How to apply for a business credit card

American Express® Platinum Business Card

• Earn 1 Membership Rewards point for every £1 spent.
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Are you in the market for a business credit card and want to know what to expect from the application process, or maybe you have already chosen the perfect card for you and your business’s needs and are ready to apply?

A business credit card gives you access to revolving credit, improving cash flow by allowing you to borrow the funds needed to grow your company whenever you need to.

It also lets you build your business credit score, making it easier to be approved for larger business loans in the future.

Many cardholders also appreciate the ease of tracking business credit card expenditure. It’s possible to get additional credit cards for employees all linked to the same account.

The application process isn’t always straightforward, though. This guide explains what you’ll need to successfully apply for a great business credit card.

Business credit cards

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Name	Product	Purchases	Annual/monthly fees	Rewards earn rate	Representative APR	Link	Key benefit	Representative example
£100 BONUS Capital on Tap Business Credit Card Capital on Tap Business Credit Card	£100 BONUS	26.4%	£0	1 point per £1 spent	29.9% APR (variable)	Go to site Read review	Finder exclusive welcome offer: Earn £100 bonus cashback when you make your first transaction. Offer ends 30 June 2022. Terms apply.	Representative example: When you spend £1,200 at a purchase rate of 26.4% (variable) p.a., your representative rate is 29.9% APR (variable).	Compare	loading Fetching your data...
CASHBACK Barclaycard Select Cashback Business Credit Card Mastercard Barclaycard Select Cashback Business Credit Card Mastercard	CASHBACK	21.9%	£0	1% cashback	21.9% APR (variable)	Go to site Read review	Limited time offer: Get 3% cashback on business travel spend for the first 4 months and 1% cashback on all other business spend. Apply before 31/08/2022. Cashback and Promotional Cashback T&Cs and eligibility criteria apply.	Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).	Compare	loading Fetching your data...
£100 BONUS Capital on Tap Business Rewards Credit Card Capital on Tap Business Rewards Credit Card	£100 BONUS	26.4%	£99 p.a.	1 point per £1 spent	29.9% APR (variable)	Go to site Read review	Finder exclusive welcome offer: Earn £100 bonus cashback when you make your first transaction. Offer ends 30 June 2022. Terms apply.	Representative example: When you spend £1,200 at a purchase rate of 26.4% (variable) p.a., your representative rate is 29.9% APR (variable).	Compare	loading Fetching your data...
NatWest Business Credit Card (only available to existing business customers) NatWest Business Credit Card (only available to existing business customers)		16.9%	Year 1 - £0, Year 2 onwards - £30 per annum	N/A	24.3% APR (variable)	Go to site Read review		Representative example: When you spend £1,200 at a purchase rate of 16.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £30 per annum, your representative rate is 24.3% APR (variable).	Compare	loading Fetching your data...
CASHBACK Juni Business Card Juni Business Card	CASHBACK	N/A (this product is a charge card).	£0	1% cashback	N/A (this product is a charge card).	Go to site Read review	Made for ecommerce companies only. Earn 1% cashback on all virtual Juni card spend.		Compare	loading Fetching your data...
RBS Business Credit Card (only available to existing business customers) RBS Business Credit Card (only available to existing business customers)		16.9%	Year 1 - £0, Year 2 onwards - £30 per annum	N/A	24.3% APR (variable)	Go to site Read review		Representative example: When you spend £1,200 at a purchase rate of 16.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £30 per annum, your representative rate is 24.3% APR (variable).	Compare	loading Fetching your data...
Barclaycard Select Business Charge Card Barclaycard Select Business Charge Card		N/A (this product is a charge card).	£42 per annum	N/A	3.6% APR (variable)	Go to site Read review			Compare	loading Fetching your data...
British Airways American Express® Accelerating Business Card British Airways American Express® Accelerating Business Card		22.9	£250 per annum	1.5 points per £1 spent	98.1% APR (variable)	Go to site Read review	Earn 30,000 bonus Avios when you spend £5,000 in the first three months of Cardmembership. Earn 1.5 Avios for every eligible £1 spent on card and 2 On Business Points for every £1 spent with BA on eligible flights. 10,000 bonus Avios for every £20,000 spent (max £60,000 pa) per calendar year.	Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a. with a fee of £250 per annum, your representative rate is 98.1% APR (variable).	Compare	loading Fetching your data...
American Express Gold Business Card American Express Gold Business Card		N/A (this product is a charge card).	Year 1 - £0, Year 2 onwards - £175	1 point per £1 spent	N/A (this product is a charge card).	Go to site Read review	Earn 20,000 Membership Rewards® points when you spend £3,000 in first 3 months of Cardmembership. Earn 1 Membership Rewards® point for every £1 spent thereafter. Earn 10,000 extra Membership Rewards® points when you spend £20,000 per quarter.		Compare	loading Fetching your data...
