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Premium Capital on Tap Business Credit Card review

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Premium Capital on Tap Business Credit Card
4.7
★★★★★
Finder score
Terms and conditions apply. Rates and fees
Welcome offer
$199
Cash back
Up to 2%
Annual fee
$0
Purchase APR (variable)
17.74% to 35.99%

Our verdict

A decent cashback business card that lets you downgrade to no annual fee.

The Premium Capital on Tap Business Credit Card is the big brother to the Capital on Tap Business Credit Card, which you can opt into during the application process. Choose to pay $0 annually for the card, and you’ll earn a 2% rewards rate on all card purchases and a $199 welcome offer after you spend $15,000 in your first 3 months. The Premium Capital on Tap Business Credit Card has two repayment options: the entirety of each month’s statement balance, or a 10% minimum each month.

Like the standard version of the card, the Premium Capital on Tap Business Credit Card doesn’t offer much in the way of surprises otherwise, offering up to 20 free supplementary business cards, a credit limit ranging from $1,000 to $50,000 and other niceties like spend management tools. And the card’s “Premium” tag doesn’t affect the card’s APR range, which still ranges from 17.74% to 35.99% variable. While 17.74% is low for an APR, 35.99% is unusually high and terrible if you plan on carrying a balance.

In this guide

  • Our verdict
  • Details
    • Features
    • Fees
  • Your reviews
  • Ask a question

Details

Features

Annual fee $0
Welcome offer $199 cashback when $15,000 spent in the first 3 months
Rewards 2% cashback on all purchases
Purchase APR 17.74% to 35.99% variable
Balance transfer APR N/A
Minimum credit score 670
Issuer Visa

Fees

Security deposit N/A

How to apply for the Premium Capital on Tap Business Credit Card

There’s just one application for both of Capital on Tap’s credit cards. To apply for the Premium Capital on Tap Business Credit Card, you’ll need to make sure you select the “Premium” option when asked during the application process.

  1. Go to the provider's site to Learn more about how to apply for Premium Capital on Tap Business Credit Card.
  2. You’ll be redirected to the Capital on Tap application page. Click on Apply Now.
  3. Select your business type at the top of the application and fill out the requested information. Make sure to click “Premium” where applicable.
  4. When finished, click on the agreement boxes and click Submit.

To apply you’ll need to have a US registered company with more than three months trading history and an annual turnover of at least $30,000.

What credit score do I need?

To qualify for the Premium Capital on Tap Business Credit Card, you’ll need a good credit score of 670 or higher.

Premium Capital on Tap Business Credit Card benefits

  • Flexible annual fee. You can choose to downgrade your card each year, forgoing the annual fee and additional 1% rewards increase that comes with it.
  • Flat rewards. This card earns a flat 2% cashback rate on all purchases. This is a competitive rate for flat rewards.
  • Employee cards. You can have up to 20 additional business cards at no cost.
  • Spend management tools. Capital on Tap provides several finance management tools to help monitor employee spending.

What to watch out for

  • Middling welcome offer. This card’s welcome offer of $199 is unimpressive, essentially wiping out the card’s annual fee for the year and nothing more. What’s more, you have to spend a whopping $15,000 to earn it.
  • Potentially high APR. The APR on this card ranges from 17.74% to 35.99% variable, which is much higher than the industry standard.
  • Only two payment options. You must either choose to pay your balance in full each month, or at least 10% of the minimum.

What do customers say about the Premium Capital on Tap Business Credit Card?

As of September 2021, Trustpilot reviews of Capital on Tap give the company a rating of 4.8 out of 5. Customer reviews commend the simplicity of the app and the excellent customer service. The company is not accredited by the Better Business Bureau.

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American Express® Business Gold Card
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A flexible spending line and business card. Apply with no hard credit check. Requirements: 1 year in business, an existing business bank account with $20,000 average monthly deposits, more than one employee.
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Bottom line

The Premium Capital on Tap Business Credit Card to stand out. While 2% cash back on all purchases is a powerful rate, there are other business cards on the market that offer similar rewards and more features for less cost. Check out our Capital on Tap Business Credit Card for a look at how it compares. And if you’re looking for more specific features or rewards, you can compare all business card options to find the one for you.

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Steven Finder

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