Capital on Tap

saj100

Hi

Sorry if this is in the wrong place. Capital on Tap is a business avios-earning credit card. Apparently HMRC accept this if paying VAT/corporation tax as they view it like a Mastercard debit card. Has anyone done this? And is it possible to pay off student loans in any way with this?

Thanks

Ben8282

You can pay HMRC using business credit cards with a fee yes, but why they should regard this card which is obviously a credit card as a debit card is beyond me.
As for the student loan, you will need to ask the student loan company if they accept credit cards. I have no idea though of how you would justify this expense in the business accounts.

Terry_Towelling

saj100 wrote: »

Hi
Apparently HMRC accept this if paying VAT/corporation tax as they view it like a Mastercard debit card.

Can you say where you heard this from?

saj100

On the website headforpoints. Can't post link as only signed up to this forum recently.

Zanderman

Ben8282 wrote: »

You can pay HMRC using business credit cards with a fee yes, but why they should regard this card which is obviously a credit card as a debit card is beyond me.

I think the answer is - because this is not a credit card - Capital On Tap's website makes no mention of it being a Credit Card - it seems to be a debit card which gives you access to a loan that they offer you.

They don't actually state this though - which is confusing. and so I may be wrong.

But having looked into it (they currently have a £75 cashback reward if you go via a referral) the concept of it being a virtual credit card has put me off.

Zanderman

Confirmed - Capital on tap's card is NOT a credit card:

Hello, you are through to Sarah
Me: Is this a credit card - in the normal sense of that term?
Sarah: We provide a credit facility which is linked to a prepaid business mastercard
Me: So it's not a credit card?
Sarah: No it is not

saj100

Hey

Thanks Zanderman. The referral you mention, is it cashback + the 20k sign up bonus? Or just cashback? Can you provide a link? And what put you off? Lack of s75 protection?

Zanderman

saj100 wrote: »

Hey
Thanks Zanderman. The referral you mention, is it cashback + the 20k sign up bonus? Or just cashback? Can you provide a link? And what put you off? Lack of s75 protection?

Re the £75 bonus, I think it's a different scheme to the other one. You'll find info on it on Reddit and a few other sites, just google Capital on Tap £75.

What put me off was not knowing what it was I would be signing up to - I understand credit cards, I don't understand prepaid debit cards that draw on a pre-approved credit. And I don't like the way they, Capital on Tap, don't really make this very clear - it looks like a credit card arrangement, but it isn't. They don't actually lie, but they don't make the truth clear either, and I don't trust financial outfits who act like that.