher interest rate and annual fee than some other ANZ products in the same category. If rewards are not a concern, there are lower-priced alternatives available. ²

What are the main features and benefits of this credit card

There are a host of benefits available for business owners holding this card, including³:

• Uncapped reward points on eligible purchases
• A wide range of rewards options including gift cards, airline partner points and cashback offers
• Up to 55 days interest-free
• Unlimited additional cards
• Easy-to-read monthly transaction summaries
• Data feed integration with major accounting software for simplified bookwork
• Complimentary domestic and international travel insurance
• Unauthorised transaction insurance
• 24/7 access to ANZ Global Business Concierge

The cons of using this credit card

While the Business Black card from ANZ offers several benefits, it may not be suited to everyone.³

• The card comes with two separate fees which are waived in the first year but paid annually thereafter. This is the card fee itself of AUD$300 and a rewards fee of AUD$75
• Interest rates are over 20% p.a. on both purchases and cash advances

The credit limit provided by this credit card

The minimum credit limit advertised for the ANZ Business Black credit card is AUD$5000.³

For upper limits, as per ANZ’s terms and conditions, your account credit limit will be outlined in your Letter of Offer following an application.⁴

Can credit limits be increased?

You are permitted to make requests with ANZ to increase your available credit limit, however, this decision remains at their discretion.⁵

Additional financial paperwork may be requested by ANZ when determining if this request can be granted.

What are the fees for the ANZ Business Black credit card?

The fees applied for using this credit card, whether domestically or overseas are outlined in the following table.

Fees & rates	ANZ Business Black credit card⁶
Maintenance fees	Waived in the first year, two fees apply annually thereafter: AUD$300 card fee AUD$75 rewards fee
Cash withdrawal or advance rate	AUD$1.50 or 1.5%, whichever is greater, domestically and overseas
Foreign exchange conversion fee	3% of the Australian dollar value of any international transaction. This applies whether it is: In a foreign currency or In Australian dollars and processed by an overseas merchant
Applied interest rates	Purchase rate 20.24% Cash advance rate 21.74% (variable)
Late payment fee	AUD$35 per statement period
Overlimit fee	5% of the overlimit amount or AUD$50, whichever is lower
Payment dishonour fee	AUD$12

Fees and rates current as of 27 October 2023

How to get an ANZ Business Black credit card

There are two options available when applying for an ANZ Business Black credit card. You can apply online directly with ANZ or request a call back from a dedicated business banking expert who will walk you through the next steps.³

If applying online, you will be asked to securely connect your business accounting software to ANZ’s platform, ANZ GoBiz. This system allows for rapid assessment of your business financials for a quicker application process.

In both scenarios, you may also be asked to provide supporting documentation including but not limited to⁷:

• Proof of identity such as your license and/or birth certificate
• Australian business registration details
• Evidence of citizenship or residency
• Details of your business financials including income, profit and loss statements and past tax returns
• Information related to any existing assets and liabilities that may influence your suitability for this product

If you are an existing ANZ customer, the amount of required paperwork may be reduced, however, the general application process remains the same.

Once submitted, your application will be assessed, with a credit check performed as part of this process, before being advised of the outcome.

What are the eligibility requirements for getting this credit card?

To apply for this card or any other business product with ANZ GoBiz you must meet some minimum eligibility criteria. You need to⁸:

• Be over 18 years of age
• Be the key financial decision-maker for your business
• Have a valid Australian Business Number (ABN) and/or Australian Company Number (ACN)
• Be an Australian citizen or permanent resident

How long does it take to get the Business Black credit card?

ANZ does not advise on general processing timelines. As such we recommend speaking with your dedicated banking specialist at the time of application for clarification regarding this.

What if your application is rejected/declined?

In some instances, your credit application may be declined by ANZ for failing to meet their lending criteria.

Should this occur, it is advisable to request clarification from the bank as to why this has happened. While they are not obligated to share this information with you it is still worthwhile asking.

Where your credit rating has played a role, it is important to review this before making any further applications with ANZ or any other financial institution.

You can do this directly with one of three reporting agencies approved by the Australian Government.⁹

What else do I need to know?

If for any reason the Business Black credit card is not quite what you are after for your business, there are alternatives with ANZ available.

You may like to check the benefits of their 3 other business credit cards to see if they are better suited to your needs.²

ANZ Business account contact details

To speak with an ANZ Business Black account specialist, customers can contact ANZ at¹⁰:

• 1800 032 481 within Australia, Monday to Friday between 8 am and 6 pm AEST

For 24/7 support or to report a lost or stolen card contact:

• 1800 033 844 within Australia or
• +61 3 8699 6955 from overseas

Alternatively, you can message ANZ via their secure banking app or online banking portal.

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Sources:

1. ANZ – About Us
2. ANZ - Business Credit Cards
3. ANZ – Business Black Card
4. ANZ – Account credit limits pg. 5
5. ANZ – Increasing credit limits pg. 12
6. ANZ – Fees and charges pgs. 2 to 5
7. ANZ – Credit Card document guide pg. 2
8. ANZ – Eligibility
9. MoneySmart – Checking credit scores and reports
10. ANZ – Contact Us

Sources checked on: 27 October 2023