Our verdict

Get a low interest rate of 10.1% for business purchases and additional cards for employees.

The Hume Business Visa Residentially Secured credit card gives you a way to save on interest charges, with the lowest rate of any Hume Business Visa credit account. However, it does require you to use a residential property as collateral, so think carefully about whether this option will work for you.

Another key detail to keep in mind: any additional cardholders you add to this account must be members of Hume Bank.

Pros

You can have your annual fee waived if the card spend on your account the previous year exceeds $24,000.
This card offers a low purchase interest rate of 10.1% p.a.
You can request up to 9 cardholders.

Cons

Charges a 2.85% foreign transaction fee

This Hume Business Visa credit card offers a competitive interest rate when you secure the account against a residential property. It has a $60 p.a. annual fee and offers up to 9 additional cards for employee.

Details

Product details

Product Name	Hume Business Visa Residentially Secured Credit Card
Purchase rate p.a.	Purchase rate p.a. 10.1%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	19.95%
Min credit limit	$5,000
Card type	Visa

Eligibility

Available to temporary residents	No
Joint application	No

Rewards

Rewards program	Hume Loyalty Program
Bonus points	N/A
Rewards points per $ spent	1

Fees

Annual fee	Annual fee $60
Minimum monthly repayment	3% of the closing balance or $10, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	Foreign currency conversion fee 2.85%
Number of additional cardholders	9

How to apply

You can apply for the Hume Business Visa Residentially Secured credit card by visiting a branch. Alternatively, you can call 1300 004 863 or submit an online enquiry form and have a Hume Bank representative call you back to discuss your application.

As part of the application process, you will also need to meet the following eligibility criteria and provide the documents and details listed below.

Eligibility criteria

Business details. You must be the business owner, director or a partner to apply for this card. You will also need a valid ABN and/or other official business details.
Hume Bank membership. You must be a member of Hume Bank to apply for this card or to get an additional card.

Residency. You must be an Australian citizen or permanent resident.
Age. You must be at least 18 years old to apply.

Required documents

Personal details. This includes your full name, 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.
Business details. This includes your ABN or other relevant business registration details, your business name, location and contact details as well as financial records. You may also need to provide details of your accountant.

Card benefits

Low interest rate. Get a 10.1% p.a. interest rate on business purchases made with the Hume Business Visa Residentially Secured credit card.
Loyalty program. Collect 1 point per $1 spent on eligible purchases, with every 500 points equal to cashback. This is equivalent to a 0.2% cashback rate.

Interest-free days. If you pay the full closing balance on your account statement by the relevant due date, you can get up to 55 days interest-free on purchases.
Annual fee waiver. You can get the $60 annual fee waived for this account if you have spent $24,000 on purchases in the previous card year.
Additional cardholders. Get up to 9 additional cards for employees, with the option of setting spending limits for each one.
Mobile wallets. Register this card to an Apple Pay or Google Pay wallet so you can easily tap and pay using your eligible phone or device.

Rates & fees

Annual fee. This account has a $60 p.a. annual fee, which is charged when you open the account and then each year on the anniversary of that date (unless you meet the annual fee waiver requirements).
Cash advance rate. An interest rate of 19.95% p.a. applies for cash advance transactions. As these transactions are not eligible for interest-free days, interest will accrue from the date a cash advance transaction is added to your account balance.

Currency conversion fee. A fee of 2.85% applies for transactions made overseas or online in a foreign currency.

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Hume Business Credit Card Residentially Secured

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