Santander Business Cashback Credit Card

By: Kate Anderson | Updated: 12th March, 2019.

The Santander Business Cashback Credit Card offers 1% cashback on all purchases, making your business expenditure work for you. With no foreign transaction fees and additional cards at no extra costs, if you can afford the £30 annual fee, you could could secure a business credit card which rewards you for using it.

Great for: Getting cashback for spending on your business
4 stars question mark

While the card does carry an annual fee of £30, it offers 1% cashback on all business spending, additional cards at no extra cost and no fees for foreign transactions. If you can resign yourself to the annual fee then you could be opening the door to enticing offer.

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CREDIT RATING req:

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

HIGHLIGHTS

  • 1% cashback on all business spend
  • No additional fee for extra cards
  • No foreign transaction fees

REPRESENTATIVE EXAMPLE

Representative 23.7% APR (variable)
Purchase rate 18.9% p.a. (variable)
Assumed credit limit £1,200
Annual fee £30

what we like

  • 1% cashback on all business spend
  • No additional fee for extra cards
  • No foreign transaction fees
  • ANNUAL FEE:

    £30
  • REPRESENTATIVE APR:

    23.7%
  • INTRO OFFER:

    N/A

KEY SCORES:

  • 3.5/5 Perks
  • 1/5Fees
  • 5/5APR

HIGHLIGHTS

  • 1% cashback on all business spend
  • No additional fee for extra cards
  • No foreign transaction fees

REPRESENTATIVE EXAMPLE

Representative 23.7% APR (variable)
Purchase rate 18.9% p.a. (variable)
Assumed credit limit £1,200
Annual fee £30

The Santander Business Cashback Card bottom line

While the card does carry an annual fee of £30 it offers 1% cashback on all business spending, additional cards at no extra cost and no fees for foreign transactions. If you can resign yourself to the annual fee then you are opening the door to enticing offer.

Credit Rating Requirement: Good/Excellent

What I like about the Santander Business Cashback Card

The Santander Business Cashback Credit Card lets you stay on top of your expenses and manage your cashflow while rewarding you for your business spend.

  • Cashback Offer – The headline benefit of the Santander Business Cashback card is its cashback offer. The card will reward you with 1% cashback on all purchases made using the credit card, so anything from office supplies to petrol. Meaning, if you or an employee or a business partner were to spend £500 using the card, Santander will pay you £5 in cashback. The total cashback earned each month will be credited to the card in its next monthly statement. Meaning, you can make your business spending work for you and receive a cashback yield each month just from using the card.
  • Overseas usage – The card carries no foreign transaction fee. So as long as you or another cardholder uses the local currency, you will not be charged a fee for spending overseas. However, the card does have a cash withdrawal fee of 3% (or minimum £3) which applies to ATM withdrawals made in the UK and abroad, so not all overseas usage is free.
  • Additional cards – Santander is offering unlimited additional cards at no extra cost (eg. nothing more than the £30 annual fee), meaning that you can give cards out to as many employees or partners as you like.
  • Monthly spend limits – As part of the account management, Santander provides the option of setting monthly spend limits which will control the amount each cardholder can spend. This could be a useful tool if the card is likely to be used for business expenses for individual employees.
  • Worth knowing – As standard, the card comes with up to 56 days interest-free credit on purchases, provided you pay your balance in full and on time each month.

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?

Cashback is definitely a benefit but at what cost? The annual fee attached to this card is one of its downsides.

  • Annual fee – The card has an annual fee of £30. While in line with a lot of its competitors, it doesn’t offer the first year free which some do. It does mean the card offers benefits such as cashback and additional cards at no extra cost, but you would need to weigh up whether the package is worth the £30 annual expense.
  • Introductory periods – Other than the standard up to 56 days interest-free on purchases, the card offers nothing in the way of 0% introductory periods for purchases or balance transfers.
  • Cash withdrawal fees– While the card doesn’t have a foreign transaction fee, it does have a 3% (or minimum £3) cash withdrawal fee which applies to the UK and abroad.

How does the Santander Business Cashback Card offer stack up?

The card’s main selling point is its offer of 1% cashback on all purchases, which does set it apart from other cards on the market. Added to that no foreign transaction fees and you are looking at a competitive option. It’s annual fee, which applies to the business account and not the card, is inline in terms of cost with other cards, but some do offer the first year free or no fee at all, which is where this card does fall short.

The Santander Business Cashback Card credit score

Santander requires applicants to be a UK resident and aged 18 or over, with a good credit record. It asks that you have not been declared bankrupt, had a CCJ or an IVA within the last six years. Similarly, that you haven’t been a disqualified director or director of a failed business within the last six years. Also, the business you are applying on the behalf of needs to be registered in the UK.

You can apply if you have up to two directors, owners or partners, or you are a sole trader, your business is a partnership, a limited liability partnership or a private limited company.

How do you apply?

Applications can only be made in branch with a Business Relationship Manager.

Is the Santander Business Cashback Card right for you?

If you are looking a business credit card that will give you a little something back, then the Santander Business Cashback Card may be the right fit. The offer of 1% cashback on all purchases is competitive, and means that you can earn some money from your business spend. The main negative on this card is the annual fee, but at £30 a year it is in line with its competitors and does open you up to the cashback offer. The additional benefits of no foreign transaction fees and free supplementary cards means that this card is competitive overall package.

See the Best Business Credit Cards


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