Skip to main content Skip to main navigation
Skip to accessibility page Skip to search input

Benefits of business credit cards for business owners

A business credit card acts in much the same way as a personal credit card, but has greater advantages for business owners. These include easier separation of expenses, flexible cardholder controls and greater transaction security.

There are a variety of credit card options available to business owners and the size, structure and turnover of your business should be considered before making a decision.

Make tax time simpler

The first benefit of a separate business credit card over using a personal credit card for business expenses is the simplicity of recordkeeping and reporting, especially around tax time. Monthly statements can be downloaded and imported into accounting software.

Without the clutter of personal transactions, a credit card used solely for business purchases can give you a clearer view of your cash flow. Another benefit is that the annual card fee on each of your business cards may be tax deductible. However, you should make your own enquiries with your tax adviser.

Employee access with multiple cards

Depending on the size of your business, you may need your employees to use your company’s credit card account for day-to-day business purchases and bill payments. Most personal credit cards only offer one additional cardholder that has access to the full credit limit of the account. Our BusinessChoice card accounts, however, allow up to 9 additional cardholders with the ability to assign individual credit limits to each card so that you can have more control over how much each of your employees spend on the account.

Earn rewards for your business spend

Business credit cards often come with rewards programs, like Altitude Business Rewards or Qantas Business Rewards. While you can get rewards through personal credit cards too, business rewards cards can feature rewards tailored more to a company’s needs. For example, you can get business concierge services to help you arrange business travel.

Complimentary insurance covers for your business

While some personal credit cards offer complimentary insurance across a range of travel and purchase protections, business credit cards can provide insurance more specific to business circumstances. For example, most personal credit cards’ insurance doesn’t cover items bought for business purposes or business travel. Our business credit cards’ insurance (for Altitude Business cards and BusinessChoice Rewards Platinum) offer various covers for business specific circumstances:

 

  • Accountholder’s unauthorised transaction insurance
  • Accountholder’s business inconvenience insurance for business premises invasion, recruitment expenses and temporary replacement employee expenses
  • Purchase security insurance for business items as well as personal goods
  • Extended warranty insurance for business items as well as personal goods
  • Overseas travel insurance policy for business and personal travel

These are offered in accordance with our complimentary insurance policy.1

 

Keep your business expenses separate and reap the rewards.

Things you should know

Annual card fee: For Altitude Business Platinum and Altitude Business Gold credit cards, the annual card fee covers all cards associated with the product. For BusinessChoice Rewards Platinum and BusinessChoice Everyday credit cards, an annual card fee is payable for each card associated with the facility.

Earning and redeeming Altitude reward points: You can earn and redeem Altitude rewards points as set out in the Altitude Business Rewards Terms and Conditions. You do not receive points if your card account is in arrears for 2 consecutive statement cycles and in other circumstances. Altitude reward points do not expire while you remain an Altitude card holder. You must be a member of the relevant frequent flyer program to redeem Altitude points for frequent flyer points. The terms and conditions of the relevant frequent flyer programs also apply. A joining fee may apply for these frequent flyer programs. Availability of award flights may be limited.

Earning and redeeming Qantas Points: To use Qantas Points earned by your business, simply transfer them to any Qantas Frequent Flyer account (Qantas Point earn rates may vary between Qantas Partners). Qantas Partner conditions and earning thresholds apply. We recommend you consult your accountant or tax adviser to ensure you understand possible tax implications, for example fringe benefits tax (if applicable). You must be a Qantas Frequent Flyer member to earn and redeem Qantas Points. Membership and the earning and redemption of Qantas Points are subject to the Qantas Frequent Flyer program terms and conditions. A joining fee may apply.

1. Complimentary insurance covers (effective 1 October 2017): AWP Australia Pty Ltd, ABN 52 097 227 177, AFSL 245631, of 74 High Street, Toowong, QLD 4066 (trading as Allianz Global Assistance) under a binder from the underwriter, Allianz Australia Insurance Limited ABN 15 000 122 850, AFSL 234708, has issued an insurance group policy to Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 (Westpac), of 275 Kent Street, Sydney, NSW 2000 which allows eligible Westpac account holders and cardholders to claim under it as third party beneficiaries. The terms, conditions, limits and exclusions of the group policy are set out in the Westpac Business Credit Cards Complimentary Insurance Policy which may be amended from time to time. Westpac does not guarantee the insurance. You can get a copy of the policy booklet by downloading Westpac Business Credit Cards Complimentary Insurance Policy (effective 1 October 2017) (PDF 238KB).