Business Credit Cards

Compare business credit cards that are best for your business with interest rates, fees and rewards compared.

By   |   Updated 24 Jun 2024

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Comparing business credit cards

Cape Mastercard Interest-Free Days Business Credit Card

On website

Featured

Cape Mastercard Interest-Free Days Business Credit Card

Rewards program

Cape Rewards

Points per $1 spent

N/A

Sign up bonus

N/A

Annual fee

From $383.88 p.a. ongoing

Highlights

  • Enjoy 30 days of interest-free credit on all purchases.
  • No fee for the first month.
  • Access generous credit limits of up to $500,000.
  • Benefit from 0% foreign transaction fees on international spending.

Pros

  • Add unlimited cardholders at no extra cost.
  • Seamlessly integrate with Xero for streamlined accounting.
  • Quick and easy application process.
  • Enjoy complimentary access to airport lounges worldwide.

Cons

  • Enjoy 30 days APR-free; thereafter, a standard 2.99% fee applies to revolving balances.
American Express Platinum Business Card

Rewards program

Membership Rewards

Points per $1 spent

2.25 points

Sign up bonus

350,000 points

Annual fee

$1,750.00 p.a. ongoing

Highlights

  • Obtain 350,000 bonus Membership Rewards points by applying before 25 June 2024, getting approved, and spending $12,000 on your card within the initial 3 months. Exclusive to New American Express Card Members.
  • Earn up to 2.25 pts per $1 spent.
  • Enjoy exclusive Platinum travel, experience, and dining privileges.

Pros

  • The offer of 350,000 bonus Membership Rewards points when you meet the criteria.
  • Earn up to 2.25 pts per $1 spent and 1 point per $1 spent at the ATO.
  • Access to more than 1,400 lounges globally, including The Centurion® Lounge.
  • Gold status match at Marriott Bonvoy, Hilton Honors, and Premium status at Radisson Hotel Group.
  • Get the Amex Experiences App to access information on Platinum benefits, travel offers, events and recommended merchants.

Cons

  • The annual fee of $1,750 p.a.
  • Since this is a charge card, the balance must be cleared every statement.
  • No balance transfer facility.
American Express Qantas Business Rewards Card

Rewards program

Qantas Business Rewards

Points per $1 spent

1.25 points

Sign up bonus

170,000 points

Annual fee

$450.00 p.a. ongoing

Highlights

  • Obtain 170,000 bonus Qantas Points with the American Express Qantas Business Rewards Card when applying by 25 June 2024, getting approved, and spending at least $6,000 within 3 months of approval. Exclusive to new American Express Card Members.
  • Earn 2 Qantas Points per $1 spent on Qantas products and services, up to 1.25 points per $1 spent on everyday spend, and 0.5 Qantas Points per $1 spent on government spend, utilities, and insurance.
  • Once a total of 500,000 Qantas Points is earned in a calendar year, the everyday business earn rate will change from 1.25 to 0.75 Qantas Points per $1 spent. *For Card Members who applied for the Card between July 1, 2023, and January 9, 2024, this change will take effect from July 10, 2024.

Pros

  • Earn 170,000 bonus Qantas Points when you meet the criteria.
  • Two complimentary passes for the Qantas Club lounge every year.
  • A flexible Payment Option is available to spread costs over time for a portion of your balance.
  • Power up your business – Spend with Dell Technologies and get up to $100 credit.

Cons

  • The $450 p.a. annual fee.
  • Balance must be repaid in full each month.
  • No concierge service.
  • Lounge passes are valid for Qantas Club and not the international business lounges.
American Express Gold Business Card

Rewards program

Membership Rewards

Points per $1 spent

1.5 points

Sign up bonus

75,000 points

Annual fee

$169.00 p.a. ongoing

Highlights

  • Acquire 75,000 bonus Membership Reward points upon application approval and spending $1,000 on your card within the initial 2 months. Exclusive to New American Express Card Members.
  • Earn up to 1.5 Membership Rewards points for every $1 spent.
  • Experience enhanced flexibility with no pre-set spending limit.
  • Benefit from Travel Insurance covering up to $2.5 million in medical emergency expenses.

