Can a small company apply for a MasterCard business credit card?
Yes, a lot of banks and financial institutions in Australia offer MasterCard-branded business credit cards tailored to the needs of small businesses. These cards typically come with features and benefits designed to help small companies manage their finances, track expenses, and earn rewards on business spending.
How do I apply for a MasterCard business credit card?
To apply for a MasterCard business credit card in Australia, the small company will generally need to meet certain eligibility criteria set by the card issuer. While specific requirements may vary among different banks and financial institutions, common eligibility criteria for small company applicants may include:
- Business Registration. The company must be a registered business entity, such as a sole proprietorship, partnership, corporation, or trust, operating in Australia.
- Business Documentation. The company may need to provide documentation proving its legal registration, such as an Australian Business Number (ABN), Australian Company Number (ACN), partnership agreement, trust deed, or other relevant documents.
- Financial Information. The company may be required to provide financial information, such as business financial statements, tax returns, profit and loss statements, and bank statements, to assess its creditworthiness.
- Personal Guarantees. In some cases, the directors, partners, or owners of the small company may need to provide personal guarantees to support the credit application.
- Credit Check. The card issuer may conduct a credit check on the company and its directors or owners to assess their credit history and financial stability.
Once the small company meets the eligibility criteria and submits the required documentation, it can apply for a MasterCard business credit card through the card issuer's online application portal, by phone, or by visiting a bank branch. The card issuer will review the application and make a decision based on the company's creditworthiness and other relevant factors.
Business loan calculations for 3 years (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 30,000 | 9.65% | 4,463 |
| 30,000 | 11.65% | 5,388 |
| 30,000 | 13.65% | 6,313 |
| 60,000 | 9.75% | 9,019 |
| 60,000 | 11.75% | 10,869 |
| 60,000 | 13.75% | 12,719 |
| 240,000 | 9.85% | 36,445 |
| 240,000 | 11.85% | 43,845 |
| 240,000 | 13.85% | 51,245 |
| 600,000 | 9.95% | 92,038 |
| 600,000 | 11.95% | 110,538 |
| 600,000 | 13.95% | 129,038 |
What are the benefits of MasterCard business credit cards?
MasterCard offer various benefits tailored to meet the needs of businesses, including:
- Global Acceptance. MasterCard credit cards are widely accepted both domestically and internationally, providing businesses with flexibility and convenience when making purchases or conducting transactions.
- Expense Management Tools. Many cards come with expense management tools that help businesses track and manage their spending more effectively. These tools may include online account management, transaction categorization, and reporting features.
- Rewards Programs. MasterCard business credit cards often come with rewards programs that allow businesses to earn points, cashback, or other rewards on eligible purchases. These rewards can be redeemed for travel, merchandise, gift cards, and more, providing additional value for business spending.
- Travel Benefits. Some MasterCard business credit cards offer travel-related benefits such as travel insurance, airport lounge access, and concierge services. These perks can be especially valuable for businesses that frequently travel for work.
- Security Features. MasterCard incorporates advanced security features into its credit cards to help protect against fraud and unauthorized transactions. These features may include EMV chip technology, tokenization, fraud monitoring, and zero-liability protection for cardholders.
- Business-specific Benefits. Certain cards may offer additional benefits tailored to meet the needs of businesses, such as discounts on business services, complimentary employee cards, and access to business resources and tools.
- Contactless Payments. Many MasterCard business credit cards support contactless payments, allowing businesses to accept fast and convenient tap-to-pay transactions. This feature can help streamline the checkout process and enhance the customer experience.
