Our picks of the best business credit cards
These are the business cards that caught our eye.
Best business card for rewards points
American Express® Platinum Business Card: Earn up to 2.5 points per $1 on eligible spending (exclusions apply). This is the highest points earn rate on everyday spending among business cards on our database. Plus, new Amex Card Members only can earn 250,000 Membership Rewards® Bonus Points when you apply, are approved and spend $12,000 on eligible purchases on your new American Express® Platinum Business Card within 3 months of your approval date. Offer ends 27 May 2025. T&Cs apply*.
Best business credit card for Qantas points
American Express® Qantas Business Rewards Card. This is a charge card technically but nonetheless the Qantas frequent flyer perks are hard to beat. The points earning is as good as it gets for a Qantas business card, with an accelerated rate on Qantas spending. There's travel insurance included (usual eligibility, limits and exclusions apply) and two free domestic Qantas Club lounge passes each year. The annual fee is $450 but with no fee for up to 99 employee cards.
Best low cost business credit card
Bank of Melbourne, BankSA and St.George Vertigo Visa: You won't find many cards that will cost you less than this on an ongoing basis. A $55 annual fee (per card) and purchase rate of 9.99% p.a. with up to 55 days interest-free on purchases.
How to get the best deal on a business credit card
Maximise interest-free days
Interest-free days help improve your business cash flow by giving you extra time to pay off your balance without being charged interest. 55 is the highest available, Money.com.au analysis shows.
Compare interest rates
If you'll have a revolving balance on your card from month to month, opting for the lowest interest rate you can find will save your business money. Be wary of expensive cash advance rates too.
Avoid hefty card fees
Including the annual fee, extra cardholder fees, foreign transaction fees, cash advance fees and any other costs associated with the card.
Compare rewards points per $1 spent
How many points will your spending earn you? Pay attention to the fine print, as not all spending may be eligible for a card’s top earn rate.
Choose rewards your business will use
Pick a card that offers rewards that align with your business expenses and needs. E.g. if your business operation involves zero travel, a frequent flyer card probably won’t make sense for you.
Find the right credit limit
A higher credit limit can provide your business with more flexibility, but it may also require careful management and could impact your borrowing capacity in future.
Additional cards
If you have employees who make purchases for the business, consider a card provider that offers additional cards. This can simplify expense tracking and maximise rewards. Avoid high fees for extra cards.
Accounting integration
Opting for a card that integrates with your business's accounting software could make your life a lot easier (and save you money) by simplify expense tracking, budgeting, and financial reporting.
Expert's view on the best business credit cards
Brad Kelly, Credit Card Expert
In my view, AMEX leads the pack with the best options for frequent flyer as well as charge cards. The banks are still behind with business card products for SMEs, with clunky and stubborn credit approval processes. If you have an ABN (and $75K turnover) AMEX charge cards are worth a look. Charge cards have to be paid in full each month BUT are not classified as liabilities on your balance sheet – rather they are expense lines which frees up working capital.
Brad Kelly, Credit Card Expert
Business credit card features explained
Balance transfer
A facility that allows you to transfer the balance of an existing business credit card to a new one. There is usually a limited-time discounted interest rate on the new card that applies to the transferred balance. This can be a good way to pay down a credit card debt while the lower interest rate applies.
Cash advance
A credit card cash advance simply means withdrawing cash using your business card. Some cash-like transactions are also considered to be a cash advance (e.g. buying foreign currency).
There is usually a fee for making a cash advance and a higher interest rate generally applies (compared to making a purchase using the card). Interest is also usually charged immediately on cash advances, whereas there are interest-free days for purchases.
Interest-free days
Interest-free days are a core part of how credit cards work. This is the period of time after the start of the card's statement period before interest is charged on purchases. Interest-free periods on business credit cards typically range from 0-55 days.
Introductory rate
Some business credit cards offer an enticing introductory interest rate that’s lower than the card’s standard variable rate. These low credit card rates rates can be deceptive as they make the card seem artificially cheap. Always look at the ongoing interest rate when comparing cards.
Likewise, some business credit card providers waive the annual card fee for the first year but charge a fee in every subsequent year.
Spend tracking
If you have multiple credit cards (e.g. cards issued to senior staff) it’s usually simple to track spending and expenses across all cards centrally.
Fraud protection
Most cards offer a level of fraud protection. Put simply, this is monitoring provided by the credit card company that responds if there is suspicious activity on the card.