Pros

  • Receive 75,000 bonus Membership Reward points when you meet the criteria.
  • Earn up to 1.5 Membership Rewards points for every $1 spent.
  • No cap on how many points you can earn.
  • No pre-set spending limit means more flexibility.
  • Spend with Dell Technologies to receive up to $75 credit until 31 December 2024.
  • Membership Rewards points can be transferred to a number of airlines, giving you options when booking travel.

Cons

  • The $119 fee for every additional card added.
  • Doesn't offer airport lounge access.
  • No access to concierge services.
American Express Business Explorer Credit Card

Rewards program

Membership Rewards

Points per $1 spent

2 points

Sign up bonus

N/A

Annual fee

$0.00 for 1st year

Highlights

  • Experience $0 Annual Card Fee (usually $149) in the first year when applying by July 23, 2024, and getting approved for the American Express® Business Explorer Credit Card. T&C’s apply. Exclusive to New American Express Card Members.
  • Benefit from two American Express Lounge passes per year at Sydney and Melbourne airports.
  • Receive Complimentary Travel Insurance when paying for your return trip with your Card.

Pros

  • $0 annual fee on the first year.
  • Earn up to 2 points per $1 spent.
  • No fee for up to 99 employee cards.
  • Up to 55 interest-free days.

Cons

  • Annual fee reverts to $149 after the initial year.
  • There is no balance transfer offer for this card.
  • Cash advances are blocked, which might be inconvenient for some.
American Express Velocity Business Charge Card

Rewards program

Velocity Frequent Flyer

Points per $1 spent

1 point

Sign up bonus

100,000 points

Annual fee

$249.00 p.a. ongoing

Highlights

  • Get 100,000 Bonus Velocity Points upon applying by 27 August 2024, getting approval, and fulfilling the minimum spending requirement of $3,000 within 2 months of approval. Offer valid for New American Express Card Members exclusively.
  • Accumulate 2 points for every $1 spent on Virgin Australia services and up to 1 point per $1 spent on other transactions. Earn 0.5 points per $1 on ATO and government expenditures.
  • Benefit from 2 complimentary single-entry passes to the Virgin Australia Lounge at chosen domestic airports annually.

Pros

  • Receive 100,000 bonus Velocity Points when you meet the criteria.
  • Earn up to 2 Velocity Points per $1 spent.
  • No pre-set spending limit and up to 51 days to pay for purchases.

Cons

  • The annual fee of $249 p.a.
  • Each employee card costs $99.
NAB Qantas Business Signature Credit Card

On website

Rewards program

Qantas Business Rewards

Points per $1 spent

0.66 points

Sign up bonus

150,000 points

Annual fee

$295.00 p.a. ongoing

Highlights

  • Obtain 150,000 bonus Qantas Points upon spending $4,000 on everyday purchases within 60 days.
  • Accrue 0.67 Qantas Points per $1 spent.
  • Include additional cardholders, each with personalized credit limits.

Pros

  • Earn 150,000 bonus Qantas points by spending $4,000 on eligible business purchases within 60 days of account opening.
  • Up to 44 interest-free days on business purchases.
  • Comes with access to Visa's global concierge service, and complimentary unauthorised transaction insurance.
  • Add multiple additional cardholders, each with individual credit limits.
  • Supports most digital wallets, including Apple Pay, Google Pay, and Samsung Pay.

Cons

  • Lacks complimentary international travel insurance.
  • Points are capped at $50,000 per card per statement period.
NAB Rewards Business Signature Credit Card

On website

Rewards program

NAB Rewards

Points per $1 spent

1.25 points

Sign up bonus

100,000 points

Annual fee

$175.00 p.a. ongoing

Highlights

  • Receive 100,000 NAB Rewards Points upon spending $4,000 on everyday purchases within 60 days.
  • Triple the earning rate on overseas spending or purchases made at overseas stores and suppliers from Australia.
  • Double the earn rate on purchases made at partner departments and hardware stores.

