Newbie financing platform Debite has launched its first corporate card offering credit limits up to £250,000.
Earn 4p
per £1 spent
0%
Foreign transaction charge
£0
Account fee
| Issuer | Modulr |
|---|---|
| Network | Visa |
| Annual/monthly fees | £0 |
| Purchases | N/A (this product is a charge card). |
| Maximum credit limit | Subject to status: £250,000 |
| Incentive | Earn 4% cashback for the first 3 months on card spending. Cashback is credited to your account after 30 days. Cashback is capped at £1,000 a month. |
| Additional Rewards Info | Get access to deals, promotions and cashback from Debite partners. |
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers and is a keen baker in her spare time.
If you’re looking for a business credit card that works differently from standard cards and allows you to split your payments into monthly instalments, the Debite card is certainly worth a look. As well as offering a high credit limit of up to £250,000, you’ll also benefit from earning cashback on your spending, and there are no foreign transaction fees if you use your card abroad.
However, remember that interest applies if you use a monthly instalment plan, and you can only apply if you’re an early-stage or startup limited company.
Representative example: When you spend £1,200 at a purchase rate of 34.3% (variable) p.a., your representative rate is 34.3% APR (variable).
Debite is a financing platform for early-stage companies that launched in the UK in May 2022. It offers a buy now, pay later (BNPL) model to help businesses spread the cost of expensive business payments via a flexible repayment plan.
The company says it is on a mission to help early-stage businesses grow by providing funding to help manage business costs. It currently offers the Debite Card but also plans to offer Save & Spend Loans in the UK, with funds of £5,000 to £50,000 available.
The Debite card is a corporate credit card that offers a credit limit of up to £250,000. It offers up to 35 days of interest-free credit but also allows you to split your costs over 3, 6, 9 or 12 monthly instalments. If you choose to pay in instalments, interest rates start from 0.79% per month.
Some key features of the Debite card can be found below:
To apply for the Debite card, create an online account and enter some personal and business details. You’ll need to share details of your transactions and balances from your business bank accounts and your financial data from your online accounting platform.
Once you’ve completed your application and provided the required information, Debite should get back to you within 24 hours. When processing your application, Debite performs credit and identity checks.
To be eligible for the Debite card, you will need to:
Before applying for any financial product, you should always research and see what else is available to decide what works best for you. Some alternative options worth considering are outlined below:
Similar to the Debite card, the Capital on Tap Business credit card offers a credit limit of up to £250,000, no charges on foreign transactions, and you can earn uncapped 1% cashback on all card spending, which you can redeem for cash, gift cards and more. You do not have to pay an annual fee, but if you upgrade and pay £99 a year, you can redeem points for Avios and earn 10,000 bonus points when you spend £5,000 in the first 3 months.
Both pricing options give you unlimited free company cards for your employees, and you can set spending limits for each. In addition, you can connect with accounting software such as Xero, FreeAgent and Freshbooks and sync your card transactions.
However, you must pay off your balance in full each month to avoid paying interest.
The American Express Business Gold card is actually a charge card which means you’ll need to pay off the balance in full each month. The card lets you earn 1 Membership Rewards point for almost every £1 spent and an extra 10,000 points when you spend £20,000 per quarter. You’ll also get 2 Rewards points for every £1 you spend on American Express Travel. Points can be redeemed on anything from team lunches to office supplies to spa day experiences.
The card also offers travel accident and travel inconvenience insurance, as well as purchase protection, refund protection and business account management.
Be aware that while there is no fee in the first year, the card costs £175 per year from the second year onwards.
Read our comprehensive guide to the best business credit cards for startups to learn more.
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.
Our experts score business credit and charge cards to determine their value against similar products on the market. We look at a number of important factors, like the flexibility it offers, any rewards you can earn through company spending, account management tools, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.