For Lloyds Business customers looking to even out their cash flow, this straightforward credit card comes with a competitive (albeit variable) interest rate and a mobile app to manage your business's spending on the go.
You say: ★★★★★We say: ★★★★★
Potential costs: 3.5/5 Doing its job: 3.5/5 Extras: 3/5
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
With a lower-than-average 17.57% standard purchases rate, Lloyds Bank Business Credit Card can help small and medium enterprises who struggle with irregular invoice payments to smooth over the day-to-day running of their business.
Provided you pay off your balance in full every month, you can enjoy up to 45 days interest-free each billing cycle (although this doesn’t apply to cash withdrawals).
Lloyds can issue up to 20 cards for the same business, and you can set personalised spending limits on each of them to control your business’s expenses more easily. Just keep in mind that each new card will come with its own annual fee – which unfortunately Lloyds, unlike some other card issuers, doesn’t scrap for the first year.
The Lloyds Bank Business Credit Card sadly doesn’t offer any extra rewards or perks, so it gives you no cashback on purchases or theatre tickets discounts. However, the low interest rate combined with an average annual fee makes it a reasonable choice to give your business’s finances a little extra breathing space.
The Lloyds Bank Business Credit Card is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.
Earn uncapped Avios or cashback on business spending
Up to 1% cashback or 1 Avios per pound spent
Up to 10,000 bonus points when you spend £5,000 in 3 months
Up to 20 free supplementary cards
Up to 56 interest-free days on purchases each billing cycle
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).
Approval for any credit card will depend 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.
You can make manual repayments through Lloyds Bank's app, by logging in to your online banking or over the phone (0345 072 5555). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result.
Choose from the following direct debit options for your monthly repayments:
How to apply
Eligibility criteria to apply for a Lloyds Bank Business Credit Card include being resident in the UK and a sole trader, partner or director of your business.
Moreover, the Lloyds Bank Business Credit Card is only available to Lloyds business customers, so if that isn't you, but you've looked at credit cards and decided that the Lloyds Bank Business Credit Card is the one for you, you'll have to go through the process of getting yourself a Lloyds business current account first.
Once that's out of the way, you can either apply online or give Lloyds a call. The online form should take around 10 minutes to fill in.
You should be prepared to give detailed information about your business – among other things, it's a good idea to have your business address, bank details and annual turnover at hand. You'll also need the details of the cardholders, such as their date of birth, mother's maiden name, contact number and three years of address history.
If you've held a Lloyds business account for less than four months, you may be asked for extra documents, such as copies of old bank statements.
Frequently asked questions
What credit limit will I get with the Lloyds Bank Business Credit Card?
If Lloyds Bank is able to offer you this deal, the offer will specify a tailored credit limit based on Lloyds Bank's assessment of your situation and your business. The minimum limit offered on the card is £1,000, while the maximum is £10,000. Once you've had the card for a while and shown Lloyds Bank that you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Lloyds Bank Business Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Lloyds Bank Business Credit Card is 2.5% (min. £2.5). For example, if you withdraw £50, you'll incur a fee of £2.50. Withdraw £250, and you'll incur a fee of £6.25.
The interest rate on this part of your balance will be 17.57% (chargeable from the day of the transaction – the card's usual "up to 45 days interest-free" grace period won't apply).
How much does it cost to use the Lloyds Bank Business Credit Card abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£169.26), it'll cost you around £4.99 in fees.
Can I get additional Lloyds Bank Business Credit Cards for my team?
Yes, you can request up to 20 more. Each card comes with an additional account fee of £32.
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