Heritage bank business credit card. The limits, fees and need-to-knows
If you’re on the hunt for a suitable business credit card in Australia, there are several offerings available. A mutual or ‘customer-owned’ bank, Heritage...
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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Currently, BOM offers two business-specific credit card products alongside some other business banking services, these are the²:
For this guide, we will be focusing on the latter option, BOM’s low-rate BusinessVantage credit card.
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.
The BOM BusinessVantage credit card offers a variety of features and benefits including³:
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:
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.
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.
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 |
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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
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:
Before applying, we recommend checking your eligibility for this product. BOM requires that all applicants³:
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.
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.
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
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.
To contact BOM regarding an application for a BusinessVantage credit card or for general advice regarding their business offerings you can call:
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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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Sources:
Sources checked on: 18 March 2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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