Business credit cards can be good way for your small business to buy products and access short term finance. Firstly, it allows you to keep your business expenses separate from your personal finances. This is essential if you want to manage your money effectively.
Secondly, it gives you flexibility for spending and to make necessary business purchases. In this guide, we look at current business credit cards UK and the different offers you can get.
We recommend you seek independent financial advice before applying for business credit cards, as it can affect your credit rating and comes with some risk.
If you’re looking for business debit cards, check out these guides to digital banks, the best business bank account and the best business bank accounts for startups.
If you have all the information you need, this guide will help you find the best business credit cards 2022.
Quick find…
- Capital On Tap Business Credit Cards UK
- HSBC Business Credit Cards UK
- Barclaycard Business Credit Cards UK
- American Express Gold Business Charge Card
- Lloyds Business Credit Cards UK
1. Capital On Tap Business Credit Cards UK
The Capital On Tap Business Credit Card is a great option. It offers great fees and rates, but also has some interesting rewards and features that small businesses could benefit from.
Firstly, this card has a potential credit facility of up to £100,000. The representative APR rates can also be as low as 9.9%. However, you will not know the APR rate you will actually receive until you apply for the card.
Card owners can also benefit from UK customer support that is available 24/7. Interestingly enough, the application process will also not affect your credit score. For bonuses, the card offers 1% cashback on every £1 spent. Also, the Business Rewards Credit Card allows you to redeem Avios points instead for the 1% cashback with no cap.
The Business Rewards Credit Card has a higher annual fee of £99.00, but the standard Capital On Tap Business Credit Card has no annual charge.
Features
- Offer either the Free Business Credit Card or Business Rewards Credit Card
- Offers a credit facility of up to £100,000
- UK customer support available 24/7
- Variable APR rates as low as 9.9%
- A simple and fast application process that doesn’t affect your credit score
Pros
- Can have up to 56-days interest-free on credit card purchases
- Applies no charges for UK cash machines or foreign exchange
- The free business credit card offers 1% cashback on every £1 spent
- Can earn Avios points on the business rewards credit card
- 5-star rating on Trust Pilot
Cons
- No guarantee of a low APR until the application process
2. HSBC Business Credit Cards UK
The HSBC Business Credit Card is a simple option. It doesn’t have a huge range of features of bonuses. What it does offer is a straightforward credit card with minimal fees and simple usage.
For this credit card, you get a 56-day interest free payment period which helps maintain your cash flow. Also, the annual fee is just £32 which is one of the lowest available. The credit limits are also variable and can be tailored to suit your specific business needs.
For payment flexibility, you can use the HSBC Business Credit Card to set up direct debits, make contactless payments, and make phone payments. Also, it is one of the safest credit cards with no liability for fraudulent transactions. Lastly, for the first year, the £32 service fee is also waived. If you want a simple, no-fuss credit card, this is a great choice.
Features
- Tailored credit limits to suit different business sizes and needs
- The card can be used to make contactless payments
- Enhanced liability to protect from fraudulent transactions
- Can make payments via a range of methods including phone and direct debit
Pros
- Has a relatively cheap annual fee of £32.00
- Decent representative APR of 22% (variable)
- Initially has a 56-day interest-free period to help business startups
- No annual fee for the first year of owning the card
- The credit card is issued via the Visa network
Cons
- Relatively basic without many extra features
3. Barclaycard Business Credit Cards UK
The Barclaycard is one of the most popular business credit cards available. There are three different cards – the Barclaycard Rewards Card, the Barclaycard Forward, and the Barclaycard Platinum.
The Barclaycard Rewards Card is possible the best choice for small businesses. This is based on a credit limit of £1200 and has a representative APR of 22.9%, and a purchase rate P.A of 22.9%. When using this card, you get no fees abroad. You can also make free ATM cash withdrawals.
We also like that you get 0.25% cash back on everyday spending. All three business credit cards also have no annual fee which is a huge plus compared to other cards. For peace of mind, you also get payment protection for any transactions above £100 with the rewards card.