Pros

  • Receive a generous 100,000 bonus NAB Rewards Points when you spend $4,000 on everyday business purchases within 60 days of opening your account.
  • Earn 1.25 NAB Rewards Points per $1 spent on eligible everyday business purchases, with no cap.
  • ATO payments earn NAB Rewards Points at the same rate as everyday purchases.
  • NAB Rewards Points can be transferred to several other airline rewards programs, making it easier to find an awards seat.
  • Up to 44 interest-free days on purchases, giving you more flexibility and breathing room with your business expenses.
  • Complimentary NAB Commercial Cards Unauthorised Transaction Insurance and NAB Commercial Cards Transit Accident Insurance.
  • Works with major digital wallets, including Apple Pay, Google Pay, and Samsung Pay.

Cons

  • Additional cardholders don't come cheap.
  • Lacks complimentary international travel insurance.
  • No complimentary airline lounge passes.
Commonwealth Bank Business Awards Credit Card

On website

Rewards program

Commonwealth Bank Awards

Points per $1 spent

1 point

Sign up bonus

N/A

Annual fee

$100.00 p.a. ongoing

Highlights

  • Select between earning CommBank Awards points or opting for Qantas Points with a $30 annual fee. Terms and Conditions apply.
  • Enjoy up to 55 days interest-free on purchases.
  • Accrue 1 Awards point for every dollar spent using your Awards Mastercard.

Pros

  • Get access to a unique collection of entertainment experiences through Priceless Sydney and Mastercard Privileges.
  • 24/7 emergency assistance overseas.
  • Includes Transit Accident Insurance and Unauthorised Transaction Insurance.

Cons

  • The additional cardholder fee is $75.
Commonwealth Bank Business Platinum Awards Credit Card

On website

Rewards program

Commonwealth Bank Awards

Points per $1 spent

1 point

Sign up bonus

N/A

Annual fee

$300.00 p.a. ongoing

Highlights

  • Opt for either CommBank Awards points or Qantas Points (an annual fee of $30 applies).
  • Earn 1 Awards Point or 0.4 Qantas Points per dollar spent with your CommBank Awards Mastercard.
  • Get access to a unique collection of entertainment experiences and offers exclusively for Mastercard.

Pros

  • Earn up to 300,000 points a year. Terms and Conditions apply.
  • Transfer your earned points to other travel programs.
  • Includes Transit Accident Insurance and Unauthorised Transaction Insurance.

Cons

  • High annual fee.
  • The additional cardholder fee is $75.

St.George Amplify Business Credit Card

On website

Rewards program

Amplify Rewards

Points per $1 spent

1 point

Sign up bonus

N/A

Annual fee

$0.00 for 1st year

Highlights

  • $0 annual card fee for the first year ($89 p.a. thereafter).
  • Obtain up to 3 additional cards for employees at no additional cost.
  • Enjoy up to 55 interest-free days on purchases.

Pros

  • No annual card fee for the first year.
  • Choose between Amplify Rewards or Qantas Frequent Flyer rewards.
  • No cap on how many points can be earned from eligible spending.
  • Includes transit accident insurance and unauthorized transaction insurance.
  • Additional cardholders are free.

Cons

  • The cash advance interest rate of 20.24% p.a.
  • Relatively few additional cardholders.
ANZ Business Black Credit Card

On website

Rewards program

ANZ Business Rewards

Points per $1 spent

1.5 points

Sign up bonus

100,000 points

Annual fee

$0.00 for 1st year

Highlights

  • Get 100,000 bonus Reward Points upon spending $6,000 on eligible purchases within the initial 3 months after approval.
  • Save $300 with no Annual Card Fee and save $75 per card with no Rewards Fee for the first year on a new ANZ Business Black credit card (Terms and Conditions apply).
  • Earn 1.5 Reward Points per $1 spent on eligible purchases up to and including $10,000 per statement period.
  • Receive complimentary Unauthorized Transactions Insurance, International Travel Insurance, and Transit Accident Insurance for overseas travel.

Pros

  • Substantial sign-up bonus for new qualifying customers.
  • Earn 1 Point per $1 spent on eligible business purchases.
  • Tax payments to the ATO also earn points (at a reduced rate).
  • Points can be transferred to several different airline frequent flyer programs.
  • Comes with complimentary international travel insurance.
  • Also has extended warranty, fraud protection, purchase protection insurance, and transport accident insurance.
  • Cardholders have access to ANZ's concierge service.
  • Add unlimited cardholders for free to share the account with staff.
  • Works with Apple Pay, Google Pay, and Samsung Pay, making payments more convenient.
  • Get a data feed for Xero, MYOB, and QuickBooks, making accounting and bookkeeping more streamlined.

