Barclaycard Payments Select Cashback Business Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 27.5% (variable) p.a., your representative rate is 27.5% APR (variable).
- Interest-free each billing period
- Up to 56 days
- Earn rate
- 1p per £1 spent
- Account fee
- £0
Our verdict
With no annual fee and 1% cashback, this business credit card is a great option for business spend.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 at 1%, uncapped, and paid monthly. And until 2 April 2024, there is 2% uncapped cashback for 3 months on eligible business spend, reverting to 1% thereafter.
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 invoicing and expense software, breakdown cover, office goods or even events to treat your team.
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 27.5% on purchases if you don't clear your balance each month, a higher rate of 33.7% 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
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No annual fee
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Access to business offers
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Award-winning card
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Apple pay enabled
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No annual fee
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1% cashback is uncapped
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Customers report excellent customer service when dealing with Barclaycard Business
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Up to 56 days to spread the cost of purchases (provided you pay off your balance in full each month)
Cons
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Fees for overseas spending
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For any borrowing over longer than a month, or for spending money overseas, this card is not especially competitive
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The Barclaycard Business app offers very limited services and has received negative reviews on the App Store and Google Play
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Can't apply if you've been declined for a Barclaycard commercial card in the last 6 months
Details
Product Overview
| Issuer | Barclaycard Payments |
| Network | Mastercard |
| Representative APR | 27.5% |
| Annual/monthly fees | £0 |
| Purchases | 27.5% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 33.7% |
| Minimum credit limit | £1,000 |
| Maximum credit limit | Subject to status |
| Introductory Rewards | *Get 1% uncapped cashback on all your business spend. T&Cs apply. |
| Incentive | *Get 1% uncapped cashback on all your business spend. T&Cs apply. |
| Additional Rewards Info | Business Rewards - giving a range of discounts and rebates. 10% cashback of the annual subscription from AXA Health. Free accounting plan from FreshBooks. One years Zipcar membership. Up to 66% off AA breakdown cover. Earn up to 12.5% cashback on UK based businesses with LUX Rewards. 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. |
| Potential costs | 4.0 ★★★★★ |
| Doing its job | 3.7 ★★★★★ |
| Extras | 5.0 ★★★★★ |
| Overall Finder Score | 3.7 ★★★★★ |
Fees and charges
| Minimum monthly payment | 1% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 maximum 4 times per year |
| Duplicate statement fee | £2 |
| Exceeding limit fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Residency | UK-based business |
| Availability | Available to new customers |
| Additional Criteria | You’re a business owner or director Directors and employees are over 18 years old You haven’t been declined for a Barclaycard business card in the last 6 months |
| Minimum turnover | £10,000 |
The Barclaycard Payments Select Cashback 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.
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. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Repayment options
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 maximum 4 times per 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 Payments Select Cashback 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 029 4864. Lines are open 8am – 6pm from Monday to Friday.
Frequently asked questions
What credit limit will I get with the Barclaycard Payments Select Cashback Business Credit Card?
If Barclaycard Payments offers you this deal, it will specify a tailored credit limit based on Barclaycard Payments's assessment of your situation and your business. The minimum limit offered on this card is £1,000, and Barclaycard Payments does not specify a maximum. Once you've had the card for a while and shown Barclaycard Payments you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Barclaycard Payments 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 Payments 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 33.7%, which is 23% 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 Payments 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 (£168.89), it'll cost you around £5.05 in fees.
What is the minimum payment on the Barclaycard Payments 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 Payments Select Cashback 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.
Do I need to be an existing Barclaycard Payments customer to apply for the Barclaycard Payments Select Cashback Business Credit Card?
No – the Barclaycard Payments Select Cashback Business Credit Card is available to new customers who don't currently use Barclaycard Payments.
Finder credit card scores
Our experts score business credit and charge cards to determine their value against similar products on the market. We look at a number of important factors, like the flexibility it offers, any rewards you can earn through company spending, account management tools, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
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