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Bank of Melbourne BusinessVantage Credit Card
Bank of Melbourne BusinessVantage Credit Card

Bank of Melbourne Credit Cards

Bank of Melbourne BusinessVantage Credit Card

Updated 21 December 2021

If you're looking for a low rate business credit card which offers several necessary features such as joint and several liability, with up to 100 cardholders in total on the account, up to 55 days interest-free on purchases, and detailed statements to track spending, the Bank of Melbourne BusinessVantage Credit Card is a great pick. Currently offers a low variable rate of 9.99% p.a. on purchases. New cards only. T&Cs apply.

Purchase Rate (p.a)

9.99%

Balance Transfer (p.a)

N/A  

Annual Fee (p.a)

$55

$0

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Balance transfer from:

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My interest rate

Pros and cons

  • 9.99% p.a. on purchases
  • 17.15% p.a. on cash advances
  • $55 annual fee per card
  • Up to 55 interest free days on purchases
  • Complimentary insurance against unauthorised transactions
  • Detailed statements for easy expense management and monitoring

  • The annual card fee is charged per card so if you had 10 cards the total annual fee will be a lot higher

Creditcard.com.au review

Editor Review

Bank of Melbourne BusinessVantage Credit Card

Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt about this card.

The Bank of Melbourne BusinessVantage Credit Card

Designed to help businesses keep costs low as they access credit, the Bank of Melbourne BusinessVantage Credit Card offers a low rate of interest on purchases, alongside a number of handy business features. Suiting small businesses, the card offers joint and several liability, with up to 100 cardholders in total on the account, and detailed statements to track spending.

What we love…

With a low ongoing purchase rate, the Bank of Melbourne BusinessVantage Credit Card is a card that can help small businesses keep interest costs low, while providing access to credit for up to 100 cardholders in total. You can set individual limits on each card, and you will receive detailed statements to allow you to monitor and manage your expenses, with optional consolidated summaries by department and division.

Unlike some other business card options that offer personal liability, this card provides joint and several liability, which allows you to share the responsibility within a liability structure to suit your business. And, while it may be a low rate card, it has a number of functional features on offer. As a cardholder, you can take advantage of complimentary insurance, in the form of unauthorised transactions insurance.

In terms of interest, if you carry a balance, you could save on interest with the card’s low purchase rate. Or, if you pay off your balance each month, you can benefit from up to 55 days interest free on purchases. This can help you manage business cash flow more efficiently, using credit where you need it, while paying nothing in interest. To find out more about how this feature works, check out the small print.

What’s not so great…

While the Bank of Melbourne BusinessVantage Credit Card may be a low rate card, it’s worth taking a closer look at the annual fee to make sure it offers value for the way you do business. The annual fee is charged per card, so if you only have a few cards in operation, the cost will remain low. However, if you opt for the maximum ten cards, that total annual cost will be a lot higher.

Whether that fee is worthwhile really comes down to the value this card offers your business. Compare the options, taking into account how much the card could potentially save you in interest, and work out how much you benefit from the tools and other extras it offers.

Why should you choose this card?

Choosing a business card such as the Bank of Melbourne BusinessVantage Credit Card could allow your business to function more effectively. It offers a number of ways to track and control individual cardholder spending, while providing access to credit to those who need it in the business.

If you tend to carry a balance on your business spending, this card could help to keep costs low with its remarkably low purchase rate. By paying less in interest, you could then work on clearing your balance that much faster. Then, you can take advantage of the card’s interest free period to enjoy interest free spending and more manageable day-to-day cash flow.

Overall Rating

Providing access to credit for up to 100 cardholders, the Bank of Melbourne BusinessVantage Credit Card can help keep interest costs low, with joint and several liability options available.

User reviews

Bank of Melbourne BusinessVantage Credit Card ( based on 1 Creditcard.com.au user review )

55% rating based on 1 review

Rates
Fees
Rewards
Customer Service
Value

Rates and fees

Interest rates



Purchase rate 9.99% p.a.

Cash advance rate 17.15% p.a.

Interest free period on purchases up to 55 days

Credit limits

Minimum credit limit N/A

Maximum credit limit N/A

Fees & repayments

Annual fee $55 p.a.

Additional cardholder fee Up to 99 at $55 p.a. per card

Foreign transaction fee 3%

Minimum repayment 2% or $10, whichever is greater

Cash advance fee 3%

Late payment fee $15

Additional features

Complimentary insurance

International Travel Insurance No

Flight Inconvenience Insurance No

Transit Accident Insurance No

Smartphone Screen Insurance No

Purchase Protection Insurance No

Extended Warranty Insurance No

Rental Vehicle Excess In Australia Insurance No

Extras

Unauthorised transactions insurance

Overview

Bank of Melbourne BusinessVantage Credit Card

The Bank of Melbourne BusinessVantage Visa credit card has a low 9.99% p.a purchase rate and comes with a $55 annual fee per card.

Disclaimer: The interest free period is the maximum number of days during which interest is not charged on new purchases. If your account has an interest free period for purchases, to be entitled to that interest free period, you need to pay off the “monthly payment balance” listed on your statement of account (not the full closing balance) by the relevant payment due date.

Key features

  • 9.99% p.a. on purchases
  • 17.15% p.a. on cash advances
  • Annual card fee of $55 per card
  • Up to 55 interest free days on purchases
  • Complimentary insurance against unauthorised transactions
  • Detailed statements for easy expense management and monitoring

Minimum criteria to apply for this card

  • Be over 18 years old

  • Good Credit and have not applied for multiple credit cards recently

  • Australian registered business

  • You have your personal details ready to complete the online application

Pauline

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger

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