If you’re an entrepreneur or business owner, it’s important to stay on top of your finances. One way to do so is with business credit cards — an integral financial tool that can help you manage and track your company expenses in one place.
Whether you are looking for low interest rates or special cashback offers, there are plenty of great benefits associated with having a dedicated business credit card.
Best business credit cards UK
| Provider | Credit card | APR % Representative (Variable) | Annual fee | Days interest free credit | Max credit limit |
|---|---|---|---|---|---|
Juni | Juni business MasterCard credit card | 0% | Free | 37 or 60 | £2,000,000 |
Capital On Tap | Capital on Tap Business credit card | From 9.9% | £0 | 56 | £50,000 |
Capital On Tap | Capital on Tap Business Rewards credit card | From 9.9% | £99 | 56 | £50,000 |
Metro Bank | Metro Bank Business credit card | 14.9% | £0 | Subject to status | |
HSBC | HSBC Commercial Card | 22% | £32 (first year free) | 56 | Subject to status |
Clydesdale Bank | Clydesdale Bank Business credit card | 22.4% | £28 (first year free) | 59 | Subject to status |
Lloyds Bank | Lloyds Business Credit Card | 22.4% | £32 | 45 | £10,000 (subject to status) |
Bank of Scotland | Bank of Scotland Business credit card | 22.4% | £32 | 45 | £10,000 |
Santander | Santander Business Credit Card | 23.7% | £30 | Subject to status | |
NatWest | NatWest Business credit card | 24.3% | £30 (first year free) | 56 | Subject to status |
Barclaycard | Barclaycard Flex credit card | 24.9% | £0 | 56 | £25,000 (subject to status) |
Barclaycard | Barclaycard Select credit card | 28.6% | £42 | 56 | £25,000 (subject to status) |
NatWest | NatWest Business Plus credit card | 29% | £70 | 56 | Subject to status |
American Express | Amazon Business American Express Card | 32.6% | £175 | 54 | Subject to status |
Barclaycard | Barclaycard Premium Plus credit card | 49.4% | £150 | 56 | £25,000 (subject to status) |
Soldo | Soldo prepaid expense cards | N/A | From £6 per month | N/A | N/A |
Business credit cards FAQ
Business credit cards are an essential tool for businesses of all sizes and can help with managing day-to-day expenses. They allow you to purchase items or services on credit, while also offering the convenience of making payments online or over the phone.
Business credit cards often come with additional benefits like rewards points, cash back opportunities, and other discounts that help save money on everyday purchases.
With a business credit card, you can also access your transactions quickly and easily online to make sure that everything is running smoothly. Business credit cards are an invaluable asset to any business, and they offer great value for businesses looking to manage expenses more effectively.
Business credit cards allow you to make payments for business related expenses on a separate account with its own credit limit. This encourages businesses to keep their personal and business spending apart, making it easier to track expenses and keep accounts in order.
Most major banks offer a range of cards with different features and benefits. Generally these include no annual fee, a higher credit limit than personal cards and extra rewards and discounts.
You can apply for a business credit card either online or in person at your bank branch. You’ll need to provide evidence of your business identity, such as an Employer Identification Number (EIN) or other documentation proving the existence of your business.
Once you’re approved, you can start using the credit card to make purchases and payments. However, it’s important to remember that any money you spend on the card must be paid back with interest. You should keep track of your spending and ensure that all bills are paid in full and on time every month.
Business credit cards are typically used to cover expenses such as business travel, raw materials or supplies and office equipment. They can also be a useful tool for managing cash flow by allowing you to purchase items now and pay for them later.
Some businesses use their card for personal expenses too, but it’s important to remember that this can impact your business credit rating. It’s best to keep personal and business related expenses separate, as this will make it easier to track spending and manage accounts more efficiently.
Ultimately, the type of card you choose will depend on what your business needs are, so make sure you compare different cards carefully before making a decision.
The best business credit cards are those that offer the highest rewards and perks. Depending on your specific needs, you might opt for a card with a high cashback rate, low annual fees, or generous bonus points.
