How do you find your Australian Business Number (ABN)?
In the past ten months, there have been 1.1 billion ABN searches; that’s 40 times the entire population of Australia! This means you’re not the only one...
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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NAB has a broad range of credit cards for corporate and personal customers, tailored to individual needs. There are 5 business offerings²:
And the one we’ll be covering today:
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
The NAB Business Card offers a lower purchase and cash advance rate than some of its other cards and allows businesses to³:
There are some limitations with the NAB Business card³:
The minimum credit limit for the NAB Business Card is $5,000 AUD. NAB will decide the maximum at the time of approval.³
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.
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 |
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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
There are four ways to apply for an NAB Business card.⁵
Read more: NAB Business banking. The lowdown |
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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:
Apply via this link. Business financials need to be provided through accounting software such as Quickbooks, MYOB, or Xero.
NAB will need to perform a credit check on all applications. The following minimum criteria must be met⁵:
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.
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.
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 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 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:
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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