Bankwest Business Low Rate MasterCard Review
The Bankwest Business Low Rate MasterCard gives you opportunity to work off your business debt by consolidating it into one manageable account. You will have up to 6 months to pay off your transferred balances at an interest rate of 7.99% p.a.
Not only is the interest rate for purchases a low 7.99%, but you also have up to 45 interest-free days to pay those purchases off. Expand your business’ profitability by using your credit card to pay for everyday expenses.
This is a personal liability credit card best suited to small businesses. If your company is larger you might want to consider exploring business credit cards that allow liability to be assigned to the business, not its owner.
6 months of an interest rate below 10% p.a. for your transferred balances can help pull your business out of the red.
- Introductory interest rate
The introductory interest rate of 7.99% is only available for the first 6 months after the card has been activated, regardless of when the balance transfer takes place. Keep this in mind and transfer your high rate card balances quickly in order to get the most benefit.
- Company liability
You can transfer up to 95% of the approved credit limit. After the 6 month period ends, the interest rate reverts to 13.25% p.a. and will be applied to any left over money from your balance transfer.
- Credit limit transfer
You can transfer up to 95% of the approved credit limit. After the 6 month period ends, the interest rate reverts to 13.25% p.a. and will be applied to any left over monies from your balance transfer.
- Balance transfer from non BankWest accounts
You are only permitted to transfer balances from non-Bankwest accounts issued in Australia. This includes standard and store issued credit cards.
Low interest rate for first 6 months
Pay for those items you need to keep your business running and pay only 7.99% p.a. interest for the first 6 months. Like with balance transfers, the 6 month introductory period begins when the card is activated. Once this ends, the interest rate for purchases reverts from 7.99% to 13.25% p.a.
- Interest free days
For purchases only, there are up to 45 interest-free days. These can only be taken advantage of when the account has been paid in full for the current and preceding statement period. Interest-free days will not apply to balance transfers or cash advances.
- Cash withdrawals
If you need cash for your business, the Bankwest Business Low Rate MasterCard will allow you to withdraw funds from ATM’s up to $1,500 daily dependent on your available credit. Those funds that are withdrawn are charged a separate interest rate of 14.5% p.a.
Bankwest Business Low Rate MasterCard Features
In addition to the competitive rates on balance transfers, purchases and cash advances, the Bankwest Business Low Rate MasterCard offers your business the following features:
- Annual fee. Your account will be charged $39 p.a. so long as it is active.
- Interest rate. The interest rate for purchases will be 7.99% for the first 6 months. Once that period ends the rate reverts to 13.25% p.a.
- Cash advances. You have the ability to withdraw up to $1,500 cash daily with your card for a minimum charge Greater of 2% or $4.00 of the amount, whichever is higher. These funds will be subject to an interest rate of 14.5% p.a.
- Balance transfers. All transferred balances from other credit cards will be charged an interest rate of 7.99% p.a. for 6 months after the card has been activated. Once that introductory period ends the interest rate will change to the purchase rate of 13.25% p.a.
- Interest-free days. After a purchase, you have up to 45 days interest-free to pay it off.
- Foreign transactions. When you make a purchase that involves the conversion of a foreign currency to the Australian dollar, you will be charged 2.95% of the Australian dollar amount.
- Over the limit fee. If you go over the credit limit allowed with your card you will be charged $30.
- Late repayments. If you miss or are late with your repayments you will have to pay an additional $35.
- Card replacement. For the replacement of a lost card you will be charged $25.
- Additional cardholders. You are permitted to have up to 3 additional cards with your account for no charge. Your monthly statement will contain detailed information for each card held on the account.
- Liability. Despite this being a business credit card, the liability for any fraudulent use is the sole responsibility of the primary cardholder and not the business entity.
- Credit limit. Depending on your individual financial circumstances, the amount of credit allowed will range from $5,000 to $50,000.
- Repayments. The minimum repayment amount each month will be the greater of $20 or 2 of the total balance.
How to apply for the Bankwest Business Low Rate MasterCard
Bankwest will check that all applicants are:
- Identification. Able to provide verifiable identification. This applies to the any and all individuals associated with the application including your additional cardholders.
- Authorisation. Authorised to represent the business in applying for the credit card.
- Business finances. The past three years’ worth of details of businesses finances including a profit and loss sheet with balance sheet.
- Personal finances. The last three years of personal tax information for all individuals associated with the business.
- Bank statements. If your primary bank account is not with Bankwest you will need to provide statements for the last year.
When considering a new credit card for your business make sure to examine all of the features offered to determine what will best help you meet your goals. Liability should also be considered, especially if your business is a larger one.