Top 10 Business Credit Cards in the UK

Taking out a business credit card can be a great solution for businesses wanting help both managing and preserving their cash flow. They can also help a business to keep on track with its outgoings, providing details of all expenses the credit card was used for in a clear and concise monthly bill. It can also help businesses to develop a healthy credit profile, which can be crucial for success with future borrowing.

Business credit cards can be taken out by businesses of all shapes and sizes. Before deciding on a credit card,  it’s important to first explore the best options out there that best suit your business’s financial requirements. How a business credit card can impact on your business’s finances will be entirely dependent upon the provider, and their financial product. Below is a list with 10 of the top business credit cards available in the UK.

Max. Credit Limit Min. APR Min. For Annual Card
Capital on Tap £50,000 9.9% Free for basic
Barclaycard Not stated 24.9% Free £0
HSBC Not stated 22.0% 1st year free, then £32
NatWest Not stated 24.5% From £32
Yorkshire Bank Not stated 22.4% £28 per card
Santander Not stated 23.7% £30
Lloyds Bank £10,000 22.4% £32 per card
TSB Not stated 22.4% £32 per card
Royal Bank of Scotland £10,000 24.5% £32 per card
American Express Not stated Not stated Free £0

 

Each of these credit cards, whilst sharing the same basic function, will all come with a range of different benefits and requirements. Therefore, when considering one of these accounts, it’s important that you have explored further into the product, and your responsibilities as a cardholder.

 

Number 1 – Capital on Tap, Business Mastercard

 

capital-on-tap-logo

 

Capital on Tap is a provider that offers business credit cards and loans of up to £50,000 to help support the future success and growth of small businesses. Since its creation, Capital on Tap have lent more than £1 billion to its clientele of over 65,000 UK businesses.

Key Features:

  • Credit limit of up to £50,000
  • Instant decision
  • Funds are available online in minutes
  • 56-day interest-free period
  • Rates from 9.9% APR
  • 10 to 20 free additional cards
  • Limited companies, freelancers and sole traders

In order to be eligible for a business credit card with Capital on Tap, businesses must have a monthly turnover of £2,000 or more. The application process is also quick and simple, and can be completed in a matter of minutes.

check-eligibility

 

Number 2 – Barclaycard, Flex Credit Card

 

Barclaycard-logo

 

Barclaycard’s Flex Credit Card has an interest-free period of up to 3 months. After this period, an APR of 24.9% representative variable will be applied. The Barclaycard Flex Credit Card is great for those who need occasional support with maintaining their cash flow (i.e startups).

Key Features

  • Interest-free for up to 3 months
  • Flexible borrowing
  • Available for startups
  • Variable APR from 24.9%

This type of card is also great for those who are not experienced with credit cards, introducing businesses into this type of borrowing simply and effectively. There is also no annual fee charged with this credit card.

 

Number 3 – HSBC, Commercial Card

 

HSBC-logo

 

HSBC offers a credit card that is also great for handling a business’s day-to-day expenditure. It can help with both this and also with maintaining a healthy cash flow, to keep business running smoothly. With this type of card, businesses will also not be held liable if any fraudulent transactions occur.

Key Features

  • £32 annual fee
  • 56 days interest free period
  • 33% Representative APR

Similar to Capital on Tap, HSBC also offer an interest-free period of up to 56 days, however after this will charge 33% APR representative. In addition to this, there is no annual fee for the first year, however after this period HSBC will apply a £32 annual fee for holding the account.

 

Number 4 – NatWest, Business Credit Card

 

NatWest-logo

 

This type of card is available to sole traders, clubs and societies, partnerships, limited liability partnerships and limited companies. There is no annual fee for the first year of the account. After this first year NatWest will apply an annual fee of £30, however, businesses who spend £6,000 and above a year through this card will not be charged the £30 annual fee.

Key Features

  • Free for the first year
  • £30 annual fee thereafter
  • Free if you spend £6,000 per year
  • 56-day interest free period
  • 24.3% Representative APR
  • £500 minimum credit limit
  • Require minimum annual turnover of £2 million

The credit card also comes with a 56-day interest free period, and after this can charge 24.3% representative APR. This card also comes with a £500 minimum credit limit, and requires cardholders to make monthly minimum payments.

In order to be eligible for a NatWest business credit card, businesses will be required to have an annual turnover of £2 million or under. Cardholders must also have an active business bank account with NatWest in order to open up a credit card account with them.

