Bank of Melbourne business credit card. The limits, fees and need-to-knows

If you’re a business owner in Victoria seeking a low-rate business credit card solution, Bank of Melbourne (BOM) may be worth considering.

Existing exclusively in Victoria, BOM offers a limited number of products and services but is also part of a wider regional banking network that includes St.George and BankSA.¹

In this guide, we’ll take a detailed look at the BusinessVantage credit card available through BOM. This includes a review of features and benefits, all fees and other key factors so you can make the most informed choice for your business.

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What business credit cards does Bank of Melbourne offer?

Currently, BOM offers two business-specific credit card products alongside some other business banking services, these are the²:

• Business Amplify credit card and
• BusinessVantage credit card

For this guide, we will be focusing on the latter option, BOM’s low-rate BusinessVantage credit card.

Do you need a Bank of Melbourne Business credit card? Who is it for?

Advertising themselves as being focused solely on serving the needs of Victorians, BOM is best suited to those living, working and operating businesses within Victoria.¹

As such, if you need a low-rate credit card solution for managing the everyday expenses of your small to medium-sized business in Victoria, this card may be suitable.

What are the main features and benefits of this credit card

The BOM BusinessVantage credit card offers a variety of features and benefits including³:

• Competitive interest rates on purchases or cash advances (when compared with similar products on the market)
• 55 interest-free days on purchases
• Complimentary insurance for unauthorised transactions
• Up to 99 additional cards are permitted for employees with control over individual card limits
• Detailed monthly statements available with the option for consolidated summaries by department and division
• Available to a variety of business structures

The cons of using this credit card

As with all credit card products, BOM’s BusinessVantage credit card may not necessarily be well-suited to your business needs. We recommend considering the following:

• While flexibility in managing business expenditures for employees is offered through up to 99 additional cards, the associated fee per card of $55 annually can quickly add up.³
• As they only exist in Victoria there are no BOM branches or ATMs outside of the state.¹ This may potentially make it challenging to access in-person assistance or expand interstate if desired.
• Currently, there are no reward programs or offers associated with your business spending while using this card.

The credit limit provided by this credit card

BOM advises that the minimum credit facility limit on their BusinessVantage product starts from AUD$1000.²

The upper limit applied to your credit card, as per their terms and conditions, will be advised to you upon the successful approval of your application.⁴

This is determined through consideration of your financial information and other application criteria.

Can credit limits be increased?

Yes, you are permitted by BOM to request an increase to this limit at any stage of your business relationship with them.⁴

However, they stipulate that this is subject to approval and that they have no obligation to do so. Additional documentation may be required to meet approval criteria for this.

What are the fees for the Bank of Melbourne credit card

Bank of Melbourne levies a mixture of fees and charges when using their BusinessVantage credit card in Australia or overseas.

These are detailed in the below table for reference.

Fees & rates	BOM BusinessVantage credit card⁵
Maintenance fee	AUD$55 per card annually
Cash advance fee	3% of the value of the transacted amount charged within Australia or overseas. A currency conversion fee also applies for overseas transactions.
Cash advance rate²	Variable rate of 17.5% p.a.
Purchase interest rate²	Variable rate of 9.99% p.a.
Missed payment fee	AUD$0
Overlimit fee	AUD$0
Foreign exchange conversion fee	3% of the Australian dollar value of any Foreign Transaction

As seen on 18 March 2024

How to get a Bank of Melbourne business credit card

At this time, applications for a BusinessVantage credit card with BOM can only be made in person or by phone.³

To facilitate ease of application, BOM provides documentation checklists via their website.⁶

These checklists look different based on whether you are an existing customer or a new applicant and on the type of business you are running.

For example, sole traders, regulated partnerships, incorporated associations or similar all have slight differences in what is required when applying.

As a minimum, BOM requires:

• Your name, date of birth, residency status
• Residential and business address
• Occupation
• Employment type
• Details regarding the nature of the business activities
• Proof of source of funds/wealth
• One or more approved forms of identification

What are the eligibility requirements for getting this credit card

Before applying, we recommend checking your eligibility for this product. BOM requires that all applicants³:

• Be at least 18 years of age
• Be a citizen or permanent resident
• Have a business registered in Australia (evidenced through a valid ABN or ACN)
• Intend to use the card predominantly for business expenditure

Proof of the above may be requested as part of the application process. Applicants should be aware that a credit check may also be performed by BOM as part of determining suitability for this product.

How long does it take to get the BusinessVantage credit card?

There is no clear information currently available from BOM regarding application processing times for this card product.

As you can only apply in person at a branch or by phone, we recommend asking for an indication of the timeline for your application at the time you submit it.

Ensuring you have completed the customer checklist and have all the necessary documentation ready when applying can help speed up this process.

What if your application is rejected/declined

If your application for a Bank of Melbourne BusinessVantage credit card is rejected or declined, seeking clarification for why this has happened is recommended.

There can be any number of reasons why a bank opts to decline a credit application and while they are under no obligation to explain their decision, most are open to discussing this with you.

It may be that small errors or omissions in your application are the cause, however, in most cases this is due to an issue with your financials or credit history.

Should you have been declined due to poor credit history, it is advisable to work on resolving this before making any more applications for business credit cards as this can further damage your score.

To access details about your credit history and check your score prior to making an application, the Australian government recommends contacting one of three trusted reporting agencies.⁷

What else do I need to know?

While the comparably low-interest rates offered on this card may be an incentive to sign up for some businesses, this may be offset by the relatively high annual fee charged on each supplementary card.

If for any reason the features, benefits, fees, terms or conditions associated with the BusinessVantage credit card do not meet your needs, you may like to consider an alternative in this space.

This may mean looking into BOM’s Business Amplify credit card product instead or at offers available through other banks or financial/monetary service providers.

Bank of Melbourne business contact details

To contact BOM regarding an application for a BusinessVantage credit card or for general advice regarding their business offerings you can call:

• 13 22 66 from within Australia or
• +61 3 8536 7870 from overseas

BOM customer support, according to their website, is primarily available between Monday to Friday between 9 am and 5 pm (AEST) excluding public holidays.

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Sources:

1. BOM - About
2. BOM - Business Credit Cards
3. BOM - BusinessVantage Credit Card
4. BOM - Card Limits pg. 4
5. BOM - Fees & Charges pgs. 3-6
6. BOM - Customer Checklists
7. Moneysmart.gov – Credit Scores & Reports

Sources checked on: 18 March 2024