Capital on Tap Business Credit Card review November 2019

Challenger Capital on Tap says it helps small businesses to thrive. Its business Visa card offers fee-free currency conversion and the opportunity to earn cashback or Avios as you spend.

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 20,000 points

Intro bonus

Details

IssuerValitor
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
IncentiveOpt-in to Capital Club for £99 pa to earn 1 point for every £1 spent. 2 points can be redeemed for either 1 Avios Point or 1p in cashback. 10,000 bonus points when £5,000 spent in first 3 months. Up to 15 free supplementary cards available.

Capital on Tap is a digital lender that offers credit cards to businesses all over the UK. It isn’t a bank and it doesn’t offer a current account or any other services.

It was founded in 2012 and has had more than 50,000 customers since its inception. In August 2018, it secured £140 million funding from investors.

How does it work?

  1. You apply online. Capital on Tap promises to let you know if you’ve been accepted within two minutes. You need to be based in the UK, have a £2,000 monthly minimum turnover and not have any unsatisfied county court judgments in the past year (a CCJ is the court order you get if you fail to repay money you owe).
  2. You get an online account. The online account allows you to keep track of your card’s spending. There is no app, unfortunately.
  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 direct 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.

How does this deal compare?

Table: sorted by representative APR, promoted deals first
Updated November 17th, 2019
Name Product Purchases Annual/monthly fees Rep. APR Incentive Representative example
39.9
£0
39.9% p.a. (variable)
Opt-in to Capital Club for £99 pa to earn 1 point for every £1 spent. 2 points can be redeemed for either 1 Avios Point or 1p in cashback. 10,000 bonus points when £5,000 spent in first 3 months. Up to 15 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).
39.9%
Capital Club £99 p.a. or On Tap Club £249 p.a
39.9% p.a. (variable)
Earn 1 point for every £1 spent. 2 points can be redeemed for either 1 Avios Point or 1p in cashback. 10,000 bonus points when £5,000 spent in first 3 months. Up to 15 free supplementary cards available. Opt-in to On-Tap Club for £249 pa to earn 1 point for every £1 spent. 1 point can be redeemed for either 1 Avios Point or 1p in cashback. 20,000 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).
22.9%
£210 per annum
81.6% p.a. (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).
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.
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.
14.9%
£0
14.9% p.a. (variable)
Representative example: When you spend £1,200 at a purchase rate of 14.9% (variable) p.a., your representative rate is 14.9% APR (variable).

Compare up to 4 providers

Pros and cons

Pros

  • Fast and straightforward application process, with a near-instant decision.
  • No commission on non-sterling transactions.
  • You can get multiple cards for free.
  • 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.
  • Choose between earning cashback or earning Avios points for your travels.

Security

Capital on Tap’s firm, New Wave Capital Limited, is authorised by the Financial Conduct Authority. It isn’t a bank, but it holds a regular licence that’s restricted to business lending. The firm is not authorised to hold money, nor is there any deposit to be protected by the Financial Services Compensation Scheme. Your business Visa is protected by a PIN.

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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