Our bottom line
For a low annual fee of £42 per account and no additional cardholder fees, this card allows you to control your business spending and offers you purchase protection and cardholder misuse insurance. With its online servicing portal, you can easily manage your account from your smartphone or laptop. Another online feature of the card, MyControls, gives you even more authority allowing you to stay on top of your business expenses and manage employee cards through a wide range of spend controls. The card also comes with up to 38 days of 0% interest on purchases as long as you pay in full and on time. And if all these perks are not enough, you also get access to Barclaycard Business rewards through which you can enjoy discounts from several leading suppliers and on pre-sale tickets.
Credit Rating Requirement: Good/Excellent
What I like about the Barclaycard Select Business Charge Card
With easy online account management and spending control features, a low annual fee, zero additional cardholder fees, added protection and insurance, and access to discounts through Barclaycard Business rewards, there is quite a lot to like about this card.
Online account management – With an online servicing feature that is live 24/7 and available on desktop, tablet and mobile, managing your account is really easy with the Barclaycard Select Business Charge Card. Here, you can access and download statements and transaction reports, make payments, view and order new PINs, update your personal details, view your credit limits and even order replacement cards.
My controls – This feature puts you even further in the driving seat of your card by allowing you to set individual profiles for each card, set business profiles for purchases, turn on cash withdrawals at ATMs or in branch and allow online and in-store purchases. You can also temporarily suspend cards on your account using this feature.
Up to 38 days to pay interest-free – You can enjoy up to 38 days interest-free on purchases with this card, but this is contingent on you paying your balance in full and on time each month.
Purchase protection and cardholder misuse insurance – As a business owner, having added protection and insurance on your card can give you some comfort as things do tend to go wrong in business quite often. The Barclaycard Select Business Charge Card comes with purchase protection and cardholder misuse insurance. Purchase protection provides coverage for stolen or damaged items bought using the card. However, keep in mind that coverage is only for items with a purchase price of more than £50 or € 50. Events occurring after 90 days are not covered. Also note that for every event, you will be required to pay an excess of £50 or € 50. Cardholder misuse insurance provides cover in the event that your employees misuse their cards, for example, by making fraudulent transactions. Coverage is up to £15,000 per cardholder and up to £1 million for the entire business.
Extra cards – With this card, you can request additional cards for any eligible employee. You’ll still be in control of your account as the additional cardholders do not have full access to the services you have as the main account holder. What’s even greater is that there are no additional cardholder fees meaning that you can add extra cardholders as often as you like without having to worry about paying extra fees to do so. However, note that as the account holder, you will be the one responsible for paying the total outstanding balance on your account inclusive of all expenses incurred by additional cardholders.
Rewards – One of the main benefits of any Barclaycard cardholder is access to the Barclaycard Business Rewards scheme. Barclaycard Rewards comes with discounts and offers from a great number of tops brands and retailers. Standout rewards include free credit reports, cashback on tax returns, free first-year registration to the Federation of Small Businesses, rebates on online advertising spend as well as discounts on business breakdown cover, airport and hotel parking fees, hotel reservations among many others.
What could be improved?
While there is quite a decent selection of perks with this card, there are a few things that could be improved.
Fees – Despite not having additional cardholder fees, there are several other sets of fees that come with this card. These include service fees (for example, when you request copies of transaction fees and statements) and fees for non-sterling transactions (2.99% of the amount). All things considered, however, any financial inconvenience that may be caused by these fees is offset by all the other perks and rewards that come with the card.
Interest-free purchase period – While this card offers up to 38 days to pay interest-free, this is quite a small window and does not offer much flexibility for small businesses that might require longer to clear their balances. You can find other charge cards from competitors that offer up to 56 days interest-free.
How does the Barclaycard Select Business Charge Card offer stack up?
The Barclaycard Select Business Charge Card stacks up pretty well when compared with other cards in the same category. From an annual fee of £42 which is quite low by industry standards, no additional cardholder fees in addition to other perks such as business rewards, there are few cards that can top this one.
As long as you pay your balance in full each month and do not go beyond the 38-day allowance for interest-free purchases, this is an excellent card to help you stay on top of your business spending while also enjoying added protection and insurance.
The Barclaycard Select Business Charge Card credit score
Given that this is a charge card, you are likely to require a good credit score to qualify for it. If your business is just starting, or if it does not have good credit, it might be wiser to instead go for a traditional credit card.
Furthermore, to qualify for the card, Barclaycard requires directors and employees to be at least 18 years old, that you and your business are not bankrupt or in bankruptcy proceedings and that your financial commitments are not overdue and have been well managed over the last 12 months.
How do you apply?
Application for the card can be done through the Barclaycard website. To make the process faster and avoid delays, ensure that you have a couple of key information and details close by. These include your business’ address, trading address, company name, your bank details, your annual business turnover and details about your business partners or other business owners.
If applying online seems like too much work or is just not your thing, you can also apply via phone by calling Barclaycard on 08000294864.
Is the Barclaycard Select Business Charge Card a good choice for you?
If you have a UK-based business with regular spending needs and whose turnover or new business plan does not exceed £10,000 per year, the Barclaycard Select Business Charge Card can be an excellent card to help you make the most of your monthly purchases while enjoying a good selection of rewards and perks.
The card is linked to an online system that gives you oversight and control over your account and your spending meaning that you remain in the driving seat of your card at all times.
However, keep in mind that this is a charge card, and you will be required to pay your balance in full each month. The 38 days interest-free period is relatively short but should not be an issue as long as you limit your monthly spending to a manageable amount that you can comfortably pay off in full within the allowed period.
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