Funding Circle Business Cashback Card review
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Cashback
- Representative example:
- Representative Example: The standard interest rate on purchases is 34.9% pa. (variable), so if you borrow £1,200 the Representative APR will be 34.9% APR (variable)
- Interest-free each billing period
- Up to 42 days
- Earn rate
- 1p per £1 spent
- Intro cashback
- Up to £2,000
Our verdict
This card lets you earn cashback on your business spending, comes with no monthly or annual fees and integrates with popular accounting software.The Funding Circle Business Cashback Card offers 1% cashback on all purchases after an introductory period that offers a higher rate.
It comes with no monthly or annual fees, with an interest-free period of up to 42 days.
There are no foreign transactions fees, so if your business spends a lot outside of the UK, this could save you a decent amount of cash. Not all business cards offer this feature, so it's worth considering when you're comparing your options.
Credit limits are available up to £250,000, though what you get depends on your business's circumstances.
When you go through the application, you can check your eligibility without impacting your credit score and get an instant decision.
The card can integrate with Xero, Sage and FreeAgent, so you can keep track of your spending in your preferred accounting platform, alongside other spending and expenses.
The Funding Circle Business Cashback Card is designed with SMEs in mind to help them manage cash flow and earn cashback while doing so.
Pros
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1% cashback uncapped
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No annual or monthly fees
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Up to £250K credit limit
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No non-Sterling transaction fee
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Out-of-the-box integrations with Xero, Sage and FreeAgent
Cons
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No out-of-the-box integration with QuickBooks as yet
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Only available for limited companies
Details
Product details
| Issuer | Monavate Ltd |
| Network | Visa |
| Annual/monthly fees | £0 |
| Purchases | 34.9% |
| Purchases interest-free period | Up to 42 days |
| Min credit limit | Not specified |
| Maximum credit limit | Subject to status: £250,000 |
| Incentive | 1% cashback on all business spend |
| Potential costs | 7.5Great |
| Extras | 9.7Excellent |
| Overall Finder Score | 9.8Excellent |
Eligibility
| Min income | Not specified |
| Residency | UK resident |
| Availability | Available to new Funding Circle customers only. |
| Minimum turnover | £40,000 |
| Minimum trading period | 2 years |
| Additional Criteria | Be a limited company or LLP |
Fees
| Annual/monthly fees | £0 |
The Funding Circle Business Cashback Card is issued on the Visa network (used by a whopping 4.2 billion cards), so you'll be able to use it at more than 100 million merchant locations across more than 200 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 Defaqto.
Repayment options
You can make manual repayments through Funding Circle's app by logging in to your online banking or over the phone. 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 () 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 |
Features of the Funding Circle Business Cashback Card
The key features of the Funding Circle Business Cashback Card are outlined below:
- High credit limits
- Interest-free period of 42 days
- No monthly or annual fees
- Integrate with Xero, Sage and FreeAgent
- No fees on international spending
- Cashback on spending
High credit limits
Credit limits of up to £250,000 – though this will depend on your agreement. This will always be tailored to your business’s circumstances, so make sure you’re aware of this when you apply.
Interest-free period of 42 days
You won’t be charged any interest if you keep on top of your payments and pay your statement in full each month. Each billing period is 30 days and you’ll then have 12 days to pay your statement in full without accruing any interest. Anything you buy at the start of the billing cycle will have a longer interest-free period, so this might be something you can use to your advantage to improve your cash flow. Make sure you can pay it off though, or interest charges will build up quickly.
No monthly or annual fees
There are no monthly or annual fees on the Funding Circle Business Cashback Card. That’s a big plus and the money saved in fees can instead be reinvested into your business.
Integrate with Xero, Sage and FreeAgent
Funding Circle lets you integreate with Xero, Sage and FreeAgent. If you’re using one of those platforms already then you’ll be able to view your credit card spending alongside your other spending and expenses. It’s a useful tool at your disposal and can save you time.
No fees on international spending
Many business credit cards will charge you if you’re using your card on foreign purchases. This doesn’t just mean if you’re physically overseas, but even if you buy something from a website based in another country. These fees can sometimes come as a shock. But you can avoid them with a Funding Circle Business Cashback Card because it charges no foreign fees.
With other credit card providers charging fees around 3% for foreign spending, they can quickly add up. For example, if you spent £1,000 paying a supplier in Europe, that fee would be £30. That’s an instant saving that stays with your business if you have a card that doesn’t charge foreign fees, such as this one.
Keep in mind that when you’re given the choice of paying in a foreign currency or pounds if you’re using an international website or physically purchasing something overseas, choose the foreign currency. This is Visa’s rate with the Funding Circle Business Cashback Card. If you choose to pay in pounds then you’re choosing to use a rate set by the merchant, which will be in their favour and likely cost you money.
Cashback on spending
You can earn 1% cashback on all your card purchases. There is an introductory offer with a higher rate for the first 6 months, but then it’s back to 1%. So if you spend £1,000, you’ll get a tenner back.
The cashback is uncapped too, so for example if you spent the maximum credit limit of £250,000, you’d get £2,500 in cashback. Not a bad deal if you can make it work for you. Obviously you’d need to pay that off at end of the statement period or all that cashback will get eaten up in interest.
How to apply
If you've compared cards and settled on the Funding Circle Business Cashback Card, you can head over to Funding Circle'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 Funding Circle Business Cashback Card?
If Funding Circle offers you this deal, it will specify a tailored credit limit based on Funding Circle's assessment of your situation and your business. Once you've had the card for a while and shown Funding Circle you're reliable, you may wish to apply for a credit limit increase.
Can I get additional Funding Circle Business Cashback Cards for my team?
Yes. Funding Circle doesn't specify a maximum number of cards you can request. There's no fee for additional cards. Plus, with additional cards, you could be able to earn cashback at a faster rate.
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