Barclaycard Business Flex Credit Card review September 2020
Designed for startups and businesses that are new to credit cards, the Business Flex card offers payment flexibility and some decent perks, without the annual fee.
You say: ★★★★★We say: ★★★★★
Doing its job: 3.5/5
In a nutshell:
Minimum credit limit
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£1,000|
|Max credit limit||Subject to status: £25,000|
|Incentive||Business Rewards - giving a range of discounts and rebates (up to 66% off AA membership, save 20% on B2B marketing sites and access to 99 UK business credit reports for £75, 5% Avis rebate, 15% off Ryman's stationary, up to 15% off with APH, £60 driving credit and first year membership free with Zipcar, first year of FSB registration free, 20% off bPay by Barclaycard device, up to 15% off ecommerce website with cloudBuy, 5% rebate on online advertising spend with Bing, 10% off selected hotel reservations for business trips with booking.com, 4% rebate at over 5,000 hotels and 10,000 restaurants and 1% rebate at petrol stations at selected locations with the USA and Canada with Mastercard, 3% off business flights with flybmi and 25% off first £200 spend at Amazon Business).|
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.
If your business turnover or new business plan exceeds £10,000 per year, you may opt to apply for this Barclaycard to help deal with occasional cash-flow needs.
Provided you clear your balance in full and on time each month, you won’t be charged interest on purchases – the card comes with up to 56 days of 0% interest on sterling transactions (cash advances – where you withdraw cash from the card – are excluded). For businesses with cash flows that are dependent on invoices being paid, this can be a lifeline. Just bear in mind that if you don’t clear your balance in full – say if you only make the minimum required payment one month – you’ll be charged interest on each transaction from the day on which it occurred.
As well as an introductory offer of months’ 0% interest on purchases (handy if you need to spread out the cost of a large upcoming expenditure), this card comes with a respectable selection of perks, like access to your Experian Business credit report and discounts on various travel expenses, such as flights, hotel rooms and car hire.
You can request additional cards for any eligible employee, which you’ll be able to manage online with a range of spend controls. However, as the account holder, you’ll always be responsible for paying the total outstanding balance on the account. You can tell Barclaycard to cancel an additional card at any time.
How does this deal compare with other business cards?
When it comes to repayments, you can make manual repayments online or over the phone (0800 029 4864), 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 Barclaycard Business Flex Credit Card
If you’ve compared cards and want to apply, completing the secure online application form takes about 15 minutes. To help speed up your application, it’s a good idea to have a few key details to hand. You’ll need your business address, trading address (and registered address if different) and company number if you have one. You’ll also be asked for financial information such as your business turnover, net profit before tax and bank details. Finally, Barclaycard will need details of each business partner/owner – including their date of birth and UK residential address history for the past three years.