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BIZL

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Business Credit Cards

Use it for working capital, separating finances and simplifying admin

Business Credit Cards

Use it for working capital, separating finances and simplifying admin

Credit Limit

£1,000 - £100,000

Funding

Up to 56 days interest free

Time to Funds

Same Day

Straight-forward working capital to fund day-to-day expenses

There are few quicker ways to finance your business than with business credit cards. Loaded with a fixed credit limit, and with flexibility around when and how much you repay, there’s no wonder why this is one of the most popular ways to fund your business.

What You Need to Know

Business credit cards can give business owners a whole host of benefits, including:

  • Improving cash flow and spreading costs
  • Simplifying bookkeeping by organising expenses
  • Quick to arrange
  • Boosting your business's credit profile
  • Interest-free credit if you repay the balance in full each month

What are my options?

Need some working capital?

Consider a business credit card

  • Up to 56 days’ interest free credit
  • Simple application process
  • Quick access to funds
Get Credit Card

Need a card, not credit?

Consider a pre-paid business card

  • Manage spending on company cards
  • Automate all expense admin
  • Apply in a flash
Get Pre-paid Card

Redirects to Soldo

How much do Business Credit Cards cost?

To get the most out of the facility with the least cost, you need to understand the costs and how best to use the card. Typically costs may include:

  • Interest rates: this is usually the main cost, and it is fairly standard that card providers will give a period of interest-free spending (i.e. 1 month interest free), followed by an interest cost if you do not repay the balance within that period.
  • Annual fees: some providers levy a fee, some don’t.
  • Other fees: such as late payment fees, cash withdrawals and balance transfers.

Who can get Business Credit Cards?

Before we dive into the nuts and bolts, you need to understand whether your business will be eligible for this form of credit.

Typically lenders will consider:

  • Limited Companies
  • UK-based companies
  • Business credit cards for bad credit
  • Business credit cards for start-ups trading 12m+

Looking for pre-paid business cards?

Pre-paid company expenses cards can be a neater solution than one shared business credit card. Control your expenditure and streamline your admin with company cards.

  • Manage spending on company cards
  • Automate all expense admin
  • Apply in a flash
Get Pre-paid Card Now

Application via our company card provider, Soldo.

What if I've been turned down for a business credit card?

If you’ve been refused a business credit card, you’re not alone. Lenders tend to be more picky when it comes to business borrowers. The most common reasons for being refused are that you’ve been trading less than 12 months, or you have a weaker personal or company credit score.

If this is the case you should consider using pre-paid business cards instead. 

  • No credit checks: you can complete an online application in minutes, and because it is a pre-paid card rather than a credit card you won’t be turned down due to a weak personal credit score.
  • Simplify expenses: order as many cards as you like, and control spending in real time.
  • No fixed contracts: you’re not tied in to a provider for a certain length of time, and you can cancel at any time.

How to apply for Business Credit Cards

Applying is typically a quick and easy job. Lenders tend to keep this process simple. Whereas other types of funding require multiple documents and take time to arrange, cards are different. An application should only take minutes, and you should receive a decision often within a few hours. Expect to apply online, and be ready to provide: Company name; Monthly turnover; Trading start date; Personal details, such as date of birth and address.

Benefits of Business Credit Cards

Keeping expenses simple

When employees incur frequent business expenses, for example through travel, hospitality, and fuel costs, business credit cards makes a lot of sense. You can easily track expenses and cross reference against receipts. An additional bonus is that business credit cards can be treated as an allowable expense for tax purposes. (However, always double check with your accountant as tax rules can frequently change.)

Managing cash flow

Business credit cards can be seen as a rudimentary form of revolving credit. The card can be used to pay suppliers and to meet other operating costs in the short term. These costs can then be spread over the following weeks and months. Above all, repayments are extremely flexible. You can decide to repay in full each month to avoid any interest costs, or you can just pay the minimum amount to help preserve your cash flow for the month.

Reaping the rewards

In personal banking, credit card companies attempt to seduce potential clients with points and rewards by linking up with schemes like Nectar and Tesco Clubcard. Exactly the same strategies are used in the business world, and there is an opportunity to cash in. Obviously, the average business is less interested in getting money off groceries. However, tie ins with hotel chains and airlines can result in some major reward benefits. There is nothing like an upgraded flight or hotel room to get the best performance from a sales manager! If it can be attained at zero cost to the business, then all the better.

Check your credit report

  • Check your Credit History as reported to Equifax, Experian & TransUnion
  • Identify problem accounts, and take steps to minimise their impact
  • View up to 6 years' history of your repayment performance

Clicking below will redirect you to checkmyfile.com where you’ll be able to check your credit file FREE for 30 days, then £14.99 a month – cancel anytime.

Check Credit Report

Business Credit Cards for bad credit

You might think business credit cards are not an option for a business with a poor credit rating. However, this is not necessarily so. Lenders will often vary the credit limit and interest rate in order to accept an application that might otherwise be turned down. They may offer a relatively low credit limit at a higher interest rate. But the upside is that as long as the balance is paid off on time every time, there is no better tool for sending your credit score on an upward trajectory. You’ll just need to ensure that you have no unsettled CCJs against your business in the last 12 months.

Business Credit Cards for start-ups

While start-ups typically only have a few options when it comes to raising finance, the humble piece of plastic is one of the best ways to get you off the mark. Lenders assess both business and personal credit scores, it may be that your personal credit score is good enough to get approved. Providers are often flexible in how they assess applications. They may be able to provide a modest credit limit. Or they could approve a limit with a higher interest rate. We find approval rates for business credit cards go up after a start-up has been trading for at least 12 months.

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Business Finance

  • Asset Finance
  • Business Credit Cards
  • Business Loans
  • Commercial Mortgages
  • Construction Finance
  • Invoice finance
  • Recovery Loan Scheme
  • Revolving Credit Facility
  • Trade Finance
  • Truck Finance
  • Unsecured Business Loans
  • VAT Loan

Property Finance

  • Auction Finance
  • Bridging Loans
  • Buy to Let Mortgages
  • Commercial Buy to Let Mortgages
  • Commercial Mortgages
  • Commercial Property Finance
  • Development Finance
  • HMO Mortgages
  • Limited Company Buy to Let Mortgages
  • Property Credit Line

Resources

  • Business Loan Calculators
  • Buy to Let Mortgage Calculator
  • Personal Credit Reports
  • Conveyancing
  • Guide
  • FAQs

About BIZL

  • About
  • Why Us
  • Contact
  • Advisers

We are BIZL Limited (company number 10838494). Our registered office is 66 Prescot Street, London, E1 8NN. We are authorised and regulated by the Financial Conduct Authority. Registered No: 784499. We are registered with the Information Commissioner’s Office as a Data Controller. Registration reference: ZA267003.

We are a credit broker of business finance; we are not a lender or finance provider. Security may be required. We are independent and work with a number of carefully selected lenders. We may receive a fee or commission for introducing you to one of our finance providers or suppliers.

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