NAB Low Rate Business 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. Ask Pauline a Question about this card.

The NAB Low Rate Business Credit Card

A very appealing option for business owners searching for a simple low cost credit card, the NAB Low Rate Business Credit Card makes it easier to manage cashflow, while offering fast and easy application and several no frills features. Want more? You can enjoy more money-saving benefits if you apply today, with two very attractive introductory offers on the table.

What we love...

With up to 55 days interest free on purchases, the NAB Low Rate Business Credit Card is designed to help business owners manage their cashflow, while keeping costs low. To sweeten the deal, NAB is currently offering two enticing introductory offers to help keep costs even lower, with 0% p.a. on purchases and no annual fee for the first year.

To be eligible for the card’s interest free offer, simply apply and be approved before the offer is withdrawn. You will pay no interest on purchases made during the first 12 months, after which point, any purchase amounts still owing will attract the card’s current purchase rate. Happily, this rate should remain relatively low, given the card’s ‘low rate’ status.

As for the no annual fee offer, as long as you apply and are approved before NAB withdraws the offer, you will have your annual fee waived for the first year. One year from the first use of the card, the standard annual fee will be charged. Bearing in mind the card’s low cost credentials, you know the standard annual fee for the NAB Low Rate Business Credit Card is not too steep.

Aside from its introductory offers, the card also features a few tempting extras. While they are not likely to blow you away with their magnificence, you may still find them useful – and therefore valuable. Want to find out what’s on offer in the way of extras? Read on, we’ll come back to them shortly.

What’s not so great...

As long as all you’re looking for is a low cost credit card, there’s not much to complain about with the NAB Low Rate Business Credit Card in your wallet. It has a low ongoing purchase rate and a relatively low annual fee, and it has some useful additions. But, if you’re longing for fancy features and exciting extras, know that this card simply doesn’t have them.

Why should you choose this card?

If you are a business owner who wants a low cost credit card option, the NAB Low Rate Business Credit Card may well be for you.

Aside from the generous rates and fees tailored to businesses of any size, NAB also never fails to provide solutions to help you and your business operations run smoothly. NAB introduces NAB Expense Control. This is a desktop and mobile application which allows you to easily manage your business credit card expenses and transactions. This solution's benefits are as follows:

• Easy onboarding. Users will simply download the app and scan their cards. Primary cardholder can see all supplementary cards on the app.
• Card control. You can set employee spending limit, track all expenses and get notified on every transactions.
• Expense capture. Users will receive a push notification to add a receipt within seconds of completing a payment.
• Dashboard integration. Primary user have full visibilty and control over all expenses and transactions made using the cards. It allows also to set alerts and notifications plus export all data for reporting purposes.
• Real-time notification and pre-approval. Users can easily request for pre-approved expenses which will be received instantly by the primary user to action.
• Coming soon feature. Issue virtual cards to staff for use online and over the phone.

As an accountholder, you will benefit from Unauthorised Transaction Insurance, providing cover for up to $20,000 for a single claim with a maximum total limit of $200,000 for all claims per NAB commercial card in any 12 month period. You may also choose to personalise your cards with your business name, helping to advertise your business whenever one of your cards is used.

Controlling your expenses is simple with the NAB Low Rate Business Credit Card, as you have the option to attach multiple cards to one account, setting individual credit limits under one facility. Monthly statements are available for each cardholder, as well as a convenient summary table of your total account.

When it comes to credit card application, NAB makes this super easy. Upload your financial data from any accounting package software – such as Xero or MYOB – and you can enjoy a quick online decision. You can apply online if you are:

• A sole trader, a partnership with up to two partners, a company with up to five directors, or a trustee of an eligible trust.
• Registered for GST, have a valid ABN/ACN and turnover of at least $75,000 per year.
• Over 18 years old and an Australian citizen or permanent resident.
• Have 12 months of business financial data from your accounting software.

Of course, you also have access to all the usual features offered on most credit cards nowadays. These include fraud protection with NAB Defence, online security through Verified by Visa, 24/7 emergency assistance if your card is lost or stolen, and contactless payments for purchases under $100.

Overall Rating

A simple business credit card with a low ongoing purchase rate, low annual fee and useful extras, currently offering 0% p.a. on purchases and no annual fee for the first year.