Westpac Business Credit Cards

Westpac is a provider of products for business including business credit cards, business savings and transaction accounts, business loans, merchant services for SMEs, superannuation funds, landlord insurance, car insurance, and life insurance, as well as products for personal use.

“Australia – proudly supported by Westpac.”

Business credit cards offered by Westpac

Westpac has four different options when it comes to corporate credit cards or small business credit cards:

  • Altitude Business Platinum Credit Card – a rewards credit card
  • Altitude Business Gold Credit Card – a rewards credit card
  • BusinessChoice Rewards Credit Card – a rewards credit card
  • BusinessChoice Everyday Credit Card – a low rate credit card

All of the four cards share the following benefits, as well as other benefits listed below and other benefits that may be offered by Westpac at the time of applying:

  • Tax reporting: Export transactions into MYOB and BAS for business tax reporting
  • Free/Complimentary Insurance:
    • Transit Accident Insurance for accidental death and injury while riding as a passenger in a plane, bus, train or ferry
  • Security: Card protected by Cardshield™, chip technology, 24/7 fraud protection and Westpac Fraud Money Back Guarantee, and Westpac Added Online Security service when shopping online: Verified by Visa, MasterCard® SecureCode™, and American Express SafeKey® where applicable

Other benefits, depending on which Westpac business credit card you choose, include:

  • A choice of liability structure, either personal liability on account holder, or joint and several liability on business and business owner
  • Rewards programs including Qantas Aquire or Altitude rewards
  • Complimentary insurance, including cover for travel and business inconvenience

About-Westpac-Business-Credit-Cards

CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular product. If you decided to apply for a product, you will deal directly with a financial institution, and not with CANSTAR. All product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes and additional information.

Altitude Business Platinum Credit Card

About Westpac-Altitude-Business-Platinum-Credit-CardFeatures

  • Card type: Cardholder receives both a Visa and an American Express card for convenience
  • Credit limit: $20,000 – $150,000
  • Rewards program: Earn uncapped Altitude Points (0.5 points per $1 spent on government payments, 1 point per $1 spent on Visa, 3 points per $1 spent on AMEX), redeemable for business rewards including office furniture, flights, travel, merchandise, gift vouchers, or a contribution into BT Super For Life super fund
  • Concierge: 24/7 assistance worldwide for making bookings or emergency needs
  • Liability for repayment: Personal liability on account holder for transactions made on both primary card and secondary cards
  • Additional cardholders (supplementary cards): Up to 2 cardholders with shared credit limit
  • Insurance (Free/Complimentary):
    • Overseas Travel insurance for trips up to 3 months
    • Purchase Security insurance covers up to $5,000 for up to 4 months for specified loss, theft or damage of business items or personal goods purchased using the card
    • Extended Warranty insurance goes beyond the expressed Australian warranty on business items (by up to 3 months) and personal goods (by up to 24 months) purchased using the card
    • Account Holder’s Guaranteed Pricing Scheme guarantees you’ll get the cheapest price on the Australian market for that product or model where the price difference is greater than $75, where you purchase business items or personal goods up to $350 anywhere in Australia using the card
    • Account Holder’s Unauthorised Transaction insurance gives automatic protection (up to $20,000 per cardholder per year and $150,000 per account holder per year) against unauthorised transactions made by secondary cardholders on your account
    • Account Holder’s Business Inconvenience insurance covers up to $10,000 per year if your business premises are invaded during normal business hours, and up to $10,500 for recruitment expenses incurred if you have to replace an employee who is a cardholder

Rates and Fees

  • Interest rate on purchases: 20.24% p.a.
  • Cash advance rate: 20.74% p.a. (variable rate)
  • Cash advance fee: Greater of 2% or $2.50, capped at $150
  • Annual fee: $295/year (promotional offers apply from time to time, e.g. at the time of writing, $0 annual fee for first year and/or 0% interest on purchases made in first year)
  • Additional cardholder fee: $62/year per card
  • Interest free days: Up to 45 interest free days if balance paid in full every month
  • International fees: 3% for Visa, 3.5% for American Express on all transactions made in a foreign currency
  • Late fee for overdue minimum payment: $9/month
  • Paper statement fee: $7.50/duplicate statement if a statement has already been sent
  • Over the limit fee: $9 each time you go over the credit limit

