CapitalOnTap cashback credit card for businesses

koru

I thought others might be interested to hear that there's at least one business credit card that pays cashback. It is https://www.capitalontap.com/. The rate is 1%, uncapped, so pretty good! Another advantage is that they don't add any fees on foreign currency transactions, which is a big advantage for me, as I'll be spending a lot of US$, so I'm saving about 3% FX fee and getting 1% cashback.

It is a Visa card, so there shouldn't be problems with acceptance. No fee for the card, unless you opt for the version that gives you air miles as well.

They do ask for a personal guarantee from a director, which might put you off. In my case, I'm not planning to spend any money the business doesn't already have, so the guarantee won't ever be an issue.

My only problem is that they gave me a small credit limit, which is going to restrict how much cashback I can earn. But better than nothing.

Savvy_Sue

Use it for a few months, ask for an increase ...

koru

I already have 

tightauldgit

koru said:

I thought others might be interested to hear that there's at least one business credit card that pays cashback. It is https://www.capitalontap.com/. The rate is 1%, uncapped, so pretty good! Another advantage is that they don't add any fees on foreign currency transactions, which is a big advantage for me, as I'll be spending a lot of US$, so I'm saving about 3% FX fee and getting 1% cashback.

It is a Visa card, so there shouldn't be problems with acceptance. No fee for the card, unless you opt for the version that gives you air miles as well.

They do ask for a personal guarantee from a director, which might put you off. In my case, I'm not planning to spend any money the business doesn't already have, so the guarantee won't ever be an issue.

My only problem is that they gave me a small credit limit, which is going to restrict how much cashback I can earn. But better than nothing.

Are you using the credit card for the credit facility or just for the cashback? If only the latter can you make a purchase, pay it off with an interim payment and then free up your credit limit for the next purchase?

koru

tightauldgit said:

Are you using the credit card for the credit facility or just for the cashback? If only the latter can you make a purchase, pay it off with an interim payment and then free up your credit limit for the next purchase?

Just the cashback, so I'll try making interim repayments. At the moment, the repay early option is greyed out, but perhaps that's because the purchase that I made is still pending.

Their chat help says there's a limit to how many times I can repay early, but they don't know how many are allowed. I'm not allowed to overpay, so that I have surplus cash in the account.

koru

Incidentally, I have found some other 1% cashbacks. Barclays, Santander, Cashplus, and Moss. They all seem to either add FX fees or charge an annual fee, however.

koru

koru said:
Just the cashback, so I'll try making interim repayments. At the moment, the repay early option is greyed out, but perhaps that's because the purchase that I made is still pending.

Their chat help says there's a limit to how many times I can repay early, but they don't know how many are allowed. I'm not allowed to overpay, so that I have surplus cash in the account.

In case it helps anyone, I paid off the entire balance 5 times in June, so if there is a limit it is at least 6.

Beatles4

Barclays now do a 1% business Credit card uncapped and no yearly fees just applied for it myself.

Already have a business Credit card through lloyds at £32 a year if Barclays have a low limit I might transfer that limit to Barclays as both mastercards.

Think you can transfer personal credit card limit to business but not other way round.

koru

Does the Barclays card have foreign exchange fees/loading? For me this is important. 

koru

An update on the credit limit: 
They turned down my initial request for an increase, but they have just told me they increased it to £3k, so looks like they review after 3 months. It still isn't high enough to cover a full month of expenditure, but at least now I might only need to pay it off twice a month.

koru

A bit more of an update: Despite asking the standard questions to "know your customer' for anti-money laundering purposes when the account was set up, they've come back to me twice now for even more information. They ask very intrusive questions about the affairs of the business (and the source of my own funds) and it has taken quite a while to answer their requests. I really don't think there's anything that suspicious about my company. I'm using the account exactly in the way I told them I would.

Had I known in advance the level of hassle, I probably would not have bothered opening the account, for the sake of £200 of cash back.