Our verdict

Take advantage of a low 10.65% p.a. interest rate for your business purchases when you get a Heritage Bank Business Visa secured credit card.

This is one of the few secured credit cards available in Australia, offering a more competitive interest rate when you secure your Heritage Bank Business Visa against some form of collateral. If you do get a secured account, you’ll enjoy an interest rate of 10.65% p.a. for purchases and cash advances. In comparison, an unsecured Heritage Bank Business Visa credit card account offers an interest rate of 12.95% p.a.

This card also offers multiple cards for employees, individual spending limits and integration with MYOB and Xero accounting software.

Pros

Low 10.65% p.a. interest rate on purchases and cash advances
Offers one free card replacement annually
Comes with MYOB and Xero integration

Cons

Offers 40 days interest-free on purchases, compared to other cards that offer up to 55 days

Apply for the Heritage Bank Business Visa and secure the account with an eligible asset to take advantage of this competitive interest rate. You also get up to 40 days interest-free on purchases and the option of additional cards for employees.

Details

Product details

Product Name	Heritage Bank Business Visa Secured Credit Card
Purchase rate p.a.	Purchase rate p.a. 10.65%
Interest-free period	Up to 40 days on purchases
Cash advance rate p.a.	10.65%
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 $45
Minimum monthly repayment	3% of the closing balance or $30, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	Foreign currency conversion fee 3%
Cash advance fee	2% or $2.50, whichever is greater
Overseas cash advance fee	$5
Overseas ATM withdrawal fee	$5
Additional cardholder fee	$45

How to apply

You can apply for a Heritage Bank Business Visa secured credit card by visiting a branch or by phoning 1300 278 924. You can also request a call by filling in the contact form on the Heritage Bank website.

As part of the application process, you will be asked to supply the following information to ensure that you and your business are eligible for this card:

Eligibility criteria

Business requirements. You must be the business owner, director or partner to apply for this card. You will also need to provide a valid ABN or other business registration details.
Residency. You must be an Australian citizen or permanent resident.

Age. You must be at least 18 years old to apply.
Security. You must provide a form of security against the credit card account, such as a fixed asset. Contact Heritage Bank on 1300 278 924 to discuss your options.

Required documents

Personal details. This includes your full name, position in the business, date of birth, email address, phone number, residential address, marital status and number of dependents. You also need to provide a valid form of ID, such as your driver's licence number.
Personal financial details. As the business owner or executive, you may be asked for some basic personal financial details, such as your income, existing assets, liabilities, debts and regular expenses.
Business details. This includes your business name, any relevant trading names, as well as your ABN and financial details. You may also need to provide contact details for your accountant and recent GST or tax assessment notices.

Card benefits

Cards for employees. If you want to share this account with employees, you can request additional cards and set separate spending limits for each one. Note that the spending limits must be a minimum of $500 and cannot exceed the account's overall approved limit. Each card also has an annual fee of $45.
MYOB and Xero integration. You can add this account to your MYOB or Xero bank feed to help speed up reconciliations and other accounting tasks.

Interest-free days on purchases. This card offers up to 40 days interest-free on purchases if you pay the full closing balance listed on your statement by the applicable due date. Note that interest-free days do not apply for cash advance transactions.
One free card replacement per year. If you or an employee loses a card that's linked to this account, you can get one replacement per year free of charge. Any subsequent replacements attract a fee of $10 per card.
Mobile payments. You can enjoy the convenience of making contactless payments with your eligible device if you link your credit card to a Google Pay, Samsung Pay, Garmin Pay or Fitbit Pay wallet.

Rates & fees

Annual fee. This account has an annual fee of $45 per card.
Purchase rate. The 10.65% p.a. interest rate you get by securing this card is 2.3% p.a. lower than the rate offered on an unsecured Heritage Bank Business Visa.

Cash advances. If you use this card to withdraw cash or make any other cash advance transactions, you'll be charged interest at a rate of 10.65% p.a. from the date of the transaction. A cash advance fee of 2% (minimum $2.50) also applies.
Currency conversion fee. A fee of 3% applies to transactions made overseas or online in a foreign currency.

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Heritage Bank Business Visa secured credit card

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