Altitude Business Gold Credit Card

About-Westpac-Altitude-Business-Gold-Credit-CardFeatures

  • Card type: Cardholder receives both a Visa and an American Express card for convenience
  • Credit limit: $1,000 – $50,000
  • Rewards program: Earn Altitude Points (1 point per $1 spent on Visa, 3 points per $1 spent on AMEX) capped at 20,000 points, redeemable for business rewards including office furniture, flights, travel, merchandise, or gift vouchers
  • Liability for repayment: Personal liability on account holder for transactions made on both primary card and secondary card
  • Additional cardholders (supplementary cards): One cardholder with shared credit limit at no extra cost
  • Insurance (Free/Complimentary):
    • Overseas Travel insurance for trips up to 3 months
    • Purchase Security insurance covers up to $5,000 for up to 90 days for specified loss, theft or damage of business items or personal goods purchased using the card
    • Extended Warranty insurance goes beyond the expressed Australian warranty on business items (by up to 3 months) and personal goods (by up to 12 months) purchased using the card
    • Account Holder’s Guaranteed Pricing Scheme guarantees you’ll get the cheapest price on the Australian market for that product or model where the price difference is greater than $75, where you purchase business items or personal goods up to $350 anywhere in Australia using the card
    • Account Holder’s Unauthorised Transaction insurance gives automatic protection (up to $20,000 per cardholder per year and $150,000 per account holder per year) against unauthorised transactions made by secondary cardholders on your account
    • Account Holder’s Business Inconvenience insurance covers up to $10,000 per year if your business premises are invaded during normal business hours, and up to $10,500 for recruitment expenses incurred if you have to replace an employee who is a cardholder

Rates and Fees

  • Interest rate on purchases: 20.24% p.a.
  • Cash advance rate: 20.74% p.a. (variable rate)
  • Cash advance fee: Greater of 2% or $2.50, capped at $150
  • Annual fee: $150/year (promotional offers apply from time to time, e.g. at time of writing, $0 annual fee for first year and/or 0% interest on purchases made in first year)
  • Additional cardholder fee: No annual fee, limited to one additional cardholder
  • Interest free days: Up to 45 interest free days if balance paid in full every month
  • International fees: 3% for Visa, 3.5% for American Express on all transactions made in a foreign currency
  • Late fee for overdue minimum payment: $9/month
  • Paper statement fee: $7.50/duplicate statement if a statement has already been sent
  • Over the limit fee: $9 each time you go over the credit limit

BusinessChoice Rewards Credit Card

About-Westpac-BusinessChoice-Rewards-Credit-CardFeatures

  • Card type: Visa
  • Credit limit: $1,000 – up to maximum approved by Westpac, with individual credit limits available on up to 10 cards
  • Rewards program: Earn Aquire Points (1.5 points per $1.50), redeemable for Qantas Frequent Flyer Points (1 Qantas Point per 1 Acquire Point)
  • Liability for repayment: Joint and several liability on business and business principal for transactions made on both primary card and secondary cards
  • Additional cardholders (supplementary cards): Up to 10 additional cards for business use by employees
  • Insurance (Free/Complimentary):
    • Overseas Travel insurance for trips up to 3 months
    • Interstate Flight Inconvenience insurance covers interstate flights in Australia for trips up to 14 days
    • Purchase Security insurance covers up to $5,000 for up to 90 days for specified loss, theft or damage of business items or personal goods purchased using the card
    • Extended Warranty insurance goes beyond the expressed Australian warranty on business items (by up to 3 months) and personal goods (by up to 12 months) purchased using the card
    • Account Holder’s Guaranteed Pricing Scheme guarantees you’ll get the cheapest price on the Australian market for that product or model where the price difference is greater than $75, where you purchase business items or personal goods up to $350 anywhere in Australia using the card
    • Account Holder’s Unauthorised Transaction insurance gives automatic protection (up to $20,000 per cardholder per year and $150,000 per account holder per year) against unauthorised transactions made by secondary cardholders on your account
    • Account Holder’s Business Inconvenience insurance covers up to $10,000 per year if your business premises are invaded during normal business hours, and up to $10,500 for recruitment expenses incurred if you have to replace an employee who is a cardholder

