What are business credit cards and how do they work?
A business credit card gives you a way to manage your business spending and offer expense management tools, rewards and other business-related perks. In Australia, business owners and sole traders can choose from a range of business credit cards and charge cards.
With a business credit card, you can choose to pay off spending over a few months or more – with interest charges.
With a business charge card, you repay the whole balance by the due date on each statement (e.g. once a month).
Both types of business cards let you pay for what you need with credit, then repay the account over time. So, you can keep the lights on (and your internet connection) while you chase up invoices, grow your business or deal with other costs.
They also offer more specialised features for business owners. For example cards for employees, data feeds for MYOB, Xero or other accounting software and statements that show GST or other key accounting details.
Every business is different so there isn't one best business credit card for everyone. But the 2024 Finder Credit Card Awards used expert analysis of 12 months' worth of data to determine the best business cards in 3 key categories:
Best Business Rewards Credit Card: The ANZ Business Black Card offers uncapped Rewards Points, complimentary travel insurance and ANZ Global Business Concierge. It currently has 100,000 bonus points, which is enough for $400 in digital gift cards or 50,000 Qantas Points.
Best Business Frequent Flyer Credit Card: The NAB Qantas Business Signature Card has a big 150,000 bonus Qantas Points offer, a global concierge service and earns points for ATO payments. The points earned per $1 are capped at $50,000 spending per statement period.
Best Low Interest Business Credit Card: The St.George BusinessVantage Visa offers a 9.99% p.a. interest rate for purchases and a $55 annual fee per card. It also offers up to 55 days interest-free on purchases, business-reporting features and complimentary insurance against unauthorised transactions.
Keep in mind that introductory offers and other card features may change over time. Check out the latest business credit card deals on Finder using the comparison table, which also include filters for specific features.
To determine the winners of the Finder Credit Card Awards 2024, our team of expert analysts use an objective rating system to determine our award winners.
We include all credit cards in our database – which contains every business and personal credit card we can find online.
We compare each card's credentials with all other cards which are live in the market each month, and combine those scores over the full 12 months to calculate a final score.
We exclude any credit cards that are only available to a certain subset of customers based on bank patronage or location.
We've included the methodology details for each business credit card category here:
Business Rewards Credit Card - Methodology
Selection criteria
Must be a business credit card
The card must award a rewards program but NOT direct Qantas or Virgin points
Card must not require loans or specific amounts of savings as eligibility criteria
Rewards gift cards must be usable in multiple retail outlets
Card must offer gift card choice – points earned at the standard rate on general purchases must be exchangeable for gift cards in more than one retailer at the same rate
Presumptions
Tie breakers are ranked by the lowest interest rate
Weighting
Annual fee 25%
Purchase interest rate 5%
Points cap 5%
Sign-up and minimum spend bonus points 20%
Maximum international transaction fee 5%
Points per $1 spent 30%
Spend required for $100 voucher 10%
Business Frequent Flyer Credit Card - Methodology
Selection criteria
Must directly earn frequent flyer points with Qantas or Velocity
Must be a business card
Card must not require loans or specific amounts of savings as eligibility criteria
Presumptions
Tie breakers are ranked by the lowest interest rate
Weighting
Annual fee 25%
Purchase interest rate 2.5%
Soft points cap 5%
Sign-up and minimum spend bonus points 25%
Maximum international transaction fee 5%
Basic earn rate (points per dollar) 27.5%
Lounge passes 10%
Low Rate Business Credit Card - Methodology
Selection criteria
Must be a business credit card
Cards must not require loans or specific amounts of savings as eligibility criteria
Monthly-fee, no-interest cards excluded
Presumptions
Tie breakers are ranked by the lowest interest rate
Weighting
Annual fee 20%
Purchase interest rate 70%
Interest-free days 10%
Have a business vehicle or fleet? You can also compare fuel cards to help keep these costs separate, get discounts and other vehicle perks.
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Cash flow. A business credit card gives you access to funds you can pay off over time, which helps with cash flow.
Points and perks. You can get up to 200,000 bonus points with a business credit card, and earn up to 2.25 points per $1 on everyday business spending. Business cards also offer complimentary insurance, airport lounge passes and dedicated account managers.