Cons

  • The card's ongoing annual fee is $300 p.a. after the first year's waiver.
  • Transactions made in a foreign currency or online attract a 3% fee.
  • No introductory offer on purchases and interest is charged at 20.24% p.a.
  • No balance transfer offer.
  • Earn rate drops after $10,000 spent per statement period.
Suncorp Clear Options Business Credit Card

On website

Rewards program

Suncorp Rewards

Points per $1 spent

1 point

Sign up bonus

N/A

Annual fee

$45.00 p.a. ongoing

Highlights

  • Low annual ongoing fee of $45 p.a., with the option to add up to 99 additional cardholders.
  • Select between earning Suncorp Rewards points or Qantas Points on eligible purchases.
  • Enjoy up to 55 days interest-free on purchases.

Pros

  • Earn 1 Suncorp Rewards point per $1 on eligible business spending.
  • Convert Suncorp Rewards points to Flybuys points, KrisFlyer Miles, or Velocity Points.
  • Possible to earn Qantas Points instead of Suncorp Rewards points.
  • Minimum credit limit of $2,000.
  • Up to 99 additional cardholders, but at a cost.
  • A competitive annual fee of $45 p.a.
  • Free monthly statements for active cards.

Cons

  • No sign up bonus for new customers.
  • Membership fees apply to the rewards program.
  • Suncorp Rewards points don't convert to frequent flyer points at 1:1.
  • Annual fee per additional cardholder, which can add up quickly.
  • Overseas and international transactions carry a fee of 3.40%.
  • $40 over limit fees.
Westpac Altitude Business Gold Mastercard

On website

Westpac Altitude Business Gold Mastercard

Rewards program

Altitude Rewards

Points per $1 spent

1 point

Sign up bonus

N/A

Annual fee

$0.00 for 1st year

Highlights

  • $0 annual fee for the first year (reverts to $150 p.a. thereafter)
  • 4.99% p.a. for 12 months on balance transfers with no balance transfer fee on amounts transferred.
  • Includes complimentary overseas travel insurance.

Pros

  • $0 first-year annual fee.
  • 4.99% p.a. for 12 months on balance transfers.
  • Earn 1 Altitude Point per $1 spent on eligible transactions.
  • Add an additional cardholder at no extra cost.

Cons

  • The high interest of 20.24% p.a. on purchases
  • There is a 3% fee if you use your card overseas.
  • A cap of 20,000 points applies per each statement cycle.
NAB Low Rate Business Credit Card

On website

Rewards program

N/A

Points per $1 spent

N/A

Sign up bonus

N/A

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 12 months at 0% p.a. on purchases. Reverting to the variable purchase rate of 13.25% p.a.
  • Benefit from a low ongoing 13.25% p.a. rate on purchases and cash advances.
  • No annual fee for the initial year.

Pros

  • The 0% special introductory interest rate offer on purchases.
  • $0 annual fee on the first year ($60 p.a. thereafter).
  • Low interest rate on cash advances and purchases.
  • Up to 55 days on business purchases.

Cons

  • No travel insurance.
  • Doesn't earn rewards points.
Westpac BusinessChoice Rewards Platinum Mastercard

On website

Westpac BusinessChoice Rewards Platinum Mastercard

Rewards program

Qantas Business Rewards

Points per $1 spent

0.75 points

Sign up bonus

50,000 points

Annual fee

$150.00 p.a. ongoing

Highlights

  • Receive 50,000 bonus Qantas Points when you spend $3,000 on eligible purchases within 90 days of card approval. Terms and conditions apply
  • Earn 0.75 Qantas Point per $1.50 spent on eligible business purchases.
  • Assign individual card credit limits from $1,000 on up to 99 cards.

Pros

  • Qantas Business Rewards joining fee of $89.50 is waived.
  • Includes complimentary travel, purchase, and business-related insurance.
  • Comes with Personal Concierge Service.
  • Up to 55 interest-free days on purchases.

