Business Credit Cards
Use it for working capital, simplifying admin and cashback rewards
Get rewarded for your business spending
– Track card spending in real-time
– Free company cards with spend control
– Auto-sync to Sage, Xero, QuickBooks and more
Credit Limit
£1,000 - £250,000
Funding
Up to 42 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. This option for financing your business is popular because it offers a set credit limit and flexibility in repayment. It is easy to understand why.
What You Need to Know
Credit cards for small businesses can give you a whole host of benefits, including:
- Cashback rewards
- Improving cash flow and spreading costs
- Simplifying bookkeeping by organising expenses
- Interest-free credit if you repay the balance in full each month
Apply for a Business Credit Card
Manage your business spending with smart controls and real-time visibility – all with no annual fee.
–Â Uncapped 1% cashback on all card spending
– Up to 42 days’ interest free credit
– No annual, FX, or ATM fees
Redirects to Capital On Tap
Benefits of Business Credit Cards
Keeping expenses simple
Company credit cards are useful for employees with work-related expenses such as travel, hospitality, and fuel costs. You can easily track expenses and cross reference against receipts. Treating business credit cards as an allowable expense for tax purposes is an additional bonus. (However, always double check with your accountant as tax rules can frequently change.)
Managing cash flow
Business credit cards are a form of revolving credit. You can use the card to pay suppliers and meet other operating costs in the short term. You can then spread these costs over the following weeks and months.
Above all, repayments are extremely flexible. Two options exist for paying your bill. The first option is to pay the full amount each month to avoid interest. The second option is to pay the minimum amount to keep more money available for the month.
Reaping the rewards
Credit card companies try to attract customers by offering rewards and partnering with programs like Avios, Nectar and Tesco Clubcard. The business world uses exactly the same strategies, and there is an opportunity to cash in with cashback business credit cards.
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. Nothing like an upgraded flight or hotel room to get the best performance from a sales manager! If the business can attain it at zero cost, then that is even better.
Who can get Small 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+
How much do Company 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 are the main cost of credit cards. Most card providers offer a period of interest-free spending, usually one month. However, if you fail to pay off the balance within that time, the bank will charge you interest.
- Annual fees: some providers levy a annual fee for the card.
- Other fees: such as late payment fees, cash withdrawals and balance transfers.
Get a Business Bank Account in Minutes – No monthly fees
- Apply online in minutes
- No monthly fees
- UK phone support
We’ve teamed up with Zempler Bank to give you access to a free business bank account that you can apply for online in minutes. It’s easy to use and of course it’s fully regulated and FSCS protected.
What’s more, if you apply via this link you’ll receive a welcome gift of a £9.95 card issue fee refund into your new account.
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.
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 with business borrowers. You may be denied if you have traded for less than a year. You may also be denied if your personal or company credit score is low.
First, check your credit report to see if there are any easy ways to improve your credit score. It’s also worth understanding how business credit ratings work. To read more about how to bounce back from a loan decline read our guide.
Also, it’s worth keeping mind that you’re still more likely to be accepted for a business bank account than a credit card. Business bank accounts come with a debit card and are easier to be accepted for as no credit is provided. Read our guide to compare business bank accounts.
Business Credit Cards for bad credit
You might think business credit cards are not an option for a business with a poor business credit score. However, this is not necessarily so. Lenders change credit limit and interest rate to approve applications that might otherwise be rejected. 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. However, the very first step would be to get yourself a business bank account.
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 for startup business credit cards. 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 for startups go up after you have been trading for at least 12 months.