Bankwest Executive MasterCard Credit Card – Rates and Fees

Information verified correct on September 28th, 2016

Use your executive power to keep track of your employee and company expenses with a credit card designed for the medium and large business.

The Bankwest Executive MasterCard can assist you in controlling your business costs. With the ability to cap employee limits, you can manage the finances of your company and protect its assets from overspending.

Product NameBankwest Corporate (Executive) MasterCard
Rewards ProgramBankwest Business Rewards
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Standard Balance Transfer Revert Rate (17.99% p.a.)
Balance Transfer Limit95% of available credit limit
Purchase rate (p.a.)17.99% p.a.
Annual fee$69 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 50 days on purchases
Cash advance rate (p.a.)17.99% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$5,000
Minimum Monthly Repayment2% of the balance or $20
Card TypeMasterCard
Late Payment Fee$35
Foreign Currency Conversion Fee (MC)2.95% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$5,000
Annual Fee$69 p.a.
Minimum Repayment2% of the balance or $20
Late Payment Fee$35
Over Limit Fee$30
Cash Advance FeeGreater of 2% or $4.00
Overseas Cash Advance FeeGreater of 2% or $4.00
Overseas Emergency Replacement$0
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$0
Foreign Currency Conversion Fee (MC)2.95% of transaction value
Gambling Transactions AllowedYes
Gambling Transactions Interest RateCash Advance Rate
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes
Rewards ProgramBankwest Business Rewards
Rewards Points per $ (VISA/MC)1.5
Rewards Points per $ (AMEX)0
Rewards Points per $ (VISA/MC) CapUncapped
Points ExpiryNever

Bankwest Executive MasterCard review

The Bankwest Business Executive MasterCard is the ideal way for an incorporated company to track its day-to-day business expenses. With limited access to funds for as many employees as you need, you can maintain control over your company expenditure.

With an online management system you can monitor the use of the account and each individual cardholder. This allows total access to the central billing account where the transactions of all of the cards are held.

You have many options to choose from for you businesses credit needs. When comparing the different cards offered by card providers, consider features such as low rates and points for flights that your company may benefit from.

Benefits of the Bankwest Executive MasterCard Credit Card

  • Unlimited additional cards. There is no limit to the number of cards issued with the Bankwest Business Executive MasterCard. These can be additional executive cards or corporate cards. Each has its own design but access to the same account held by the company.
  • Company liability. Liability for the entire account is assigned to the accountholder. This can be an individual sole trader or a partnership, company or trust. By assigning liability to the company as opposed to an individual, you make the company liable for the transactions of all its cardholders.
  • Centralised billing. Control over the account is maintained by central billing which allows for access to the account activity as a whole as well as for the individual cardholders. The data shown for each card is comprehensive, allowing a business to easily identify problems with spending
  • Unlimited points for purchase. The rewards program that is offered as a part of this account allows your business to earn unlimited points for purchases. These points can either be accumulated and used by the company or the individual cardholder earning them. This is an optional program where executive cardholders pay $69 yearly to be a part of and $39 for its corporate card holders.
  • Over 2,500 rewards to choose from. There are over 2,500 rewards you and your employees can choose from if you opt to become an active participant in the Bankwest Rewards Program. Redeem points earned for deals on flights, useful merchandise or vouchers from your favourite retailers.
  • Earn points for every dollar spent. Your corporate cardholders will earn 1 point for every dollar spent while executive cardholders earn 1.5 points per dollar. You choose whether you want the business to redeem these points or your individual cardholders.

Bankwest Executive MasterCard features

There are other features that come with this card that you should consider:

  • Rewards program (fees). If you opt for the rewards program there is an overall annual charge of $69, plus an additional Annual fee will be waived if you spend more than $25,000 p.a. $99 for annual facility fee applies. for executive cards.
  • Annual fee. Annual fee of $69 and is waived if your spend exceeds $25,000.
  • Interest rate. All of the purchases made by each card are subject to an interest rate of 17.99% p.a.
  • Cash advance. Each card in the account can have the ability to withdraw cash up to $1,500 daily. Those advances are subject to an interest rate of 17.99% p.a.
  • Balance transfers. Any credit card balances transferred to this account will be charged 17.99% p.a. interest rate.
  • Interest-free days - Purchases made with any of the cards associated with this account will be held interest-free for up to 50 days. This only applies if the amount is paid in full by the due date, including any balance transfers and cash advances.
  • Liability. The business or company can be named liable for this account.
  • Credit limits. The minimum credit limit for the account as a whole is . Individual cardholders will be limited to the caps that the account administrator assigns. The maximum amount of credit allowed is dependent upon approval.
  • Minimum monthly repayment. The minimum repayment requirement for each monthly statement will be the greater of 2% of the balance or $20. The payment will be applied to the main account. Individual cardholder payments are only accepted to add credit if they surpass their spending limit during a statement period.
  • Rewards program. There is an optional awards program with this card that allows you to earn points towards flights, merchandise and gift vouchers. To participate, the account will be charged a fee of $39 per corporate card and Annual fee will be waived if you spend more than $25,000 p.a. $99 for annual facility fee applies. per executive.

How to apply for the Bankwest Executive MasterCard

Eligibility criteria

You may start your application online, so long as you meet certain eligibility criteria:

  • All individuals who are associated with the application for this credit card must be able to provide a verifiable form of identification. This is pursuant to the provisions laid out by the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006.
  • All applicants must have the expressed power to act on behalf of the business in applying for this card.

Requires documents

Have the following documentation available to help facilitate the process:

  • Profit and loss statements for the last three years along with a balance sheet.
  • The personal tax return information for the last three years from any individual associated with the business.
  • If your business banking is not done through Bankwest you will need to show bank statements for all accounts for the prior year.

While the manageability that this card provides is enticing, there are other business credit cards that have more extensive rewards programs without the added fees. When looking for a card to suit all of your company’s needs, keep those added features in mind.

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