Cons

  • The $150 p.a. annual fee per card.
  • High-interest rate of 20.24% p.a. on purchases.
  • Earned points on eligible transactions are capped at 100,000 Qantas Points per month.
Westpac BusinessChoice Everyday Mastercard

On website

Westpac BusinessChoice Everyday Mastercard

Rewards program

N/A

Points per $1 spent

N/A

Sign up bonus

N/A

Annual fee

$75.00 p.a. ongoing

Highlights

  • Low $75 annual card fee.
  • Low 14.25% p.a. variable interest rate on purchases and 19.96% p.a. variable interest rate on cash advances
  • Up to 55 interest-free days on purchases.

Pros

  • The annual fee for succeeding years will be waived if you spend $15,000 in 12 months.
  • Comes with Fraud Protection, Transit Accident Insurance, and Interstate Flight Inconvenience Insurance.
  • Compatible with Google Pay and Samsung Pay.

Cons

  • No sign-up bonus offer.
  • There is a 3% foreign transaction fee.
Westpac Altitude Business Platinum Credit Card

On website

Westpac Altitude Business Platinum Credit Card

Rewards program

Altitude Rewards

Points per $1 spent

1 point

Sign up bonus

N/A

Annual fee

$0.00 for 1st year

Highlights

  • $0 annual card fee for the first year (usually $200 p.a.)
  • 4.99% p.a. for 12 months on balance transfers with no balance transfer fee on amounts transferred.
  • Includes complimentary cover for international travel insurance, along with an extended warranty and purchase protection.

Pros

  • Uncapped points.
  • Includes Personal Concierge Service.
  • Interstate Flight Inconvenience Insurance.
  • Extended Warranty Insurance

Cons

  • After the initial year, you will be charged a $200 p.a. annual fee.
  • No sign-up bonus offer.

Business credit cards can be a powerful tool for any business, small or large. They make expense management more convenient, simplify financial reporting, and help separate personal and business finances. Many of the best business credit cards earn rewards, earning points per dollar spent that can be redeemed for flights and upgrades.

David Boyd of Credit Card Compare

David Boyd, co-founder of Credit Card Compare, explains further, "Choosing a new business credit card involves a comparison of more than interest rates and fees. Look for what rewards program the card is linked with, accounting software integration, reporting tools, and card acceptance. At Credit Card Compare, our goal is to make it easier for businesses to select a card that will maximise value and truly be beneficial while making it easier to manage spend and cash flow."

Benefits of business credit cards

Business credit cards offer a range of benefits that can help your business streamline expense management, earn rewards, and build credit. Consider the following advantages:

  • Expense tracking: Business credit cards make it easy to track business expenses, simplifying record-keeping and budgeting processes.
  • Earn rewards from business expenses: Many business credit cards offer rewards such as cashback, points for frequent flyers, or discounts on business purchases, providing additional value for your spending.
  • Separation of finances: Using a business credit card for company expenses, you can separate personal and business finances. This makes tax reporting and accounting tasks more straightforward.
  • Build business credit: Consistent and responsible use of a business credit card can help establish and build your business credit profile, which may be beneficial when seeking financing in the future.

Expert opinion on the best business credit cards

Andrew Boyd of Credit Card Compare

Andrew Boyd, co-founder of Credit Card Compare, shares, "Our business credit card has been indispensable. I've lost count of the flights, upgrades, and hotel stays booked using points earned from putting business spend through it. We currently use an Amex Gold business card and an Amex Platinum business card."

What to consider when choosing the best business credit card

When selecting a business credit card, it's essential to consider various factors to find the right fit for your business needs. Some key considerations include:

  • Rewards: Evaluate the rewards programs offered by different cards to determine which aligns best with your business spending habits and preferences. Many different hotel cards come with status and give you the opportunity to transfer points into your preferred hotel's reward program.
  • Annual fees: Consider any annual fees associated with the card and compare them to the potential benefits and rewards you may receive.
  • Interest rates: The card's interest rates, especially if you anticipate carrying a balance, are crucial to avoiding high finance charges.
  • Additional benefits: Some business credit cards offer perks such as free travel insurance, purchase protection, or airport lounge access with Priority Pass cards. Assess these extra benefits to find a card that suits your business requirements.
Matt Barrie of Freelancer.com