Expense management features. These cards keep your business spending separate from personal spending. They also offer cards for employees, detailed statements and integration with accounting software like MYOB, Xero and Quicken.
Cons
Interest rates. Business credit card interest rates typically range from 9.99% p.a. to 23.99% p.a. for purchases. In comparison, small business loans start around 5% p.a.
Annual fees. On average, business credit card annual fees are higher than those on personal cards, going up to $1,750. If you don't need business card features, it may not be worth it.
Eligibility requirements. Business credit cards have higher minimum income requirements and/or annual turnover details than personal cards, and some require your business to be active for at least 12 months. These requirements may be hard to meet if you're a new or small business.
Tax perk: You can claim business credit card annual fees and interest charges as tax deductible expenses when the card is used for general operating expenses, according to the ATO. If you use it for 50% business spending and 50% personal spending (for example), half the fees and interest would be tax deductible.
How to compare business credit cards
Check the accounting and reporting features
A business credit card makes it easy to manage finances when it has features that fit with your accounting processes. Some of the key features to look for include:
Data feeds for the accounting software your business uses
Detailed statement breakdowns and custom reports
Separate GST details for transactions
Employee card spending limits and controls
Easy imports for Microsoft Excel
Compare other business banking tools
Every card is different, but some valuable business features include:
Additional cards for employees. Some business cards charge a separate annual fee for additional cards, while others offer 1-99 or more cards at no extra cost. For example, Amex cards for small businesses typically offer $0 employee card fees, while NAB business credit cards and Westpac BusinessChoice cards charge a fee per card.
Real-time management. If you want to make changes on the go, look for a card that lets you see transactions as they happen, block and add new cards instantly or update other features without long processing times.
Security. Business credit cards typically offer unauthorised transaction cover and 24/7 fraud-monitoring.
Spending limits. If you get a credit card, you can only spend up to the approved limit. With a charge card, there is no pre-set spending limit but lenders may consider your account history and other factors if your spending patterns change.
Cash flow tip
Ask about spending limits before you apply and include supporting documents to show how much your business typically spends. Research from the Australian Banking Association found cash flow or working capital was the main reason businesses planned to take out extra finance (54%) in 2022. So, keeping this in mind can help you find a suitable business card.
Choose the rewards and perks you want
Qantas or Velocity frequent flyer points
Business credit cards that earn Qantas Points or Velocity Points directly typically offer between 0.66 and 1 point per $1 spent. Similar to regular frequent flyer credit cards, you can earn bonus points for eligible spending, such as booking a flight with the airline.
There are also some cards linked to the Qantas Business Rewards program, which lets you pool points and transfer them to any personal Qantas Frequent Flyer account. The program also offers flight discounts and other business perks.
Bonus point offers
A new business credit card can give you up to 200,000 bonus points when you meet the spend criteria. It's similar to personal credit cards, so you'll usually have to spend a set amount in the first few months (e.g. $8,000 in 3 months).
These bonus points can be worth hundreds or even thousands of dollars of value. For example, 150,000 bonus Qantas Points is enough for a one-way business class flight from Sydney to London (144,600 points plus fees and taxes).
Other frequent flyer programs and flexible rewards
Credit card reward programs including American Express Membership Rewards, ANZ Rewards and NAB Rewards offer point transfers to partnered programs. This often includes Singapore Airlines KrisFlyer, Cathay Pacific Asia Miles and Air New Zealand Airpoints.
They also offer rewards including gift cards, statement credits and hotel bookings. And standard earn rates range from 0.5 to 2.25 points per $1 spent on business credit cards.
Similar to personal credit cards, complimentary travel insurance is a popular benefit. On a business credit card, the cover may only be for business travel or limited to transit accident insurance – these details are included in card reviews and the insurance T&Cs.
Most frequent flyer business credit cards also offer airport lounge access. If you fly with a few airlines, cards that offer flexible lounge access through a network like Priority Pass or American Express lounges may offer more value than those linked to Qantas or Virgin Australia. Some premium business credit cards also offer other travel perks. For example, the American Express Platinum Business Card offers higher status with partnered hotel loyalty programs and complimentary Accor Plus membership.
Business-related perks
These cards can offer some great extras for your business, such as dedicated account managers and concierges, free seminars and advice, subscription offers and discounts.
