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Business Credit Cards - August 24th
Co-Author: William Jolly Canstar Research has crunched the numbers on Business Rewards credit cards to find out what the value of your rewards points are today compared to what they were worth one year ago. It's not...– Read more
Business Credit Cards - August 24th
Out of the 36 business credit cards rated in this year’s research, seven have achieved a 5-Star Rating in at least one category. These cards are: American Express – Business Explorer Credit Card Bankwest – Business...– Read more
Business Credit Cards - July 17th
In an bid to help small business owners get more back from the work they put into their business, the American Express Business Explorer credit card offers businesses greater rewards and improved financial management. For an...– Read more
Business Credit Cards - January 24th
Running a small to medium sized business (SME) is an intensive and full-time role. With a high level of day-to-day pressure, there isn?t always time to take a step back and look at the bigger picture....– Read more
Unlike personal credit cards, business credit cards are issued to a company or business with an Australian Business number (ABN). Multiple cards can be provided to different staff members, enabling employees to spend company money on business expenses.
Business credit cards can make it easier for small business owners to separate business transactions from personal transactions with features available on some cards to help with tracking spending. They can also reward businesses for spending with attached premium benefits.
There are a few different types of business credit cards available in Australia:
There are four main credit card brands available in Australia often offered through a vast array of banks and building societies:
Canstar uses a sophisticated ratings methodology to assign Star Ratings to business credit cards based on an array of characteristics, such as:
The overall score of a product is calculated by adding its total price score and total features score. Business credit cards that achieve a 5-Star rating represent some of the top value products on the market.
In order for a product to be considered in Canstar’s Business Credit Card Star Ratings, products must meet the following requirements:
There are many features that may be attached to a business credit card. These can include:
A summary of the features we assess when looking for outstanding value in a business credit card are contained in the Methodology for our Business Credit Card Star Ratings Report.
There are a number of fees that may apply to your business credit card. See your card’s product disclosure statement (PDS) for details on all fees that may apply to your account. Some common fees include:
Wondering what type of credit card you should get for your business? This depends on what you intend to use it for. We rate business credit cards for two categories of business credit card user: the Revolver and the Transactor.
The Revolver is a business that keeps a debt on their card and pays interest on the balance, “revolving” the debt from month to month.
When looking for a business credit card, our advice for Revolvers is this:
The Transactor is a business that pays off their credit card balance in full every month.
When looking for a business credit card, our advice for Transactors is this:
No matter what you use the card for, it pays to shop around. Products on the market are continually changing, both in interest rates and other features. Setting aside an hour to compare the current offerings on the CANSTAR website could end up being a great return on investment for your business.