Matt Barrie, Chief Executive & Chairman of Freelancer.com, an award-winning Aussie tech entrepreneur, shared his insights on business cards for Australians, "Amex Centurion used to be fantastic, but over the last twenty years has turned into expensive garbage. They've stripped out almost all of the benefits- ability to get into any restaurant in the world, 24x7 concierge, companion flights- and now all you're left with is a $6,500 a year fee for a card where the travel service forgets your passport number, frequent flyer details and quite often to actually book your flight at all. That's despite using them for 20 years. Every single time. That's if you can get in contact with your "account manager", who is more often than not on leave or asleep when you try to contact them while traveling. The gold memberships the card comes with are useful once and constantly getting stripped (the latest being Emirates). The only use left for it is to try perhaps to impress someone at a bar who's never had to put up with their useless service."

Business credit card vs business line of credit

A business line of credit could be another financing option that offers ongoing access to cash flow, depending on your specific funding needs. The features are similar to how credit cards work, although you won't have a physical card with a business line of credit.

Two main types of business cards offer a line of credit: credit cards and charge cards. Unlike personal cards, where charge cards are not widely available, American Express offers a greater selection of charge cards for businesses.

Business credit card vs charge card

Here are some 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 interest-free period (the average credit card interest rate in Australia is 18.23% p.a.)
  • Rewards and perks available

Business charge card

  • No fixed credit limit
  • No interest is charged, but the balance must be repaid in full each statement period (there are also some interest-free credit cards, but most charge interest)
  • Rewards and perks available

Choosing between a business credit card and a charge card depends on your business's specific needs and financial management style. If you prefer a fixed credit limit and the flexibility to carry a balance from month to month, a business credit card may be more suitable. However, a business charge card could be a better fit if you want the convenience of no fixed credit limit and are confident in paying off the balance in full each statement period.

How business credit cards can help your business grow

Business credit cards can play a significant role in supporting your business growth and financial stability. Here are ways in which business credit cards can benefit your business:

  • Cash flow management: Business credit cards provide a flexible payment option to manage cash flow fluctuations and cover unexpected expenses.
  • Access to capital: A business credit card can provide access to a revolving line of credit that can be used for business investments or to seize growth opportunities.
  • Building credit history: Establishing a positive credit history through responsible credit card use can improve your business's creditworthiness over time. A good credit history will be useful when seeking business loans.
  • Employee spending control: Many business credit cards allow you to set spending limits for employee cards, giving you greater control over company expenses.

Eligibility criteria for a business credit card

Not all businesses will be eligible for a business credit card. Remember that eligibility can also depend on aspects of your business and you as a business owner. Generally, you must:

  • Be 18 years old 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 and get a response in 60 seconds. You'll need to have a few key pieces of information on hand:

  • Details about your personal income, as well as your business revenue and expenses
  • Information on your assets and liabilities
  • Your driver's licence or other form of ID
  • Details about the ownership of your business as it appears on ASIC (for the Director and/or Beneficial Owner)
  • You may also need to provide contact details for your accountant or the company's financial secretary

Help choosing a business credit card

Discover the benefits of a business credit card for managing company expenses.

  • FAQs

  • Hints & tips

  • Pros & cons

  • Alternatives

  • Why trust us

Is it possible to get a business credit card in the name of the business?

Yes. Some business cards may have the name of the business and others have just the name of an individual. Some have both the business name and the name of an individual.

Typically, a company applying for a business credit card will need a GST registration, a valid Australian Business Number (ABN), plus a business and residential address in Australia. The annual turnover thresholds for eligibility may vary depending on the card and card issuer. A company typically is required to have been trading for a minimum 12 months to qualify for a business credit card.

Can you get a business credit card with bad credit?

It can be difficult for you to get a business credit card approved if you have a poor credit score, but not necessarily impossible.

When you apply for a business credit card, credit history is just one of the eligibility criteria used by lenders. You will need to demonstrate that your business can make regular repayments, such as by showing regular income streams and savings. Not having few or no other debts can also be helpful.

Can employees get their own credit card?

