Bank of Scotland Business Credit Card review July 2020

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Designed for Bank of Scotland’s business customers who also need credit cards for their employees, this card’s interest-free period can help you manage an irregular cash flow.

Finder rating: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 17.57% (variable) p.a. with a fee of £32 per annum, your representative rate is 22.4% APR (variable).

22.4%

Representative APR

£32

Yearly account fee

£1,000

Minimum credit limit

Details

IssuerBank of Scotland
NetworkMastercard
Annual/monthly fees£32 per annum
Purchases17.57%
Purchases interest-free periodUp to 45 days
Cash advances17.57%
Min credit limit£1,000
Max credit limitSubject to status: £10,000
Additional cards available20

Expert review

Chris Lilly

Review by


Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.

Expert review

With Bank of Scotland Business Credit Card, you can get up to 20 credit cards for your business, and assign them to different employees, each with their own spending limit. Together with a handy app for mobile banking, this allows you to manage all your business’s expenses in a more efficient and controlled way.

However, keep in mind that you’ll be charged £32 per annum for each card you add. The annual fee, although reasonable, isn’t scrapped for the first year – an introductory offer that is common to many other providers.

The other significant feature of this card is a competitive 17.57% standard purchases rate. If you always pay your bill in full and on time, you’ll enjoy up to 45 days interest-free each billing cycle. The two of them together make this card interesting if your business is in need of a bit of extra cash while you wait for your customers to pay their invoices.

Sadly, this card comes with no extra rewards – you don’t get any special treatment in fancy hotels or cashback on your expenses. But it’s a solid and straightforward card that, if used correctly, can make your business life easier.

Finally, Bank of Scotland business credit cards are issued on the Mastercard network, so they can be used at more than 35 million merchants and ATMs worldwide.

How does this deal compare?

Table: sorted by interest rate on purchases.
Data indicated here is updated daily
Name Product Purchases Annual/monthly fees Rewards earn rate Rep. APR Link Incentive Representative example
Capital on Tap Business Credit Card
22.9%
£0
N/A
22.9% (variable)
Upgrade to Capital on Tap Business Rewards Card for £99 pa to earn 1 point for every £1 spent. 1 point can be redeemed for either 1 Avios or 1p in cashback. 10,000 bonus points when £5,000 spent in first 3 months. Up to 20 free supplementary cards available.
Representative example: When you spend £1,200 at a purchase rate of 39.9% (variable) p.a., your representative rate is 39.9% APR (variable).
Capital on Tap Business Rewards Credit Card
39.41%
£99 p.a.
1 point per £1 spent
39.9% (variable)
Earn 1 point for every £1 spent. 1 points can be redeemed for either 1 Avios or 1p in cashback. 10,000 bonus points when £5,000 spent in first 3 months. Up to 20 free supplementary cards available.
Representative example: When you spend £1,200 at a purchase rate of 39.9% (variable) p.a., your representative rate is 39.9% APR (variable).
British Airways American Express Accelerating Business Card
22.2%
£210 per annum
1.5 points per £1 spent
80.3% (variable)
Earn 1.5 On Business Points for every £1 spent with BA on eligible flights and 1.5 Avios for every eligible £1 spent on credit card. Earn an extra 3,000 On Business Points annually when £20K or more spent by card anniversary.
Representative example: When you spend £1,200 at a purchase rate of 22.2% (variable) p.a. with a fee of £210 per annum, your representative rate is 80.3% APR (variable).
American Express Gold Business Card
N/A (this product is a charge card).
Year 1 - £0, Year 2 onwards - £125
1 point per £1 spent
N/A (this product is a charge card).
Earn 20,000 bonus Membership Rewards® points when you spend £3,000 in first 6 months of Card membership. Earn 1 Membership Rewards® point for every £1 spent thereafter.
American Express Platinum Business Card
N/A (this product is a charge card).
£595 p.a.
1 point per £1 spent
N/A (this product is a charge card).
Earn 18,000 Membership Rewards points for each approved referred friend.
Metro Bank Business Credit Card Mastercard
14.9%
£0
N/A
14.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 14.9% (variable) p.a., your representative rate is 14.9% APR (variable).
HSBC Commercial Credit Card Visa
15.9%
Year 1 - £0, Year 2 onwards - £32 per annum
N/A
22% (variable)
Identity Theft Assistance helpline and online tool. Liability Waiver for companies who have two or more cardholders. 24 hour customer service support.
Representative example: When you spend £1,200 at a purchase rate of 15.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £32 per annum, your representative rate is 22% APR (variable).
Bank of Scotland Business Credit Card Mastercard
17.57%
£32 per annum
N/A
22.4% (variable)
Representative example: When you spend £1,200 at a purchase rate of 17.57% (variable) p.a. with a fee of £32 per annum, your representative rate is 22.4% APR (variable).
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Compare up to 4 providers

Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

Repayment options

When it comes to repayments, you can make manual repayments online or over the phone (0345 606 0286), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates as a result. You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.

Choose from the following direct debit options for your monthly repayments:

Minimum amount Fixed amount Fixed percentage Full amount

How to apply for the Bank of Scotland Business Credit Card

If you’ve compared credit cards and decided Bank of Scotland offers the one you need, it’s time to take a look at the eligibility criteria.

In order to be able to apply for a Bank of Scotland Business Credit Card, you need to become a Bank of Scotland business customer first. If you aren’t already, you can call Bank of Scotland on the phone and they’ll tell you what to do to switch your account or how to open a new one. You’ll also need to be 18 or older, a UK resident and either a sole trader, or a partner/ director of your business.

If you already are a Bank of Scotland business customer, you can apply for the credit card by filling in an online form. It should take 5-10 minutes and you should be prepared to give information about both yourself and your business. Among other things, they’ll ask for your business address, banking details and annual turnover.

At this point, you’ll be asked if you want to add any extra cardholders and the spending limits you want to give them.

If you need to add any extra cardholders, be prepared to provide Bank of Scotland with their date of birth, mother’s maiden name, contact number and three years of address history.

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