Hume Business Credit Card – Residentially secured Rates & Fees

Information verified correct on October 1st, 2016

Manage your business expenses, pay less fees and earn rewards points for every $1 spent with the Hume Business Visa Credit Card.

Who else wants a business credit card that rewards spending and charges a low ongoing rate owing to residential security?

Hume Residentially Secured Business Credit Cards, because of the security in question, charge a low ongoing rate on purchases. These cards come linked to a loyalty program, where you can earn rewards in accordance with how much you spend. Every cardholder under a single account can have individual credit limits, and will receive your business name embossed on the card.

Product NameHume Business Visa Residentially Secured Credit Card
Rewards ProgramHume Loyalty Program
Purchase rate (p.a.)10.10% 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
Overseas Emergency Replacement$250
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 Business Credit Card – Residentially secured review

Businesses looking for credit cards for their employees can consider getting Hume Residentially secured Business Credit Cards, where you can receive a low ongoing interest rate by providing residential security. You earn loyalty points when you make eligible purchases, and these points convert to dollar value. The ability to assign individual credit limits to multiple cardholders is also a plus.

Benefits of Hume Business Credit Card – Residentially secured

  • Loyalty scheme. You earn one loyalty point for every dollar spent on eligible purchases, and your loyalty points accumulate in your credit card account or a nominated Hume savings account. These points credit to your nominated account once every six months and 500 loyalty points convert to one Australian dollar.
  • Low rate. By providing security in the form of residential property you can take advantage of a low ongoing rate on purchases, which currently stands at 10.1% p.a. This rate applies on all cards under the primary account.
  • Personalised cards. Personalised Hume Business Credit Cards for your employees is a simple and effective way to increase the visibility of your business.
  • Comprehensive reports. You receive comprehensive reports each month with individual money statements that detail the transactions relating to each card.

Hume Business Credit Cards – Residentially secured features

  • Annual fee. You have to pay a nominal annual fee of $40 per account, and you can look forward to an annual fee waiver if the account’s previous year’s spend exceeds the spend hurdle that currently stands at $24,000.
  • Interest-free days. If you pay the account’s closing balance in full each month, you can get up to 55 interest-free days on purchases.
  • Additional cardholders. You can nominate up to 9 cardholders linked under a single account. All cardholders must be Hume customers and over 16 years of age.
  • Credit limit. The minimum credit limit of this card is $5,000, and the maximum depends on your ability to repay.
  • Specific credit limits. You can assign individual credit limits to each card linked to your primary account, and you can change these limits at any time.
  • Visa Entertainment. This service gives cardholders an array of special entertainment offers for events around the country.
  • Easy access to funds. This credit card comes with a Visa connect, so you can use it at EFTPOS terminals and ATMs worldwide. You can also use this card to make purchases and pay bills online and over the phone.
  • Verified by Visa. This service provides additional safety when your credit card details make it to the World Wide Web.
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How to apply for Hume Business Credit Card – Residentially secured

You can walk in to any Hume branch to apply, or you can download an application and mail it or drop it at any Hume branch. Before applying, make sure you meet the following required eligibility criteria:

Application criteria

  • You are applying as a sole trader, partnership, company, or trust
  • Your business is registered in Australia
  • You are a Hume Bank customer

Required documents

Completing the application requires you to provide some personal information, including the following:

  • Details of the property you wish to use as security
  • Business details like business structure, trading name, business address, and phone number
  • Individual cardholder details
  • Full business and personal taxation returns for the last two years

If you, as a business owner, are considering using residential security to receive a low rate credit card, this card could be of benefit. However, it’s ideal to take into account that this is not the only card of its kind and to compare a few before applying.

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