Company credit cards are useful tools for managing cashflow and can even turn dreaded expenses into rewards. Compare a range of business credit cards with Mozo to find a competitive interest rate and the right range of features for your business.
Your business needs aren’t exactly the same as the next business, which is why it pays to compare different types of business credit cards to find a card suited for your needs. Mozo can help you to search and compare business credit cards on features that matter most to you whether that’s a low interest rate, rewards or platinum benefits.
Does Mozo compare business credit cards from all Australian banks?
We compare business credit cards from over 30 financial providers including major Australian Banks through to online credit card providers. Helping you find a good fit for your business is what we do.
We also compare personal credit cards so if you’re after a credit card for personal use, head over to our credit cards hub.
Can I apply for a business credit card online?
You sure can! Comparing different business credit cards is a breeze with Mozo’s comparison tables below. Plus if you find a card you like then it’s as simple as clicking on the blue ‘Go to site’ button to be redirected to an application with your provider of choice.
Small business credit card comparisons on Mozo - page last updated October 30, 2020
Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
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Business credit card resources
Reviews, news, tips and guides to help find the best business credit card for you.
Company or business credit cards are one of the most popular ways for Australian businesses big and small to manage everything from cash flow and everyday expenses to smaller purchases. They can be an excellent alternative to relying on cash or having to take out a larger loan, plus many cards come with the additional perk of being able to earn rewards points on purchases.
But which is the card right card for your business and what are the factors you’ll need to weigh up when comparing cards? We’ve wrapped up the key components of business credit cards below, including some of the most frequently asked questions about them.
What types of business credit cards are on offer?
Like personal credit cards, there are a range of different types of business credit cards on offer, each with different benefits and drawbacks. As a business you’ll need to determine which type of card is the best match for your needs, with some of the most common types of cards including: low interest, low annual fee, rewards and platinum.
Low rate business credit cards
Do you generally carry a balance on your credit card each month? If that’s the case then it may be worth comparing low interest rate cards in order to reduce the interest on your debt. For some perspective, business credit card interest rates in the Mozo database range from around 7.50% all the way up to 25%, with a low rate card typically classified as having an interest rate below 13%.
Low fee business credit cards
Simply looking for a no frills card that lets you pay for your business expenses without costing the world? Given that annual fees on some platinum and rewards cards can easily go into the hundreds of dollars, you may want to think about a more budget-friendly option like a low fee business credit card.
Rewards business credit cards
Interested in earning rewards points for your business spending? A rewards credit card may be the match you’re after. Whether it’s a frequent flyer rewards program (like Qantas or Velocity) or the rewards program offered by your provider, there are plenty of points earning options out there. Better yet, points can then be redeemed for everything from flights to gift cards.
Platinum business credit cards
Want the next step up from a rewards card? Platinum business credit cards tend to offer even more generous rewards point earn rates and bigger bonus offers than standard rewards cards, plus they often come with additional features such as complimentary insurances (including travel insurance) and other membership perks.
Business credit card fees and features to consider
So now that you know about the types of business credit cards that are available, what are some of the features and costs you’ll need to weigh up when comparing business credit cards? Here are some of the main ones:
Interest rate: As we mentioned above the interest rate (or purchase rate) on your card might not be important if you’re paying your balance off on time each month, but if you’re likely to carry a balance then finding a card with a lower interest rate could be an important factor in keeping your costs lower.
Annual fee: With fees ranging from tens to hundreds of dollars, it’s worth comparing the annual fee attached to any credit credit card to ensure that it stacks up against the benefits it can provide you.
Interest free days: Many business credit cards come equipped with anywhere from 40 to 55 interest free days for card holders who are able to pay off their balances each statement period. For a business, holding on to interest free days can be a seriously useful tool to helping maintain cash flow.
Overseas fees: Do you, or someone else in your business, regularly travel internationally for work? If that’s the case and you use your business credit card to pay your way overseas then it may be worth checking out the foreign exchange margin on the card.
Rewards: Accruing rewards points is one of the main perks associated with using a business credit card, but not all cards are alike, so it’s worth making sure that you’re familiar with the points earning rate on offer, as well as what those points can be redeemed for.
Business credit card funding alternatives
There certainly are. Here are some of the other common funding solutions Australian businesses rely on:
Personal credit cards
As we mentioned above, there are a number of reasons why it can be beneficial to use a business credit card over your personal one. However, that doesn't mean you won’t be able to use a personal card for everyday business expenses. For a range of personal credit cards, check out our credit card comparison tables.
Business line of credit
Similar to a business credit card, a business line of credit is essentially a revolving credit facility which businesses can draw down on to pay for everything from employee salaries to invoices. The benefit of a line of credit over a credit card can be in the fact that lines of credit are often larger.
One of the most popular financing options for businesses big and small is a business loan. Business loans range in size (generally from $5k - $500k), can be secured or unsecured and can be used for a range of purposes including new equipment purchases, paying wages and even business expansions.
Tom Watson is a financial journalist at Mozo and co-host of the Finance Burrito podcast, specialising in fintech, property and business banking. Whether it’s reporting on banking trends or uncovering the latest product innovations, Tom’s mission is to keep our readers up to date with breaking Australian financial news. His work is often sourced in the media and across social media channels. Tom has a degree in Journalism from the University of Technology, Sydney.
Not necessarily. Like personal credit cards, business credit cards have a wide range of interest rates and fees depending on the card provider and the type of card. As we mentioned above, the business credit card interest rates in the Mozo database range from as little as 7.49% all the way up to 24.99%, while annual fees and other costs tend to vary between low cost credit cards and rewards or platinum cards.
One way to reduce the amount of interest you pay is simply by paying off the balance on your credit card each statement period.
There is no single best small business credit card, as the right match for your business will depend on your needs. Some small businesses may prefer a low rate or low fee card to help keep their costs down, while others might rather the ability to earn points or make use of platinum features.
One way to compare some of the best business credit cards in Australia is with the Mozo Experts Choice Business Credit Card Awards. Our 2019 awards judged 35 different credit cards in order to find the best options across a number of categories.
Yes you can, it’s not uncommon for business owners to rely on their own personal cards. However, there may be a number of benefits to opting for a business credit card instead. These include being able to clearly separate your personal and business finances, simplifying your records and obligations come tax time, making use of additional cards for other employees, and having any business-related insurance features at your disposal should you need them.
So you’ve identified a business credit card that ticks all of your boxes you’re ready to apply. But what will you actually need to apply and are there any general requirements you or your business will need to meet?
Identification: Credit card providers will generally ask for a mix of identification when you apply, so make sure you’ve got your passport, driver’s licence, birth certificate or medicare card handy
Business and financial details: Aside from personal identification, you may also need to provide personal or business tax returns, payslips, accounting details and your Australian Business Number (ABN) or Australian Country Number (ACN).
Minimum requirements: Some of the common requirements you’ll need to meet in order to apply for a business credit card include being at least 18 years old, an Australian citizen or permanent resident, and your business may need to make a minimum annual turnover and be registered for GST.
To start comparing business credit cards for yourself, check out the handy table above or head over to the 2019 Mozo Experts Choice Business Credit Cards Award winners list for some of the best credit cards in Australia. Alternatively, if you’re interested in a personal card instead, then check out our credit card comparison page where we compare over 200 offers from 60 different banks.