Are there business credit cards with no annual fee?
Some of the major banks and financial organizations in Australia can have no annual fee business credit cards: ANZ, Commonwealth Bank of Australia, Westpac, NAB, American Express, Bank of Queensland, and HSBC.
What fees can be charged on a business credit card?
Even no annual fee business credit cards may come with a variety of other fees:
- Interest charges. If you carry a balance on your business credit card from month to month, you will typically be charged interest on the outstanding balance. Interest rates can vary depending on the card issuer and your creditworthiness.
- If you fail to make at least the minimum payment by the due date, you may be charged a late payment fee.
- Cash advance fee. If you use your business credit card to withdraw cash from an ATM or obtain cash equivalent transactions such as purchasing foreign currency or traveler's checks, you may be charged a cash advance fee.
- If you make purchases in a foreign currency or make purchases overseas, you may be charged a foreign transaction fee, typically a percentage of the transaction amount.
- If you exceed your credit limit on your business credit card, you may be charged an overlimit fee.
- Balance transfer fee. If you transfer a balance from another credit card to your business credit card, you may be charged a balance transfer fee, typically a percentage of the amount being transferred.
- Additional card fee. If you request additional cards for employees or authorized users, you may be charged a fee for each additional card.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.00% | 750 |
| 25,000 | 3.05% | 763 |
| 25,000 | 3.10% | 775 |
| 60,000 | 3.15% | 1,890 |
| 60,000 | 3.20% | 1,920 |
| 60,000 | 3.25% | 1,950 |
| 120,000 | 3.30% | 3,960 |
| 120,000 | 3.35% | 4,020 |
| 120,000 | 3.40% | 4,080 |
| 240,000 | 3.45% | 8,280 |
| 240,000 | 3.50% | 8,400 |
| 240,000 | 3.55% | 8,520 |
How many additional cardholders can I get?
Typically, business credit card issuers may allow anywhere from 1 to 99 additional cardholders, but this can vary. Some issuers may have specific limits or guidelines in place regarding the number of additional cardholders allowed per account.
When adding additional cardholders to your business credit card account, each cardholder will typically have their own card and access to the credit line associated with the account. You, as the primary cardholder, will be responsible for all charges made by the additional cardholders.
