Find the right credit card for your business

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Much like personal credit cards the number of business credit cards on the market is quite varied and widespread making what should be an easy task confusing for some. RateCity does the ground work for you by comparing the different types of business credit cards available.

May 14, 2010

Any successful business will tell you that in order to get ahead and survive during these demanding times that you will benefit from having a credit card. Credit cards can alleviate the financial pressure temporarily, allowing you to pay bills and purchase goods and services. They can also help larger corporations control and manage expenditure through itemised reporting.

If your business is in the market for a credit card there are two types available depending on the size of your business; corporate credit cards are for larger firms and corporations, where the features can be tailored to meet the needs of the specific business and business credit cards are used for small to medium sized businesses, or for sole proprietor or home businesses.

Because all businesses are different, most financial institutions will offer a range of levels for each credit card to suit your business. The level that suits will depend on what you want to use it for, the frequency of use and the credit limit. The levels are:

Standard: This is a basic credit card which is just that, basic with no extra bells and whistles. The rate is usually lower than the other levels and often there is no rewards program attached. This is great for those businesses requiring a smaller credit limit and will use a few times or less a month.

RateCity’s top five standard business credit cards, as at May 10, 2010

  1. NAB Business Access Unsecured MasterCard or VISA – 10.73 percent
  2. Commonwealth Bank Business MasterCard – 12 percent
  3. Newcastle Permanent Business + VISA – 12.99 percent
  4. ANZ Business one low rate VISA – 13.66 percent
  5. Bendigo Bank Business MasterCard – 16.14 percent

Gold: With all the features of the standard cards, the gold level is middle ranked and usually offers extras such as rewards programs and insurance coverage. This level of card will suit businesses that use their credit cards more frequently each month and who will benefit from reward programs.

RateCity’s top 5 gold business credit cards, as at May 10, 2010

  1. SGE Credit Union Solutions Gold Visa -14.95 percent
  2. Police Credit Union VISA Gold – 16.95 percent
  3. AMP AMEX Gold Credit Card – 16.99 percent
  4. Holiday Coast Credit Union Gold Rewards MasterCard – 18.74 percent
  5. Unicredit Gold Rewards MasterCard – 18.74 percent

Platinum: This is the top of the range credit card so the interest rate is usually slightly higher but you receive more rewards and privileges such as concierge and priority services. It’s ideal for larger businesses with a higher credit limit and who frequently use their credit cards.

RateCity’s top 5 platinum business credit cards, as at May 10, 2010

  1. Bank SA Platinum MasterCard – 15.49 percent
  2. AMP AMEX Platinum -18.99 percent
  3. HSBC VISA Platinum – 19.25 percent
  4. ANZ Frequent Flyer AMEX or VISA platinum – 19.49 percent
  5. NAB Qantas Platinum VISA and AMEX – 19.74 percent

Before signing any contracts always read the product disclosure statement and speak to financial institutions if you have any queries.


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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