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...
With so many business credit cards on the market, it’s hard to know which one suits a company's needs the most. Interest rates play a big part in the decision, and CommBank has a card that may benefit those concerned with high rates.
The Commonwealth Bank of Australia (CBA), now commonly referred to as CommBank, was established in 1911 and has almost 16 million customers. It has representation in New Zealand, Asia, Europe, the UK, and North America.
The CommBank Neo Business interest-free card is an interesting offering. Let’s take a closer look.
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CommBank has a range of business cards covering a broad selection of requirements. Some are geared towards rewards earning, while others have interest-free periods or discounted variable rates²:
Then there’s the one we’re featuring today:
If high-interest rates on purchases are a financial concern, the Neo Business interest-free card takes a different approach. It works on monthly fees based on certain conditions and no interest.³
For small businesses who require a low-limit credit card without paying interest on purchases, this card might be appropriate. It’s not for all businesses though, it does have some limitations which may make it unsuitable and we’ll cover those too.
The Neo Business interest-free card from CommBank does what it says, there is no interest payable on purchases. As well as that it has the following features³:
The fee structure is very simple, it’s linked to the credit limit and is detailed below in the fees section.
There are a couple of limitations with the Neo Business interest-free card:
The card comes with 3 credit limit options in Australian dollars³:
At the time of application you determine which credit limit you’d prefer. It may be adjusted based on credit approval.
Credit limits can be increased and decreased only within the 3 amounts listed above. If you’ve been approved for $3,000 you can adjust it at any time via the app. The fee you pay for that period will be based on the credit limit at the end of the month³
The CommBank Neo Business interest-free card differs from others on the market because you’re only charged a monthly fee based on your credit limit. If the card isn’t used at all during a month, then no fee is charged for that month. The table below explains it further.
Fees & rates | CommBank Neo Business interest-free card³ |
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Monthly maintenance fee |
|
Cash withdrawal or advance rate | Cash advances are not an option with this card. |
Foreign exchange conversion fee | Fees are generated by CommBank and are shown here |
Late repayment | No late repayment fees |
Purchase interest rate | 0% |
Additional cardholder fee - 1 only | No extra monthly fee |
fees current as at 20 February 2023
Existing customers can apply via NetBank, and get their answer soon after.
New customers will need to complete an online application following these steps⁵:
The entire process should take less than 20 minutes.
Read more: Opening a CommBank business account. All you need to know. |
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There are a few requirements to meet before being able to apply for this card⁵:
You may also be asked to provide:
CommBank doesn't state on its website how long it will take to receive your credit card to your address. Factors like location, postal service delays, and national holidays can all affect this time period.
An application for a credit card, even a low-limit one like the CommBank Neo Business interest-free card, doesn’t automatically guarantee approval.
The two most common reasons for an application to be rejected are an error in the application or a poor credit rating.
If there was an error in the application, CommBank, at its discretion, may allow you to resubmit it with the corrected details.
Personal and business credit checks are performed with every new application. Before applying, it would be worth confirming with one of Australia’s 3 credit agencies that your rating is strong.
This card may be appropriate for businesses that don’t want to pay interest and prefer a monthly fee. The low maximum credit limit, no cash advance options, and the ability to only add one extra cardholder may be a deterrent for some.
Compare the other business credit cards that CommBank has to offer. The low-rate business card, for example, has a maximum limit of $50,000 AUD, and has a larger range of services.²
CommBank business customers can call 24/7:
There are alternative contact options:
Wise offers a hassle-free, all-in-one business account. There are no monthly fees, hidden charges or high rates. Get paid, manage your cash flow, and even pay employees. Integrate with a number of APIs for seamless reporting.
You’ll also get access to local Australian account details, and account details for over 9 other major currencies.
The Wise business debit card can be used at ATMs, in-store, or online shopping via the Mastercard network. Additional cards can be made available for other team members as you choose, with one fixed card-creation fee per card and no monthly fees.
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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: 20 February 2023
*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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