With no annual fee and a competitive rate, this business credit card could be a suitable low-cost cashback option.Read more…
Business Credit Card Statistics
The latest statistics for business credit cards explored.
Using a business credit card is a popular choice for many companies and organisations, whether they be large corporations or small startups. We looked into the latest statistics to see how companies in the UK are using this form of borrowing.
- There are 500,000 business credit cards in use in the UK.
- Almost 8 out of 10 SME (small-to-medium-sized enterprise) applicants receive all of the credit cards they apply for.
- SMEs make up 99% of British businesses and 13% of those use credit cards.
How many business credit cards are in use?
Business credit cards are one of the most common ways for businesses in the UK to borrow money, whether those businesses are major corporations or small enterprises. The financial conduct authority reported that there were around 500,000 business credit card accounts open in the UK in 2018.
|Business credit cards in the UK, 2018||500,000|
Applying for a business credit card as an SME
Applying for a credit card as a small-to-medium-sized enterprise (SME) is a common way of borrowing money, but just how successful are SME applications? Gov.uk research shows that almost 8 out of 10 applicants (79%) get all of the credit cards they apply for, while just 12% of applicants only receive some of the cards they apply for and 8% don’t receive any at all.
How many SME credit card applications are successful?
|Application result||Percentage of respondents|
|Got all the credit cards they applied for||79%|
|Got some of the credit cards they applied for||12%|
|Got none of the credit cards they applied for||8%|
|Refused to answer||1%|
How do business credit cards compare to other types of borrowing?
The SME finance monitor reported that there has been a downward trend in the use of external finance since 2012. The latest statistics show that in 2018, 13% of SMEs were using credit cards, compared to 17% using overdrafts and 8% using bank loans or commercial mortgages.
|Type of borrowing used||Percentage of SMEs using this type of borrowing, 2012||Percentage of SMEs using this type of borrowing, 2018|
|Bank loans/commercial mortgages||10%||8%|
The type of business credit card you decide on can be based on a whole host of different criteria, from the amount you want to borrow to the rewards you want to receive. But how do the different providers compare? We looked into all the providers on our site to show you.
Some providers will charge monthly/annual fees in return for other additional benefits.
|Rep. APR||14.9% p.a (variable)||39.9% p.a (variable)||15%|
RememberWhen you make a major financial decision, it’s wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so that you can find what’s right for you.
Click here for more research. For all media enquiries, please contact:
Earn Avios or cashback on all your business spending with this business Visa from challenger Capital on Tap.Read more…
The Allstar Plus credit card is a combined business and fuel card that promises to reduce your business admin and improve cash flow.Read more…
Saving time on expense reports and streamlining your cash flow are just a couple of the many perks you could enjoy with a business credit card. Compare interest rates and check your eligibility today.Read more…
Amazon’s premium business card, the Amazon Business Prime credit card lets you get the most out of your Amazon business purchases.Read more…
Amazon has joined the business credit card game with two reward-focused cards.Read more…
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