Are you a business owner looking for a credit card that helps you manage expenses while keeping costs low? The Bank of Melbourne BusinessVantage Credit Card is designed specifically for small to medium-sized businesses. With a low interest rate and flexible features, this card can streamline your business spending. It allows you to set individual limits for up to 100 cardholders, making it easier to monitor and manage expenses.
In this article, we will explore the benefits of the Bank of Melbourne BusinessVantage Credit Card, its fees, and how to apply.
Why Should I Get a Bank of Melbourne BusinessVantage Credit Card?
The Bank of Melbourne BusinessVantage Card offers several features that can benefit your business. Here are some key reasons to consider this card:
Low Interest Rate
With a low purchase interest rate of 9.99% p.a., this card is ideal for businesses that may carry a balance. This low rate can help you save on interest costs, allowing you to focus on growing your business.
Flexible Spending Options
The card allows for up to 100 additional cardholders, each with individual spending limits. This feature makes it easy to manage employee expenses while maintaining control over your business finances.
Detailed Expense Tracking
You will receive detailed monthly statements that help you track spending. Additionally, you can request consolidated summaries by department or division, making it easier to manage your business’s financial reporting.
Interest-Free Days
Enjoy up to 55 days of interest-free purchases if you pay your closing balance by the due date. This feature can help improve your cash flow management.
Complimentary Insurance
The card includes complimentary insurance for unauthorized transactions, providing added security for your business transactions.
Pros and Cons of Bank of Melbourne BusinessVantage Credit Card
| Pros | Cons |
|---|---|
| Low purchase interest rate of 9.99% p.a. | $55 annual fee per card |
| Up to 100 additional cardholders | 3% foreign transaction fee |
| Detailed monthly statements for expense tracking | No rewards program |
| Up to 55 interest-free days on purchases | – |
| Complimentary unauthorized transactions insurance | – |
Fees and Interest Associated with Bank of Melbourne BusinessVantage Credit Card
| Fee | Amount |
|---|---|
| Annual fee | $55 per card |
| Balance transfer fee | 2% of the transferred amount |
| Overseas transaction fee | 3% of the converted amount |
| Cash advance fee | 3% of the cash advance amount or $3.75, whichever is greater |
| Late payment fee | $0 |
| Over-limit fee | $0 |
How to Apply for a Bank of Melbourne BusinessVantage Card?
To apply for the Bank of Melbourne BusinessVantage Card, call the Bank of Melbourne Business Banking team at 13 82 66. A dedicated business banking specialist will guide you through the application process and answer any questions you may have.
Eligibility Criteria
To be eligible for the Bank of Melbourne BusinessVantage Card, you must:
- Be at least 18 years old
- Have an Australian registered business
- Have a good credit history
- Provide valid proof of identity and business documentation
The Final Words
The Bank of Melbourne BusinessVantage Credit Card is an excellent choice for business owners looking to manage expenses efficiently while keeping costs low. With its low interest rate, flexible cardholder options, and detailed tracking features, it can help streamline your business finances. If you meet the eligibility criteria and are comfortable with the fees, consider applying for the Bank of Melbourne BusinessVantage Card today.