If approved, you could earn cashback on all your business expenses with interest-free credit, as long as you repay your debts in full and on time.
Funding Circle FlexiPay Business Credit Card review 2023
- Representative example:
- When you spend £1,200 with a fee of 4.9%, your representative rate is 33.4% APR.
- Earn rate
- 1.25p per £0.8 spent
- Account fee
- £0
Our verdict
Funding Circle is making its debut into the business credit card market with its brand new credit card. Here’s what we know so far.With 1.25% cashback for the first 3 months and the option to spread the cost of your purchases over 3 months, FlexiPay is living up to it's name.
FlexiPay can be used in 2 different ways. You can make everyday business purchases such as buying equipment and stock, both online or in-store or you can transfer funds from FlexiPay into your business bank account to cover any expenses. Though, you can't use FlexiPay to withdraw cash from an ATM.
Card transactions are grouped together in a monthly balance, which you can then pay over the course of months in 3 equal instalments, making paying back expenses flexible. If your monthly balance is under £100, it be rolled over to the next month.
However, you'll be charged a flat fee for every transaction you make with this card. The fee ranges from 3.9% to 5.9% depending on the assessment Funding Circle make when you apply.
Pros
-
Earn cashback on all business purchases
-
No annual or set up fees
-
Manage and track business expenses in one place
-
Pay off balance over 3 months
Cons
-
3% interest if you choose to repay your card using the instalment option.
-
Little details about the card, including launch date.
Details
Product overview
| Annual/monthly fees | £0 |
| Purchases | N/A |
| Maximum credit limit | Subject to status |
| Incentive | Get 1.25% cashback on all card spend with Flexipay for the first 3 months. Terms apply. Always 0% interest, no annual or set up fees, one flat fee per transaction from 3.9%. |
| Potential costs | ★★★★★ |
| Doing its job | ★★★★★ |
| Extras | ★★★★★ |
| Overall Finder rating | ★★★★★ |
Fees and charges
| Minimum monthly payment | Full outstanding balance or 3 equal monthly instalments for a flat fee. |
| Annual/monthly fees | £0 |
| Late payment fee | £0 |
Who is Funding Circle?
Co-founded in 2010 by James Meekings, Andrew Mullinger and Desai, Funding Circle is a well-known global business loans provider.
Historically, Funding Circle was one of the largest peer-to-peer (P2P) business loans providers. However, earlier this year the P2P lender announced that it will be dismissing this service after a 2 year hiatus during the pandemic.
Now Funding Circle released it’s first business credit card, FlexiPay.
What is the Funding Circle Business Credit Card?
FlexiPay is a business credit card which allows SMEs to spread the cost of purchases over 3 months at 0% interest for a flat fee and keep track of expenses through the app.
How does the Funding Circle Business Credit Card work?
If your application is successful, you will receive a line of credit subject to status. Purchases are grouped together in a monthly balance, which you can repay over 3 months for a fixed flat fee. If your card balance is under £100 it will roll over to the next month.
How to apply
You can apply via Funding Circle’s website using the online form. Here, you’ll fill in some information about your business. Funding Circle doesn’t currently state how long it’ll take for a decision to be made on your application.
How does this card compare with other credit cards on the market?
How does it compare with other business cards?
Table: promoted then other popular deals
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.
Finder credit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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.
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.
Frequently asked questions
Your reviews
No reviews yet.
Write a review
More resources on Finder
Guides
Cards from