In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees and charges
  • Your reviews

Lloyds Bank Business Credit Card review

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Lloyds Bank Business Credit Card (only available to existing business customers)
3.7
★★★★★
Finder score
4.2
★★★★★
Representative example:
When you spend £1,200 at a purchase rate of 16.3% (variable) p.a. with a fee of £32 per annum, your representative rate is 22.4% APR (variable).
Interest-free each billing period
Up to 45 days
Minimum credit limit
£1,000

Our verdict

For Lloyds Business customers looking to even out their cash flow, this straightforward credit card comes with a competitive (albeit variable) interest rate and a mobile app to manage your business's spending on the go.

With a lower-than-average 16.3% standard purchases rate, Lloyds Bank Business Credit Card can help small and medium enterprises who struggle with irregular invoice payments to smooth over the day-to-day running of their business.

To apply you'll need to be an existing Lloyds business banking customer and hold a Lloyds Business Current Account.

Provided you pay off your balance in full every month, you can enjoy up to 45 days interest-free each billing cycle (although this doesn't apply to cash withdrawals).

Lloyds can issue up to 20 cards for the same business, and you can set personalised spending limits on each of them to control your business's expenses more easily. Just keep in mind that each new card will come with its own annual fee – which unfortunately Lloyds, unlike some other card issuers, doesn't scrap for the first year.

The Lloyds Bank Business Credit Card sadly doesn't offer any extra rewards or perks, so it gives you no cashback on purchases or theatre tickets discounts. However, the low interest rate combined with an average annual fee makes it a reasonable choice to give your business's finances a little extra breathing space.

Pros

  • Up to 45 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 Lloyds Bank
  • A relatively low 16.3% interest rate on purchases

Cons

  • Annual fee
  • Applicants with low credit scores are unlikely to be eligible
  • Each additional card incurs a fee (£32)

In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees and charges
  • Your reviews

Details

Product overview

Issuer Lloyds Bank
Network Mastercard
Representative APR 22.4%
Annual/monthly fees Year 1 - £0, Year 2 onwards - £32 per annum
Purchases 16.3%
Purchases interest-free period Up to 45 days
Cash advances 16.3%
Minimum credit limit £1,000
Maximum credit limit Subject to status: £10,000
Additional cards available 20
Incentive
Potential costs 3.9 ★★★★★
Doing its job 3.5 ★★★★★
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, 1/12th of annual fee plus 1% of the outstanding balance.
Annual/monthly fees Year 1 - £0, Year 2 onwards - £32 per annum
Foreign usage charge (EU) 2.95%
Foreign usage charge (rest of world) 2.95%
Cash advance fee 2.5% (min. £2.5)
Late payment fee £12
Replacement card fee £0
Duplicate statement fee £5
Exceeding limit fee £12
Additional card fee £32
Dormancy fee £0

The Lloyds Bank Business Credit Card (only available to existing business customers) is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.

Lloyds Bank customer reviews

Lloyds Bank received a high score in our 2024 customer satisfaction survey, with 97% of its business card customers saying they would recommend the bank to a friend. Several customers stated how highly satisfied they were with the customer service as well as how the bank was a reliable brand. One customer said: “”Always on hand if we need any assistance in financial matters.”

On Trustpilot, however, the bank as a whole scored 1.7 out of 5, with several customers complaining about a lack of human contact within branches (updated March 2024).

How does it compare?

Lloyds Bank's card

1 - 1 of 1
Name Product Finder Score Purchases Annual / Monthly fees Rewards earn rate Representative APR Link Key benefit Representative example
Lloyds Bank Business Credit Card (only available to existing business customers)
3.7
★★★★★
16.3%
Year 1 - £0, Year 2 onwards - £32 per annum
N/A
22.4% APR (variable)
Card details
Representative example: When you spend £1,200 at a purchase rate of 16.3% (variable) p.a. with a fee of £32 per annum, your representative rate is 22.4% APR (variable).
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Other popular business cards

Table: promoted then other popular deals
1 - 4 of 31
Name Product Finder Score Purchases Annual / Monthly fees Rewards earn rate Representative APR Link Key benefit Representative example
Finder Award
CASHBACK
Capital on Tap Business Credit Card
4.2
★★★★★
35.15%
£0
1 point per £1 spent
35.2% APR (variable)
Go to siteCard details
Earn 1 point for every £1 of card spend. Redeem 1 point for 1p (1% cashback)
Representative example: When you spend £1,200 at a purchase rate of 35.15% (variable) p.a., your representative rate is 35.2% APR (variable).
CASHBACK
Barclaycard Payments Select Cashback Business Credit Card
3.7
★★★★★
27.5%
£0
1% cashback uncapped*
27.5% APR (variable)
Go to siteCard details
*Get 1% uncapped cashback on all your business spend. T&Cs apply.
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).
Finder Award
CASHBACK
Capital on Tap Business Credit Card (+optional Business Rewards)
4.2
★★★★★
35.15%
£99 per annum
1 point per £1 spent
35.2% APR (variable)
Go to siteCard details
Representative example: When you spend £1,200 at a purchase rate of 35.15% (variable) p.a., your representative rate is 35.2% APR (variable). Optional upgrade to Business Rewards (£99 per year).
Barclaycard Select Charge Card
3.9
★★★★★
N/A (this product is a charge card).
£42 per annum
N/A
3.6% APR (variable)
Go to siteCard details
Control spend and manage business expenses. Access to business rewards with discounts and offers from leading retailers and suppliers. T&Cs apply.
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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 Lloyds Bank's app by logging in to your online banking or over the phone (0345 072 5555). 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) 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

Eligibility criteria to apply for a Lloyds Bank Business Credit Card include being resident in the UK and a sole trader, partner or director of your business.

Moreover, the Lloyds Bank Business Credit Card is only available to Lloyds business customers, so if that isn't you, but you've looked at credit cards and decided that the Lloyds Bank Business Credit Card is the one for you, you'll have to go through the process of getting yourself a Lloyds business current account first.

Once that's out of the way, you can either apply online or give Lloyds a call. The online form should take around 10 minutes to fill in.

You should be prepared to give detailed information about your business – among other things, it's a good idea to have your business address, bank details and annual turnover at hand. You'll also need the details of the cardholders, such as their date of birth, mother's maiden name, contact number and three years of address history.

If you've held a Lloyds business account for less than four months, you may be asked for extra documents, such as copies of old bank statements.

If you’re thinking about getting a business credit card and aren’t sure which one to pick, take a look at our business credit card comparison page.

Frequently asked questions

What credit limit will I get with the Lloyds Bank Business Credit Card?

If Lloyds Bank offers you this deal, it will specify a tailored credit limit based on Lloyds Bank's assessment of your situation and your business. The minimum limit offered on the card is £1,000, while the maximum is £10,000. Once you've had the card for a while and shown Lloyds Bank you're reliable, you may wish to apply for a credit limit increase.

Can I withdraw cash using the Lloyds Bank 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 Lloyds Bank Business Credit Card is 2.5% (min. £2.5). For example, if you withdraw £50, you'll incur a fee of £2.50. Withdraw £250 and you'll incur a fee of £6.25.

The interest rate on this part of your balance will be 16.3% (chargeable from the day of the transaction – the card's usual "up to 45 days interest-free" grace period won't apply).

How much does it cost to use the Lloyds Bank Business Credit Card abroad?

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£169.08), it'll cost you around £4.99 in fees.

Can I get additional Lloyds Bank Business Credit Cards for my team?

Yes, you can request up to 20 more. Each card comes with an additional account fee of £32.

Finder business card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

To find out more, read our full methodology.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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