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 comes with a key advantage that you’ll have trouble finding elsewhere: the ability to transfer cash fee free directly to your high street bank account. This could provide an easy source of short-term funds for small businesses. There’s no annual fee on the card nor are there fees on foreign transactions or foreign ATM withdrawals. The representative APR on the card is high though, so you have to be especially careful about paying down your balance.Read full review >
|Representative rate||39.4% APR (variable)|
|Representative rate||39.4% APR (variable)|
The Capital On Tap Business Credit Card comes with a key advantage that you’ll have trouble finding elsewhere: the ability to transfer cash fee free directly to your high street bank account. This could provide an easy source of short-term funds for small businesses. There’s no annual fee on the card nor are there fees on foreign transactions or foreign ATM withdrawals. The representative APR on the card is high though, so you have to be especially careful about paying down your balance.
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 selling points are the flexibility in how you borrow — that is paying with your card or sending funds to your bank account — and 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.
Applicants receive an instant decision and, if your application is approved, funds can be accessed immediately online and you will receive your card in four business days.
If you are a small business or a sole trader that is looking for a flexible source of short-term funding, then the Capital On Tap business credit card could be one to consider. The lack of certain fees — namely annual fee and foreign transaction fees — is hard to not like.
All in all, decent levels of flexible 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. However, it bears repeating that there are no 0% introductory periods here and the standard APR is high, so good credit behaviour is essential. Finally, if you are looking for rewards such as cashback, other business cards (including Capital on Tap’s Business Rewards Card) may be more suited to your needs.
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