Tip: If you want to earn points for paying the ATO, a business credit card is more likely than a personal card to count this as "eligible spending".
Weigh up rates and fees
Annual fees. Most business credit cards in Australia charge an annual fee, which typically ranges from $40 to $1,750.
Additional cardholder fees. This cost can lower or the same as the business credit card's annual fee. If you want to get cards for employees, look for a business credit card that doesn't charge an additional cardholder fee.
Interest rates. Interest rates for purchases typically range from 9.99% p.a. to 23.99% p.a. and some cards don't offer interest-free days.
Foreign transaction fees. This fee is typically 2-3% of each transaction that's processed overseas or online in a foreign currency.
Beware of the foreign transaction fees charged by other providers. These costs accumulate exponentially for businesses that frequently travel overseas or have subscriptions or other costs charged in foreign currencies. To avoid unnecessary fees and free up cash flow, it's essential to choose a business credit card or expense management platform with no FX fees.
Personal vs business credit card liability: Who is responsible?
You can choose between a business credit card where you are personally responsible for it (known as personal liability) or one where your business is responsible (business liability). Here are the basics of each one:
Personal liability credit cards
You're the only person legally responsible for the account
Details are added to your credit report
Applications rely on personal financial information (but you'll still need an ABN for a business credit card)
Business liability credit cards
The business entity is responsible for the account (i.e. all partners in the business)
Details are added to the business' credit file
Applications require details of the business owners/partners and all business financial details – sometimes they take longer to process as a result
These liability options are important to think about if you're in business with other people, or if you want to protect your personal finances against any potential issues.
How to apply for a business credit card
For a business credit card with personal liability, you'll usually be able to apply online. For cards with business liability or more custom features, you usually need to fill in a contact form and speak to an account manager to apply.
Eligibility
Business registrations. You need a valid ABN, ACN or other eligible registration details.
Revenue or income requirements. Business cards that list specific criteria typically require at least $75,000 in annual revenue. You'll also need to show proof of your business income and/or individual income for all applications, even if no minimum turnover or income amount is listed.
Other business details. This can include your business' annual turnover, monthly spending and other financial details. Some cards also require you to be operating for at least 6 or 12 months.
Australian residency status. Most business credit cards are available to permanent Australian residents and citizens. The business may also need to be operating in Australia.
Documents and details
You'll need to include some basic personal and contact information, just as you would with any credit card. This typically includes:
Contact details for you and your business
A valid form of ID, such as your drivers licence, passport or Medicare details
Business details including the industry, years it's been active and the ABN, ACN or other required registrations
Business revenue, profits and losses
Personal income and expenses, if it's a personal liability business card
Your accountant's details
Additional cardholder details if you're getting cards for employees
Supporting documents, such as tax statements, profit and loss statements or payslips for your own income
How long does it take to get a business credit card?
If you apply for a business credit card with personal liability, you'll usually get the card within 5-10 working days of approval (similar to personal credit cards). Some lenders take 1-3 days to approve business and corporate accounts. This will add a few days unless you get one that offers instant, virtual cards once you're approved.
Corporate credit cards
Corporate cards are similar to business credit cards but offer more customised features to suit larger entities. This usually includes unlimited employee cards, higher credit limits and card controls.
Corporate cards are also set up with business liability, unlike some cards for smaller businesses that offer personal liability. The eligibility requirements can also include a minimum number of years in trading, a minimum annual turnover or incorporated status. And to get a corporate card, you usually need to speak to the provider's business or corporate banking team.
Alternatives to business credit cards
If you have just started a business, don't meet the annual revenue requirements or can't find a card you want right now, here are some other options:
Expense management cards and plans
Expense management cards offer a mix of features similar to business credit card accounts and expense management software like SAP Concur or WebExpenses. They're designed to be an all-in-one solution and often come with virtual cards, expense approval and custom settings.
Business loans
Business loans can offer between $5,000 and $20 million, which is typically repaid over a set amount of time with interest. So they are often suited to specific expenses or goals, rather than ongoing business spending.
Personal credit cards
Personal credit cards are used by some small businesses and sole traders when they don't need a lot of business features for the account (like GST breakdowns). It's possible to use a personal card to separate spending, but all of the liability will be with the account holder.
