Barclaycard Select Cashback Business Credit Card review 2022

With no annual fee and a competitive rate, this business credit card is a good low-cost cashback option.

  • A low-cost card that lets you earn uncapped cashback.
  • Other fees and features are very “standard”.
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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).

Up to 56 days

Interest-free each billing period

Earn 1p

per £1 spent

21.9%

Representative APR

£0

Account fee

Details

IssuerBarclaycard Business
NetworkMastercard
Annual/monthly fees£0
Purchases21.9%
Purchases interest-free periodUp to 56 days
Cash advances27.9%
Minimum credit limit£1,000
Maximum credit limitSubject to status: £25,000
Incentive
Get 3% cashback on business travel spend for the first 4 months and 1% cashback on all other business spend. Apply before 31/08/2022. Cashback and Promotional Cashback T&Cs and eligibility criteria apply.
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, save 20% on Experian 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, 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★★★★★
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Review by


Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney.

Expert review

While most of the fees and features of the Barclaycard Business Select Cashback Card are very standard, the cashback earn-rate is market-leading. The go-to earn rate for cards with no annual fee is 0.5% – while this card offers double that, uncapped, and paid monthly.

Plus, while plenty of banks say “cashback” and really mean that they’ve simply negotiated discounts with a handful of select (read “obscure”) partners, with this card you’ll earn cashback on all your day-to-day spending (subject to a small, reasonable list of exceptions like cash withdrawals, items purchased but later refunded, insurance premiums, etc.). Barclaycard does the brand-by-brand offers too, but they’re separate from the basic cashback you earn. Offers are typically tailored to small business owners – like discounts on airport parking, car rental, office goods, dining out or even visibility of your business’s credit report.

To win at cashback, you’ll want to put as much of your regular spending as you can through the card, but always pay off your balance in full each month. If you don’t pay off your full balance each month, you’ll incur interest and the card will almost certainly end up costing you more than it earns. You can set up a direct debit to make repayments automatic. If you opt for additional cards to your team, you’ll earn cashback on their spend too (but will still take full responsibility for repaying what they spend).

You can still enjoy payment flexibility while earning cashback and avoiding interest. The payments you’ve made during a billing cycle will be added up at the end of the cycle and your statement will be sent out to you. You are usually given around 25 days to settle the bill, meaning that your purchases can have effectively benefitted from as many as 56 days interest-free.

Elsewhere, the rates and fees are very typical. You’ll pay a variable rate of 21.9% on purchases if you don’t clear your balance each month, a higher rate of 27.9% on cash withdrawals and 2.99% on purchases overseas.

So overall, this Barclaycard business credit card is a straightforward, but impressively rewarding cashback card that could be a suitable option for business owners looking for a little cashflow flexibility and to earn something back on purchases.

Pros and cons

Pros

  • Earn cashback on all your day-to-day business spending.
  • No annual fee.
  • Up to 56 days to spread the cost of purchases (provided you pay off your balance in full each month).
  • Access exclusive, curated offers through Barclaycard Business Rewards.
  • Customers report excellent customer service when dealing with Barclaycard Business.

Cons

  • No welcome bonus.
  • For any borrowing over longer than a month, or for spending money overseas, this card is not especially competitive.
  • 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.

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 maximum of 4 times a year) 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 Select Cashback Business Credit Card, you can head over to Barclaycard Business's secure online application to apply. Don't forget, you'll need to be over 18 and a UK resident to apply.

Frequently asked questions

What credit limit will I get with the Barclaycard Select Cashback 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 Select Cashback 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 Select Cashback 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%, which is 27% more than the standard purchase rate (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 Select Cashback Business Credit Card abroad?

Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£172.41), it'll cost you around £5.16 in fees.

What is the minimum payment on the Barclaycard Select Cashback 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 Select Cashback 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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