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.
Barclaycard Business Premium Plus Credit Card review July 2020
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.
You say: ★★★★★We say: ★★★★★
Doing its job: 3.5/5
In a nutshell:
Yearly account fee
Up to 56 days
Interest-free each billing period
|Annual/monthly fees||£150 per annum|
|Purchases||0% for 6 months reverting to 14.9%|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£1,000|
|Max credit limit||Subject 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 access||Two free visits a year (with additional visits charged at £20 each).|
|Cashback details||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.|
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 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, such as an annual fee plus further annual fees for each additional cardholder, but these are offset by low introductory and standard rates on purchases (0% for 6 months reverting to 14.9%) and significant value in features like business travel insurance, Priority Pass lounge access, access to collaborative work spaces, cashback and reduced fees on non-sterling transactions (see table below).
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.
How does this deal compare?
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 Premium Plus 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 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.