Capital On Tap Business Credit Card

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.

Great for: No-hassle business card
3 stars question mark
CAPITAL ON TAP BUSINESS CREDIT CARD

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.

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CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • No annual fee
  • No non-sterling transaction fees
  • Access up to £50,000 in credit

REPRESENTATIVE EXAMPLE

Representative rate 39.4% APR (variable)

what we like

  • No annual fee
  • No non-sterling transaction fees
  • Access up to £50,000 in credit
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    39.4%
  • INTRO OFFER:

    N/A

KEY SCORES:

  • 2.5/5 Perks
  • 5/5Fees
  • 1/5APR

HIGHLIGHTS

  • No annual fee
  • No non-sterling transaction fees
  • Access up to £50,000 in credit

REPRESENTATIVE EXAMPLE

Representative rate 39.4% APR (variable)

Bottom line

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.

Credit Rating Requirement: Good/Excellent

What I like

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.

  • No fees – One of things that sets this card apart is its lack of fees. There are no fees for taking out the card and then, if you choose the standard package, no monthly or annual fees for using the card. As an extra bonus, Capital On Tap doesn’t charge non-sterling transaction fees or fees for ATM withdrawals, meaning the cost of using this card is lower than it would otherwise be. One thing to be aware of, though, is that the interest on cash withdrawals is relatively high – so if you do need to make ATM withdrawals with the card, try not to have them sitting in your balance for a long time.
  • APR reduction – While the card’s headline APR is comparatively high, cardholders do have the opportunity to reduce their rate is they demonstrate good borrowing behaviours. Depending on your account management, your rate could be reduced to anything from 0.79% to 4.9% per month.
  • Supplementary cards – Capital On Tap offers up to 10 free supplementary cards for employees or partners. Something to bear in mind is that all supplementary cards will be subject to the credit limit on the account. For example, if you have an account credit limit of £5,000, and one cardholder makes a purchase of £500, then the amount available is reduced to £4,500 for the account as a whole.
  • Access to premium account – While the standard account offers little in the way of rewards, you could upgrade your account to the premium package, which offers 0.5% cashback on all card purchases. This is free for the first year and costs £79 per year thereafter. If you are looking for even more rewards, the provider does have a Rewards Club, which offers 1% cashback or the opportunity to earn Avios points; however, this comes with the hefty price tag of £199 per year.
  • Worth knowing – As the company is focused on business lending, it actually gives users the chance to either spend their funding through their business Mastercard or opt to send funds straight to their high street bank account.

Why trust me


Kate Anderson
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.

What could be improved?

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.

  • No rewards – On the standard package offered by Capital On Tap, you won’t get any additional rewards (such as cashback or reward points). The provider does offer other packages, as mentioned above, which will give you access to cashback rewards and Avios points if you are willing to pay an annual fee. But if you are looking at the basic credit card, don’t expect many added perks.
  • Introductory periods – Other than the standard up to 56 days interest free on purchases, the card has nothing in the way of interest-free introductory periods.

How does it stack up?

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.

Credit score

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.

How do you apply?

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.

Is the Capital On Tap business credit card right for you?

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.

See the Best Business Credit Cards


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