For example, the American Express Business Platinum Card offers an unbeatable 5X Membership Rewards points in select categories, plus access to over 1.2 million lounge locations worldwide and a range of travel benefits.
Applying for business credit cards is similar to applying for a regular card, but you’ll need to provide additional information such as your company’s legal name and tax ID.
You should check the eligibility criteria of each card before submitting an application. Generally, you must be over 18 years of age and have a good or excellent personal credit score to be approved for a business card.
If you’re applying for the first time, it’s recommended that you start with cards from major banks or those with rewards programs to maximize your potential return. You should also read through all of the terms and conditions before signing up as different cards may have different fees and interest rates.
Many business credit cards report to Dun & Bradstreet, a leading provider of commercial credit scores. This includes major brands such as American Express, Capital One, and Citi. It’s important to check with your individual card issuer to understand what information they report and how it affects your business credit score.
There is no limit to the number of cards you can have, however it’s important to ensure that you don’t overextend yourself. It’s best practice to keep your spending within your means as each card will come with its own set of fees and conditions.
It’s also advisable to check how this affects your eligibility for other products, such as loans or mortgages. Too many credit cards can lead to financial difficulties and damage your long-term prospects.
Ultimately, you should assess how many business credit cards are necessary to meet the needs of your business before applying for any new ones. With careful consideration and responsible use, having multiple business cards can be beneficial.
Many business credit cards report to one or more of the three major credit bureaus: TransUnion, Equifax, and Experian. These companies collect information about your business credit history and use it to generate a score that lenders can use to assess whether you’re a responsible borrower.
Whether or not a particular card reports to the credit bureaus will depend on the card issuer. You should check with your provider to find out if your business credit card reports to any of the three major credit bureaus.
It’s important to remember that responsible use of a business credit card is key when it comes to building a good credit score. That means paying off your balance in full and on time each month, and avoiding taking out more credit than you can afford to pay back.
There are many business credit cards available that don’t require a personal guarantee. Generally, this type of card is ideal for businesses with good or excellent credit scores, as it involves less risk for the lender.
You should still be prepared to provide information about your company’s banking history and current financial standing when applying for these cards. Many issuers may also require a minimum annual revenue or credit score limit.
It’s also important to note that some business cards without personal guarantees may still charge an upfront fee or have higher APR rates than those with a personal guarantee. It’s best to shop around and compare cards before applying for one.
Overall, business credit cards without a personal guarantee can be beneficial for businesses with a good credit score, but you should always make sure to read through the terms and conditions before signing up.
The cost of a business credit card will depend on the issuer, the type of card, and your individual circumstances. Generally, most business cards charge an annual fee as well as interest on unpaid balances.
Interest rates can range from 0% to over 20%, depending on the card and any promotional offers that may be available at the time. Other fees may include late payment fees, cash advance fees, balance transfer fees, and foreign transaction fees.
Getting a business credit card for a new business is possible, however it may be more difficult than getting one for an established business. Lenders are often hesitant to lend to businesses that have no financial history or track record of success.
It’s important to ensure your business has a well-defined structure and plan before you apply for a business credit card. You should also make sure you have accurate financial information and records for your new business, as this will be required by the lender.
You may also want to consider getting a secured credit card, which is an option for businesses with no or limited credit history. With this type of card, you’ll need to put down a deposit which will serve as collateral for any outstanding balance. This can help to build your credit score, making it easier to get an unsecured business card in the future.
Liquidating business credit cards is a process which involves paying off the remaining balance on the card. It’s important to understand that, regardless of which option you choose, this process may have an effect on your credit score.
The simplest way to liquidate a business credit card is to pay off the outstanding balance with cash or another source of income. However, you may also be able to transfer the balance to another credit card or take out a loan in order to pay off the debt.
Alternatively, you could set up a payment plan with your creditor or contact them to see if they can reduce the interest rate on your card. It’s best to speak with an experienced financial advisor before making any decisions.