Metro Bank Business Credit Card

By: Kate Anderson | Updated: 13th May, 2019.

The Metro Bank Business Credit Card keeps it simple, with a comparatively low APR and no annual fee. While other cards may offer more in terms of perks and rewards, Metro Bank is known for its ‘no fuss’ approach and adopts that with this card. You won’t find cashback deals and reward points, but what you will find is a decent and solid deal for borrowing.

Great for: Simple, no-fee business card
4 stars question mark

This card sells itself on its simplicity, getting back to basics in the form of a competitive APR and no annual fee. While this means you won’t receive anything in terms of cashback and rewards, you will get the same APR for cash advances as for purchases, along with no foreign transaction fees for Europe.

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CREDIT RATING req:

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

HIGHLIGHTS

  • No annual fee
  • No non-sterling fees in most of Europe
  • Comparatively low APR (subject to status)
  • Note that you must have a Business Current Account or Commercial Current Account with Metro Bank in order to apply

REPRESENTATIVE EXAMPLE

Representative 14.9% APR (variable)
Purchase rate 13.97% p.a. (variable)
Assumed credit limit £1,200
Annual fee £0

 

what we like

  • No annual fee
  • No non-sterling fees in most of Europe
  • Comparatively low APR (subject to status)
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    14.9%
  • INTRO OFFER:

    N/A

KEY SCORES:

  • 2/5 Perks
  • 5/5Fees
  • 5/5APR

HIGHLIGHTS

  • No annual fee
  • No non-sterling fees in most of Europe
  • Comparatively low APR (subject to status)
  • Note that you must have a Business Current Account or Commercial Current Account with Metro Bank in order to apply

REPRESENTATIVE EXAMPLE

Representative 14.9% APR (variable)
Purchase rate 13.97% p.a. (variable)
Assumed credit limit £1,200
Annual fee £0

 

The Metro Bank Business Credit Card bottom line

This card sells itself on its simplicity, getting back to basics in the form of a competitive APR and no annual fee. While this means you won’t receive anything in terms of cashback and rewards, you will get the same APR for cash advances as for purchases, along with no foreign transaction fees for Europe.

Credit Rating Requirement: Good/Excellent

What I like about the Metro Bank Business Credit Card

While the Metro Bank Business Credit Card doesn’t offer a bucketload of promotions, what it does have is likely to interest customers.

  • Low APR – When looking at any credit card, one of the key things to consider is the APR, as at the end of the day this is the cost of borrowing. In the case of the Metro Bank Business Credit Card, not only does it have a comparatively low APR but it also applies the same rate to purchases, cash advances and balance transfers. Credit cards typically have a higher rate for cash withdrawals, so to have the APR for cash advances the same as for purchases, and for it to be at the lower end anyway, makes this feature stand out.
  • Fee – Business cards often carry an annual fee, but not this card. While this means you don’t necessarily get the added extras you would with a card with a fee, it means there are no additional costs to factor in when taking out the card.
  • Overseas usage – Cardholders can benefit from no foreign transaction fees on purchases or cash withdrawals made in Europe. (The bank lists the countries that it classifies as within Europe.) Any purchases made outside Europe will carry a 2.99% fee, and any cash withdrawals will be charged 2.99% plus a £1.50 non-sterling purchase fee.
  • Additional cards – One of the areas to compare with business credit cards is how many additional cards you receive for free on your account. With this card you can have up to 25 nominated cardholders, which, considering you are not required to pay an annual fee, is a decent number.
  • Account opening – As you are required to open your account in a branch, one of the benefits is that you can walk away with your physical credit card on the same day. In addition, if you were to misplace your card, you could walk into a Metro Bank and receive a replacement card immediately.
  • Worth knowing – You can make balance transfers with the card up to 75% of the card’s limit. Just be aware that these will be charged interest based on the card’s APR, as no introductory offer is available.

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?

This card keeps things simple, but this does mean that what you are getting could be considered basic.

  • Introductory periods – This card has no introductory offers. While its APR is comparatively low, it’s still not 0%. Cardholders do get the standard 56 days interest free on purchases, provided they pay their balance in full and on time, but everything else will accrue interest.
  • Rewards – It is not surprising considering the lack of annual fee, but this card has no reward programmes or cashback offers.
  • Overseas usage – Metro Bank does offer fee-free foreign transactions for Europe, but then introduces a charge for countries outside Europe. The impact of this depends on where you think your business will conduct its spending, but the different offers may mean you could easily be caught out.

How does the Metro Bank Business Credit Card offer stack up?

If you compare business credit cards, there are many out there that will offer discounts on travel and cashback on purchases, but the likelihood is that you will have to pay an annual fee in order to unlock those perks.

The Metro Bank Business Credit Card has a competitively low APR and the added benefit of no annual fee. While you may not get any reward packages as a result, it doesn’t mean that you will lose out. You will still receive a decent number of additional cards for free plus added bonuses such as fee-free spending in Europe.

In addition, everyone will receive the same rate, and that rate will be applied to purchases, balance transfers and cash advances. It is rare not to be charged more for cash advances, so this is definitely one of the card’s stand-out features.

The Metro Bank Business Credit Card credit score

The card does have a limiting factor in that you will need a Metro Bank Business Current Account or Commercial Current Account in order to apply. Applicants are also required to be aged 18 or over and to be able to make payments via direct debit.

How do you apply?

Applications can only be made in a branch. If you already hold a Business Current Account or Commercial Current Account with the bank, you can speak to your relationship manager or local director.

Is the Metro Bank Business Credit Card right for you?

If you are looking for a business credit card that may keep the cost of borrowing low, then the Metro Bank Business Credit Card could be a contender. With a low APR and no annual fee, plus the same rate for purchases, balance transfers and cash advances, everything is set up to be simple and keep costs to a minimum. However, the trade-off is that the card offers nothing out of the ordinary in terms of interest-free introductory periods or any type of reward programme. Its fee-free foreign usage is also limited to just Europe, which, depending on your business spending needs, may be an issue. However, there is something to be said for offering a basic package but doing it well, and in the case of the Metro Bank Business Credit Card that is what you get.

See the Best Business Credit Cards


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