Working as a sole trader is wonderful. It's easy to become one, has a low administrative and legal overhead, and you're able to start doing business very quickly.

Unfortunately, Australian banks can be difficult to work with. I've had significant problems dealing with my bank once they found out I was a sole trader.

The way I conduct business is pretty simple:

1. I do work for clients.
1. I invoice clients.
1. Clients pay the invoice to my personal account.

Banks will try and force you to sign up for a business bank account. In their eyes, a sole trader is just another business entity that should be using their business products, and business banking must be done under a business account.

The reality is, under Australian taxation law, the income of a sole tradership is treated as your individual income.

There is nothing illegal about receiving sole tradership business income through a personal banking account, nor should it breach any rules set out in the terms of your personal banking product (it is just personal income).

Also, when applying for a personal credit card, there should be no reason (unless explicitly stated) in the terms and conditions of the product forbidding you from getting one.

Your bank may try and force you into a business credit card product (because you're a business, right?), but you simply don't have to sign up for any business product.

The most important thing is to do as much research as possible. Most banking staff don't understand the status of sole traders and will try to treat you as a business. Working for yourself doesn't make you a slave to a bank.

(N.B. I am not an accountant or lawyer. The above should not be taken as financial or legal advice. Do your own research!)