Business credit cards and markets update for February
Business credit card market analysis: There are 55 business charge and credit cards in the Finder database, with annual fees ranging from $40 to $1,750 on cards that charge one. Some accounts have $0 annual fees or custom billing options. Based on the current introductory offers, you could get between 50,000 and 200,000 bonus reward points or frequent flyer points with a new card.
Cyber attacks the biggest concern for businesses this year: A new survey from KMPG Australia has found 43% of business owners think protecting and dealing with cyber risks is their biggest issue in 2024. This concern follows on from high-profile security breaches, including Latitude Financial and Optus, which were widely publicised in the media. KPMG Australia also reported that talent acquisition, retention and re/upskilling workers (42%), evolving regulatory processes, reporting changes and impacts (41%), digital transformation and optimisation (38%) and cost controls (38%) rounded out the top 5 concerns for the year.
Business stats summary: The latest data from the Australian Bureau of Statistics (ABS) reported 2,589,873 actively trading businesses in the Australian economy. There was also 35,542 more non-employing businesses (e.g. sole traders). Company gross operating profits fell 1.3% in the Septmeber quarter, while wages and salaries increased 2.7%. The next release is due later this month.
Updated 8 February 2024 by Finder's senior credit card writer, Amy Bradney-George.
Frequently asked questions
If you're the business owner, sole trader or an authorised controller of the business, you can apply for a credit card for your business. If you want your business entity to be legally responsible for the account, look for a credit card that offers a business liability structure, rather than personal liability. Some lenders that offer business liability credit cards include NAB, Westpac and St.George.
Depending on the card, you could also add your business name to the physical card, usually alongside the name of the individual cardholder.
In general, you can claim a tax deduction for most operating expenses each financial year, including banking fees and charges. This means you could be able to claim your business credit card's annual fee, as well as any interest that's charged if you carry a balance.
Talk to your accountant to find out what charges you're eligible to claim. You can also check the Australian Tax Office website or call the ATO small business line on 13 28 66.
While business credit cards can offer annual fee waivers or promotions, most of them charge annual fees. But depending on your circumstances, you may be able to claim the annual fee as a tax deduction.
You'll typically be able to get at least 1 additional cardholder added to your business credit card account, and some cards offer up to 99 additional cardholders. Corporate cards can offer 500 cards or more, with some other accounts offering unlimited cards for employees.
When you're comparing cards, remember to check if there is an additional cardholder fee so you can weigh up the costs.
If you apply for a business credit card with personal liability, the card issuer will check your personal credit history. The application will be added to your credit file and if you're approved, the account details will also be added.
Business credit cards offer similar rewards to personal credit cards, including frequent flyer and flexible reward programs. But there are some that offer more business-focused features.
For example, cards linked to Qantas Business Rewards earn Qantas Points that you can transfer to personal Qantas Frequent Flyer accounts. Some cards also give you the choice between collecting all the points in one account and letting employees earn points with their additional cards.
According to the Australian Taxation Office (ATO), earning points is not subject to tax. But there may be tax implications for redeeming points for flights and other rewards. You can refer to the ATO website for further information on when tax may apply to rewards you redeem through a loyalty program.
No, business credit cards typically require good or excellent credit history. If you don't have credit history for your business, you could also consider an expense management card with a line of credit. As you use it and make payments on time, you'll build up good credit history and should be able to access more credit.
Why you can trust Finder's credit card experts
We're free
Our comparison tables are completely free to use. We link you directly to the lender's secure application page. Better still, we regularly have exclusive offers that you won't find on any other site.
We're experts
We've researched and rated hundreds of cards as part of our Finder Awards. We've published 200+ guides and our in-house experts regularly appear on Sunrise, 7News and SBS News.
We're independent
Unlike other comparison sites, we're not owned by a bank or lender. That means our opinions are our own and you can compare nearly every credit card in Australia on Finder.
We're here to help
Since 2012, we've helped almost 6 million people find a credit card by comprehensively comparing offers. We'll never ask for your personal information. We're here to help you make a decision.
Amy Bradney-George was the senior writer for credit cards at Finder, and editorial lead for Finder Green. She has over 16 years of editorial experience and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald.
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