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NAB business credit card. The limits, fees and need-to-knows
Businesses often require multiple credit cards so individual employees can make purchases. With many cards on offer from all the financial institutions in Australia, it can be unclear which one best suits any business.
National Australia Bank (NAB) was formed in 1981 when the National Bank of Australasia (est. 1858) merged with the Commercial Banking Company of Sydney (est. 1834). They claim to be the largest business bank in Australia with over 8.5 million personal and business customers globally.¹
The NAB Business Card is one of the credit cards NAB offers to its business customers. Let’s take a closer look.
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What business credit cards does NAB offer?
NAB has a broad range of credit cards for corporate and personal customers, tailored to individual needs. There are 5 business offerings²:
- NAB Rewards Business Signature Card
- NAB Qantas Business Signature Card
- NAB Low Rate Business Card
- NAB Purchasing and Corporate Cards
And the one we’ll be covering today:
- NAB Business Card
Do you need a NAB Business card? Who is it for?
The NAB Business card may be suitable for organisations that want a card for each applicable employee. You can set individual limits to control spending. It’s a Visa card run via that network.
It has a lower variable rate than other cards on the market but is feature-low. For example, you can’t earn rewards points with this card.³
What are the main features and benefits of this credit card?
The NAB Business Card offers a lower purchase and cash advance rate than some of its other cards and allows businesses to³:
- Attach multiple cards, with individual limits, up to 1,000
- Integrate with the NAB Expense Control app to manage expenses
- Reduce interest by linking to a nominated account for automatic payment in full before the due date
- Access Visa commercial offers
- Benefit from an Interest-free period on business purchases
- Link to digital wallets and wearable devices
- Qualify for complimentary unauthorised transaction insurance
The cons of using this credit card
There are some limitations with the NAB Business card³:
- No rewards program
- Limited insurance coverage
- Monthly fees per card can add up
The credit limit provided by this credit card
The minimum credit limit for the NAB Business Card is $5,000 AUD. NAB will decide the maximum at the time of approval.³
Can credit limits be increased?
You can apply for a credit limit increase via this request form. Increases aren’t guaranteed and the decision is subject to NAB’s lending criteria.
What are the fees for the NAB Business card
NAB is transparent with the fees it charges. The main ones applicable to this card are in the table below.
| Fees & rates | NAB Business card⁴ |
|---|---|
| Monthly fee - per card | $9.00 AUD |
| Cash advance fee: | 2% (minimum $2.50 AUD) |
| ATM Fees | In Australia: Nil - however other bank ATM operators may charge a fee Outside Australia Nil |
| Foreign exchange conversion fee | 3% of the Australian dollar amount of the transaction |
| Late repayment | $15.00 AUD |
| Interest Free period on business purchases | 35 days (subject to the account being paid in full by the due date) |
| Purchase interest rate | 15.50% |
| Cash advance rate | 15.50% |
fees current as at 16 February, 2023
How to get an NAB Business card
There are four ways to apply for an NAB Business card.⁵
- Via its online application form - instant decision
- Contact your business banker - existing customers
- Call 13 10 12
- Download and complete the commercial card application form
| Read more: NAB Business banking. The lowdown |
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Via the online application form
Existing NAB customers
Log in via internet banking and complete the form. You’ll have your answer immediately. You’ll need your NAB ID.
New customers
You’ll need to provide a few more details to apply:
- Your business and personal details, including ABN or ACN
- Your business financial data, including profit and loss statements and balance sheets
Apply via this link. Business financials need to be provided through accounting software such as Quickbooks, MYOB, or Xero.
What are the eligibility requirements for getting this credit card?
NAB will need to perform a credit check on all applications. The following minimum criteria must be met⁵:
- Your business is an eligible entity
- You’ve held an ABN or ACN for at least 12 months
- Applicants are over 18
- Your annual turnover is at least $75,000 AUD
- Your business is registered for GST
How long does it take to get the business card
NAB doesn’t state on its website how long it takes for a card to be delivered. Factors that affect this include post office operating hours and the applicant’s location.
What if your application is rejected/declined?
An application for an NAB Business Card doesn’t automatically guarantee approval. If the eligibility requirements aren’t met, it could be rejected.
It’s easy to make a mistake on an application. If you feel this has happened, approach your business banking manager to re-submit with the corrected details.
Credit checks are often a reason for being rejected. It may be worth checking with one of Australia’s credit agencies before applying to determine your business and personal credit ranking.
What else do I need to know?
The 35 interest-free days is low compared to some of their other business offerings (up to 55 days).
There is only insurance coverage for unauthorised transactions. Travel and accident insurances are offered on other cards.²
It’s worth comparing all NAB’s business cards to determine the most suitable for your current needs.
NAB Business contact details
NAB business customers can call:
Monday to Friday, 8:00 am to 8:00 pm (AEST/AEDT)
Saturday to Sunday, 9:00 am to 6:00 pm (AEST/AEDT)
Within Australia: 13 1062
Internationally: +61 1300 498 594
Wise Business Account and debit card
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.
Find out how the Wise business account can save you money.
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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:
- NAB about us
- NAB business credit cards
- NAB business card
- NAB business banking fees and charges
- NAB business credit card eligibility
Sources checked on: 16 February 2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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