Hume Bank Business Visa Credit Card – Commercially Secured

Information verified correct on October 1st, 2016

Manage your cash flow with a low purchase rate and convenient line of credit

It can be difficult to keep a record of day-to-day expenses associated with a business, but Hume Bank has brought a solution that can free up the time invested in managing small transactions. Hume Bank’s commercially secured business credit cards help in controlling expenses and are available at a competitive purchase rate of 10.6% p.a.

They come with features like 55 interest-free days, the ability to have up to 9 cardholders per account, a specific limit for each cardholder, and monthly comprehensive reports for every card. These cards have been designed to provide maximum benefits and at the same time help to provide convenient and cost-effective access to credit.

Product NameHume Business Visa Commercially Secured Credit Card
Rewards ProgramHume Loyalty Program
Purchase rate (p.a.)10.60% p.a.
Annual fee$40 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 55 days on purchases
Cash advance rate (p.a.)17.95% 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 Repayment3% or $10, whichever is greater
Card TypeVisa
Late Payment Fee$20
Foreign Currency Conversion Fee (VISA)2.85% of transaction value
Complimentary Travel Insurance Cover0 months
Available To Temporary ResidentsNo
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$40 p.a.
Minimum Repayment3% or $10, whichever is greater
Late Payment Fee$20
Foreign Currency Conversion Fee (VISA)2.85% of transaction value
Number of Additional Cardholders9
Rewards ProgramHume Loyalty Program
Rewards Points per $ (VISA/MC)1
Points ExpiryNever

Hume Bank Business Visa Credit Card – Commercially Secured review

This card puts the reigns back in the hands of the business owners. It allows control of small expenses by giving multiple cards for a single account, all of which can be closely monitored. This card, including the applicable fees and rates, are available when you secure it with a commercial property.

By securing it in this way, you’ll have access to essential features at a modest interest rate of 10.6% p.a. It allows better branding of your business as each card is personalised and is embossed with the business name as well as the cardholder’s name.

Benefits of the Hume Bank Business Visa Credit Card – Commercially Secured

  • Competitive purchase rate

    This card comes with a purchase rate of 10.6% p.a., giving you a low cost way to manage your business expenses.

  • Interest-free days

    Up to 55 days are interest-free for all purchases, which will help to reduce the interest charges on the card. Just pay your balance back in full each statement period to take advantage of this feature.

  • Waiver of annual fee

    If the annual spend on the account crosses $24,000, the annual fee will be waived.

  • Loyalty points

    Every dollar spent on the cards will earn 1 loyalty point. There is no loyalty joining fee.

Features of the Hume Bank Business Visa Credit Card – Commercially Secured

  • Multiple cards - Every account can have up to 9 cardholders as long as they’re over the age of 16.
  • Personalised cards - Every card is embossed with the name of the business and the cardholder. This helps in better branding and provides a unique identity to the business.
  • Comprehensive reports - Comprehensive reports are sent every month for each card. This can help you manage expense reporting for your business and also help you manage the expenditure of each cardholder.
  • Credit limits - Credit limits can be specified for every card, which helps in having better control over spending and also to reduce unnecessary expenses.
  • Worldwide usage - This card can be used throughout Australia and rest of the world. This can be very beneficial for businesses that have a global footprint, where it’s important to check the expenses for employees in different locations.
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How to apply for the Business Visa Credit Card

The application form can be obtained by downloading the form from the Hume Bank website. After filling in the form it needs to be mailed to Hume Bank directly, or it can be dropped at any Hume Branch. Almost all types of businesses are eligible for these cards. These include sole traders, partnerships, companies and trusts.

Application criteria

The application form requires couple of different bits of information. These include:

  • Card details - The address of the secured property along with its value need to be given. The maximum credit limit that’s required also needs to be provided.
  • Business details - This includes submitting the full legal entity, trading name, ABN/ACN, business address, phone, type of business and number of years in trading.
  • Business questions - These include the structure of business, number of employees, directors and the business’ accountant details.
  • Cardholder details - Information about the cardholders needs to be filled. In the case that several cards need to be provided, the information for each cardholder should be submitted.
  • Guarantor details - Guarantor’s details like name, date of birth, and license number need to be given. Also the financial details need to be added in the form.

This card provides value and convenience and can help the business owners keep a tab on the overall expenses within the firm.

The idiom, ‘a penny saved is a penny earned’, applies to every business. By keeping a strong check on small purchases a business can save a lot by eliminating needless expenses. Hume Bank’s business cards help in doing this by providing low interest rates, competitive features and good comprehensive monthly reports on every card.

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