 

Number 5 – Yorkshire Bank, Business Credit Card

 

Yorkshire-bank-logo

 

Yorkshire Bank also offers a credit card for businesses, helping them to build up their credit report whilst maintaining a smooth-running cash flow. Yorkshire Bank business credit cards have anti-fraud technology in addition to offering an accounting system.

Key Features

  • No fees in first year
  • £28 annual fee thereafter
  • 59-day interest free period
  • 22.4% Variable APR

There are no annual fees for the first year of this account, however, after this year a £28 annual fee will be applied. There is also a 59 day interest-free period available for purchases made on the card, with a representative 22.4% variable APR being applied after this.

 

Number 6 – Santander, Business Credit Card

 

Santander-logo

 

With a Santander Business Credit Card, users can get multiple cards at no cost and an interest-free period of 56 days on purchases. This credit card also offers flexible payment options, and cardholders can make their monthly payments not only through Direct Debit, but can also pay via other online methods or by post.

Key Features

  • £30 annual fee
  • 56-day interest free period
  • 1% cashback on all purchases

There is a £30 annual fee charged for holding the account open, and cashback of 1% is available for all business purchases. Additionally, this business credit card will not charge any fees on all transactions made abroad, so long as they are in the local currency of where the transaction has taken place.

 

Number 7 – Lloyds Bank, Business Credit Card

 

Lloyds-bank-logo

 

Lloyds Bank offers a business credit card with an interest-free period of up to 45 days; after this, an APR of 22.4% variable will be applied. The credit card also has flexible repayment options for its users along with monthly statements of each card. A limit of 20 supplementary cards can be issued to the business. There is an annual fee of £32 charged per card, with cardholders able to take out £500 or under a day so long as this keeps within their limit.

Key Features

  • £32 per annum per card
  • 45-day interest free period
  • 22.4% Variable APR
  • 20 supplementary cards available
  • £10,000 credit limit

This business credit card is offered not only to limited companies but is also available to sole traders, with businesses able to apply for anything up to £10,000. In order to be eligible for a business credit card, businesses must already hold a current account with Lloyds.

Number 8 – TSB, Business Credit Card

 

TSB-logo

 

TSB offers a business credit card with an interest free period of up to 45 days. This interest free period is only available if purchases are made in Sterling, and the balance on these purchases is paid off fully by set due date. After this 45 day period, an APR of 17.6% representative variable will be applied. This credit card also allows businesses to take out additional cards for its employees (provided they are over the age of 18), able to set personalised card limits for each card.

Key Features

  • £500 withdrawals per day
  • £32 per card per annum
  • 45-day interest free period
  • 17.6% Variable APR

This type of credit card also allows businesses to make cash withdrawals of anything up to £500 per day as long as cardholders stay within their limit. To be eligible for a business credit card with TSB, businesses must already hold a current account with the bank. A Direct Debit from this TSB Business Current Account will also have to be set up in order to keep up with the credit card’s monthly repayments.

Number 9 – Royal Bank of Scotland, Business Credit Card

 

RBS-logo

 

Those who are eligible for a business credit card from the Royal Bank of Scotland include limited companies, sole traders, charities, limited liability partnerships, and clubs and societies. Cardholders are required to keep up with at least the minimum payments on their card, and have an interest-free period of 56 days on business purchases. After this interest-free period is up, a representative APR of 24.3% variable will be applied.

Key Features

  • £30 per annum
  • Free if you spend £6,000 per annum
  • 56-day interest free period
  • 24.3% Variable APR
  • Minimum annual turnover of £2 million required

There is also no annual fee charged for the first year that the account is open, and £30 charged per annum after this period. An exception to this is if businesses spend £6,000 or over every year with the credit card; in this instance, no annual fee would be applied. This business credit card is only available to businesses who make a turnover of up to £2 million. Cardholders must also hold a business bank account “in the same legal entity name with Royal Bank.”

 

Number 10 – American Express, Business Gold Card

 

American-express-logo

With an American Express Business Gold Card, businesses will not be charged an annual fee for the first year, however after this will be charged an annual fee of £125. This business credit card also offers a maximum of 54 days credit on purchases in addition to a reward programme, enabling business to earn a set amount of points for making purchases.

Key Features

  • £125 per annum
  • 54-day interest free period
  • 99 supplementary cards available
  • Huge rewards plans available

American Express Business Gold Card holders can also request a maximum of 99 complimentary Supplementary Cards for their employees to use. In order to be eligible, cardholders must also be a business registered in the UK.