Australia's 6 top corporate business cards compared by fees and features

Paying for day-to-day expenses, travel spend, and all of the other costs across a business can be complicated. When you first start out, reimbursing for expenses and tracking expenditures may be easy, but you’ll likely need support as you grow.

This is where corporate cards come in. 56% of businesses use cards for financing to make business spending easier¹. Cards may include a rewards program, offer card controls, and come with expense management features – but these features can greatly differ from card-to-card.

Explore key features, costs, and popular Australian corporate card options below. 

What is a corporate card?

A corporate card is a type of business debit or credit card that typically has higher eligibility requirements than personal cards. The card is tied to the business and its financials, so cardholders can spend on behalf of the business without putting their own money on the line.

Aside from the company owning the card account and a few business-specific features, it operates a lot like a typical card. You can even choose a corporate debit or credit card, each with its own perks: 

• Credit cards are convenient, have reward programmes, and can extend your line of credit.

• Debit cards simplify expense management and help you better control spending without debt or interest.

How do corporate cards work?

Corporate cards help businesses give their employees a simple and controlled way to buy things and manage money. Here's a simplified breakdown of how they typically work:

• Issuance: The company applies for corporate cards from a financial institution. Once approved, the company can issue these cards to employees who need them for business-related expenses.

• Spending: Employees use corporate cards to make purchases for business purposes, such as travel, meals, or office supplies. The company can preset spending limits and allow purchase categories to control expenses.

• Tracking: Each transaction made with a corporate card is recorded, making it easy for the company to track spending in real time. This helps in monitoring expenses and ensuring compliance with company policies.

• Reconciliation: At the end of the billing cycle, the company receives a consolidated statement that includes all employee-made transactions. This statement can be reconciled with the company's accounting system to ensure accuracy.

• Payment: The company pays the card issuer for the total amount spent by employees during the billing cycle. This is usually done through a single payment, simplifying the process compared to reimbursing individual employees.

• Expense reporting: Employees may still need to submit expense reports, but the process is streamlined because the transactions are already recorded. Modern platforms like Airwallex reduce administrative burden with expense management features.

• Rewards and benefits: Some corporate cards offer rewards, cashback, or other benefits based on spending, which can provide additional value to the company.

Corporate cards can help businesses manage expenses more effectively, improve cash flow, and provide a convenient way for employees to make the necessary purchases. This is critical as organisations’ recurring monthly expenses increase. 

6 top corporate cards in Australia

To save you time, we've compiled a list of our top corporate card picks and their key details below, including:​

• Airwallex Corporate Card is a multi-currency debit card that pays from existing currency balances to reduce FX fees.

• Revolut Corporate Card is a multi-currency debit card that draws from existing balances or exchanges at interbank rate when payments are made.  

• CommBank Corporate Low Rate Credit Card is a low-rate card that offers a lenient interest-free period

• NAB Rewards Business Signature Card is a rewards credit card which earns NAB Reward Points, redeemable on travel, gift cards, and other expenses.

• American Express Business Explorer Card is another rewards-based credit card with a relatively high fee, which also offers cash flow management tools.

• Westpac Altitude Business Credit Card is a tiered credit card program, with various rewards and limits based on whether the card holder is of Platinum or Gold status.

Airwallex Borderless Cards

Most traditional banks with business accounts offer corporate cards, but end-to-end financial solutions like Airwallex support financial operations more holistically. Our Business Accounts support multi-currency capabilities so you can hold up to 23 currencies and spend from held balances. This reduces your exposure to volatile FX rates, and it can also mean you can avoid international transaction fees altogether. 

Our Business Accounts also come with access to our Corporate Cards, which allows employees to cover international company expenses, as well as travel costs so you can take care of global business without a sweat. It’s a virtual debit card that covers costs with an existing balance rather than a line of credit, so you can stick to your budget and skip expensive annual percentage rate fees (APRs).

Employee cards help businesses track their team’s cross-border payments in real time so you can keep track of your cash position at all times. You can also set spending limits, and restrict merchant types if required so you can avoid unexpected overspend. 

Combined, Airwallex business debit cards are ideal for businesses looking to grow internationally. That said, they’re just as good for small Australian businesses that want to control their budgets because our Business Accounts also feature Expense Management and Bill Pay to organise your spending, all in one place. 

Revolut Corporate Card

Similar to Airwallex, Revolut offers multi-currency cards that draw from existing balances. Revolut also offers the option to exchange when payment is made, with the interbank exchange rate. Revolut corporate cards allow businesses to track employee spend and manage them through controls. Uniquely, Revolut offers customisation of physical cards and their premium metal cards for $79.95 each.

Whilst Revolut has competitive FX rates, this may not be suitable for businesses with numerous transactions as there's a limit of five on the number of free FX transactions. $10 is charged for transactions above five per month, which can easily cut into a business’ bottom line. 

CommBank Corporate Low Rate Card

Designed with a lower interest rate on purchases, CommBank’s Corporate Low Rate Card offers 55 days interest-free on purchases, making it suitable for businesses looking to manage their costs closely. In exchange for this lower rate on purchases, this card ‌has a $300 establishment fee and limited benefits program.

The card from the ‘big four’ also features low annual fees on employee cards to manage expenses for the team and businesses. Each employee card costs $24-40, being cheaper with more employees. But as with many corporate credit cards, there are late fees and overlimit charges, which CommBank charges $25 for. Also, CommBank doesn't offer multi-currency cards, which makes international transactions more costly without settling in preferred currencies. 

NAB Rewards Business Signature Card

The NAB Rewards Business Signature Card is the primary corporate card offering from this ‘big four’ bank, and has a relatively high annual fee at $175 per card.

