Bank of Scotland Business Credit Card review 2021

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).

Up to 45 days

Interest-free each billing period

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

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.

The Bank of Scotland Business Credit Card is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.

Capital on Tap Business Rewards Credit Card

Earn uncapped Avios or cashback on business spending

  • Up to 1% cashback or 1 Avios per pound spent
  • Up to 10,000 bonus points when you spend £5,000 in 3 months
  • Up to 20 free supplementary cards
  • Up to 56 interest-free days on purchases each billing cycle

Representative example: When you spend £1,200 at a purchase rate of 26.4% (variable) p.a., your representative rate is 29.9% APR (variable).

Promoted

Pros and cons

Pros

  • Up to 45 days to spread the cost of purchases (provided you pay off your balance in full each month)
  • A relatively low 17.57% interest rate on purchases

Cons

  • £32 annual account fee
  • Applicants with low credit scores are unlikely to be eligible
  • Each additional card incurs a fee (£32)

How does it compare?

Bank of Scotland's card

Name Product Purchases Annual/monthly fees Rewards earn rate Representative APR Link Key benefit Representative example
Bank of Scotland Business Credit Card Mastercard
17.57%
£32 per annum
N/A
22.4% APR (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

Other popular business cards

Table: promoted then other popular deals
Name Product Purchases Annual/monthly fees Rewards earn rate Representative APR Link Key benefit Representative example
£200 BONUS
Allstar Plus ‘All-in-one’ Business Credit and Fuel Card
N/A (this product is a charge card).
Year 1 - £0.99 per card per month,
Year 2 onwards - £3.99 per card per month
N/A
N/A (this product is a charge card).
Go to site
Earn an introductory bonus of £200, up to 44 days interest free on purchases (subject to status), savings on fuel at 1,500 Discount Diesel sites plus a 10% saving on vehicle servicing, repair, tyres and car washes at venues nationwide.
Capital on Tap Business Rewards Credit Card
26.4%
£99 p.a.
1 point per £1 spent
29.9% APR (variable)
Go to site
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 26.4% (variable) p.a., your representative rate is 29.9% APR (variable).
CASHBACK
Barclaycard Business Select Cashback Credit Card
21.9%
£0
1% cashback
21.9% APR (variable)
Go to site
Earn 1% cashback on eligible spend. T&Cs apply
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
£100 GIFTCARD
Amazon Business American Express Card
21.9%
£50 per annum (first year waived – limited offer)
1.5 points per £1 spent with selected partners
1 point per £2 spent elsewhere
32.6% APR (variable)
Go to site
Earn 1.5% Amazon Rewards on the first £120,000 in purchases each calendar year, 1% thereafter at Amazon.co.uk, Amazon Business UK and Whole Foods Market UK, or 60 day extended payment terms on such purchases. Earn 0.5% Amazon Rewards on all other purchases.
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £50 per annum, your representative rate is 32.6% APR (variable).
American Express Gold Business Card
N/A (this product is a charge card).
Year 1 - £0, Year 2 onwards - £175
1 point per £1 spent
N/A (this product is a charge card).
Go to site
New Cardmember offer: Earn 20,000 Membership Rewards® points when you spend £3,000 in first 3 months of Cardmembership. Earn 1 Membership Rewards® point for every £1 spent thereafter. Earn 10,000 extra Membership Rewards® points when you spend £20,000 per quarter.
Capital on Tap Business Credit Card
26.4%
£0
1 point per £1 spent
29.9% APR (variable)
Go to site
Earn 1% cashback for every £1 spent. Upgrade to Capital on Tap Business Rewards Card for £99 pa to choose between earning cashback or Avios and receive 10,000 bonus points when you spend £5,000 on your card in your first 3 months.
Representative example: When you spend £1,200 at a purchase rate of 26.4% (variable) p.a., your representative rate is 29.9% APR (variable).
£100 GIFTCARD
Amazon Business Prime American Express Card
21.9%
Year 1 - £0, Year 2 onwards - £50 per annum
2 points per £1 spent with selected partners
1 point per £2 spent elsewhere
32.6% APR (variable)
Go to site
Earn 2% Amazon Rewards on the first £120,000 in purchases each calendar year, 1% thereafter at Amazon.co.uk, Amazon Business UK and Whole Foods Market UK, or 90 day extended payment terms on such purchases. Earn 0.5% Amazon Rewards on all other purchases.
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £50 per annum, your representative rate is 32.6% APR (variable).
Barclaycard Business Premium Plus Credit Card
0% for 6 months reverting to 14.9%
£150 per annum
0.5% cashback
49.4% APR (variable)
Go to site
Earn 0.5% cashback on eligible spend with a cap of 400 per year. T&Cs apply
Representative example: When you spend £1,200 at a purchase rate of 14.9% (variable) p.a. with a fee of £150 per annum, your representative rate is 49.4% APR (variable).
Finder Award
OFFER
British Airways American Express Accelerating Business Card
22.2%
£250 per annum
1.5 points per £1 spent
96.7% APR (variable)
Go to site
Limited time offer: Earn 60,000 bonus Avios when you spend £5,000 in your first three months. Earn 1.5 Avios for every eligible £1 spent on card and 2 On Business Points for every £1 spent with BA on eligible flights. 10,000 bonus Avios for every £20,000 spent (max £60,000 pa) per calendar year.
Representative example: When you spend £1,200 at a purchase rate of 22.2% (variable) p.a. with a fee of £250 per annum, your representative rate is 96.7% APR (variable).
Barclaycard Select Business Charge Card
Barclaycard Select Business Charge Card
N/A (this product is a charge card).
£42 per annum
N/A
3.6% APR (variable)
Go to site
NatWest Business Credit Card (available to existing business customers)
16.9%
Year 1 - £0, Year 2 onwards - £30 per annum
N/A
24.3% APR (variable)
Go to site
Representative example: When you spend £1,200 at a purchase rate of 16.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £30 per annum, your representative rate is 24.3% APR (variable).
Royal Bank of Scotland Business Credit Card (available to existing business customers)
16.9%
Year 1 - £0, Year 2 onwards - £30 per annum
N/A
24.3% APR (variable)
Go to site
Representative example: When you spend £1,200 at a purchase rate of 16.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £30 per annum, your representative rate is 24.3% APR (variable).
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).
Go to site
New Cardmember offer: Earn 40,000 Membership Rewards® points when you spend £6,000 in first 3 months of Cardmembership. Earn 1 Membership Rewards® point for every £1 spent thereafter.
Metro Bank Business Credit Card Mastercard
14.9%
£0
N/A
14.9% APR (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% APR (variable)
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% APR (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).
Clydesdale Bank Business Credit Card
16.9%
Year 1 - £0, Year 2 onwards - £28 per annum
N/A
22.4% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 16.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £28 per annum, your representative rate is 22.4% APR (variable).
Lloyds Bank Business Credit Card Mastercard
17.57%
£32 per annum
N/A
22.4% APR (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).
Yorkshire Bank Business credit card
16.9%
Year 1 - £0, Year 2 onwards - £28 per annum
N/A
22.4% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 16.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £28 per annum, your representative rate is 22.4% APR (variable).
Santander Business Cashback Credit Card Mastercard
18.9%
£30 per annum (per business, not per card)
1% cashback
23.7% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a. with a fee of £30 per annum, your representative rate is 23.7% APR (variable).
NatWest Business Plus Credit Card Mastercard
14.816%
£70 per annum
0.5% cashback
29% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 14.816% (variable) p.a. with a fee of £70 per annum, your representative rate is 29% APR (variable).
Royal Bank of Scotland Business Plus Credit Card Mastercard
14.816%
£70 per annum
0.5% cashback
29% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 14.816% (variable) p.a. with a fee of £70 per annum, your representative rate is 29% APR (variable).
Cashplus Business Credit Card Mastercard
29.94%
£0
N/A
29.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 29.94% (variable) p.a., your representative rate is 29.9% APR (variable).
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Approval for any credit card will depend on your status. The representative APRs shown represent 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