Business credit card rewards explained
Rewards points
Some business credit cards allow you to earn rewards points every time you use your card. You'll earn points for each dollar you spend, and then you can swap these points for the likes of travel, gifts, or even cash back to your credit card.
Pay attention to what rewards scheme the card you’re considering is part of and whether the included rewards will actually be useful to your business.
Bonus points
This is essentially a sign-up bonus when you first get your card. Sometimes the bonus is dependent on you spending a certain amount using the card within a set amount of time.
The bonus points will either be part of the card provider's own program, or for one of the major frequent flyer programs in Australia, i.e. Qantas frequent flyer points or Velocity credit card points.
Complementary insurance
With some more premium business credit cards, you might get insurance included for free. Common examples are:
- Travel insurance: Often available on travel credit cards, this provides cover for a range of risks for domestic and international trips. Bear in mind, with credit cads travel insurance you usually need to book the trip using the card for the insurance to apply.
- Purchase protection: Provides cover for a period of time after you make a purchase using your card if the item is damaged, stolen, or even if you change your mind.
- Extended warranties: This provides an extension on the manufacturer's standard warranty for items purchased using your card.
- Price protection: If you buy an item using your card and the price drops within a specified period after the purchase, price protection cover could mean you get a refund for the price difference.
Concierge service
Available with more premium business credit cards, a concierge service will help you with booking trips, shopping, business gifts, dining and hospitality.
Lounge access
Business credit cards with frequent flyer perks sometimes include free passes to certain airport lounges. There is usually a limit on the number of lounge passes available with credit cards, but on very premium (expensive) cards, access may be unlimited – e.g. certain American Express credit cards.
Other travel perks
These can include travel vouchers, extra checked bags, priority boarding, or discounts on hotels and car rentals. If you travel frequently, you may be able to minimise costs by opting for a credit card with no international fees.
Other business perks
Depending on the card, you could have access to the likes of discounts on office supplies, free software subscriptions, or extra points when you spend with certain retailers.
Am I eligible for a business credit card?
Not all businesses will qualify for a business credit card. Bear in mind, too, that eligibility can come down to aspects of your business and you as a business owner.
Generally speaking you must:
- Be aged 18 years or over
- Be an Australian citizen or permanent resident
- Be a Director or Controller of the business
- Have a valid ABN that's registered for GST
- Have a good credit history with no payment defaults
- Meet the lender’s requirement for minimum business turnover
How to apply for a business credit card
You can usually apply for a business credit card online in minutes. You’ll need to have a few key pieces of information handy:
Information about your personal income, and your business revenue and expenses
Details about the ownership of your business as it appears on ASIC (for the Director and/or Beneficial Owner)
Details of your assets and liabilities
Your driver licence or other ID
You might also need to provide contact details for your accountant or the company’s financial secretary
Pros and cons of using a business credit card
Pros
- Cash flow tool: Credit cards offer ongoing access to funds. Cards offering a high number of interest-free days can be particularly useful cash flow tools.
- Rewards and perks: In some cases the rewards earned will be greater than the card fees. Travel perks in particular can be valuable for businesses.
- Expense tracking: Using a business credit card for spending can be a good way to separate your business and personal expenses.
- Extra cards for employees: Business credit cards often allow for additional cards to be issued to employees who regularly incur business expenses (a fee may apply).
Cons
- High interest and fees: Compared to a secured business loan, a business credit card can be an expensive way to borrow money.
- Hit and miss rewards: If the rewards aren't valuable and you don’t maximise them (many businesses don’t) your card will likely be a net cost.
- Impacts borrowing capacity: Even if you don’t use the card, the limit will be viewed as a liability on future loan applications.
- Can be hard to qualify for: Some credit cards require your business to have a relatively high turnover and good credit to qualify.
Is a credit card better than a business line of credit?
Depending on what you need the funds for, a business line of credit could be another business finance option that offers ongoing access to cash flow. The features are similar to how credit cards work, albeit you won't have a physical card with a business line of credit.
The table below summarises the other key differences.
Business credit card vs charge card: Which is better?
There are two main types of business cards that offer a line of credit: credit cards and charge cards. Unlike personal cards where charge cards are not widely available, there is a greater selection of charge cards for businesses, although they are primarily offered by American Express.
Here are some of the key features of each to help you decide whether a credit card or charge card will be best for your business.
Business credit card
- Fixed credit limit
- Interest charged on card balance after the interest-free period
- Rewards and perks available
Business charge card
- No fixed credit limit
- No interest charged but the balance must be repaid in full each statement period
- Rewards and perks available
