Barclaycard Premium Plus Business Credit Card review 2022

Designed for businesses with frequent overseas travel and trade, the Premium Plus card offers a wealth of perks including lounge access, reduced foreign exchange fees and cashback on all your spending.

  • Airport lounge access: Two free visits a year (with additional visits charged at £20 each).
  • Account fee of £150 per annum.
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).

Up to 56 days

Interest-free each billing period

Earn 1p

per £2 spent

49.4%

Representative APR

£150

Yearly account fee

Details

IssuerBarclaycard Business
NetworkMastercard
Annual/monthly fees£150 per annum
Purchases0% for 6 months reverting to 14.9%
Purchases interest-free periodUp to 56 days
Cash advances27.9%
Minimum credit limit£1,000
Maximum credit limitSubject to status: £25,000
Incentive
0.5% after £1 of yearly spend. Maximum of £400 cashback paid per year. Cashback paid Anniversary into Card Account. If less than £10 Cashback earned in any Cashback Year, it will not be credited to the account and will not be carried forward to the following year.
Lounge accessTwo free visits a year (with additional visits charged at £20 each).
Additional Rewards InfoBusiness Rewards - giving a range of discounts and rebates (up to 66% off AA Business Breakdown Cover, 15% cashback on tax returns with GoSimpleTax (applies to spend over £15 and under £125), 5% Avis rebate, up to 15% off with APH. £60 driving credit and first year membership free with Zipcar, 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). MyControls - keep on top of your business expenses and manage employee cards with a range of spend controls. Cardholder misuse insurance included - limitations and exclusions apply. Barclaycard Entertainment - Buy tickets for up to 3500 selected live events per year through Barclaycard entertainment and get 5% off tickets and exclusive presale tickets on selected festivals with 10% off ticket prices. 5 days free access to Barclays Eagle Labs.
Potential costs★★★★★
Doing its job★★★★★
Extras★★★★★
Overall Finder rating★★★★★

Review by


Chris Lilly is a publisher at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.

Expert review

If your UK-based business has a turnover or new business plan that exceeds £10,000 per year, you might opt to apply for this Barclaycard to help manage a fluctuating cash flow, or simply to enjoy the impressive perks it offers.

There are downsides to consider – mainly the annual fee (although Barclaycard has scrapped the fee for additional cardholders) and an underwhelming mobile app – but these are offset by low introductory and ongoing rates on purchases (0% for 6 months reverting to 14.9%) and significant value in diverse perks like business travel insurance, Priority Pass lounge access, access to collaborative work spaces, cashback and reduced fees on non-sterling transactions (see fees table above).

Provided you clear your balance in full and on time each month, you won’t be charged interest on your purchases. The card comes with up to 56 days of 0% interest on sterling transactions, although this won’t apply to cash advances (withdrawing cash from the card). For businesses whose income depends on timely payment of invoices, 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 6 months 0% interest on purchases (handy if you need to spread the cost of a large upcoming expenditure), this card can unlock discounts at Barclaycard’s Business Rewards partners which include Amazon Business, Experian and booking.com. You can also use your card to secure discounts on event tickets when you spend at Barclaycard Entertainment.

You can request additional cards for any eligible employee, which you’ll be able to manage online with a range of spend controls. The Premium Plus card also comes with Purchase Protection and Cardholder Misuse Insurance. However, as the account holder you will always be responsible for paying the total outstanding balance on the account. You can tell Barclaycard to cancel an additional card at anytime.

Pros and cons

Pros

  • 6 months of 0% interest on purchases – ideal to spread the cost of an upcoming business expense.
  • Thereafter, up to 56 days of 0% interest on your purchases each billing cycle (provided you pay off your balance in full each month).
  • Two free airport lounge passes per year, plus the option to purchase additional passes at £20.
  • Earn 0.5% cashback on purchases.
  • Complimentary travel insurance including up to £2m medical and personal liability cover worldwide, flight delay/cancellation cover up to £6,000 and baggage delay/loss cover up to £3,000.
  • Access exclusive, curated offers through Barclaycard Business Rewards, including discounts on hotel stays, restaurants, car hire and entertainment.
  • Customers report excellent customer service when dealing with Barclaycard Business.

Cons

  • £150 annual fee.
  • The Barclaycard Business app offers very limited services and has received negative reviews in App Store and Google Play – for now you're likely better off using the online MyControls portal.
  • The cash back is capped annually, although in fairness you'd need to spend £80,000 to hit that cap.

How does it compare?

Barclaycard Business's card

1 - 1 of 1
Name Product Purchases Annual/monthly fees Rewards earn rate Representative APR Link Key benefit Representative example
CASHBACK
Barclaycard Premium Plus Business Credit Card Mastercard
0% for 6 months reverting to 14.9%
£150 per annum
0.5% cashback
49.4% APR (variable)
2 complimentary airport lounge passes annually, worldwide travel cover, discounted forex rates plus 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).
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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
CASHBACK
Capital on Tap Business Credit Card
26.4%
£0
1 point per £1 spent
29.9% APR (variable)
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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).
NatWest Business Credit Card (only 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).
CASHBACK
Barclaycard Select Cashback Business Credit Card Mastercard
21.9%
£0
1% cashback
21.9% APR (variable)
Go to site
Get 1% cashback uncapped on all your business spend and an additional 2% cashback on all spend with BT and EE. T&C's 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).
AVIOS
Capital on Tap Business Rewards Credit Card
26.4%
£99
1 point per £1 spent
29.9% APR (variable)
Go to site
Earn points on all card spend. Points can be redeemed for Avios or 1% cashback. 10,000 bonus points when £5,000 is spent on card in 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).
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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 Barclaycard Business's app, by logging in to your online banking or over the phone(0800 029 4864). 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 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 three years' UK residential address history.

If you want to add additional cardholders, you can add the details of these individuals too. This will include their personal details and what financial limits you'd like to add onto your card.

Frequently asked questions

What credit limit will I get with the Barclaycard Premium Plus Business Credit Card?

If Barclaycard Business is able to offer you this deal, the offer will specify a tailored credit limit based on Barclaycard Business's assessment of your situation and your business. The minimum limit offered on the card is £1,000, while the maximum is £25,000. Once you've had the card for a while and shown Barclaycard Business that you're reliable, you may wish to apply for a credit limit increase.

Can I withdraw cash using the Barclaycard Premium Plus 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 Barclaycard Premium Plus Business Credit Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.50.

The interest rate on this part of your balance will be 27.9% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

How much does it cost to use the Barclaycard Premium Plus Business Credit Card abroad?

Non-sterling transactions are subject to a 0.99% charge. For example, if you spend 200 euros (£178.81), it'll cost you around £1.77 in fees.

What is the minimum payment on the Barclaycard Premium Plus Business Credit Card?

Each month you must pay at least 1% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £450.00 outstanding, you'd pay £5.00, and if you had £2,000.00 outstanding, you'd pay £20.00.

Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.

Can I get additional Barclaycard Premium Plus Business Credit Cards for my team?

Yes. Barclaycard Business doesn't specify a maximum number of cards you can request. There's no fee for additional cards. Plus, with additional cards, you could earn cashback at a faster rate.

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