*Managing your business’ small purchases and expenses can prove to be difficult to track and effectively account for, so a business credit card with detailed monthly billing or online management could be a good solution.
A business credit card can also help you to manage your cash flow as you can preserve your cash flow by making purchases on a credit card that offers periods up to 59 days interest-free credit on purchases.
There are a variety of business credit card providers in the market and we have taken a look at what they can offer below.
The table below gives a quick comparison of the top UK providers for business credit cards.
| Company | Max Credit Limit | Min APR | Min Annual Fee |
|---|---|---|---|
| Capital on Tap | £250,000 | 15.5% | Free for basic card |
| Payhawk | £250,000 | Varies | £2,400 |
| American Express | Varies | 34.9% | From £0 |
| Juni | £2 million | Varies | None |
| Natwest | Subject to status | 24.5% | From £32 per card holder |
| Barclays/Barclaycard | Not stated | 24.9% | From £0 |
| Santander | Not stated | 23.7% | £30 |
| HSBC | Not stated | 22.0% | 1st year free then £32 |
| RBS | Not stated | 24.5% | From £32 per card holder |
| Metro Bank | Not stated | 13% | No fee |
| Lloyds Bank | £10,000 | 22.4% | £32 per card |
| TSB | Not stated | 22.4% | £32 per card |
| Yorkshire Bank | Not stated | 22.4% | £28 per card |
| Clydesdale Bank | Not stated | 22.4% | £28 per card |
| Zempler Bank (formerly Cashplus) | £3,000 | 24.9% | No fee |
| Bank of Scotland | £10,000 | 22.4% | £32 per card |
* The facts and figures included here come from each company’s website and were accurate at the time of writing but may have since changed. Also, please keep in mind these may not be apples to apples comparisons as each provider offers different solutions. This guide should be used as a starting off point for more research on your part.
Below we profile each of the companies’ services and features in a bit more detail.
Topics
Featured: Capital On Tap*
Some of the features and benefits of Capital On Tap’s business credit card.
- Credit limit up to £250,000
- Business Credit Card is completely free – no monthly, annual or account management fees
- Earn points on all card spend – redeem for unlimited free 1%
cashback or e-gift cards - Upgrade to Business Rewards (£99 per year) to be able to also be
able to redeem points for Avios - Unlimited company cards for employees and partners
- No FX or UK ATM charges
- Apply and get a decision in minutes
- Rates as low as 15.5% APR
- Up to 42 days interest free on card purchases
- Integrates with your accounting tools
- Rated Excellent on Trustpilot
Capital on Tap is a business credit provider that offers business credit cards to UK companies that have a minimum monthly turnover of £2,000 (£24,000 annual turnover) and no unsatisfied CCJs against them in the last 12 months.
Capital on Tap’s business credit cards offer credit limits up £250,000 that are reviewed periodically and your funding limit can be adjusted to meet your growing business needs. The online application is simple and quick to complete and you will receive an almost instant decision.
Once approved and signed up your credit card will be issued and delivered within 4 business days.
1. Payhawk
Payhawk is designed for larger businesses that need corporate credit cards that also offer expense management. Companies must be turning over at least £250,000 a year to qualify. Here are some of their benefits and features:
- Monitor every business expense and transaction as it happens in real-time
- Connect specific corporate visa cards to specific employees, so you always know who’s spending
- Set up your budget management per cost centre and track payments and expenses against them in real-time
- Never miss regular payments or subscriptions
- Offer both Visa Credit & Debit cards
- Credit limits of up to £250K
- Access multi-currency credit lines in pounds and euros
- Spend with no fees in GBP and EUR, and benefit from a market-leading 1.99% exchange markup on all other currencies.
- Have your company cards sent anywhere in the world with custom shipments for every employee
- Easy expense reporting
Payhawk is leading expense management company which has only recently started offering VISA business credit cards in the UK as an additional service. However, their target market is larger businesses and they are not right for smaller business (see Capital On Tap instead).
Their software starts at just £199/month and they offer cashback options that can be used against this fee. Therefore depending on your spending patterns you may be able to use the software for free (cashback can’t exceed monthly subscription cost).
2. American Express
Some of the features and benefits of American Express’ business credit card.
