How can I apply for Capital on Tap?

You can apply for Capital on Tap online. You will be required to complete a quick form and disclose some basic personal and business details. Below we have provided the process it takes to receive a Capital on Tap business credit card.

1. Apply Online: Complete their online application form, this will take just two minutes. Be prepared to disclose basic personal and business information as well as your registered trading number.

2. Create a Capital on Tap account: Shortly after you will receive your funding options. Once you have made your decision you can go ahead and sign up for a Capital On Tap account.

3. Receive the business credit card: Capital on Tap business credit cards are sent out the very same day, you can expect to receive your card within just 4 business days and be able to access up to £50,000 in funding instantly.

4. Spend and repay: You can use your new card to spend money, withdraw cash and more. You’re then required to repay any outstanding credit via debit card.

Apply for a Capital on Tap business credit card now

Why choose Capital on Tap vs. competitors?

Capital on Tap’s mission aligns with ours, they are committed to helping businesses not only survive, but thrive. Making borrowing accessible to businesses of all sizes, they offer a flexible funding solution with several advantages that give them an edge. Their business credit card offers:

• Quick access: Unlike most credit cards, they provide the option to transfer the available balance directly into your business current account using the online portal and application provided.

• Great for small businesses: The Capital on Tap card is purposely designed to help small businesses borrow money easily.

• No fees: There are barely any fees attached to this card. Your business can benefit from no activation charges, or monthly or annual fees under their standard package. As well as this, there are no fees for ATM withdrawals and non-sterling transactions, keeping the cost of the card at a low.

• On Tap Club membership: There is also an option to upgrade your account to earn 1% uncapped cashback on all card spends. This membership is offered to customers at a £249 upfront annual fee.

• Flexible interest: As part of their introductory period offer, you can benefit from receiving up to 56 days of interest free on card purchases, providing each monthly balance is paid off in full.

• APR reductions: After demonstrating reliable borrowing, customers have the opportunity to reduce the rate of interest paid.

• FCA approved: Authorised and regulated by the Financial Conduct Authority, they are held to lending best practice, and offer customers quarterly account reviews to ensure their funding line grows in sync with their business.

• Additional cardholders: Up to 10 supplementary cards for employees are offered for free.

• Earn reward points: Under their business rewards card you have options to earn cashback or Avios points.

Alternatives to business credit cards if you have bad credit

Many businesses find themselves in the difficult position where they need a business credit card to build their score, but their existing score is not high enough to qualify for one to do so.

Unfortunately, in the UK there aren’t many credit card providers that cater for bad credit, however there are alternative routes to go down:

• Secured business credit card: These cards require lower credit scores for approval because you will need to provide assets as security to the lender. This option should only be considered if you are certain that you will be able to afford credit card repayments to ensure you don’t lose ownership of the collateral.

• Consider a business loan: Bad credit business loans help companies with adverse credit receive funding. Perceived as ‘higher risk’, slightly higher interest rates can be charged and the lender will often ask for a personal guarantee as security for using their lending services.

• Improve your credit rating: It’s never too late to turn your credit score around, ensure you pay bills on time, keep open and honest communication with vendors and review your credit regularly throughout the year.

7 Benefits of Business Credit Cards

1. Quick access to cash

Business credit cards can be arranged quickly which means you don’t have to worry about waiting for an approval. After receiving your business credit card, you can start spending without delay.

2. Keep personal spending separate

This particularly applies for smaller companies and sole traders, who are more likely to mesh business and personal spending. Combining the two only makes monitoring spending more difficult, particularly when filing annual tax returns.

Your personal credit issues could have an impact on your business’ finances and vice versa, so it’s best to keep each of these separate - especially as it may harm you when you try to obtain finance in the future.

3. Earn Rewards

A number of business perks and rewards programmes are offered alongside commercial credit cards, many of which include travel insurance discounts, points and cash back. When finding the right card for your business, be sure to take these advantages into consideration.

4. Control employee spending

Lots of providers offer the option to manage several authorised users from your business credit card account. The benefit of this is that you are able to easily assign and update your employees individual credit limits and spending rules from the account settings, as well as being able to keep track of how much and where each user has spent money over a given time.

5. Increases administration Efficiency

Business credit cards give you the option to speed up your day to day accounting administration and operations. By issuing company credit cards to employees who need them, you will be able to manage them under one central business credit card account, reducing the need for petty cash and employee expense claims.

6. Helps Build your business credit profile

By obtaining a business credit card and ensuring you meet all your repayments on time with no delay, you will be able to build your business’ credit profile which in turn will help you when applying for finance in the future.

After setting up your business credit card, ensure that you use the credit limit and are timely paying back the balance each month. A healthy score and credit history makes applying for credit cards, overdraft facilities and business loans far easier, and you can benefit from reduced interest rates and favourable lending terms moving forward.

7. Useful during business emergencies

Businesses are hit with unexpected costs and emergencies on a daily basis. SMEs in particular tend to have limited cash flow, which makes dealing with these unanticipated issues tricky. With a business credit card, your business can benefit from immediate access to emergency funds.

What business credit card should I get?

There are a range of factors that will determine which credit card is best for your business. You should take into account the different features each provider offers, as well as interest rates, fees and options for adverse credit. Think about your business spend, and before applying, ensure you take the time to read credit card reviews online to get a better sense of what your business can expect.

What are the best business credit cards in the UK?

With so many providers now on the market, it can be time consuming comparing business credit card providers. We know how busy life is for business owners, which is why we’ve narrowed down the 10 best business credit cards in the UK: