Westpac BusinessPlus Mastercard: A Powerful Ally for Your Business

Your business might be just a startup or an industry veteran, but one thing remains: you need smart financial management. Adopting tools that promote efficiency and profitability is crucial, and having a Westpac BusinessPlus Mastercard might be a game-changer. But why?

Credit cards for business use have emerged as an invaluable resource, especially for small business owners. They offer a simple way to manage cash flow, separate personal expenses from business costs, provide access to a line of interest-free credit, and often come with perks like rewards programs.

Westpac BusinessPlus Mastercard Features

One such card catering specifically to the needs of businesses is the Westpac BusinessPlus Mastercard. This Mastercard offers many features tailored to business use, including the opportunity to earn hotpoints for every dollar spent – a coveted part of the hotpoints rewards program.

With the hotpoints program, the rewards possibilities are seemingly endless. Points can be redeemed for a variety of treats like flights, hotel stays, and car rentals through the Flight Centre. They can even be used to purchase a wide range of merchandise – be it electronics or homewares. For the philanthropists, there’s the option to donate these points to charities or even contribute to your KiwiSaver account.

Separating Business and Personal Spending

Keeping personal expenses separate from business expenditures can become a challenging task, especially for small business owners. The BusinessPlus Mastercard minimizes this confusion by giving cardholders the ability to manage their spending more effectively.

Annual Fees

Just like most credit cards, the Westpac BusinessPlus Mastercard does come with an annual account fee. This card incurs $100 per year, and if you need additional cards for your team members, you’ll need to factor in an additional cardholder fee of $25 per year.

Insurance Benefits

Another advantage of the BusinessPlus Mastercard is its insurance benefits. This card adds a layer of security for your business with an extended warranty for eligible items bought using the card. It also provides overseas travel insurance for up to 35 days for trips paid for with the card. Lastly, it offers purchase protection, ensuring items that are lost, stolen, or accidentally damaged are covered for up to 90 days.

Interest-Free Business Credit

Every business relishes the opportunity of having an interest-free credit facility. With the Westpac BusinessPlus Mastercard, businesses can enjoy up to 55 days of interest-free credit on their purchases. This feature allows businesses to manage their cash flow better, making larger purchases and settling the balance later, interest-free.

Watch Out For the Rates

As with all credit cards, the Westpac BusinessPlus Mastercard does have a high purchase rate and cash advance rate. While these rates are in line with most rewards cards, it’s important to ensure that the benefit of the rewards outweighs the potential cost in interest if a balance is carried.

The Bottom Line

Choosing the right credit card for business use involves a conscious look at the features, rates, and fees. The Westpac BusinessPlus Mastercard undoubtedly holds compelling advantages: a robust rewards program, insurance benefits, and up to 55 days of interest-free credit. However, always remember to use it wisely, paying off balances to avoid high-interest charges.

Revisiting The Benefits

Again, let’s review the several benefits served by this handy assistant, the Westpac BusinessPlus Mastercard. Its diverse set of features enables you to separate business transactions from personal ones, effectively managing your finances. It also offers a hotpoints rewards program through which you can earn and redeem points for travel, merchandise, and even make charitable donations.

Fees and Rates

Make sure you take into account the annual fees and rates when deciding on the Westpac BusinessPlus Mastercard. With an annual account fee of $100 and additional cardholder fees of $25 per year, it is important to determine if these costs fit into your business budget. It’s important to remember the high purchase rate and cash advance rate. Weigh the rewards against the potential interest cost if a balance is held over.

Additional Services

Aside from its monetary benefits, don’t forget about the secondary services you gain with the BusinessPlus Mastercard. Extra perks include an extended warranty on eligible items and travel insurance for up to 35 days on trips paid with the card. The insurance benefits offer security against unpredictable circumstances in your business operations.

The Choice is Yours

Your business deserves a trusty financial ally, and the Westpac BusinessPlus Mastercard can become just that. Whether you are a start-up or an established business, this card serves various needs related to financial management. Visit our follow-up post for an even deeper understanding of the potentials and risks of business credit cards in New Zealand. You can make an informed decision after. Your financial future is at your fingertips.

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