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Credit: Markus Winkler

Whether you’re running a small startup or managing a large corporation, having a business credit card can be essential for managing expenses and separating personal and business finances. Here’s a step-by-step guide on how to get one:

Understanding Business Credit Cards

Before diving into the application process, it’s crucial to understand the benefits and requirements of a business credit card. These cards function similarly to personal credit cards but are tailored for business use, offering features like expense tracking and rewards programs.

Eligibility Criteria

To qualify for a business credit card in Australia, you typically need to meet certain criteria:

  • Your business must be registered for GST and have a minimum turnover of $75,000 per annum.
  • The business should have been operating for at least 12 months and have a valid Australian Business Number (ABN).
  • You must have both a business and residential address in Australia.
  • The card should be primarily used for business purposes.
  • Ensure all tax and loan repayments are up to date.
  • You must be at least 18 years old and hold Australian citizenship or permanent residency.
  • Eligible business structures include sole traders, partnerships with up to two partners, companies with five or fewer directors, and certain types of trusts.

Applicant Eligibility Details

Additionally, if the applicant, directors/partners, or shareholders (holding 25% or more of the business) have lived overseas in the past three years, the application may be impacted.

Documentation Required

When applying for a business credit card, you’ll likely need to provide various documents, including:

  • Business registration documents
  • Bank statements
  • Business credit history records
  • Proof of identification
  • Proof of business ownership

Application Process

  1. Choose Provider: Start by selecting a business credit card provider that suits your needs. Consider factors such as rewards, fees, and benefits.
  2. Gather Documents: Collect all necessary documentation, including registration papers, identification, and financial records.
  3. Submit Documents: Fill out the application form provided by your chosen provider and submit the required documents.
  4. Await Approval: Once you’ve submitted your application, the provider will review it and notify you of their decision.
  5. Receive Card: If approved, you’ll receive your business credit card shortly afterward.

Top Business Credit Card Providers in Australia

Several reputable providers offer business credit cards in Australia, including:

  1. American Express: Offers a variety of cards with rewards and expense management tools.
  2. ANZ: Provides cards with features like expense tracking and rewards programs.
  3. CommBank (Commonwealth Bank): Offers cards with expense reporting and integration with accounting software.
  4. NAB (National Australia Bank): Provides cards with rewards programs and insurance benefits.
  5. Westpac: Offers cards with rewards programs and customizable spending limits.

The information in this article is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this article is accurate at the date it is received or that it will continue to be accurate in the future.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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