By: Kate Anderson | Updated: 15th April, 2019.
The Capital On Tap business credit card is designed to help small businesses and sole traders access funding. With no sign-up or annual fees, no charges for non-sterling transactions or ATM withdrawals, and the opportunity to improve the card’s APR, the whole package makes borrowing that bit more accessible.
The Capital On Tap Business Credit Card has no sign-up, monthly or annual fees. Add to that no fees for non-sterling transactions or ATM withdrawals, and you are looking at a business card that is more about lending money than charging you for using it. The initial APR is relatively high (although the rate you receive will be based on your business profile), but the card does offer the chance to bring this down with good account management.Read full review >
|Representative rate||39.4% APR (variable)|
|Representative rate||39.4% APR (variable)|
This card has no sign-up, monthly or annual fees. Add to that no fees for non-sterling transactions or ATM withdrawals, and you are looking at a business card that is more about lending money than charging you for using it. The initial APR is relatively high (although the rate you receive will be based on your business profile), but the card does offer the chance to bring this down with good account management.
The Capital On Tap business credit card has removed any barriers to entry, with no sign-up fees or annual fees. When you include the opportunity to lower your APR and no fees for overseas usage and ATM withdrawals, you are looking at a nice basic package.
I worked on the front line of personal-finance best buys for over eight years at one of the world’s largest research companies, Nielsen. I reported daily on the developments of the 2008 financial crisis and beyond, keeping up with the changing financial landscape and providing insights to all the major banks in the UK. I know the key players in the market and the tactics behind how they behave. All of which I will apply to highlight the best deals and give honest reviews to help you in your search.
While the Capital On Tap business credit card avoids fees, the flip side is that you don’t get many added rewards as part of your package.
While other cards may offer more in terms of rewards and introductory periods, the Capital On Tap business card focuses on making borrowing accessible. The card’s real selling point is the lack of fees attached to signing up and to using the card (bar the usual late or missed payment fees). While the headline APR is relatively high, the opportunity to potentially lower your rate also makes the card stand out from other cards on the market.
Capital On Tap requires applicants to have at least 12 months of trading history and a turnover of at least £24k per annum. Additionally, your application will not be accepted if you have had any unresolved county court judgements (CCJs) against you or your business in the past 12 months. Limited companies, sole traders, partnerships and limited liability partnerships are eligible to apply for the card, but they must be UK based.
Applications can only be made online. The application requires you to provide information regarding your business, including – if you are limited company – your registered number, and some personal details.
If your application is approved, you will receive your card in four business days.
If you are a small business or a sole trader that is looking for a business credit card that you won’t be charged for using (beyond the typical late or missed payment penalties), then the Capital On Tap business credit card could be one to consider. With decent levels of credit, the ability to reduce the APR through good account management, no overseas usage fees or ATM withdrawal fees, plus no annual fees, you are looking at a good overall basic package. If you are looking for rewards such as cashback, other business cards may be more suited to your needs. Remember, though, that Capital On Tap does give you the opportunity to upgrade in order to qualify for cashback, but you would pay annual fees.
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