This card is strongly attached to their rewards program, giving cardholders the ability to earn NAB rewards, which can be redeemed on travel, gift cards, and other expenses. Like many cards, it also has travel insurance attached. However, it doesn't have multi-currency capabilities, so it may be a limited option for international purchases.

The NAB Rewards Business Signature Card covers the basics of expense management, integrating with bank feeds on popular account software like MYOB, Xero, and more. Users can also set up basic controls for cards. Advanced controls, the ability to instantly issue employee cards, and an app for employee expenses aren’t available despite the relatively high annual fee.

American Express Business Explorer Card

The AMEX Business Explorer Card may be suitable for cardholders that are primarily seeking travel benefits. It comes with a travel-focused rewards program, plus two passes to Sydney or Melbourne AMEX airport lounges annually, and complimentary travel insurance. 

The Explorer Card can be activated with an employee card program, allowing primary cardholders to view spending data. The addition of employee cards does not add to the $149 annual fee. However, they don’t come with an employee expenses app for quick receipt uploading, possibly creating a reliance on paper receipt admin.

The card has bank feeds integrations with MYOB, Microsoft, Quicken and Excel, but doesn't appear to integrate with popular providers including Xero and Netsuite.

Westpac Altitude Business Credit Card

Another ‘big four’ offering, the Westpac Altitude Business Credit Card is another card based around a rewards program, and can be accessed at ‘Gold’ or ‘Platinum’ tiers. A primary differentiator between the tiers is that there's a 20,000 points cap for ‘Gold’ members, and no points cap for ‘Platinum’ members per statement cycle.

Points can be redeemed on travel, or can be spent on Westpac’s own rewards store. Annual fees don't currently apply to the first year of use. 

Aside from the rewards aspect, the Westpac Altitude Business Credit Card program may be limited for businesses that are seeking expense management tools, multi-currency capabilities, and accounting software integrations.

How to compare and choose the top corporate cards in Australia

Business needs vary by size, spending, and accounting processes, so take stock of your goals and needs as you compare card providers. While you shop for corporate cards, think about:

• Multi-currency support: Look for cards that support multiple currencies so you can transact in different currencies without incurring foreign exchange fees or international transaction fees.

• Foreign exchange rates: Prioritise cards that offer low foreign exchange rates. This can result in significant savings, especially if you frequently transfer funds internationally. 

• Cashback and rewards: Look for additional benefits like cashback, air miles, or rewards points that can offset some of your spend.

• Spending habits: Determine who needs access to cards, what you’re spending on, and if you need multi-currency features for international transactions. 

• Spending controls: Some cards allow you to see and manage employee spending, and can even integrate with accounting software.

• Customer support: Evaluate the quality and availability of customer support for each card. Quality support can be crucial for resolving time-sensitive issues.

• Security features: Consider the offered security features like fraud protection, chip-and-PIN technology, and virtual card capabilities to protect your business.

How to apply for a corporate card

After you select your preferred card, you can apply online. The process can vary between providers, but it'll generally follow these steps:

1. Research and compare options to determine what features are important for your business such as multi-currency support, or low foreign transaction fees. 

2. Confirm eligibility with the card provider based on business size, spending, and location. Some cards may be restricted to certain types of businesses.

3. Gather business documents, including your business’ legal status, financial statements, and supplementary documents. 

4. Apply online or in-person by providing all the required information and submitting all the necessary documentation. 

Approval can take one to five business days, though most providers will have a card sent to you within that time frame. 

Corporate card alternatives for business finances

With relatively high eligibility requirements, corporate cards aren’t a fit for every business. Luckily, there are other corporate card alternatives such as: 

• Debit cards are ideal for businesses who want better oversight of their spending and want to minimise the risk of overspend

• Business credit cards for mid- and small-sized businesses have fewer credit and income requirements to get started.

• Prepaid cards are used to purchase items using a preallocated balance like debit cards, but are not associated with your bank account.

• Business bank accounts can make managing finances easier with many options also offering cards as part of their offering.

• Business loans are available for one-time spending needs and can offer larger balances without the rewards. 

Most businesses use a mix of solutions to finance and manage their operations. 

Streamline your international business transactions

Corporate cards are tools to carry out business and work-related expenses without using your or your employees’ personal line of credit. They can also help you gain visibility of your business spending and allow you to put in customised card controls. 

This can sometimes come at a cost, with expensive credit card interest rates, FX charges, and foreign transaction fees. Consider alternatives like Airwallex’s Virtual Cards for flexible international spending without the hidden fees. 

These are included with your Airwallex Business Account, which also gives you access to Global Accounts. Our Global Accounts are local currency accounts that provide local bank details so you can collect and hold payments in multiple currencies. This means you can eliminate FX fees if you spend from your existing balances. 

Airwallex also has integrations with accounting software and offers Expense Management, and Bill Pay features so that​​ you never have to manage components of your financial operations on disparate systems.

Sources

1. https://www.fedsmallbusiness.org/reports/survey/2024/2024-report-on-employer-firms

2. https://www.revolut.com/en-AU/business/cards/

3. https://www.commbank.com.au/business/business-credit-cards/corporate-low-rate-card.html 

4. https://www.nab.com.au/business/business-credit-cards/nab-rewards-business-signature-card

5. https://www.nab.com.au/important-information/business/interest-rates-fees-charges

6. https://www.americanexpress.com/en-au/credit-cards/business-explorer-credit-card/

7. https://www.americanexpress.com/content/dam/amex/au/staticassets/small-business/pdf/services/au-feesheet-sbs-credit.pdf

8. https://www.americanexpress.com/au/credit-cards/about-credit-cards/fees/ 

Disclaimer: The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]].

This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.