In Australia and elsewhere, businesses offer corporate credit cards typically for their high-level employees as a perk. The company is responsible for paying the balances for significant expenses incurred on areas such as travel and entertainment.

These cards are different from business credit cards issued to business owners, employees, divisions or departments to enable them pay for routine business expenses. Such cards are not considered a perk, but part of the business's expense and cashflow management and are subject to higher levels of management control.

Are corporate credit cards the same as business credit cards?

Corporate credit cards are different from the regular business credit cards. The differences between these can be discussed in terms of who they are issued to, ownership, liability, usage as well as features.

  • To whom issued: Corporate Credit Cards are typically issued to employees of a corporation while business credit cards can be issued to individual business owners, entrepreneurs, or employees authorized by a business owner.
  • Ownership: The corporation is the primary account holder of a corporate credit card. A business owner is the primary account holder for a business credit card.
  • Liability: The corporation is responsible for the credit card debt on a corporate card. On a business credit card, the business owner is responsible for paying of credit card debt.
  • Usage: Corporate cards are commonly used by larger corporations to pay for their employees' travel expenses, entertainment, and other business-related spending. Often these are offered as perks to selected high level employees. Business credit cards are used in a wide range of businesses, including small and medium-sized enterprises (SMEs).
  • Features: Corporate credit cards may come with features like expense tracking, reporting, and controls tailored for corporate use. Business credit cards often come with rewards, as well as expense tracking, and reporting features. They may not not come with the same level of customisation available for corporates.

Despite these differences the two terms—corporate credit card and business credit card—are used interchangeably.

Whether you need one or the other depends on the specific needs as well as the size and structure of your business. Larger corporations may go for corporate credit cards that come with features tailored to their needs. Smaller businesses and entrepreneurs may opt for standard business credit cards. Businesses need to carefully consider the terms, features, and benefits that come with different credit card options when making a choice.

How are personal credit cards different from business credit cards?

There are many ways in which personal credit cards differ from business credit cards. Here are some of the more prominent differences:

  • Eligibility criteria for business credit cards are more stringent than for personal credit cards.
  • Credit limits: Business credit cards usually come with higher credit limits compared to personal credit cards
  • Rewards categories: Business credit cards typically have more targeted rewards categories.
  • Welcome bonuses: Business credit cards typically come with more lucrative welcome bonuses compared to personal credit cards.
  • Monitoring and control features: Business credit cards often come with spending controls and other expense management and bookkeeping features and benefits
  • Introductory offers: Personal credit cards usually offer longer 0% intro APR periods compared to business credit cards.
  • Consumer protections: Personal credit cards carry better and more consumer protections compared to business credit cards.
  • Reporting: There are differences in how the performance on personal credit cards and business credit cards are reported. These carry varying implications on your credit scores.
  • Choice: In terms of choice, there are a lot more choices in personal credit cards and much fewer choices when it comes to business credit cards.

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. Currently, 55 days is the highest available.

Compare interest rates

If you carry a balance on your card from month to month, choosing the lowest interest rate available will save your business money. Be cautious of high cash advance rates as well.

Avoid hefty card fees

Consider 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

Pay attention to how many points your spending will earn you. Read the fine print, as not all spending may be eligible for a card's top earn rate.

Choose rewards your business will benefit from

Select a card that offers rewards aligned with your business expenses and needs. For example, a frequent flyer card may not be the best choice if your business involves no travel.

Find the right credit limit

A higher credit limit can provide your business with more flexibility, but it may require careful management and could impact your future borrowing capacity.

Additional cards

If you have employees who make purchases for the business, consider a card provider that offers additional cards to simplify expense tracking and maximise rewards. Avoid high fees for extra cards.

Accounting integration

Choosing a card that integrates with your business's accounting software could simplify expense tracking, budgeting, and financial reporting, making your life easier and potentially saving you money.

Pros

Enhanced cash flow management

Business credit cards provide liquidity to your business by extending the time to pay off purchases without needing an immediate cash outlay.

Rewards and incentives

Many business credit cards offer rewards programs, including bonus points for signing up, points on everyday spending, and perks like complimentary insurance and airport lounge access. While many of these benefits will be useful to a frequent business traveller, not everyone will find them particularly useful.

