Suncorp business credit card. The limits, fees and need-to-knows

Suncorp Bank, named Money magazine’s Business Bank of the Year 2023, offers banking and lending services to small to large businesses in Australia. If you are considering Suncorp for a business credit card, here is what you need to know before you apply.¹

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What business credit card(s) does Suncorp offer

Suncorp only offers the Clear Options Business Credit Card, which is a credit card account for making business payments and earning rewards. The card has won Canstar’s 2023 award for outstanding value for a business credit card due to its robust rewards program.

The Clear Options Business Credit Card is suitable for companies of any size that are more than two years old.

A business credit card comes with fees and an interest rate, which is typically called an annual percentage rate. You can spend on the card and then pay off what you spent each month, or the balance will carry over with interest. If instead of a revolving line of credit, you’d like a business loan instead, Suncorp offers business loans with specific options for agribusinesses in Australia.

Do you need a Suncorp business credit card? Who is it for?

A Suncorp business credit card can be a good idea for a business that wants to manage cash flow, streamline expenses and earn reward points.

First, a business credit card can help tide over and pay business expenses between receiving payments. The expenses that can be paid with a credit card can include operating costs, travel budget, utilities or inventory. Plus, with this credit card, you can have up to 99 additional cardholders so your business expenses can be paid from one account.

Lastly, if you are spending substantially, you can use the Suncorp credit card to earn reward points that you can redeem with Qantas, for example.

The business credit card account can be for a business owner or CEO, with additional cards given to operations, sales, or business development staff.

What are the main features and benefits of this credit card

Here is how your business can benefit from having a Suncorp business credit card:

• You can have up to 99 additional cardholders.
• Earn reward points on business expenses and have access to a personal business assistant.
• Can be used overseas for purchases and at ATMs (fees apply).
• The card is protected by Visa Secure, ​​FRAUDSHIELD® and Visa Zero Liability.
• Some retail transactions can be interest-free for up to 55 days.
• Lost cards within Australia can be replaced in 24 hours.
• The card can be used for “Tap to Pay” and be added to Apple Pay.

The Suncorp Credit Card Rewards program is a major benefit of having a business credit card. There are two types of membership rewards programs:

• Standard Rewards Membership: For every dollar you spend on the card, you earn 1 Suncorp Credit Card Rewards Point, with an annual maximum of 80,000 points per card.
• Premium Rewards Membership with Qantas Frequent Flyer: All the benefits of a standard rewards membership plus every 2.5 Suncorp Credit Card Rewards Points can be converted into 1 Qantas Frequent Flyer Point.

Points can be redeemed by the business or an individual.

The cons of using this credit card

Here are the cons for the Suncorp business credit card:

• Fees: There is an annual fee, a fee for additional cardholders and withdrawing at ATMs in Australia.
• Applying: You can not apply online for a business credit card.
• Rewards: There is an annual fee to be part of the rewards program.
• Overspending: You won’t be able to make payments if you have exceeded your credit limit and you will be charged a fee every statement period that you continue to be over the limit.

As with any credit card, make sure you have the ability to repay any spending plus interest, or at least make the monthly minimum payment.

The credit limit provided by this credit card

The credit limit is the maximum you or other cardholders can spend on the business credit card. Suncorp has a maximum total credit limit of $250,000, but you may qualify for a lower credit limit. There is a minimum credit limit of $2,000 for cardholders.

Can credit limits be increased?

A credit limit may be increased if you have shown a history of on-time payments and your account is in good standing. However, the bank will have ultimate approval to increase a credit limit or not. The credit limit on this card can not exceed $250,000.

What are the fees for the Suncorp credit card?

The Suncorp business credit card has fees that should be budgeted into your company’s expenses:

Type of fee	Fee amount
Annual fee	$45
Additional cardholder fee	$45
Interest rate	18.45% (varies per borrower)
Cash advance rate	19.45%
Late payment (billed per statement period)	$30
Withdrawing money in Australia	3.5% of the transaction with a minimum charge of $3.50
Overseas transaction fee	3.4%
Withdrawing money overseas	1.50% and possibly a foreign exchange fee
Account statement	1 free monthly
Additional account statements	$14
Overlimit fee	$40, per statement period
Dishonoured cheque fee	$15

As seen on 28 November 2023

There is also an annual fee for joining the reward program:

Reward program	Fee amount
Standard Rewards Membership	$20
Premium Rewards Membership with Qantas Frequent Flyer	$69

How to get a Suncorp business credit card

To apply for a Suncorp business credit card, you will have to call the bank or head to the nearest bank branch.

• To apply by phone in Australia: call 1300 628 578.
• To apply by phone outside of Australia: call +61 7 3362 1712.

You may be asked to provide your business documents and financial information during the application process.

What are the eligibility requirements for getting this credit card

Your business must meet these requirements to be eligible for a Suncorp credit card:

• Operating or trading for at least two years
• Has at least two consecutive years of financial information

You must meet both requirements before being able to apply, so newly formed startups or businesses may not be eligible.

How long does it take to get the business credit card

The process to get a business credit card varies by applicant and the type of business. When applying, you can ask Suncorp’s representative how long the expected time can be from application to decision.

What if your application is rejected/declined

If your application is rejected or declined, send a request to the bank to understand the reasons for the decision. Then, consider whether to apply to a different bank which may be a better fit for your business or ways to improve your financials in case you want to apply again in a few months.

What else do I need to know?

There are two types of limits that you can have when you have a Suncorp business credit card and additional card holders. The credit limit is the total amount of credit you have, while a spend limit is a spending cap placed on the additional cards. So if multiple additional cardholders spend on the card, you won’t be able to use the card for purchases beyond the total credit limit. The spend limits can not exceed the total credit limit.²

Suncorp business contact details

If you want to contact Suncorp, there are a few ways to do so:³

Reason to contact	Contact details
General customer service	1300 628 578
Lost or stolen card in Australia	1300 628 578
Lost or stolen card overseas	+61 7 3362 1712
Suspicious credit card transactions in Australia	1300 221 576
Suspicious credit card transactions overseas	+61 7 3362 1712
Suncorp bank rewards centre (phone)	1300 628 578

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Sources:

1. Business Banking
2. Credit Card
3. Business Credit Card | Suncorp Clear Options Suncorp Bank

Sources checked on: 28 November 2023