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 Select Credit Card review 2020
Designed for businesses with regular cash flow needs, the Business Select card can help you keep on top of business expenses and manage employee spending (with some decent perks to boot).
You say: ★★★★★We say: ★★★★★
Doing its job: 3.5/5
In a nutshell:
Up to 56 days
Interest-free each billing period
Yearly account fee
0% interest on purchases
|Annual/monthly fees||£42 per annum|
|Purchases||0% for 3 months reverting to 19.9%|
|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 can apply for this Barclaycard to help manage a fluctuating cash flow. Although there’s a relatively small annual fee, this is waived in the first year, and it can also be waived in subsequent years subject to a minimum spend.
As long as 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 (this won’t apply to cash advances however). 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 3 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, such as 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 Select card also comes with Cardholder Misuse Insurance. 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.
Pros and cons
- Up to 56 days to spread the cost of purchases (provided you pay off your balance in full each month)
- Customers report excellent customer service when dealing with Barclaycard Business
- Three months to spread the cost of purchases
- £42 annual account fee
- Applicants with low credit scores are unlikely to be eligible
- You may be offered an opening credit limit as low as £1,000
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
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.
Frequently asked questions
What credit limit will I get with the Barclaycard Business Select 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 Business Select Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Barclaycard Business Select 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 Business Select Credit Card abroad?
Non-sterling transactions are subject to a 2.99% charge. For example, if you spend 200 euros (£177.37), it'll cost you around £5.30.
What is the minimum payment on the Barclaycard Business Select Credit Card?
Each month you must pay at least 1% of your balance at that point or £5.00 – whichever of the two 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 Business Select 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.