Best Compare Business Credit Cards
15 Best Business Credit Cards in 2024
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How it worksCredit cards can be powerful tools for businesses as they offer flexible lines of credit that can help with finance and expense management. You could get a card that offers introductory rates, cashback rewards or a welcome bonus just for joining, so take a look below.
Find the best business credit card from the UKs top providers & find best rate for your business purchases.
Capital on Tap Business Credit Card
- Popular credit card trusted by more than 200,000 businesses
- Offering two reward plans, one for free & one with a £99 annual fee
- For limited companies or LLPs that turnover at least £2,000 each month
- Comes with a representative 34.3% APR
- Though rates as low as 15.5% APR are achievable
- Get interest-free periods of up to 42 days
- Both plans come with an uncapped 1% cashback on all spend
- And exclusive offers & savings on loads of business tools, like Slack
- Massive credit limits available up to £250,000
WebsiteMoss Credit Corporate Card
- Smart business credit cards with full control on assigned purchase limits
- For businesses that have more than 10 employees or turnover more than £2 million
- Two plans available, book an intro to find out more
- Both give access to unlimited cards with automated spend approval flows
- Credit must be paid in full in the given terms, similar to business charge cards
- Have market-leading receipt capture & spend matching
- Cards integrate easily with popular UK accounting software
- Rated great on Trustpilot with a TrustScore of 4 stars
- Access spending limits up to £2.5 million per month, with payment terms up to 60 days
WebsiteFunding Circle FlexiPay Credit Card
- Game changing business credit card with transfers
- Made for limited companies & LLPs
- Get a decision & find out your limit without affecting your credit score
- The representative rate is a variable 33.4% APR
- There are no interest rates or annual fees
- Pay a flat fee, between 3.9%-5.9%, on each transaction instead
- Which you then repay in three equal monthly instalments
- 1.25% cashback on all card spend with FlexiPay for the first three months
- Get a credit limit from £1,000 to a maximum of £250,000
WebsiteBarclaycard Business Credit Cards
- Choice of two multi-award-winning business credit cards
- Available to businesses that turnover, or plan to, £10,000
- Pay no annual fee for cashback or £150 per account for more rewards
- The cards have representative rates of 27.5% & 56.8% APR
- Purchases are either 27.5% or 20.2%, while cash withdrawals have the same annual rate of 33.7%
- You could get up to 56 days of no interest if you pay your statement in full
- Non-sterling transactions have a 2.99% fee, discounted with Premium Plus
- Both cards have a minimum limit of £1,000, more available subject to application & checks
- Awarded Best Business Card Provider in the Business Moneyfacts Awards 2014-2023
WebsiteAmerican Express Business Credit Cards
- Two business cards that give exclusive Amazon rewards & £100 welcome offer
- You will need a business bank account from a UK bank
- Both cards come with an annual £50 fee & have a representative 39.7% APR
- Free for the first year or ongoing if you spend over £8,000 each year
- The purchase rate is the same at 28.3% variable
- Get rewarded up to 2% on selected Amazon purchases for every £1 spent
- And 0.5% rewards for every £1 on purchases elsewhere
- Or extend your payment terms with up to 90 days interest-free (this is instead of earning rewards)
- There is no information on credit limits
WebsiteCashplus Bank Business Credit Card
- Credit card for businesses & sole traders, with 1% cashback
- Only available by invitation to those with a Cashplus Business Bank Account
- There are no annual card fees & a representative 29.9% APR variable rate
- Purchases have an annual rate of 29.94%, while cash has an annual rate of 39.94%
- Cash advances are also charged at 3% each, £3 minimum
- If you pay your balance off in full each month you can get 56 days of no interest
- The minimum monthly repayment is 5% of the outstanding balance or £10
- Foreign currency transactions incur a 2.99% fee
- The smallest credit limit you can get is £300 & they go up to £5,000, subject to status
WebsiteRead our in-depth Cashplus Bank reviewMetro Bank Business Credit Card
- Award-winning business credit card with low rates & no annual fee
- Only available to existing Metro Business or Commercial customers
- The representative interest rate is 14.9% APR, variable
- Purchases & cash advances are charged at 13.97%, per annum, with no introductory rates
- Get up to 56 days interest free when you pay your full balance on time
- No charges for transactions in most of Europe, 2.99% fees outside
- The minimum repayment is either £20 or the full balance if less than £20
- Credit limits start at £500 & the maximum you can access is subject to status
- Awarded Best Business Credit Card in the Moneynet & Forbes Advisor's Best of Awards 2023
WebsiteRead our in-depth Metro Bank reviewNatWest Business Credit Cards
- Offer two credit cards, one basic and one with cashback & no foreign transaction fees
- Available to business that turnover less than £2 million or £6.5 million, respectively, & have a NatWest business account
- Card fees are £30 (free in first year) or £70 annually for each cardholder
- Get a representative rate of 24.3% or 29% APR, variable
- With annual purchase rates of 16.9% or 13.9%, depending on card
