How to Pick the Right Business Debit Card

February 20, 2024
minutes to read
Justin Bohlmann
Table of Contents

Running a small business in Australia comes with its own set of financial considerations. The right business debit card is an essential tool that can significantly impact your financial management. It's not just about swiping and spending; it's about choosing a card that aligns with your business needs and empowers you to manage expenses efficiently. In this comprehensive blog, we'll explore the ins and outs of selecting the perfect business debit card in Australia. Plus, I'll introduce you to Thriday, an all-in-one financial management platform that can simplify your banking, accounting and tax processes.

Why Get a Business Debit Card

Before we dive into the details, let's address the fundamental question: Why should you get a Business Debit Card in the first place? 

  • Separate Business and Personal Finances: Keeping your personal and business finances separate is essential for financial clarity and tax purposes. A business debit card allows you to do just that. 
  • Expense Tracking: Business debit cards make it easy to track your business expenses. Every transaction is recorded, helping you stay organised and not miss any deductible expenses.
  • Access to Funds: With a business debit card, you have quick access to your business funds, which can be crucial for managing cash flow and covering immediate business expenses. 
  • Build Business Credit: Using a business debit card responsibly can help you establish and build your business credit profile, which can be valuable when seeking financing or credit lines in the future.

Key Features of a Business Debit Card

Now that you understand the importance of a business debit card let's delve into the key features to consider when choosing the right one for your Australian business: 

  1. No Credit Check: Most business debit cards in Australia don't require a credit check. This makes it easy to get started and open an account online.
  2. Expense Tracking: A top-notch business debit card should offer robust expense-tracking capabilities. Look for a card that categorises your transactions, making monitoring spending easier and generating accurate financial reports. 
  3. Cashback or Rewards: Some business debit cards in Australia offer cashback or rewards programs. These can be a pleasant bonus, allowing you to earn back a percentage of your spending or enjoy other perks like travel rewards. 
  4. Online & Mobile Banking: Ensure the card has a user-friendly online and mobile banking platform. This will enable you to manage your account, view transactions, and make payments on the go. 
  5. Security Features: Security is paramount. Look for features like 3D Secure and chip technology, which provides added security for in-person transactions and fraud protection services to safeguard your business from unauthorised charges. 

Best Business Debit Cards in Australia 

Now that you know what to look for, here are some of the best business debit cards offered by Australian banks: 

  • CommBank Business Transaction Account: Commonwealth Bank of Australia (CommBank) provides a business debit card with zero monthly account fees, unlimited transactions, and easy integration with accounting software. 
  • ANZ Business Advantage Account: ANZ provides a Visa debit card with no monthly account fee for eligible businesses, unlimited electronic transactions, and the option to link your card to popular accounting software. 
  • NAB Business Everyday Account: National Australia Bank (NAB) offers a business debit card with $0 monthly fees, unlimited transactions, and access to NAB Connect for online business management. 
  • Westpac Business One Low Plan: Westpac's business debit card comes with a low monthly account fee, free electronic transactions, and the convenience of linking your card to accounting software.

Why the Thriday Visa Business Debit Card is Popular

While Australian banks offer excellent business debit card options, Thriday's Visa Business Debit Card stands out for several reasons: 

  • Seamless Integration: Thriday offers an all-in-one financial management platform that automates banking, accounting, and tax processes. Your Visa Business Debit Card seamlessly integrates with this platform, streamlining your financial operations. 
  • Automated Expense Tracking: Thriday categorises your transactions automatically, making expense tracking effortless. You can generate detailed expense reports at the click of a button, simplifying tax preparation and financial analysis. 
  • Smart Receipt Scanning: Thriday allows you to upload, email, or take a photo of any receipts you receive so that your tax position is automatically calculated and you can save a digital copy in the cloud. 
  • Real-Time Insights: With Thriday, you can access real-time financial insights, helping you make informed decisions and stay on top of your business finances. 

Business Debit Card FAQs

Here are some frequently asked questions about business debit cards in Australia: 

1. Can I get a business debit card with no annual fee? 

Yes, many Australian banks offer business debit cards with no annual fees. Be sure to compare options to find one that suits your needs. 

2. Can I get a business debit card in Australia if I have poor credit? 

Generally, yes. Business debit cards in Australia don't rely on your credit score, making them accessible even if your credit isn't stellar. 

3. How do I apply for a business debit card in Australia? 

You can typically apply for a business debit card through your chosen Australian bank. Be prepared to provide your business's legal information and documentation. 

4. Can I use a business debit card for personal expenses? 

Using your Australian business debit card for personal expenses is not advisable, as it can complicate your financial records and tax filings. 

5. What should I do if my business debit card is lost or stolen? 

Contact your card issuer immediately to report the loss or theft. Most Australian banks provide 24/7 customer support and can help you secure your account. 

Key Takeaways

Selecting the right business debit card in Australia is crucial in managing your small business finances effectively. Consider your business's unique needs, evaluate key features, and explore Australian banks' options to find the card that aligns with your goals. And if you're looking for an all-in-one solution that simplifies financial management, Thriday's Visa Business Debit Card and integrated platform could be the perfect fit for your small business. Make informed choices, and watch your business thrive with the right financial tools at your disposal.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360 AFSL 241167 (Regional Australia Bank). Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you. Team Thrive No 2 Pty Ltd ABN 26 677 263 606 (Thriday Accounting) is a Registered Tax Agent (No.26262416).

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