NAB Business Card: Benefits and Requirements in 2024
NAB offers several different business card options, including credit cards, a Visa debit card and charge cards. If you’re looking for ways to manage your business spending, NAB may be able to help.
This guide walks through the NAB corporate card options, and also touches on a couple of alternative business debit cards from Wise and Revolut. Both Wise and Revolut offer multi-currency business account and card services with low fees and great exchange rates, which can suit businesses trading at home and abroad.
What is the NAB corporate card?
NAB is one of the biggest banks in Australia, offering a comprehensive range of business accounts and card solutions. If you’re hunting for good ways to manage business spending you may be interested in an NAB business card, which includes options for debit, credit and charge cards.
NAB corporate cards are all offered on the Visa network and all have their own features, fees and benefits. Compare a few options – and look at some non-bank business card providers like Wise and Revolut – to make sure you find the best fit for your business.
Key features: NAB business card
- NAB business cards are offered as debit, credit or charge cards, all on the Visa network
- Credit cards have annual fees of 60 AUD or more, while debit and charge cards may have monthly fees depending on the card you select
- Foreign transactions made using an NAB card have an additional fee of 2% to 3.5% depending on the card and transaction type
- Credit cards have a minimum credit amount of 5,000 AUD, and variable interest rates
- ATM costs apply, including withdrawal fees and cash advance charges for credit card use
- NAB cards are linked to AUD accounts – if you need multi-currency account and card services, a provider like Wise or Revolut may suit you better
NAB pros | NAB cons |
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✅ Lots of different card types and options
✅ Cards issued on the Visa network for global acceptance ✅ Some cards offer reward earning opportunities and perks like complimentary insurance ✅ Business account options include one product with no monthly fees |
❌ Foreign transaction fees apply which can be fairly high
❌ Annual or monthly fees apply on most cards |
Is the NAB card debit or credit?
NAB has 3 different business credit cards, a business debit card which can be linked to eligible business bank accounts, and business charge cards.
In most cases, ongoing charges apply to these cards, which may be monthly or annual, depending on the card you select. There are also likely to be foreign transaction fees if you use your card to spend or withdraw in a foreign currency. If you need to manage business spending in multiple currencies, a low cost multi-currency account and card from a service like Wise or Revolut may allow you to keep down costs. More on that next.
Who is the NAB corporate card for?
NAB is a fully licensed and trusted bank in Australia, which is safe to use and which can suit many different business customers.
NAB business card alternatives in Australia
NAB offers a good range of business cards including both debit and credit options. However, fees apply, which can be particularly high if you’re transacting in foreign currencies.
If you need to spend for your business in foreign currencies, or if you receive payments in foreign currencies from customers, a multi-currency account from a provider like Wise or Revolut may be a good fit. Here’s a quick overview:
Provider | Currency account | Monthly fee | ATM withdrawals | International transfer fee | Exchange rate |
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Wise |
|
None | Some free withdrawals monthly before a fee applies | From 0.33% | Mid-market rate |
Revolut |
|
21 AUD – 79 AUD | 2% fee | 10 AUD – some no fee transfers monthly |
|
*Details correct at time of research – 11th October 2024
Wise
Wise Business offers an account which can hold and exchange 40+ currencies, with a linked debit card for spending and withdrawals. You can use your card in 150+ countries globally, and order expense cards for your team if you need to. There’s no fee to spend a currency you hold in your account, and if you don’t have the currency you need, the card can automatically convert for you with the mid-market rate and low fees from 0.33%.
Accounts also offer ways to get paid by customers, marketplaces and PSPs with local and SWIFT account details in a selection of currencies.
Key features:
- No ongoing card or account fees, no foreign transaction fees
- Hold and exchange 40+ currencies, receive payments with local and SWIFT account details
- Currency exchange uses the mid-market rate
Wise pros | Wise cons |
---|---|
✅ Multi-currency account with no ongoing fees
✅ Debit card, with optional expense cards for team members ✅ No foreign transaction fee for overseas spending ✅ Some free ATM use monthly before fees begin |
❌ Card order fees apply
❌ Some service and transaction fees may apply depending on how you use your account |
Revolut
Revolut Business has 3 different account options for Australian customers, which all offer a linked debit card you can use for international and local spending. Expense cards are available for team members, and accounts can hold 25 currencies. All account tiers offer some no fee weekday currency conversion before fair usage fees apply – exactly what no-fee transactions you get depend on the account tier you select.
Key features:
- 3 different account options, with fees from 21 AUD a month
- Hold and exchange 25 currencies, get paid in foreign currencies with SWIFT details
- Some no fee weekday currency conversion before fair usage fees apply
Revolut pros | Revolut cons |
---|---|
✅ Choose different account types depending on your needs
✅ All accounts hold and exchange 25 currencies ✅ Some no fee currency exchange with the Revolut exchange rate offered with all accounts ✅ Add team members to your account and order expense cards for them |
❌ Monthly fees of 21 AUD or more
❌ Fair usage and out of hours fees may apply on currency conversion |
How does a NAB business card work?