- And up to 56 days of no interest when you pay your balance in full, for both cards
- Both have minimum monthly repayment requirements of £5 or 3% the remaining balance
- Get 1% cashback on fuel & vehicle charging, more cashback rewards available
- Credit limits begin at £500, higher limits are subject to status
WebsiteRead our in-depth NatWest reviewLloyds Bank Business Credit Card
- Business credit card with up to 20 employee cards available with separate limits
- You will need a Lloyds Business Current Account
- No fees on any cards added in the first 12 months, £32 annual fee per cardholder after
- There is a 22.4% APR variable representative rate
- An annual rate of 16.3% applies to purchases & cash withdrawals
- There is a maximum of 45 days interest-free on timely & full balance payments
- You must pay the minimum payment each month, which is £5 or 1% of the balance
- Non-sterling transactions are charged at 2.95% the value in sterling
- Credit limits start at £1,000 & can go up to £10,000, subject to checks
WebsiteRead our in-depth Lloyds Bank reviewHSBC Commercial Credit Card
- Credit card for HSBC Business Account holders, with no annual fee for the first year
- After, the annual fee is £32 per card
- Has a representative 22.0% APR variable rate
- Purchases & cash advances have an annual interest rate of 15.9%
- And you can get up to 56 interest-free days on both, 38 days if you pay in full by Direct Debit
- If you make a cash advance there is a 2.99% fee, £3 minimum
- Foreign transactions are charged at the same rate
- Late payments incur a £12 fee & the minimum monthly payment is £5
- The minimum credit limit available is £500, all other limits are subject to checks
WebsiteRead our in-depth HSBC reviewSantander Business Cashback Credit Card
- Cashback business credit card with additional cards at no extra cost
- Only available to existing Santander Business Current Account holders
- Costs £30 per year & has a variable representative rate of 23.7% APR
- Earn 1% cashback on all business spend with no caps
- Purchases & balance transfers have an annual interest rate of 18.9%
- While cash transactions have an annual rate of 27.9% & are charged at 3% the value
- Offer an interest-free period on purchases of 56 days, if balance is paid on time & in full
- No foreign transaction fees on payments abroad, when using the local currency
- Credit limits start at £500 & are determined after credit checks
WebsiteRead our in-depth Santander reviewRoyal Bank of Scotland Business Credit Cards
- Offer two credit cards, one basic and one with cashback & no foreign transaction fees
- Available to RBS Business customers that turnover less than £2 million or £6.5 million, respectively
- Card fees are £30 (free in first year) or £70 annually for each cardholder
- Get a representative rate of 24.3% or 29% APR, variable
- With annual purchase rates of 16.9% or 13.9%, depending on card
- And up to 56 days of no interest when you pay your balance in full, for both cards
- Both have minimum monthly repayment requirements of £5 or 3% the remaining balance
- Get 1% cashback on fuel & vehicle charging, more cashback rewards available
- Credit limits begin at £500, higher limits are subject to status
WebsiteRead our in-depth Royal Bank of Scotland reviewBank of Scotland Business Credit Card
- Business credit card with up to 20 employee cards, all with separate spend limits
- You will need a Bank of Scotland Business Current Account
- No fees on any cards added in the first 12 months, £32 annual fee per cardholder after
- There is a 22.4% APR variable representative rate
- Cash withdrawals & purchases both have rates from 16.3%, per annum
- Get an interest-free period of up to 45 days when you pay your full balance on time each month
- The minimum monthly payment is £5 or 1% of the balance
- Non-sterling transactions are charged at 2.95% the value in sterling
- Credit limits start at £1,000 & can go up to £10,000, subject to status
WebsiteRead our in-depth Bank of Scotland reviewThe Co-operative Bank Business Credit Card
- Ethical credit card that makes donations every month for every account open
- You will need a Co-operative Bank Business Current Account
- There is an annual fee of £24 & the representative rate is 21.8% variable
- Cash transactions & purchases have an interest rate of 15.9%, per annum
- New purchases get up to 56 days of no interest, if statement is paid in full, on time
- The minimum repayment is either £5 or 2% the total balance
- And late payment fees are £10.50
- Transactions abroad are charged 2.75% of the sterling value
- You can get credit limits from £500 up to £25,000, subject to credit checks
WebsiteRead our in-depth The Co-operative Bank reviewWhat is the best business credit card?
Here's what we think are the best business credit cards and what for:
- Best business credit card overall: Capital on Tap Business Credit Card · Rates from 15.5% APR
- Best for no annual fees: Funding Circle FlexiPay Credit Card · Rates from 0% APR
- Best for highest credit limit: Moss Credit Corporate Card · Interest Rates Not Applicable
- Best for lowest purchase rate: NatWest Business Credit Cards · Rates from 13.9% APR
- Best for interest-free period: Funding Circle FlexiPay Credit Card · Rates from 0% APR
- Best for cashback: Barclaycard Business Credit Cards · Rates from 20.2% APR
- Best for travel: Metro Business Credit Card · Rates from 13.9% APR
- Best for Amazon rewards: American Express Business Credit Cards · Rates from 28.0% APR
What is a business credit card?
