Business Credit Card Statistics

The latest statistics for business credit cards explored.

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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.

Quick overview

  • 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 overdrafts 22% 17%
Bank loans/commercial mortgages 10% 8%
Credit cards 18% 13%

Provider comparison

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.

Minimum Maximum Difference
Annual Fee £0 £595 £595
Rep. APR 14.9% p.a (variable) 39.9% p.a (variable) 15%
Purchases 14.816% £39.941% 25.125%

Remember

When 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.

Sources

Click here for more research. For all media enquiries, please contact:

Matt Mckenna
UK Communications Manager
T: +44 20 8191 8806
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

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