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

By Vanessa YipPublished on 31 March 20256 minutes
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New Zealand's 6 top corporate business cards compared by fees and features
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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 Kiwi 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 programs, and can extend your line of credit.

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

Give your business and employees corporate debit cards.

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Corporate card pros:

Corporate card cons:

✅ Improved oversight 

✅ Easier to account for spending

✅ Higher spending limits than personal credit cards and business cards

✅ Can come with reward programmes

❌ Can sometimes come with some fees 

❌ Extensive application and approval process

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. 

5 top corporate cards in New Zealand

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. 

  • ANZ Visa Business Low Rate Card is a low-rate card that offers a lenient interest-free period.

  • BNZ Business First Lite Visa is a low-interest-rate credit card designed to provide working capital for businesses.

  • Kiwibank Business Low Rate Visa is a low-rate and fee credit card with a lenient interest-free period.

  • American Express Gold Rewards Card is a rewards credit card which earns membership rewards redeemable on gift cards, travel of other expenses. 

Card

Key features

Multi-currency company cards

Multi-currency employee cards

Card controls to limit spend and freeze / cancel cards

Expense management for cards and reimbursements

Fees

Airwallex Corporate Card

Debits from Global Accounts, extensive expense management tools, advanced controls

✅Two free employee card users per month and up to ten free company cards

✅ 

Free account available

ANZ Visa Business Low Rate Card

Low interest and low annual fee

❌Only business spending reporting, no expense management

$35 annually

BNZ Business First Lite Visa

14.95% interest rate and up to 55 interest-free days

✅ Basic controls via NetBank 

$5/month per card

Kiwibank Business Low Rate Visa

Low interest rate of 12.5% p.a

 

❌ But bank feed integrations with accounting software are available

$6.25/quarter per card

American Express Gold Rewards Card

Opportunity to earn rewards points

 

❌ But bank feed integrations with MYOB, Quicken, Microsoft and Excel are available

$200 annual fee

Additional cards are free

Airwallex Corporate 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 NZ 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. 

ANZ Visa Business Low Rate Card

The ANZ Visa Business Low Rate card is ‌the most popular corporate card offering from this bank for small businesses with its low-rate, annual fee, and relatively high interest-free period. 

The card is offered at an annual fee of $35 and allows up to 15 corporate cards per account at $5 each. This allows businesses to distribute team spend with different spend limits, however there's no expense management tool available. ANZ offers a 55 day interest-free period and the interest rate on purchases is 13.9%. ANZ lacks the benefits of a rewards card and may not be suitable for businesses with international suppliers, clients, or vendors as they don't support multi-currrency accounts.

BNZ Business First Lite Visa

Similar to the ANZ corporate card, the BNZ Business First Lite Visa card is a corporate credit card that is designed to help small businesses manage cash flow. This credit card offers up to $50,000 in lines of credit. 

With no annual fee, BNZ offers employee cards at $5 per month ($60 annually) and a 14.95% p.a. purchase interest rate and cash advance interest rate. As a basic corporate card, there are no rewards and it doesn't support multi-currency accounts, which may be a limitation for businesses looking to go global. 

KiwiBank Business Low Rate Visa

Designed to manage expenses, this KiwiBank corporate card offers a lower interest rate of 12.5%p.a and an annual fee of $25 per card. There’s also an interest-free period of 55 days. With each employee card, businesses can control spend limits with basic expense controls. 

KiwiBank Business Low Rate Visa doesn’t support multi-currency accounts, but allows for international transfers at 1.85% per transaction plus currency conversion. Whilst they also don’t offer expense management tools, KiwiBank integrates with popular accounting software like MYOB and Xero. 

American Express Gold Rewards Card 

American Express Gold Rewards Card is a rewards-based credit card offered at $200 annually, with a relatively high interest rate of 22.95% p.a on purchases. AMEX offers two points per dollar spent, which can be redeemable for flight upgrades, travel insurance, and dining credits. Additional cards can be issued to family members at no extra cost. 

Whilst this may bemore suitable for freelancers of entrepreneurs, AMEX is limited in expense management tools and multi-currency support which larger growing businesses would find useful. For a high annual fee, these limitations may not be easy to overlook for businesses that are expanding and want to manage their cash flow effectively. 

How to compare and choose the top corporate cards in New Zealand

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 important 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:

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

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

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

  • 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

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

  • https://www.anz.co.nz/business/accounts-and-cards/business-credit-cards/visa-business-low-rate-card/ 

  • https://www.bnz.co.nz/business-banking/everyday-accounts/business-cards/compare 

  • https://www.kiwibank.co.nz/business-banking/ 

  • https://www.kiwibank.co.nz/business-banking/accounts-cards/business-credit-card/ 

  • https://www.americanexpress.com/nz/credit-cards/gold-credit-card/ 

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]]

Airwallex (New Zealand) Limited is registered with the New Zealand Financial Service Provider Register (FSP No. 1001602) to provide a range of financial services in New Zealand

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Vanessa Yip
Business Finance Writer

Vanessa is a business finance writer for Airwallex. With experience working at leading B2B technology companies, Vanessa is passionate about helping Aussie businesses, large and small, grow through cutting-edge tech. In her day-to-day, she breaks down complex tech jargon to help businesses streamline their end-to-end financial operations.

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