American Express Platinum Business Card American Express Platinum Business Card		N/A (this product is a charge card).	£595 p.a.	1 point per £1 spent	N/A (this product is a charge card).	Go to site Read review	Earn 40,000 Membership Rewards® points when you spend £6,000 in first 3 months of Cardmembership. Earn 1 Membership Rewards® point for every £1 spent thereafter.		Compare	loading Fetching your data...
Allstar Plus ‘All-in-one’ Business Fuel Card Allstar Plus ‘All-in-one’ Business Fuel Card		N/A (this product is a charge card).	£3.99 per card per month	N/A	N/A (this product is a charge card).	Go to site Read review	Up to 44 days interest free on purchases (subject to status), savings on fuel at 1,600 discount diesel sites plus a 10% saving on vehicle servicing, repair, tyres and car washes at venues nationwide.		Compare	loading Fetching your data...
CASHBACK Moss Business Credit Card Moss Business Credit Card	CASHBACK	N/A (this product is a charge card).	€12 a month per active user plus advanced approval policies at €50 a month for the "Essential" plan. Request for individual quotes for the "Professional" plan.	0.4% cashback	N/A (this product is a charge card).	Read review			Compare	loading Fetching your data...
CASHBACK Barclaycard Premium Plus Business Credit Card Mastercard Barclaycard Premium Plus Business Credit Card Mastercard	CASHBACK	0% for 6 months reverting to 14.9%	£150 per annum	0.5% cashback	49.4% APR (variable)	Read review	2 complimentary airport lounge passes annually, worldwide travel cover, discounted forex rates plus 0.5% cashback on eligible spend with a cap of 400 per year. T&Cs apply	Representative example: When you spend £1,200 at a purchase rate of 14.9% (variable) p.a. with a fee of £150 per annum, your representative rate is 49.4% APR (variable).	Compare	loading Fetching your data...
Metro Bank Business Credit Card Mastercard Metro Bank Business Credit Card Mastercard		14.9%	£0	N/A	14.9% APR (variable)	Read review		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	loading Fetching your data...
HSBC Commercial Credit Card Visa HSBC Commercial Credit Card Visa		15.9%	Year 1 - £0, Year 2 onwards - £32 per annum	N/A	22% APR (variable)	Read review		Representative example: When you spend £1,200 at a purchase rate of 15.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £32 per annum, your representative rate is 22% APR (variable).	Compare	loading Fetching your data...
Bank of Scotland Business Credit Card Mastercard Bank of Scotland Business Credit Card Mastercard		17.57%	£32 per annum	N/A	22.4% APR (variable)	Read review		Representative example: When you spend £1,200 at a purchase rate of 17.57% (variable) p.a. with a fee of £32 per annum, your representative rate is 22.4% APR (variable).	Compare	loading Fetching your data...
Clydesdale Bank Business Credit Card Clydesdale Bank Business Credit Card		16.9%	Year 1 - £0, Year 2 onwards - £28 per annum	N/A	22.4% APR (variable)	Read review		Representative example: When you spend £1,200 at a purchase rate of 16.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £28 per annum, your representative rate is 22.4% APR (variable).	Compare	loading Fetching your data...
Lloyds Bank Business Credit Card Mastercard Lloyds Bank Business Credit Card Mastercard Finder Award		17.57%	£32 per annum	N/A	22.4% APR (variable)	Read review		Representative example: When you spend £1,200 at a purchase rate of 17.57% (variable) p.a. with a fee of £32 per annum, your representative rate is 22.4% APR (variable).	Compare	loading Fetching your data...
Yorkshire Bank Business credit card Yorkshire Bank Business credit card		16.9%	Year 1 - £0, Year 2 onwards - £28 per annum	N/A	22.4% APR (variable)	Read review		Representative example: When you spend £1,200 at a purchase rate of 16.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £28 per annum, your representative rate is 22.4% APR (variable).	Compare	loading Fetching your data...
Santander Business Cashback Credit Card Mastercard Santander Business Cashback Credit Card Mastercard		18.9%	£30 per annum (per business, not per card)	1% cashback	23.7% APR (variable)	Read review		Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a. with a fee of £30 per annum, your representative rate is 23.7% APR (variable).	Compare	loading Fetching your data...

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How to apply for a business credit card

To apply for a business credit card, you will need to be a director of a registered business or a sole trader.

You can apply for a business credit card online, by phone or, in some cases, in a branch. Most providers will allow you to apply online.

While many comparison sites offer eligibility checkers for personal credit cards, they are less common for business cards. You can only check your eligibility for individual cards on a specific card issuer’s site.

