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Our verdict

Keep track of spending across your entire business with unlimited additional cardholders and a suite of financial management tools.

The Bank of Melbourne Corporate Mastercard is a credit facility that can help larger organisations manage spending across departments. The unlimited number of cards available gives you flexibility if you’re a growing company or think you may want to add new employees to the account in the future. You can also set individual credit limits for each card – including custom ATM withdrawal limits – and include a hierarchy structure for more efficient management.

A key feature of this account is its access to Mastercard Smart Data. This online management system offers up to 20 different reporting functions, which can help you with MIS data, GST reporting and auditing requirements. This system also offers integration with existing financial software, which means you don’t have to spend a huge amount of time changing your existing processes.

The Bank of Melbourne Corporate Mastercard also offers complimentary unauthorised transaction insurance and transit accident insurance, automatic payment or direct debits from any bank account and the ability to make additional payments at any time through BPAY.

Pros

No limit on the number of cards
Complimentary unauthorised transaction insurance and transit accident insurance covers

Cons

Charges a 3% foreign transaction fee
Only offers 35 days interest free, which is relatively a shorter period compared to the 55 days that most cards offer.

The Bank of Melbourne Corporate Mastercard account offers an unlimited number of additional cards and up to 35 days interest-free on purchases.

It also gives you access to Mastercard Smart Data – a complete online financial management system that you can integrate with your existing accounting software to streamline reporting and financial management processes.

Details

Product details

Product Name	Bank of Melbourne Corporate Mastercard
Purchase rate p.a.	0%
Interest-free period	Up to 35 days on purchases
Cash advance rate p.a.	17.45%
Min credit limit	$500
Max credit limit	$250,000
Card type	Mastercard

Eligibility

Available to temporary residents	No
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee
Foreign currency conversion fee	3%

How to apply

You can apply for the Bank of Melbourne Corporate Mastercard by visiting a corporate and business branch or by calling 13 82 66. If you already have a corporate account with Bank of Melbourne, you can apply by contacting your relationship manager.

Below are some of the eligibility requirements, details and documents you may need to provide when completing the application.

Eligibility criteria

Age. You must be at least 18 years old to apply for a credit card in Australia.
Business requirements. You will need the ABN (Australian Business Number), ACN (Australian Company Number), ARBN (Australian Registered Body Number) or ARSN (Australian Registered Scheme Number) for your business.

Required documents

Personal details. If you are applying on behalf of the company, you will need to provide some basic personal details. This includes your full name, email address, date of birth, driver's licence number, contact number and role within the business. Other owners or company directors may also need to provide basic personal information.
Business details. This includes your business name, ABN or other official trading number, address, phone number and details of the number of employees that work there.
Business financial details. You may be asked for financial reports to confirm the annual turnover and outgoing payments, as well as any debts, defaults or other liabilities. You may also need to provide contact details for your finance department or accountant.
Additional cards. You will need to provide the names and basic contact information for any additional cardholders.

Card benefits

Complimentary insurances. This account offers complimentary liability insurance that helps protect your account against unauthorised transactions. It also offers transit accident insurance that helps protect cardholders against accidental death or injury when they are travelling as a passenger on a licensed plane, tourist bus, train or ferry when they have bought the ticket using their Corporate Mastercard.
Mastercard Smart Data. This online expense management system gives you access to up to 20 customisable reports, as well as user controls. It can help you save time on MIS and GST reporting, expense management and financial analysis. If you use the account to book travel, you'll also have access to travel data that could help you find ways to save on travel costs or negotiate supplier pricing.

Integration with existing financial management systems. Mastercard Smart Data offers integration with existing accounting software, which means you can download data and reports directly.
Interest-free days on purchases. If you pay the account’s total closing balance by the end of each billing cycle, you and your cardholders can get up to 35 days interest-free days on purchases.
Unlimited cards. You can request an unlimited number of cards for this credit facility. This means that as your business grows, you can add more employees to the account.
Cardholder spending controls. You can set individual credit limits for cards linked to this account, with options from $500 to $250,000 (subject to your account's total available limit). You can also assign daily ATM limits of between $0 and $2,000 and track spending through Mastercard Smart Data.

Rates & fees

Foreign transaction fee. A 3% fee is applied to any transaction made in a foreign currency or that's processed outside Australia.
Cash advance interest rate. This card offers a cash advance rate of 17.45% p.a. for ATM withdrawals and other cash advance transactions.

Card security. As well as complimentary unauthorised transaction insurance, Mastercard Smart Data gives you the option of setting up a secure access hierarchy so that data is only shared with approved people in your company (such as the company directors, heads of departments and finance team).

Sources

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Bank of Melbourne Corporate Mastercard

Pros

Cons

How to apply

Eligibility criteria

Required documents

Card benefits

Rates & fees

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