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It’s tough to beat a Barclaycard when the brand brings out a long list of perks and benefits, and the Barclaycard Premium Plus Business Credit Card is no different. Not only does it offer inclusive travel perks such as the coveted lounge access, but also cash back on qualifying spend. Also, an introductory purchase rate of 0% applies to qualifying purchases in the first six months after signing up. But this card also comes with an enormous price tag. Not only is there a lofty annual fee, but also a significant jump from the promotional purchase rate (after that initial six-month period) to the standard purchase rate.
Credit Card Rating Requirements: Good/Excellent
What I like about the Barclaycard Premium Plus Business Credit Card
This is a must-have if you’re a globetrotting company bigwig that simply can’t bear the thought of missing out on lounge access.
- Business rewards: The Barclaycard Premium Plus Business Credit Card gives you automatic access to Business Rewards which expands the already impressive range of benefits. Some of the benefits include free access to Experian business credit reports for three months, the first year free on Federation of Small Businesses (FSB) registration, discounts on certain business expenses, and convenient business hire and travel perks. It’s not all business, however, as the rewards also include convenient entertainment discounts that span over 3,500 events.
- Travel perks: It’s not a card review if we don’t touch on travel perks. It serves as a priority pass at airports and entitles you to two visits for free and additional visits are £20 each. You also save 2% on foreign exchange fees. The card affords cardholders 10% or more off hotel reservations. These are selected reservations through Booking.com for Business.
- Lots of insurance: Travel insurance is automatically included with the card and provides a stack of coverage. If you happen to use your card to pay for the trip, it includes free travel accident cover while you’re in transit of up to £100,000. This is for the cardholder and up to three people. The cover also extends to travel delays, delayed baggage, personal belongings, business document replacement, and legal expenses. There’s also purchase protection insurance and cardholder misuse insurance.
- Welcome offer: There is an initial six-month interest-free on purchases period that can be a major boost to business cash flow, especially if combined with supplier or partner discounts.
- Long interest-free period: If you happen to pay your card in full and on time every month, you also enjoy 56 days interest-free purchases.
- Cashback offer: One of the most rewarding benefits of this card has to be the cashback rate. You earn 0.5% cash back on eligible purchases, with a limit of £400 in a cashback year. For the frequent traveller, this includes qualifying travel spend such as booking accommodation, dining, and booking flights. There is also the 4% rebate for travellers in the USA and Canada at over 5,000 hotels and 10,000 restaurants. On top of that, selected fuel stations offer 1% rebate.
- More flexibility than a charge card: For a business owner, one of the most important things to consider is cash flow. A charge card allows you to settle your purchases faster, thus avoiding costly interest. However, it can also disrupt your cash flow if your income cycle is longer than your credit card cycle. That initial six-month interest-free period is especially helpful if you’re working on a specific project and need stock or material to get things going. If, however, you need to take on the repayments over the 12-month period, albeit at the applicable variable rate, it’s a fast, simple, and convenient form of funding.
What could be improved?
While the Barclaycard Premium Plus Business Credit Card is right up there with the best, there are a few elements that deserve a second look.
- It could do with more travel lounge access: A card that sits in the premium card range could offer a few more lounge visits. While additional visits can be purchased, the fee of £20 can be costly if travel is a weekly or monthly occurrence.
- It’s pricey: The annual fee of £150 may seem justifiable when compared to the perks but can be a burden to small businesses or startups. These cards are not designed for large entities considering the maximum limit is £25,000, which makes it hard to sell that annual fee. Add to that the standard purchase rate once you’re out of the initial six-month interest-free period, and the card becomes even pricier.
- The cashback cap: The 0.5% cashback earnings are great until the £400 limit kicks in. Smaller businesses might find this ideal, however, those who qualify for higher limits may find they reach the ceiling within a few months. A card that qualifies for the full limit of £25,000 has the potential to earn £1,500, which is almost three times the cap.
How does the Barclaycard Premium Plus Business Credit Card offer stack up?
This is a well-rounded business card, especially for startups and small businesses that meet the qualifying criteria. It provides great travel perks and business rewards that are tough to beat. When compared to other cards in its class, such as the Santander Business Cashback Credit Card, Barclaycard brings out the big guns with its perks. Santander might offer a cheaper premium card with a higher cashback rate but falls a little flat with its other rewards.
The Barclaycard Premium Plus Business Credit Card credit score
Before you apply, it’s important to know that one of the criteria is that your financial commitments aren’t overdue and that your finances have been well-managed for the last 12 months. Additional requirements include:
- You and your business is not bankrupt
- There are no bankruptcy proceedings against you or the business
- The business turnover or business plan projections exceed £10,000 per year
- The business is UK-based
- The directors and employees are over 18 years of age
How to apply
Simply visit the Barclaycard website and click on the Apply Now icon. It opens up to an information page that ensures that you have all the information on hand to proceed. The online application automatically includes the insurance and those who would prefer not to sign up for the insurance would need to proceed telephonically.
Is the Barclaycard Premium Plus Business Credit Card a good choice for you?
If you own a business with a turnover of more than £10,000 per annum and you happen to travel a lot, this might be a great option for you. While it’s loaded with bells and whistles, the rewards aren’t gimmicky and add actual value. If you can afford the annual fee of £150 and the variable interest rate should you opt to pay the balance over the full period of 12 months, since the 0.5% cashback earnings more than make up for it. It’s an all-rounder card that allows additional savings to business-related expenditures such as marketing and finance, thanks to discounts and rewards through partners.
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