All of the NAB business cards are issued on the Visa network, and can be used with popular wallets like Apple Pay. You can use your card to spend in person and online, and to make cash withdrawals. Fees may apply depending on the transaction type.
If you would like a credit card you’ll need to apply online or in person, and meet eligibility criteria including a credit check. To get an NAB Visa debit card you must have an NAB business bank account which can be linked to the card. Some business bank accounts have monthly fees, but there are options for account products with no ongoing charges.
NAB corporate card fees
The exact costs of using an NAB corporate card can vary a lot depending on the specific card you get. You’ll need to read through the card’s fee schedule carefully before you transact to make sure you’re clear on which fees may apply when you spend. Here’s an overview of some costs to consider:
NAB business card fee | |
Ongoing fees |
|
Foreign transaction fee |
|
ATM fee |
|
Other fees |
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*Details correct at time of research – 11th October 2024
NAB business exchange rates
When you spend overseas with an NAB card, the costs of your purchase are converted back to AUD using the Visa exchange rate and the foreign transaction fee which applies to your specific card. The AUD value of the purchase is then deducted from your business account if you use a debit card, or added to your monthly bill with a credit card.
While the NAB business exchange rate, set by Visa, is usually pretty fair, the foreign transaction fee does push up the final amount you need to pay. Foreign transaction fees can vary depending on the card and the spending type, but are usually between 2% and 3.5%.
NAB business card limits
If you have an NAB business credit card, the limit you’re set depends on your credit score and other factors. Minimum credit limits are usually 5,000 AUD.
If you have an NAB business debit card you can usually spend to the amount of your account balance. However, there are limits on the amount you can withdraw in cash, which are set for security reasons. This means you can withdraw up to 2,000 AUD daily, from ATMs and through EFTPOS cash withdrawals.
Bear in mind that the Visa debit card contactless payment limit is usually 100 AUD. If you’re spending more than this you’ll need to use your physical card to make a chip and PIN transaction.
What are the requirements for getting a NAB business card?
Depending on the card you want, you may be eligible to apply for your NAB corporate card online. While the exact eligibility rules may vary, you’re likely to need to meet the following requirements:
- You must be 18 or older
- You must have a registered business with an ABN
- You must have been registered for 12 months or more
- You must meet an annual minimum turnover requirement
- You may need to be registered for GST
- For credit cards you will need to complete a credit check
If you don’t meet these requirements, you may still be able to apply for an NAB business card, but you will have to call the bank directly to discuss your requirements and explore which cards you may be eligible for.
How to activate your NAB corporate card
Depending on the card you get, you may need to activate it before you can spend. Bear in mind, online applications may take a couple of weeks to be processed, so apply early in case of delays. Once you have your card in your hand, you can activate it online or by phone if needed.
How to use a NAB business card?
Once you have one, you can use your NAB business card to spend and make withdrawals at home and abroad. Most cards are compatible with mobile wallets like Apple Pay, and can be used to make contactless payments. Contactless limits for debit cards are set fairly low, at 100 AUD – so you’ll need to keep your physical card on you when you spend in person. You can also shop online with your card.
How to top-up your NAB card
You won’t need to top up an NAB business credit card, simply spend to your card’s limit and repay the amount every month. If you have a debit card you can add money to your business bank account yourself or have others pay you using your account’s local and SWIFT details.
How to withdraw money from NAB card
You can use your NAB business card to withdraw cash at an ATM, or through an EFTPOS cash transaction where the provider offers this service. Fees may apply, including foreign transaction fees if you’re abroad, charges levied by the ATM operator, and cash advance fees if you’re using a credit card.
How to use NAB business overseas?
NAB business cards are all issued on the Visa network which is accepted more or less globally. You can use your card overseas just as you would here in Australia, for spending and withdrawals. Foreign transaction fees are likely to apply, which can be 2% to 3.5% depending on the card you have and the transaction type. Check your own card’s fee sheet before you transact in foreign currencies, so you’ll know what costs apply.
Supported currencies
NAB business credit cards are billed in AUD, and the standard NAB business accounts hold AUD only. You can use your NAB business cards to spend internationally, but the amount will be converted back to AUD to be debited or billed to your account. Fees may apply.
Conclusion: is the NAB corporate card worth it?
NAB offers a good selection of business debit, credit and charge cards. NAB business credit cards all have annual fees, and some NAB business bank accounts which link to business debit cards also have ongoing charges. In addition to any monthly or annual fee you pay there are likely to be transaction fees which can include a percentage charge for overseas use, ATM costs, interest and more.
Weigh up your options with NAB against alternative providers like Wise and Revolut to see which is best for your business spending.
FAQ
- Is the NAB business card free?
NAB business credit cards all have annual fees. NAB business debit cards link to a business bank account, which may have a 10 AUD monthly fee. Compare a few options, including non-bank providers like Wise which has no monthly fee to pay for account and card services.
- Is NAB a Visa or Mastercard?
NAB business cards are all issued on the Visa network.
- Can foreigners in Australia use NAB?
You may be eligible for an NAB business account and card if you have an Australian registered business with an ABN, even if you’re a foreigner. Talk to the bank directly to explore which options are available for you.