- Choice of three business charge cards
- All cards offer no pre-set card limit
- Up to 54 days credit on purchases
- The basic card has no annual card fees
- Earn rewards with the Gold and Platinum cards
- They give a welcome bonus of reward points to get you started
- The platinum card offers travel benefits including travel insurance and rewards
- Purchase protection and refund protection on Gold and Platinum cards
- Up to 99 complimentary Gold cards available with both Gold and Platinum card accounts
- Available to UK registered businesses with no CCJs
American Express is an international recognised card brand that offers businesses in the UK a selection of business charge cards. The Basic Business Charge Card has no annual fee and no pre-set spending limit, but its purchasing capacity will evolve based on your needs and use.
American Express’ Gold Business Charge Card has an annual fee of £175 but offers up 54 days credit and a reward programme to earn points on purchases. Their Platinum Business Charge Card offers the same features as the Gold card but has additional travel benefits and rewards, and the annual fee is £650. The platinum card can get additional complimentary Gold cards.
3. Juni
Some of the features and benefits of Juni’s business credit card.
- Offers a credit card designed for ecommerce and media buying
- Visa or Mastercard options
- Virtual and physical cards
- Interest-free
- Provides 1% cashback on eligible spend
- Payment terms of 37 to 60 days
- Credit limits from £10,000 to £2 million
- Track spend on your Juni dashboard
- Available to UK registered companies
- Apply online
Juni is a financial company that offers cards and accounts that supports businesses that operate in ecommerce and buy media. They offer multi-currency accounts and cards that are available as physical or virtual cards. They allow you to pay with your card in the right currency with FX fees capped at 0.25% with accounts in GBP, EUR and USD.
Juni offers a choice of Visa and Mastercard options that are interest-free and offer 1% cashback on all eligible card spend. The card payment terms vary from 37 days to 60 days depending on your status. The card credit limit also varies from £10,000 to £2 million.
4. NatWest
Some of the features and benefits of NatWest’s business credit card.
- Offers two credit cards
- A convenient method of managing expenses and paying for goods
- Can help build your credit profile
- Variable APR starting at 24.5%
- 45 days interest-free credit
- Minimum credit limit of £500 with maximum level subject to status
- Fees from £32 per year per cardholder
- Cashback available on the Business Plus credit card
- Available to sole traders, limited companies, partnerships, charities, clubs and societies
- Only available to NatWest business bank account holders
NatWest is a financial banking provider that offers two types of business credit cards – Business credit card and Business Plus credit card. They both offer a convenient method of managing your expenses and can help you to build your credit profile.
NatWest’s business credit cards are available to a variety of business types and not for profit organisations. The Business credit card is designed for business with a turnover of up to £2 million. It offers 24.5% variable APR and £32 annual fee per cardholder. The Business Plus credit card offers 29% variable APR, £70 annual fee per cardholder and is eligible for cashback up to 2%.
5. Barclaycard
Some of the features and benefits of Barclaycard’s business credit card.
- Choice of business credit and charge cards
- Flexible borrowing
- Introductory offers available
- Offers extras such as travel insurance and foreign exchange savings
- Card fees starting at no charge
- Variable APR starting 24.9%
- Available to business start-ups
- Offers an initial interest-free period
- Cashback available on the Premium Plus credit and charge cards
- Online card selector tool
Barclaycard offers a choice of three credit cards and two charge cards and their online card selector will help you work out which is best for you. Barclaycard’s three credit cards are Flex, Select and Premium Plus.
The Flex card has no annual fee and initial 3-month interest-free period, then 24.9% variable APR suited to start-ups and occasional need. The Select card has no annual fee for 12-months and 6-month interest-free period, then an annual fee of £23 and 26.4% variable APR. The Premium Plus card has £100 annual fee and 36.2% variable APR designed for those trading overseas as it includes enhanced travel services and cashback facility.
6. Santander
Some of the features and benefits of Santander’s business credit card.
- Designed for small to medium businesses
- Flexible way of managing business expenses
- 1% cashback on purchases
- No additional card costs
- No foreign transaction fees on purchases abroad
- Up to 56 days interest-free credit on purchases
- Flexible and simple payment options
- Detailed monthly statements
- Ability to control monthly spending limits per cardholder
- Utilises contactless and mobile payments
Santander is a financial banking provider who offers a business credit card to small to medium-sized businesses. They offer a Business Cashback Credit Card to businesses with up to two directors, owners or partners. The cashback offered is 1% on purchases and they also offer up 56 days interest-free credit.
