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This is a card that is great for regular cash flow needs. It offers visibility on expenses and spending, which helps businesses to manage employee cards online, view statements and make payments easily. The card also has no annual fee and offers 1% cashback on eligible business spend, plus access to discounts with Barclaycard Business Rewards.
Credit Rating Requirement: Good/Excellent
What I like about the Barclaycard Select Cashback Business Credit Card
Barclaycard is an established card provider that knows what business customers need. With this card you get business support, protection plus a little reward.
- Cashback – Getting a little something extra for your credit card spending is always a boost. The Barclaycard Select Cashback Business Credit Card pays 1% cashback for any eligible business spend. And as the card carries no annual fee, you will be able to feel the benefit of this reward straight away.
- Account management – This card allows you to easily control your purchases and employee expenses. Its online serving feature is available on desktop, tablet or mobile. Here you can view your statements, make payments, update cardholder details and order replacement cards. But it is the MyControls portal that gives you even greater visibility. In this you can set up individual spending profiles for each card, set up business profiles for purchases and allow online and in-store purchases as and when you need. These features all help you to stay in the driving seat of your business credit card account.
- Purchases – Barclaycard is offering up to 56 days interest-free credit, if you pay in full and on time. So if you keep on top of your monthly payments, you could avoid costly interest payments altogether.
- Protection – Whatever the size of your business, insurance can be a real comfort. This card offers purchase protection, which covers theft or damage, items purchased as gifts and doesn’t require registration of covered purchases. Items over £50 or €50 are covered, but bear in mind an excess of £50 or €50 is payable per event. The card also has cardholder misuse insurance. This provides protection against fraudulent card transactions made by employees.
- Rewards – Taking out a Barclaycard Business Credit Card means that you can take advantage of its Business Reward Scheme. This includes a wide range of offers from discounts on breakdown cover and car hire, to cashback on tax returns and free registration to the Federation of Small Businesses. With such a variety, you can pick and choose which rewards suit your business best.
- Additional cardholders – Having additional cardholders on your account means that the employees that need access to credit can have it. And it’s not nice having to pay extra to add a cardholder to your account. Which is why you may be pleased to hear that the Barclaycard Select Cashback Business Credit Card has no additional cardholder fees.
What could be improved?
While there is no annual fee to contend with, cash withdrawals and overseas usage could be costly.
- Cash withdrawals – This card doesn’t offer anything in the way of cash withdrawal or cash transfer facilities. Instead, you stand to be charged interest from the day you make a cash withdrawal until it is paid in full. And if you make one abroad, you are not only charged a 3% cash fee, but also the 2.99% non-sterling transaction fee.
- Interest-free period – While the card offers up to 56 days’ interest-free credit on purchases, this is relatively standard and you can only benefit from this if you pay your balance in full and on time.
How does the offer stack up?
The Barclaycard Select Cashback Business Credit Card is a solid business card option. It’s a good choice for account management, offering all the online servicing tools and account oversight you may need. And the offer of 1% cashback on eligible purchases and access to the Business Rewards programme helps to sweeten the deal.
The lack of an annual fee is also a bonus, as this means you can feel the benefit from the rewards on offer as soon as you start using the card.
However, the rewards programme doesn’t really stack up when compared to the likes of American Express. And its lack of cash transfer facility means it falls down compared to some other cards on the market.
Barclaycard expects applicants to be UK based, and for directors and employees to be at least 18 years old.
This card is for businesses and individuals with a good or excellent credit score. Barclaycard asks that you and your business are not bankrupt or currently in bankruptcy proceedings. Additionally, that there are no existing financial commitments overdue, and that your accounts have been managed well over the last 12 months.
Barclaycard also requires applicants to have a business turnover, or a new business plan, which exceeds £10,000 per year.
How do you apply?
You can apply through the Barclaycard website. Before making your application, make sure you have your business details to hand, including the business address, company number, bank details and annual business turnover.
You will also need your business partner’s or other business owners’ details, including date of birth, current home address and address history for the past three years.
Is the Barclaycard Select Business Credit Card a good choice for you?
If you are looking for a business credit card account that can offer you protection and full control of your business spending, plus a little something extra, then the Select Cashback Business Credit Card could be a good fit. The online account management features – including individual spending profiles, visibility of transactions, and control over online and in-store purchases – mean that you can easily keep a handle on your spending. And the 1% cashback gives you a little extra boost.
With no annual fee, all in all, this card provides a solid, competitive overall package.
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