Business credit card providers such as Capital on Tap have an eligibility checker on their website. Business credit card eligibility checkers show which credit cards you’re most likely to get accepted for without impacting your credit score. This is because they only involve a “soft” search of your credit file.

Who can apply for a business credit card?

Any company, big or small, can benefit from having a business credit card. To apply for a business credit card, you will usually need to have some sort of business income in order to be eligible.

That doesn’t necessarily mean you need to be the CEO of a major business. If you’re a freelancer or you have a small side-hustle, you could also successfully apply.

However, you’ll need to be able to provide a number of documents and meet various criteria with regards to your finances and credit score.

What information and documents do I need to provide?

• Personal information of yourself and any business partners
• Legal business name or DBA (if there is one)
• Business address
• Business type e.g. corporation, partnership, sole proprietorship etc.
• Business phone number
• Tax identification number
• Industry
• Business turnover
• Monthly or annual expenditure
• Number of employees

Most lenders will want to see information about your business’s financial history, including the number of years in business, annual revenue, existing debt and monthly expenses. You’ll need to provide tax documents and bank statements in order to back this information up.

You may need to provide this financial information from a personal standpoint too, particularly if you are a startup or a fairly new business.

Credit checks

Lenders will run a credit check on your business credit report (and most likely your personal credit report too). There is no getting around this.

If you have a bad credit score, it’s unlikely that you will be able to access the best business credit card deals. However, in recent years, we are seeing a rise in credit card providers using open banking technology to assess potential borrowing. This means that the issuer will use AI technology to check your real-time spending habits, and not just your credit score, to paint a better picture of your borrowing journey.

There are also a few business credit cards aimed at new businesses or those with poor credit. Most of these are secured credit cards, which will require you to put up personal assets as collateral. These assets can be repossessed by the lender if you fall too far into arrears.

Often, these credit cards have higher rates and fewer perks than other cards. Still, by paying them off every month and taking other steps to boost your business credit score, it’s likely you’ll be eligible for more appealing credit cards soon enough.

If you are approved for a business credit card

Most lenders will make a decision on your credit card application immediately, although some may take up to a couple of days or weeks to either approve or reject your application.

If you are approved, the lender will confirm details such as your APR, credit limit and annual fee. The APR might be higher than advertised and your credit limit may be lower, depending on your perceived risk as an applicant.

Once you accept the terms, your card(s) will be sent to you in the post, typically arriving within five working days. If you have the option to use a virtual card, usually once your account has been activated, you can start using the card straight away.

How to choose the best business credit card

You should always choose a credit card that best suits yours and your business’s needs and wants. Consider the following factors when picking a business credit card:

• Annual fee. Many business credit cards have hefty annual fees attached. There are plenty with no annual fee too, although these tend to have fewer perks.
• APR. This is the interest rate charged on outstanding credit card debt. Remember, the advertised APR only has to be offered to 51% of applicants, so you may be offered a higher rate if you’re deemed a particularly risky applicant.
• 0% interest deals. Some business credit cards will offer an introductory 0% interest rate deal on purchases, balance transfers or both. This opportunity to borrow money without paying interest could be particularly useful to those who have just started a business. But, make sure to pay off your balance before the 0% interest deal ends, as the APR will shoot up thereafter.
• Rewards. Many business credit cards include cashback deals as a way to entice new customers. It’s also incredibly common for business credit cards to offer air miles or retail reward points as a perk for spending. If you travel overseas a lot for business, these cards might be particularly beneficial.
• Foreign transaction fees. If a lot of your business spending takes place overseas, a card that charges no foreign loading fees could appeal.

The bottom line

The application process for a business credit card is more complex than it is for personal credit cards, particularly if you’re a new business owner with a poor credit score. Nevertheless, the benefits they can provide to your business make it worth the hassle.

Frequently asked questions

• What are the main differences between personal and business credit cards?

  Business credit cards are designed specifically for work spending, which is why lenders will assess your business credit score first. Business credit cards often include features such as additional cards for employees, customisable spending limits for different users and expense tracking. The business will be liable for any debts incurred, not the user (unless a personal guarantee has been signed).

• Do business credit cards offer section 75 protection?

  No, this protection is only offered with personal credit cards.

• How many additional cardholders can I get?

  Business credit cards can support up to 99 additional cardholders, although providers may set their own smaller maximums.

• What is a business charge card?

  The main difference is that charge cards don’t allow you to carry debt over from one month to the next. You must pay off your balance in full each month.

• Can business spending affect my personal credit score?

  There are a few scenarios in which a business credit card can affect your personal credit score. The most common is when you fall too far behind on business credit card repayments.

• Is it easier to get a business credit card or a business loan?

  Business credit cards are usually used for specific and day-to-day business expenses that can be repaid each month. Business loans are generally available for larger amounts and, therefore, require you to put up more collateral and/or be subject to more extensive credit checks.