Our verdict

Offers 0% p.a. interest on purchases for the first 12 months and no annual fee in the first year, with a $60 annual fee per card after that.

The NAB Low Rate Business credit card offers a mix of affordable and practical features for sole traders, small businesses and larger companies. You have the option of adding up to 1,000 cards to the account, with a $60 annual fee per card ($0 in the first year). Each card can have its own credit limit, with detailed monthly card statements provided alongside an account summary designed to help you manage spending across the business. You also have control over each card's spending by blocking cash advance transactions and using card controls to temporarily block cards.

With this card, you can take advantage of a 0% purchase rate for the first 12 months, which then reverts to a competitive rate of 13.25% p.a. You'll also get access to complimentary unauthorised transaction insurance, fraud protection and 24/7 emergency assistance.

Pros

0% interest for the first 12 months on purchases
$0 annual fee for the first year
Low variable interest rate of 13.25% p.a. on purchases and cash advances

Cons

You cannot earn rewards for your spending
Complimentary travel insurance is not included

You can use the NAB Low Rate Business credit card to manage business spending through a single account that offers additional cardholders and detailed monthly summaries.

If you apply as a new customer, you’ll enjoy an introductory 0% interest rate for purchases made in the first 12 months, as well as a $0 annual fee in the first year (reverts to $60 p.a.).

Details

Product details

Product Name	NAB Low Rate Business Card
Purchase rate p.a.	Purchase rate p.a. 0% for 12 months, then 13.25%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	13.25%
Min credit limit	$5,000
Card type	Visa

Eligibility

Available to temporary residents	No
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	Annual fee $0 first year ($60 after)
Late payment fee	$15
Foreign currency conversion fee	Foreign currency conversion fee 3%
Cash advance fee	3% or $3, whichever is greater
Additional cardholder fee	$60
Number of additional cardholders	1,000

How to apply

You can apply for the NAB Low Rate Business card online in around 15 minutes, with faster documentation options if you use MYOB, QuickBooks or Xero. Before you apply, make sure you meet the eligibility criteria and have all the other required information and documents on hand.

Eligibility criteria

Business structure. You can apply for this card if you're a sole trader, someone in a partnership with up to two other partners, or a director of a company with up to five directors. Note that only businesses with a residential address in Australia are eligible for this card.
Business requirements. Your business must be registered for GST, have a valid ABN/ACN for at least 12 months and have an annual turnover of at least $75,000 to apply for this account.

Age. You must be at least 18 years old.
Residential status. You must be an Australian citizen or permanent resident living in Australia.

Required documents

Business details. This includes the ABN or ACN, registered business address and tax information.
Personal identification. You will need to provide basic details including your full name, date of birth, residential address and identification such as your driver's licence or passport. Personal details are also required for all directors and shareholders (when applicable).
Financial details. This includes current copies of your business transaction history, profit and loss sheet and balance sheet. If you use Xero, QuickBooks or MYOB Essentials, you'll be able to provide this information quickly and securely by following the prompts to log in to your account. Otherwise, you can upload the relevant details from another source.

Card benefits

$0 annual fee in the first year. The annual fee for the primary card as well as any additional cards will be waived for the first year. The standard $60 annual fee (per card) will be charged to the account in the statement period following the anniversary of the first use of the card.
0% p.a. on purchases for 12 months. You won't have to pay interest on your purchases for the first 12 months, which can help you repay the balance without any additional costs during that time. However, you will still need to make minimum payments by the due date on each statement period. At the end of the promotional period, any unpaid purchase balances will attract interest charges at the purchase rate. NAB may vary or end this offer at any time.

Interest-free days. Outside of any purchase rate promotions, when you pay your balance in full by the end of the statement period, you can take advantage of up to 55 interest-free days on business purchases.
Complimentary unauthorised transaction insurance. This policy helps protect you against unauthorised transactions made by cardholders linked to the account. Please see the insurance policy document for a comprehensive overview of what is covered and how you can make a claim.
Mobile payments. You can link your NAB credit card with Apple Pay, Samsung Pay, Google Pay, Fitbit Pay or Garmin Pay to make contactless payments using your qualifying device at the checkout.
NAB Defence. Whenever you see the NAB Defence logo, that means you have added security measure and are protected against fraud.

Rates & fees

Annual fee. After the annual fee waiver, this account charges a standard annual fee of $60 per card.
Purchase rate. Outside of any promotions, this card charges a purchase rate of 13.25% p.a.

Cash advance costs. If you use the card to make a cash advance, such as an ATM withdrawal, a cash advance rate of 13.25% p.a. will apply to the transaction. You'll also be charged a cash advance fee of 3% of the transaction amount or $3 (whichever is greater).
Credit limit. This facility comes with a minimum credit limit of $5,000.
Foreign transaction fee. If you use this account to make purchases overseas or in a foreign currency online, a fee of 3% of the transaction value will apply.

Sources

NAB Low Rate Business Card's information page

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Santosh

June 15, 2023

LOOKING FOR CREDIT CARD ON 0% INTREST ON PURCHASES

Amy Bradney-George Finder

June 15, 2023

Hi Santosh,

Finder has a guide on credit cards that offer 0% interest on purchases for an introductory period, including a table of offers you can compare and more details about them. I hope that helps.

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NAB Low Rate Business Card

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