A business credit card gives you a way to manage your business spending and offer expense management tools, rewards and other business-related perks.
In Australia, business owners and sole traders can choose from a range of business credit cards and charge cards.
Both types of business cards let you pay for what you need with credit, then repay the account over time. So, you can keep the lights on (and your internet connection) while you chase up invoices, grow your business or deal with other costs.
They also offer more specialised features for business owners. For example cards for employees, data feeds for MYOB, Xero or other accounting software and statements that show GST or other key accounting details.
Updated 8 June 2023 by Finder's senior credit card writer, Amy Bradney-George.
Every business is different so there isn't one best business credit card for everyone. But the 2023 Finder Credit Card Awards used expert analysis of 12 months' worth of data to determine the best business cards in 3 key categories:
You can also view the full list of 2023 Finder Credit Card Awards winners, as well as finalists and details of the methodology for each category to help decide if one of these cards is right for you.
A business credit card makes it easy to manage finances when it has features that fit with your accounting processes. Some of the key features to look for include:
Every card is different, but some valuable business features include:
Ask about spending limits before you apply and include supporting documents to show how much your business typically spends. Research from the Australian Banking Association found cash flow or working capital was the main reason businesses planned to take out extra finance (54%) in 2022. So, keeping this in mind can help you find a suitable business card.
Business credit cards that earn Qantas Points or Velocity Points directly typically offer between 0.66 and 1 point per $1 spent. Similar to regular frequent flyer credit cards, you can earn bonus points for eligible spending, such as booking a flight with the airline.
There are also some cards linked to the Qantas Business Rewards program, which lets you pool points and transfer them to any personal Qantas Frequent Flyer account. The program also offers flight discounts and other business perks.
A new business credit card can give you up to 200,000 bonus points when you meet the spend criteria. It's similar to personal credit cards, so you'll usually have to spend a set amount in the first few months (e.g. $8,000 in 3 months).
These bonus points can be worth hundreds or even thousands of dollars of value. For example, 150,000 bonus Qantas Points is enough for a one-way business class flight from Sydney to London (144,600 points plus fees and taxes).
Credit card reward programs including American Express Membership Rewards, ANZ Rewards and NAB Rewards offer point transfers to partnered programs. This often includes Singapore Airlines KrisFlyer, Cathay Pacific Asia Miles and Air New Zealand Airpoints.
They also offer rewards including gift cards, statement credits and hotel bookings. And standard earn rates range from 0.5 to 2.25 points per $1 spent on business credit cards.
Want to know how much your points are worth in dollars? Check out Finder's points calculator.
Similar to personal credit cards, complimentary travel insurance is a popular benefit. On a business credit card, the cover may only be for business travel or limited to transit accident insurance – these details are included in card reviews and the insurance T&Cs.
Most frequent flyer business credit cards also offer airport lounge access. If you fly with a few airlines, cards that offer flexible lounge access through a network like Priority Pass or American Express lounges may offer more value than those linked to Qantas or Virgin Australia. Some premium business credit cards also offer other travel perks. For example, the American Express Platinum Business Card offers higher status with partnered hotel loyalty programs and complimentary Accor Plus membership.
These cards can offer some great extras for your business, such as dedicated account managers and concierges, free seminars and advice, subscription offers and discounts.
Beware of the foreign transaction fees charged by other providers. These costs accumulate exponentially for businesses that frequently travel overseas or have subscriptions or other costs charged in foreign currencies. To avoid unnecessary fees and free up cash flow, it's essential to choose a business credit card or expense management platform with no FX fees.
Ryan Edwards-Pritchard
Founder and CEO of Cape
You can choose between a business credit card where you are personally responsible for it (known as personal liability) or one where your business is responsible (business liability). Here are the basics of each one:
These liability options are important to think about if you're in business with other people, or if you want to protect your personal finances against any potential issues.
For a business credit card with personal liability, you'll usually be able to apply online. For cards with business liability or more custom features, you usually need to fill in a contact form and speak to an account manager to apply.
You'll need to include some basic personal and contact information, just as you would with any credit card. This typically includes:
If you apply for a business credit card with personal liability, you'll usually get the card within 5-10 working days of approval (similar to personal credit cards). Some lenders take 1-3 days to approve business and corporate accounts. This will add a few days unless you get one that offers instant, virtual cards once you're approved.
Corporate cards are similar to business credit cards but offer more customised features to suit larger entities. This usually includes unlimited employee cards, higher credit limits and card controls.
Corporate cards are also set up with business liability, unlike some cards for smaller businesses that offer personal liability. The eligibility requirements can also include a minimum number of years in trading, a minimum annual turnover or incorporated status. And to get a corporate card, you usually need to speak to the provider's business or corporate banking team.
If you have just started a business, don't meet the annual revenue requirements or can't find a card you want right now, here are some other options:
Expense management cards offer a mix of features similar to business credit card accounts and expense management software like SAP Concur or WebExpenses. They're designed to be an all-in-one solution and often come with virtual cards, expense approval and custom settings.
Business loans can offer between $5,000 and $20 million, which is typically repaid over a set amount of time with interest. So they are often suited to specific expenses or goals, rather than ongoing business spending.
Personal credit cards are used by some small businesses and sole traders when they don't need a lot of business features for the account (like GST breakdowns). It's possible to use a personal card to separate spending, but all of the liability will be with the account holder.
Earn frequent flyer points as you manage your work spending and enjoy other perks such as lounge passes with a business frequent flyer credit card.
Live eftpos black is a wireless, handheld EFTPOS option from Australian payment service provider Live eftpos – and it gives you a way to earn Qantas Points for card transactions.
Learn how you can accept credit card payments online, compare a range of online payment solutions, including merchant accounts, payment gateways and extras such as Apple Pay acceptance.
Need to accept credit card payments for your business? Here's a look at options including traditional EFTPOS machines, portable card readers and online credit card processing platforms.
