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 Business Credit Card review
Challenger Capital on Tap aims to help small businesses to thrive. Its business Visa card offers credit facilities of up to £100,000 and no charges on FX and ATM transactions.
Finder rating: ★★★★★
Doing its job: 5/5
In a nutshell:
|Issuer||Capital on Tap|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£1,000|
|Max credit limit||Subject to status: £100,000|
|Additional cards available||10 (standard card), 20 (rewards card)|
|Incentive||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.|
What's in this review?
- What is Capital on Tap?
- Compare Capital on Tap credit cards
- Capital on Tap credit card options
- How does it work?
- Am I eligible for a Capital on Tap card?
- Repayment options
- Businesses affected by coronavirus
- Disputing transactions impacted by coronavirus
- Capital on Tap customer reviews
- What are the pros and cons?
- The verdict
- Frequently asked questions
What is Capital on Tap?
Compare Capital on Tap credit cards
Capital on Tap credit card options
You can choose between the Business Credit Card and the Business Rewards Credit 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.
How does it work?
Am I eligible for a Capital on Tap card?
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|
Businesses affected by coronavirus
Capital on Tap have a few options available to businesses negatively affected by coronavirus:
Customers who think they will still be unable to make payments are advised not to cancel direct debit arrangements, but to contact Capital on Tap to discuss their situation.
Disputing transactions impacted by coronavirus
If you made a purchase that has been affected by the coronavirus pandemic – for example, for travel or an event – Capital on Tap might be able to recover the funds by raising a dispute if one or both of the following is true:
Capital on Tap will dispute the transaction, but the outcome will depend on a number of factors, like when the trip or event was cancelled, and the evidence you are able to provide.
If you believe you have grounds to request a transaction dispute, you should contact the Capital on Tap Disputes Team at firstname.lastname@example.org.
You will need to provide the following documents (copies only, where applicable):
- Transaction details
- The date of the transaction
- The name of the merchant
- The amount(s) paid
- Original invoices/receipts/e-mails/booking confirmations/etc.
- How much you are disputing (full or partial amounts)
- A detailed description of what was purchased (for example, flights only, flights and accommodation, activities, etc.)
- An explanation as to why you feel you have grounds to dispute the transaction(s)
- Any other evidence you believe supports your dispute
Capital on Tap customer reviews
On Trustpilot, Capital on Tap has 4.7 out of 5 stars and a rating of Excellent, based on over 7,000 reviews (updated 18 January 2021). On Google, the company has 4.2 out of 5 stars, based on more than 600 reviews.
Most customers praise the service’s ease of use, the usefulness of the product and the helpful staff. Those with less favourable views cite issues with customer service, hidden charges and technical glitches as the reasons for their negative feedback.
Reviews for the Capital on Tap app are mostly positive as well. On the App Store, the app has 3.1 out of 5 stars, based on more than 50 reviews, and on Google Play it has 3.7 out of 5 stars, based on more than 50 reviews.
|Trustpilot||Apple App Store||Google Play|
4.7 out of 5
4.2 out of 5
3.1 out of 5
3.7 out of 5
What are the pros and cons?
- Applicants with low credit scores may be eligible
- Up to 56 days to spread the cost of purchases (provided you pay off your balance in full each month)
- Avoid currency conversion charges when spending abroad
- No annual fee
- A steep interest rate on purchases
- A punishing rate of 49.88% on cash withdrawals
If you’re looking for an everyday credit card for your business, the Capital on Tap business credit card is a decent option, with no fees on foreign transactions or ATM withdrawals. While it lacks the rewards offered by its sister Capital on Tap Rewards card, it also has no annual fees, making it a fairly cost-effective way of helping to improve your business cash flow, provided you pay off the balance in full each month.
Frequently asked questions
Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney.
If you need an injection of funds for your business, Capital on Tap is a great option, as it provides you with several cards at no extra cost and has no commission on foreign transactions.
The eligibility criteria is fair and you get a same-day decision. Like with any financial decision, make sure you can afford the repayments, as failing to keep up with them can put your business at risk.
Keep in mind that Capital on Tap is a lender, not a bank, so you will need a valid business account to support the different financial needs of your business.