Santander’s business credit card has a £30 annual charge and they do not charge for additional cards. The cards offer a flexible way of managing your business expenses with detailed monthly statements and the ability to control the cardholders spending limit. They do not charge foreign transaction fees on purchases made abroad.
7. HSBC
Some of the features and benefits of HSBC’s business credit card.
- First year free
- Manage day-to-day expenses
- Boost your cash flow with up to 56 days interest-free credit
- Tailored credit limit
- Protected against fraudulent transactions
- Contactless technology
- Track your spend through financial reports
- Flexible repayment options
- Online banking
- Additional cards available
HSBC is an international banking provider offering a wide range of business banking services including credit cards. Their business credit card is free for the first year then £32 annually after that and additional cards are available on request. They offer a tailored credit limit to meet your needs and borrowing status.
HSBC offers up to 56 days interest-free credit on purchases which can help you manage your cash flow better. They offer flexible repayment options with additional credit period for those paying by direct debit. Their online banking and financial reports allow you to track and manage your spend more effectively.
8. RBS
Some of the features and benefits of RBS’ business credit card.
- Offers two credit cards
- An easy and convenient way to pay for goods
- An effective method of managing expenses
- Can help with your cash flow
- Variable APR from 24.5%
- Annual card fee from £32 per cardholder
- Can help build your credit profile
- Up to 45 days interest-free credit on purchases
- Cashback available on the Business Plus credit card
- Available to a wide variety of businesses and not-for-profits
RBS is a recognised financial banking provider that offers business credit cards to their existing business bank account customers only. They offer two credit cards called Business credit card and Business Plus credit card.
RBS’ Business credit card has a variable APR of 24.5% with 45 days interest-free credit and an annual fee of £32 per cardholder, although the first year’s fee is waivered for start-ups. It is available to businesses, charities, clubs and societies. The Business Plus card has a 29% APR and £70 annual fee per cardholder. It offers up to 2% cashback on eligible purchases and no charges for purchases abroad.
9. Metro Bank
Some of the features and benefits of Metro Bank’s business credit card.
- Simple and transparent business credit card
- A single low rate of 13% variable APR
- No annual fees
- Free transactions in Europe
- Up to 56 days interest-free credit on purchases
- Offers online, in-store, over the phone and app banking
- Facility to walk out of any Metro Bank store with a card straight away
- Simple card replacement in store
- Must hold a business or commercial current account with them
- A network of stores open 7 days a week with no appointments needed
Metro Bank is a UK banking provider who has stores in London and southern parts of England. They offer one business credit card that is simple with a transparent pricing structure. They have a single variable of 13% APR for all customers and do not charge any annual fees.
Metro Bank’s business credit card offers up to 56 days interest-free credit and no transaction fees in most parts of Europe. The business credit card is however only available to businesses that have either their Business Current Account or Commercial Current Account. Customers can apply in branch and leave with a card the same day as well as obtain replacement cards.
10. Lloyds Bank
Some of the features and benefits of Lloyds Bank’s business credit card.
- Cards with up to £10,000 credit limit
- Representative 22.4% variable APR
- Up to 45 days interest-free credit
- An annual fee per card of £32
- Withdraw up to £500 per day
- Can issue up to 20 cards
- Each employee can have their own spending limit
- Flexible payment options
- Must be a business current account holder
- Available to sole traders, partners and directors
Lloyds Bank is a UK based financial banking provider that offers a variety of business products including credit cards. Their business card offers a credit limit up to £10,000 with a typical variable APR of 22.4%. The credit card has an annual fee of £32 per card.
Lloyds Bank’s business credit card is only available to their business current account customers. The credit card offers up to 45 days interest-free credit on purchases and a withdraw limit up to £500 per day. They offer up to 20 cards for your employees that can be individually tailored to have their own credit limit.
11. TSB
Some of the features and benefits of TSB’ business credit card.
- VISA credit card
- Can help you manage your cash flow
- Flexible repayment options
- Representative variable APR of 22.4%
- Annual card fee of £32
- Up to 45 days interest-free credit on purchases
- Monthly detailed statements
- Cheaper to use than cheques
- Cash withdrawal limit up to £500 per day
- Additional cards available with individual card limits
TSB is a UK banking provider that offers a range of business products which includes credit cards. They provide VISA business credit cards that are widely accepted in the UK and abroad. Their business credit card has a representative variable APR of 22.4% and an annual card fee of £32.