Simplified expense tracking

A business credit card simplifies the separation of business and personal expenses. They also offer the convenience of expense management by issuing cards to eligible employees. These expenses can be integrated seamlessly with most popular accounting software, which makes it easier to monitor spending overall within your organisation.

Credit building tool

Regularly using and making prompt repayments on your business credit card helps your business build its credit profile. This is helpful if you try to access a larger line of credit or business loan in the future.

If the card is issued in your name, it will be your personal credit score that will be affected.

Cons

Higher interest rates and fees

Business credit cards typically have higher interest rates and annual fees compared to personal credit cards. This may increase the cost of borrowing is balances are carried month to month.

Business credit cards are a convenience that many companies cannot do without. It is best practice to pay off the outstanding balances, if that is possible, on a monthly basis to minimise interest charges and retain cash at hand.

When selecting a business credit card, compare the perks and rewards and balance these against whatever fees are charged to optimise the benefits. Some cards come with many perks and rewards that small businesses especially do not require. And those perks push up the annual card fees.

Variable rewards value

The perks and rewards offered by business credit cards vary significantly. If you don't need or want to travel for personal or business reasons, the higher cost of a business credit card that earns rewards may outweigh the benefits.

Impact on borrowing capacity

Lenders view the credit limit of a business credit card as a potential liability when businesses apply for other loans. This may affect the borrowing capacity of your business, especially if the credit limit on your business card is high.

Eligibility challenges

Newer or smaller businesses typically find it difficult to qualify for certain business credit cards due to strict eligibility criteria, particularly with regards to trading history, turnover, and having their accounts available.

Business loans

Available for a wide range of purposes with potentially lower interest rates compared to credit cards. A business loan may also be more accessible to less established businesses, especially those with evidence of a trading relationship with clients.

Personal credit cards

Not without risk, since you will be personally liable for the debt, but an option for smaller businesses and sole traders.

Methodology

We chose what cards to include in our business credit card comparison table and their rank order after an extensive analysis of the following key features and benefits.

  • Additional cardholders: If the card supports additional cardholders, how much it costs per additional cardholder, and any limits and requirements. An unlimited — or high number — of free additional cardholders is considered best.
  • Airport lounge access included: If airport lounge access is available, the lounge network, and any limitations on use.
  • Apple Pay enabled: If the the card can be added to Apple Pay. Being able to is considered beneficial.
  • Cardholder's complimentary insurance: If available, domestic hotel burglary insurance, extended warranty, fraud protection insurance in case of unauthorised card use, international travel insurance, interstate flight inconvenience insurance, personal item theft cover insurance, price protection insurance, purchase protection insurance, refund protection insurance, transport accident insurance.
  • Card type: Whether the card runs on American Express, Mastercard, Visa, or another network. Some networks have better acceptance than others domestically and internationally. Also if the card is a charge or credit card.
  • Cash advance rate: Interest on cash advances and the fee charged each time a cash advance is taken out on the card. Lower is better.
  • Concierge service included: Whether a dedicated concierge team is available.
  • Foreign exchange fee: The fee charged for transactions made while overseas or from an overseas supplier or store. Lower is better.
  • Government rewards points earn rate: If the card earns points on spend with government agencies, including the ATO.
  • Interest-free period: The number of interest-free days from statement close if the balance is paid in full. Longer is better.
  • Maximum credit limit: The highest amount of credit extended, if made public. Higher is considered better for businesses.
  • Minimum credit limit: The lowest amount of credit extended, if made public. Higher is considered better for businesses.
  • Purchase rate ongoing: The interest rate charged on purchases. Lower is better.
  • Rewards program: If the card earns rewards, the earn rate per dollar spent, if there are any caps or tiers affecting the earn rate, redemption options including transfers to airline partners, etc.
  • Samsung Pay enabled: If the card can be added to Samsung Pay digital wallet. Being able to is considered beneficial.
  • Sign-up bonus: If available, the type of sign-up bonus on offer (points, cashback, voucher, etc.) and the criteria to trigger it.
  • Target market: Whether the card is designed for businesses or consumers.

Our rankings may not reflect what matters most to you. Be sure to compare key rates, fees, and features against your own financial priorities before deciding.