You can make manual repayments through Bank of Scotland's app, by logging in to your online banking or over the phone (0345 606 0286). Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£12) 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

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.

Frequently asked questions

What credit limit will I get with the Bank of Scotland Business Credit Card?

If Bank of Scotland is able to offer you this deal, the offer will specify a tailored credit limit based on Bank of Scotland's assessment of your situation and your business. The minimum limit offered on the card is £1,000, while the maximum is £10,000. Once you've had the card for a while and shown Bank of Scotland that you're reliable, you may wish to apply for a credit limit increase.

Can I withdraw cash using the Bank of Scotland Business Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.

The cash advance fee on the Bank of Scotland Business Credit Card is 2.5% (min. £2.5). For example, if you withdraw £50, you'll incur a fee of £2.50. Withdraw £250, and you'll incur a fee of £6.25.

The interest rate on this part of your balance will be 17.57% (chargeable from the day of the transaction – the card's usual "up to 45 days interest-free" grace period won't apply).

How much does it cost to use the Bank of Scotland Business Credit Card abroad?

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£168.65), it'll cost you around £4.98 in fees.

Can I get additional Bank of Scotland Business Credit Cards for my team?

Yes, you can request up to 20 more. Each card comes with an additional account fee of £32.

Finder credit card ratings

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★★★★★ — Poor

Our experts score business credit and charge cards to determine their value against similar products on the market. We look at a number of important factors, like the flexibility it offers, any rewards you can earn through company spending, account management tools, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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