TSB’s business credit card offers up to 45 days interest-free credit on purchases and up to £500 per day as cash withdraws where additional charges apply. You can order additional cards for employees and you can select individually the limit on the cards. They help you to manage your spend with detailed monthly statements.
12. Yorkshire Bank
Some of the features and benefits of Yorkshire Bank’s business credit card.
- Can help you manage your finances more effectively
- Increase your cash flow
- Representative 22.4% variable APR
- Up to 59 days interest-free credit on purchases
- Annual card fee of £28
- Secure method of making transactions
- Includes anti-fraud technology
- Comes with SmartData online accounting system as standard
- Enhanced tracking and reporting facilities
- Offers no annual fee for the first year
Yorkshire Bank is a financial provider that offers businesses a wide range of services which includes business credit cards. They offer their business credit card as a means of helping you to manage your finances more effectively as you can track expenditure better and free up cash flow with SmartData. This online accounting tool enables you to track and report on your credit expenditure easily.
Yorkshire Bank’s business credit card has a representative APR of 22.4% and an annual card of £28 although the first year of each card is free. They provide up to 59 days interest-free credit on card purchases.
13. Clydesdale Bank
Some of the features and benefits of Clydesdale Bank’s business credit card.
- A credit card that can help you manage your expenses
- Representative 22.4% variable APR
- Free for the first 12 months
- £28 annual fee after the first year
- Up to 59 days interest-free credit on purchases
- Non-Sterling transaction fees apply
- Includes Mastercard Business Savings scheme
- Access to SmartData online accountancy tool
- Advanced tracking facilities
- Anti-fraud protection
Clydesdale Bank is a banking establishment that provides a range of business products including business credit cards. They offer a single credit card product that has a representative variable APR of 22.4% with an annual fee of £28 which they waiver for the first 12 months. The credit card offers 59 days interest-free credit on purchases.
Clydesdale Bank provides additional services to its business credit card holders as they are offered Mastercard Business Savings Scheme to receive discounts on participating retailers. They also offer access as standard to SmartData which is an online accountancy tool that will help you track and report on your expenditure.
14. Zempler Bank (formerly Cashplus)
Some of the features and benefits of Zempler Bank’s business credit card.
- Initial credit card limit up to £3,000
- Simple product with no hidden fees
- No annual card fees
- Simple online application
- Instant online decision
- Representative variable APR of 24.9%
- Up to 56 days interest-free credit on purchases
- Flexible repayment options
- Itemised billing to help track your expenditure
- Contactless payments
Zempler Bank is an independent alternative banking provider offering business products such as credit cards. They offer a single business credit card product that is simple and has no hidden fees including no annual card fees. They offer an initial credit card limit of £3,000 and will review this after 6 months.
Zempler Bank has a simple online application that will give applicants an instant decision on whether they are eligible. Their business credit card offers up to 56 days interest-free credit on purchases and a representative variable APR of 24.9%. They will provide you with fully itemised billing so that you can track your expenditure better.
15. Bank of Scotland
Some of the features and benefits of Bank of Scotland’s business credit card.
- Manage your business spend more effectively
- Can be used at home and abroad
- Credit limit up to £10,000
- Up to 45 days interest-free credit on purchases
- Flexible repayment options
- Annual card fee of £32
- Detailed monthly statements
- Access your credit card account through internet banking
- Can issue up to 20 cards to employees
- Each card can have an individualised card limit
Bank of Scotland is a UK based banking provider who offers a range of business products including credit cards. They offer a business credit card product that can enable you to manage your business spend more effectively by tracking your spend on their online banking facility.
Bank of Scotland’s business credit card is available with a card limit of up to £10,000 and can be used at home or abroad on purchases. They offer up to 45 days interest-free credit on purchases and cash withdraws of up to £500. You can have up to 20 cards on your credit account and each card will have a £32 annual fee.
How can I apply for a business credit card?
Applying for a business credit card has never been easier. Many providers such as Capital On Tap and Amex allow you to apply directly online. Others such as Natwest require you to be an existing customer.