A business credit card is a financial tool that gives businesses access to money they might not have. They operate on a revolving credit line, allowing businesses to make purchases, pay bills, and manage expenses.
Business credit cards are very similar to a personal credit cards but are specifically designed for business expenses.
Who can get a business credit card?
Business credit cards are available to a lot of businesses, including sole traders. Some providers stipulate turnover restrictions, while others require you to have an accompanying bank account.
In general though, if you're a registered business with no county court judgements (CCJs) you should be able to get a business credit card.
Types of business credit cards
Business credit cards come in various types to cater to different business needs:
- Rewards Cards: These cards offer rewards such as cashback, travel miles, or points for every purchase made. You can then redeem these rewards for various benefits.
- Cashback Cards: These cards provide a percentage of the purchase amount back as cash rewards. This can be particularly beneficial for businesses with regular, sizable expenses.
- Industry-Specific Cards: Some business credit cards are tailored to specific industries. For instance, there are cards designed for frequent travellers, fleet businesses, or cards for businesses that spend significantly on office supplies.
How much do business credit cards cost?
Costs vary based on the card and issuer. Fees can include annual fees, interest rates on balances, late payment fees, and foreign transaction fees.
The annual fees usually vary from £0 to £50 and a lot of the time are free in your first year
How much is available on business credit cards
The amount available on business credit cards varies depending on who you choose, but the limits included in this guide range from £300 to £250,000.
Higher limits are usually subject to status, which means a decision will be made based on your application, financial circumstances and borrowing history.
What are the risks of a business credit card?
Using a business credit card can be convenient, but it also involves certain risks that you should be aware of:
- Interest Charges: If the full balance is not paid by the due date, the remaining amount incurs high-interest rates. This can lead to significant debt if you don't manage your business' finances responsibly.
- Late Payment Fees: Missing the payment deadline results in late fees of around £12, increasing the overall debt and affecting your company's financial health.
- Credit Score Impact: Late payments or defaulting on the card can harm a business owner's personal and business credit scores, affecting future borrowing capabilities.
- Overspending: Easy access to credit might tempt you to overspend, leading to financial strain when it's time to repay the borrowed amount.
- Personal Liability: Small business owners, especially sole traders and partnerships, might be personally liable for the debt. If your business can't pay, personal assets could be at risk.
- Changing Terms: Credit card issuers can change terms and conditions, including interest rates and fees. You'll need to stay updated on these changes to avoid unexpected surprises.
- Cash Advance Fees: Withdrawing cash from a credit card often incurs additional fees and higher interest rates, making it an expensive form of borrowing.
- Dependency on Credit: Relying too heavily on credit might mask underlying financial issues. Try to focus on sustainable revenue generation and financial stability rather than relying solely on credit.
- Impact on Relationships: If a business shares credit with partners or co-owners, financial mismanagement can strain relationships and lead to disputes.
To mitigate these risks, you should carefully plan your business credit card usage, paying attention to the terms and conditions, and have a clear repayment strategy.
Regular monitoring of expenses and prompt payment can help you make the most of the benefits while minimising the risks associated with business credit cards.
Alternatives to business credit cards
- Business charge cards
- Business overdrafts
- Business loans
Frequently asked questions
It's not uncommon to have questions when looking in to business cards, especially for the first time. These are some of the most relevant questions for business credit cards:
Annual Percentage Rate, or APR for short, is the cost you'll pay in fees and interest for borrowing credit over a year.
A credit limit is the maximum balance you can borrow on a credit card, the amount is determined by a number of factors, such as income, debt management and overall creditworthiness.
Yes, but it's generally not recommended as it can complicate business finances and taxes. Business credit cards offer specific benefits for business-related expenses.
Initially, the inquiry might impact your personal credit score, but the card's activity usually doesn't appear on personal credit reports unless there's a default.
Providers like Capital on Tap and Funding Circle's FlexiPay offer decisions and limit information with no affect to your credit score.
You might be able to. Most of the time lenders will offer a lower credit limit and higher interest rates.
Yes, responsible use, like paying on time, can positively impact your business credit score.
The application process can take a few days to a few weeks, depending on the issuer's requirements and the completeness of your application.
Yes, some issuers offer business credit cards for startups, often requiring a personal guarantee from the founder or a deposit as security.
Yes, most business credit cards can be used internationally. However, be aware of foreign transaction fees, which are charges for using the card outside your home country.
Business credit cards don't benefit from full purchase protection offered under Section 75 of the Consumer Credit Act. However, some credit card providers do offer online purchase guarantees and insurance for fraud or misuse.
Yes you can have more than one business credit card. Depending on your circumstances you may need or want multiple credit cards for your business or businesses, but be careful to stay on top of your finances and only apply if you can manage the costs.
This depends on whether you're a sole trader or registered limited company. Since sole traders don't require a business bank account you could get a credit card without one. However, limited companies are legally required to have a bank account for their business, so they will need one to get a business credit card.
Yes, business credit card interest charges and annual fees are tax deductible.