Barclaycard Premium Plus Business Credit Card review 2023
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.
Up to 56 days
Interest-free each billing period
per £2 spent
Yearly account fee
|Annual/monthly fees||£150 per annum|
|Purchases||0% for 6 months reverting to 20.2%|
|Purchases interest-free period||Up to 56 days|
|Minimum credit limit||£1,000|
|Maximum credit limit||Subject to status: £25,000|
|Lounge access||Two free visits a year (with additional visits charged at £20 each).|
|Additional Rewards Info||Get 2% cashback on all BT or EE spend. T&Cs apply. Offer ends 29th September 2023. Selected Barclaycard members will also receive a free accounting plan from FreshBooks. FreshBooks reserves the right to terminate free accounts that don’t belong to an existing Barclaycard customer and partners may receive a revenue share from each other on approved applications.|
|Doing its job||★★★★★|
|Overall Finder rating||★★★★★|
|Overall customer rating||Not yet rated|
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.
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 20.2%) 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.
The Barclaycard Premium Plus Business Credit Card is issued on the Mastercard network so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
Pros and cons
- 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).
- 2 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.
- Account fee of £150 per annum
- 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.
Approval for any credit card depends 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.
You can make manual repayments through Barclaycard Payments'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 settled on the Barclaycard Premium Plus Business Credit Card, you can head over to Barclaycard Payments's secure online application to apply. Don't forget, you'll need to be over 18 and a UK resident to apply.
Barclaycard customer support
You can contact customer support on 0800 161 5343. Lines are open 8am – 6pm from Monday to Friday.
Frequently asked questions
What credit limit will I get with the Barclaycard Premium Plus Business Credit Card?
If Barclaycard Payments is able to offer you this deal, the offer will specify a tailored credit limit based on Barclaycard Payments'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 Payments 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 33.7% (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 (£174.03), it'll cost you around £1.72 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 Payments 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.