In either case you’ll have to meet certain eligibility criteria:
Business credit card eligibility criteria
Each provider has their own specific criteria, but in general you’ll have to meet the following minimum requirements:
- You need to be over 18 years old
- Your business needs to be UK based
- You must have a permanent address in the UK
Beyond that here are some other criteria that you may also need to meet to get approved:
- No County Court Judgements for non-payment of debt for you or your business
- A business current account from a UK bank and/or building society (sometimes from the specific institution you’re applying to)
- Business has been trading for a certain period of time
- Business has certain amount of turnover per year
Other information you’ll need
Assuming you meet the eligibility criteria, you’ll likely be asked to supply some or all of the following:
- Your company’s name, address and phone number
- Type of business (e.g. limited company, sole trader, etc.)
- Company Number
- The sector your business operates in
- Annual turnover
- Years of trading
- Number of employees
- Names and key details of all directors and other person(s) with significant control
- What countries you business does business with
- Why you want a business credit card
- How you plan to use your card
Do I need a business credit card?
While you probably don’t need a business credit card, it can make running your business a lot easier. Depending on the card you choose you can benefit from a whole range of perks (see below) from cash back to enjoying interest free purchase for up to 56 days.
Other Common Questions
What is a business credit card?
Business credit cards are primarily designed for individuals who operate a business. A business card can be obtained by large firm owners and operators, sole proprietors, and anybody in between. It is not necessary to have workers or an office to get a business credit card.
Company credit cards are often used for business costs such as purchasing supplies, office furniture, or travel. New enterprises should exercise caution when utilizing credit cards to spend money that has not yet been generated or deposited in the bank.
Having a business credit card can help you develop business credit, which lenders and other institutions will look at if you apply for a company loan. Some credit cards provide short-term financing, which is handy for significant expenditures.
How much is a business credit card?
There is no single answer to this question, as it depends on the card and what it offers. However, business credit cards typically have higher annual fees and interest rates than regular credit cards.
If a card offers a great benefits package, then the higher fees may be worth it. But if you’re not sure how much use your company will get out of the card, consider looking for a card with lower fees and better perks (such as cashback).
What is the difference between a business credit card and a personal credit card?
The vast majority of adults have credit scores and credit histories. Taking out loans, applying for personal credit cards, and even paying for utilities can all have an influence on one’s personal credit score. Business owners also have access to a type of credit known as business credit.
This demonstrates to potential lenders and credit card providers how accountable a business owner is when it comes to business bills.
Card issuers can use both personal and commercial credit history when determining whether a person qualifies for a business credit card and the credit limit for a new line of credit.
Card issuers have the option of reporting card activity to business credit agencies.
What can I use business credit cards for?
Business credit cards can be used for a variety of purposes. You can use it to purchase wholesale items, investments, and even property.
Some cards may offer a higher credit limit when you apply with your business name and information.
Additionally, some cards will offer a competitive interest rate as well as additional benefits like rewards points or discounts on travel.
Who can get a company credit card?
This is a credit card specifically for small business owners. You must be the owner and primary user of the business, the business must be registered and your business must have sufficient cash flow to cover any credit card expenses.
This is not generally an option for sole proprietors or freelancers who usually have to use their personal credit cards for business expenses.
Many credit card companies also offer the option to issue cards to employees. This can sometimes be set-up to include individual card limits based on the employees role and seniority.
Can employees get their own cards?
Depending on the issuer employees can often get their own credit card.
Some issuers may supply a few free employee cards, while others may demand a fee for each card.
Many credit cards enable the principal cardholder to monitor staff spending by establishing spending limitations, notifications for card activity, and even card limits.
Keep in mind that employee business cards may have joint and several liabilities, which means that both the employee and the business owner may be held equally liable for the card’s debt.
Can start-ups get a business credit card?
Yes, if you’re a start-up, you can apply for a business credit card. But, if you don’t have much business history and are just starting up, then it may be difficult to get approved for a card.
However, if your application is accepted and you manage your account responsibly, then your credit will improve over time. Compare business credit cards that are available to you from various institutions and you may find that you are eligible for some.
Just be aware your initial limit will likely be very low, unless you willing to offer personal guarantees.
What are typical credit limits?
Business credit cards typically have higher credit limits than personal credit cards —sometimes as much as an additional zero.
For example, Capital On Tap offers limits up to £150,000!
After reviewing a company owner’s application and credit history, the issuer will determine the credit limit on the card.
Small company owners have higher credit scores than regular consumers, which may contribute to the trend of increased credit limits among small firms.
* Financial disclaimer we are a Capital On Tap, Amex and Juni partners which means if you apply and open a card we may be paid a commission. This comes at no cost to you.