Our verdict

New cardholders can manage business spending with a low purchase rate of 9.99% and additional cards for employees.

The Bank of Melbourne BusinessVantage credit card combines a competitive 9.99% p.a. purchase rate with practical features for smaller businesses. Chief among these is up to 99 additional cards for employees, which can help simplify expense reporting and manage business spending through a central account.

The account also offers detailed statements and optional summaries by department or division – features which could be useful for expense reports and financial management across your business. Another key detail of this card is that it offers joint and several liability for the account. This means you can share responsibility between co-owners or partners in the business, rather than holding just one person responsible (as you would with a personal liability business credit card).

If you do plan on getting several cards for this account, be aware that the $55 annual fee applies to each card. So, if you got all 10 cards, you'd pay a total of $550 per year. However, you get insurance against unauthorised transactions made by additional cardholders, along with the potential to simplify your expenses.

Pros

Charges a competitive 9.99% p.a. purchase rate
Up to 99 additional credit cards for your employees
Complimentary insurance against unauthorised transactions

Cons

Charges a 3% foreign transaction fee

The Bank of Melbourne BusinessVantage Visa is a low rate credit card that offers up to 10 cards linked to the one account and complimentary unauthorised transaction insurance.

It also allows you to share responsibility for the account among joint business owners and partners.

Details

Product details

Product Name	Bank of Melbourne BusinessVantage Visa
Purchase rate p.a.	Purchase rate p.a. 9.99%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	17.15%
Min credit limit	$1,000
Card type	Visa

Eligibility

Available to temporary residents	No
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	Annual fee $55
Late payment fee	$0
Foreign currency conversion fee	Foreign currency conversion fee 3%
Cash advance fee	3%
Overseas cash advance fee	3% of each cash advance amount
Additional cardholder fee	$55
Number of additional cardholders	99

How to apply

You can apply for the Bank of Melbourne BusinessVantage Visa credit card by calling 13 82 66 or visiting a branch. Get started now by going through the following eligibility criteria and making sure you have the relevant documents and details for the application form.

Eligibility criteria

Business details. You must have a business registered in Australia and must intend to use the card mainly for business spending.
Age. You must be at least 18 years old to apply.

Required documents

Personal details. This includes your full name, contact details and a valid form of ID. You also need to provide basic details for each person that is getting an additional card linked to the account.
Business details. This covers your business name and address, as well as the ABN (Australian Business Number), ACN (Australian Company Number), ARBN (Australian Registered Body Number) or ARSN (Australian Registered Scheme Number). You also need to provide financial details for your business, such as the annual turnover, profit and loss statements and contact details for your accountant.
Employment details. This includes your employment status, your salary and contact details. If you're self-employed, you may be required to provide additional information such as your accountant's contact details.
Assets and liabilities. This includes any other income or assets – such as shares or savings – as well as existing debts, loans or other financial liabilities.

Card benefits

Competitive purchase rate. Manage your cash flow with a low variable rate of 9.99% p.a. for purchases (new cards only).
Up to 55 days interest-free. Get interest-free days on purchases when you pay the full closing balance on your statement by the due date.

Up to 100 cards linked to the account. Keep track of business spending and manage expenses with up to 99 additional cards for employees.
Business expense reporting. Bank of Melbourne offers comprehensive business credit card statements, with optional summaries by department, so that you can view and manage your business expenses.
Complimentary insurance. This card gives you access to complimentary insurance for unauthorised transactions that could be made by additional cardholders.
Visa benefits. Enjoy contactless payments at the checkout and get access to exclusive Visa offers on travel, shopping and entertainment.

Rates & fees

Annual fee. There is an annual fee of $55 p.a. per card for the Bank of Melbourne BusinessVantage account.
Cash advance rate. This card has a standard variable interest rate of 17.15% p.a. for cash advance transactions. Note that cash advances are ineligible for interest-free days.

Cash advance fee. If you use this card to withdraw cash, you will be charged 3% of each cash advance amount.
Foreign transaction fee. A fee worth 3% applies for any transactions made overseas or online in a foreign currency.

Sources

Bank of Melbourne BusinessVantage Visa Credit Card information PDF

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Bank of Melbourne BusinessVantage Visa Credit Card

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