Rates and Fees

  • Interest rate on purchases: 18.99% p.a. (variable rate)
  • Cash advance rate: 18.99% p.a. (variable rate)
  • Cash advance fee: $2.50 if cash advance leaves account in credit (no balance owing); greater of 2% or $2.50, capped at $150, if cash advance leaves account in debit (balance owing)
  • Annual fee: $150/year per card
  • Additional cardholder fee: $150/year per card
  • Interest free days: Up to 45 interest free days if balance paid in full every month
  • International fees: 3% on all transactions made in a foreign currency
  • Late fee for overdue minimum payment: $9/month
  • Paper statement fee: $7.50/duplicate statement if a statement has already been sent
  • Over the limit fee: $9 each time you go over the credit limit

BusinessChoice Everyday Visa Credit Card

About-Westpac-Business-Choice-Everyday-Visa-Credit-CardFeatures

  • Card type: Visa
  • Credit limit: $2,000 – $100,000, with individual credit limits of minimum $1,000 on up to 10 cards
  • Liability for repayment: Joint and several liability on business and business principal for transactions made on both primary card and secondary cards
  • Additional cardholders (supplementary cards): Up to 10 additional cards for business use by employees
  • Insurance (Free/Complimentary):
    • Flight Inconvenience insurance covers delay or missed connection for flights in Australia for trips up to 14 days
    • Account Holder’s Unauthorised Transaction insurance gives automatic protection (up to $20,000 per cardholder per year and $150,000 per account holder per year) against unauthorised transactions made by secondary cardholders on your account

Rates and Fees

  • Interest rate on purchases: 14.25% p.a. (variable rate)
  • Cash advance rate: 19.96% p.a. (variable rate)
  • Cash advance fee: $2.50 if cash advance leaves account in credit (no balance owing); greater of 2% or $2.50, capped at $150, if cash advance leaves account in debit (balance owing)
  • Annual fee: $75/year, waived when $15,000 or more is spent on the card per year
  • Additional cardholder fee: No annual fee, limited to one additional cardholder
  • Interest free days: Up to 45 interest free days if balance paid in full every month
  • International fees: 3% on all transactions made in a foreign currency
  • Late fee for overdue minimum payment: $9/month
  • Paper statement fee: $7.50/duplicate statement if a statement has already been sent
  • Over the limit fee: $9 each time you go over the credit limit

How to apply for Westpac business credit cards

Eligibility to apply for Westpac business credit cards

To apply for any of the Westpac business credit card products, you must be able to satisfy the following criteria:

  • At least 18 years old
  • Permanent resident of Australia
  • Earn a minimum of $30,000/year
  • Card will be used for business or investment purposes
  • You are the business owner, trustee, or company director

You will need to provide proof of your:

  • Identity (driver’s licence)
  • Business and personal income for current financial year and previous financial year
  • Employment status within the business
  • Other financial commitments such as loans
  • Business ABN and contact details of the business principal (if applying for additional cards for business use by employees)

Source: Westpac

About Westpac

In 1817, Westpac was established as the Bank of New South Wales, Australia’s first bank and first officially incorporated company. Today Westpac serves around 13 million customers as one of the big four Australian banks, and they own a number of other banking brands including St. George, Bank of Melbourne, BankSA, and RAMS.

Westpac offers business merchant services such as the popular Mobile PayWay app and secure card reader, so small businesses including tradies and market stall vendors don’t have to miss out if their customers don’t carry cash. They also offer standard, standalone EFTPOS machines and integrated EFTPOS systems for PC for larger merchants.

Westpac also provides information for business owners and entrepreneurs on how to start a business, how to grow a business, and industry-specific resources.

Are you running a business that aims to make a positive difference in your local community or the world at large? Entrepreneurs running innovative social enterprises should look into applying for funding from the Westpac Foundation. Community organisations and Not-For-Profit businesses can also benefit from financial solutions designed for their long-term group needs.

We’re pleased to see that as one of the big four, Westpac takes their corporate and social responsibility seriously. Westpac directly supports several community focus areas: disaster relief for businesses and communities, addressing financial and educational disadvantage in Aboriginal and Torres Strait Islander communities, and microfinance for marginalised small business people.

About-Westpac-business-merchant-services

As for protecting our environment, Westpac has been tackling climate change, reducing greenhouse gas emissions (40% reduction since 1996 so far), reducing water consumption, restoring Australia’s unique biodiversity, and participating in the UN Global Compact and UNEPFI.

 

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Written by: TJ Ryan