If you want something a little more, the Platinum card offers an introductory offer of 0% interest balance transfer for up to 30 months. This card also offers a slightly lower representative APR of 21.9%.
Features
- Several different cards available including the Barclaycard Rewards Card
- Gives access to a range of extras such as travel insurance
- Variable APR rates from 19.9% to 34.9% depending on the card
- Can gain cashback on purchases with some of the cards
- Credit cards are issued on the widely accepted Visa network
Pros
- Three cards to choose from to suit different business needs
- Free withdrawals for UK cash machines and foreign exchange
- 0% interest available on purchases between 3 to 30 months depending on the card
- Great comparison tool to choose the card most suited for your business
- No annual fees for any of the cards
Cons
- Doesn’t offer as many features as some other credit cards
4. American Express Gold Business Charge Card
If you want to go with an established credit card provider, you can’t go wrong with American Express. Amex is often seen as the standard for credit cards and their American Express Gold Business Charge Card is a good option.
For the first year, this card has no service fee. After this, it is £123 per year which is more expensive. However, for this, you gain access to the Amex reward system. For each £1 spent on the car,d, you get 1 Amex Membership Reward point. Also, if you spend £3000 in the first month, you get an amazon 20,000 bonus points.
For payments, there is a 54-day interest free period which should give your business great flexibility for money management. We also like that there is no pre-set spending limit which further increases the credit card’s flexibility. For money management, you can also use the AmexExpense App which gives you full control over the card.
Features
- Various opportunities to earn reward points
- Can have up to 99 complimentary employee credit cards
- Up to 54-days interest-free for payment periods
- No pre-set spending limit for greater flexibility
- Can manage the credit card via the AmexExpense App
Pros
- Earn 1 Amex Membership Reward point for each £1 spent
- Receive a 20,000 reward point bonus if you spend £3000 in the first month
- No annual service charge for the first year
- 24/7 customer service available
- Has an emergency card replacement service
Cons
- The annual fee rises to £123 after the first year
5. Lloyds Business Credit Cards UK
Lloyds Bank is another highly respected bank in the UK. They offer a great range of business credit cards that suit different-sized businesses. These are split into two categories. The first is for businesses with an annual turnover of £3 million or less.
The second is for businesses with an annual turnover of between £3 million and £25 million. To apply for the second category, you must have an existing Lloyds account.
These credit cards have a limit of up to £10,000, and a representative APR of 22.4% which is OK. We also like the low annual service fee of £32.00 – this makes Lloyds one of the cheaper options.
Lloyds business credit card owners can also benefit from fraud protection, 24/7 UK customer support, and the option for paperless statements. The card can be used for most payment types including online, contactless, and phone. Aside from this, there aren’t many features or bonuses. Lloyds essentially offers a good, solid, simple business credit card.
Features
- Credit limit available up to £10,000
- Can be used to make payments in multiple ways including by phone
- Facilitates cash withdrawals of up to £500 per day
- UK call centre customer service available 24/7
- Full capability to manage your credit card online
Pros
- A low annual service fee of just £32.00 per card
- The credit card can also be used for contactless payments
- Has a reasonable representative APR of 22.4%
- Full fraud protection for unauthorized transactions
- Can get paperless statements to help the environment
Cons
- Doesn’t have many additional benefits
Business Credit Cards UK – Summary
We hope you have found this guide on current business credit card offers useful. There is a great choice of cards available to suit different needs. The Capital On Tap card offers some of the best additional features if you intend to use it regularly. The cashback is a nice feature, as is the ability to gain reward points.
Alternatively, if you want a simple credit card to cover the occasional business transaction, basic cards like the Lloyds Business Credit Card, and the HSBC Business Credit Card are great options.
Check out the options that digital banking can provide to your business as well.
This article is not intended to provide financial advice. If this guide to business credit cards UK helped you, please recommend DigitalSupermarket.
