Capital on Tap Business Credit Card review January 2020

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Challenger Capital on Tap aims to help small businesses to thrive. Its business Visa card offers credit facilities of up to £50,000 and no charges on FX and ATM transactions.

Representative example: When you spend £1,200 at a purchase rate of 39.9% (variable) p.a., your representative rate is 39.9% APR (variable).

39.9%

Representative APR

0%

Foreign transaction charge

£0

Account fee

Up to 10,000 points

Intro bonus

Details

IssuerCapital on Tap
NetworkVisa
Annual/monthly fees£0
Purchases39.9
Purchases interest-free periodUp to 56 days
Cash advances49.885%
Min. credit limit£1,000
Max credit limitSubject to status: £50,000
Additional cards available10 (standard card), 20 (rewards card)
IncentiveUpgrade to Capital on Tap Business Rewards Card for £99 pa to earn 1 point for every £1 spent. 1 point can be redeemed for either 1 Avios or 1p in cashback. 10,000 bonus points when £5,000 spent in first 3 months. Up to 20 free supplementary cards available.

What is Capital on Tap?

Capital on Tap is a digital lender that offers credit cards and loans of up to £50,000 to businesses all over the UK. It isn’t a bank, but it holds a regular licence that’s restricted to business lending and is authorised by the Financial Conduct Authority.

It was founded in 2012 and has had more than 65,000 customers since its inception, providing more than £1 billion to help companies grow.

How does this deal compare?

Table: sorted by interest rate on purchases.
Updated January 22nd, 2020
Name Product Purchases Annual/monthly fees Rep. APR Incentive Representative example
British Airways American Express Accelerating Business Card
22.9%
£210 per annum
81.6% (variable)
Earn 1.5 On Business Points for every £1 spent with BA on eligible flights and 1.5 Avios for every eligible £1 spent on credit card. Earn an extra 3,000 On Business Points annually when £20K or more spent by card anniversary.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a. with a fee of £210 per annum, your representative rate is 81.6% APR (variable).
Capital on Tap Business Credit Card
39.9
£0
39.9% (variable)
Upgrade to Capital on Tap Business Rewards Card for £99 pa to earn 1 point for every £1 spent. 1 point can be redeemed for either 1 Avios or 1p in cashback. 10,000 bonus points when £5,000 spent in first 3 months. Up to 20 free supplementary cards available.
Representative example: When you spend £1,200 at a purchase rate of 39.9% (variable) p.a., your representative rate is 39.9% APR (variable).
Capital on Tap Business Rewards Card
39.9%
£99 p.a.
39.9% (variable)
Earn 1 point for every £1 spent. 1 points can be redeemed for either 1 Avios or 1p in cashback. 10,000 bonus points when £5,000 spent in first 3 months. Up to 20 free supplementary cards available.
Representative example: When you spend £1,200 at a purchase rate of 39.9% (variable) p.a., your representative rate is 39.9% APR (variable).
American Express Gold Business Card
N/A (this product is a charge card).
£125 (£0 in first year)
N/A (this product is a charge card).
Earn 20,000 bonus Membership Rewards® points when you spend £3,000 in first 3 months of Card membership. Earn 1 Membership Rewards® point for every £1 spent thereafter.
American Express Platinum Business Card
N/A (this product is a charge card).
£595 p.a.
N/A (this product is a charge card).
Earn 40,000 bonus Membership Rewards® points when you spend £6,000 in first 3 months of Card membership. Earn 1 Membership Rewards® point for every £1 spent thereafter.

Compare up to 4 providers

Approval for any credit card will depend on your status. The APR shown represents 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.

Capital on Tap credit card options

You can choose between the Standard Business Credit Card and the Business Rewards Card. The standard option comes without any monthly or yearly fees, but unfortunately doesn’t allow you to earn any cashback or Avios points on your business spending. The Business Rewards Card costs £99 per year.

What are the pros and cons?

Pros

  • Fast and straightforward application process, with a near-instant decision.
  • You can get multiple cards for free and set a different spending limit on each of them.
  • No commission on non-sterling transactions.
  • Different credit card options available, with or without annual fee.

Cons

  • Credit card cashback is a premium feature.
  • Capital on Tap is only a lender, so you’ll need another bank for the rest of your financial needs.

How does it work?

  1. You apply online. Applying for a card will not affect your credit score. Capital on Tap promises to let you know if you’ve been accepted within two minutes.
  2. You get an online account. The online account allows you to keep track of your card’s spending. You can also manage your funds through Capital on Tap’s Android app.
  3. You get the card. The card is a Visa that will be posted to you. Capital on Tap says it should arrive within four working days.
  4. You spend money and pay it back. You can use your card for payments, to transfer funds directly to your high street bank account and also to withdraw cash from ATMs (maximum £350 a day). Capital on Tap then collects repayments via direct debit. If you clear your balance in full each month, you’ll also enjoy up to 56 days of 0% interest on your purchases each billing cycle.

Am I eligible for a Capital on Tap card?

You are eligible for a Capital on Tap Business Card if you meet the following criteria:

  • You are an active director of the company.
  • You and your business are based in the UK.
  • Your business has a turnover of at least £24,000 per year.
  • You have no unsatisfied county court judgments (CCJs) against you or your business in the past year (a CCJ is the court order you get if you fail to repay money you owe).

Repayment options

When it comes to repayments, you can make manual repayments online or over the phone (020 8962 7400), or alternatively set up a direct debit. A direct debit is a great idea because it 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

Frequently asked questions

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