Bank of Scotland Business Credit Card review September 2020
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: ★★★★★
Doing its job: 3.5/5
In a nutshell:
Yearly account fee
Minimum credit limit
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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.
Pros and cons
- £32 annual account fee.
- Applicants with low credit scores are unlikely to be eligible.
- Each additional card incurs a fee (£32).
- You may be offered an opening credit limit as low as £1,000.
How does this deal compare?
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.