Lloyds Bank Business Credit Card review 2020

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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: ★★★★★

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).

22.4%

Representative APR

£32

Yearly account fee

£1,000

Minimum credit limit

Details

IssuerLloyds Bank
NetworkMastercard
Annual/monthly fees£32 per annum
Purchases17.57%
Purchases interest-free periodUp to 45 days
Cash advances17.57%
Min credit limit£1,000
Max credit limitSubject to status: £10,000
Additional cards available20

Expert review

Chris Lilly

Review by


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.

Expert review

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.

Pros and cons

Pros

    Cons

    • £32 annual account fee.
    • Applicants with low credit scores are unlikely to be eligible.
    • Each additional card incurs a fee (£32).
    • You may be offered an opening credit limit as low as £1,000.

    How does this deal compare?

    Table: sorted by interest rate on purchases.
    Data indicated here is updated daily
    Name Product Purchases Annual/monthly fees Rewards earn rate Rep. APR Link Incentive Representative example
    Capital on Tap Business Credit Card
    39.41%
    £0
    N/A
    39.9% (variable)
    Go to site
    More Info
    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.
    Representative example: When you spend £1,200 at a purchase rate of 39.41% (variable) p.a., your representative rate is 39.9% APR (variable).
    Capital on Tap Business Rewards Credit Card
    39.41%
    £99 p.a.
    1 point per £1 spent
    39.9% (variable)
    Go to site
    More Info
    Earn 1 point for every £1 spent. 1 points 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.
    Representative example: When you spend £1,200 at a purchase rate of 39.41% (variable) p.a., your representative rate is 39.9% APR (variable).
    British Airways American Express Accelerating Business Card
    22.2%
    £210 per annum
    1.5 points per £1 spent
    80.3% (variable)
    Go to site
    More Info
    Earn 1.5 On Business Points for every £1 spent with BA on eligible flights and 1.5 Avios for every eligible £1 spent on credit card. Earn an extra 3,000 On Business Points annually when £20K or more spent by card anniversary.
    Representative example: When you spend £1,200 at a purchase rate of 22.2% (variable) p.a. with a fee of £210 per annum, your representative rate is 80.3% APR (variable).
    American Express Gold Business Card
    N/A (this product is a charge card).
    Year 1 - £0, Year 2 onwards - £125
    1 point per £1 spent
    N/A (this product is a charge card).
    Go to site
    More Info
    Earn 20,000 bonus Membership Rewards® points when you spend £3,000 in first 3 months of Card membership. Earn 1 Membership Rewards® point for every £1 spent thereafter.
    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
    More Info
    Earn 40,000 bonus Membership Rewards® points when you spend £6,000 in first 3 months of Card membership. Earn 1 Membership Rewards® point for every £1 spent thereafter.
    Metro Bank Business Credit Card Mastercard
    14.9%
    £0
    N/A
    14.9% (variable)
    More Info
    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).
    HSBC Commercial Credit Card Visa
    15.9%
    Year 1 - £0, Year 2 onwards - £32 per annum
    N/A
    22% (variable)
    More Info
    Identity Theft Assistance helpline and online tool. Liability Waiver for companies who have two or more cardholders. 24 hour customer service support.
    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).
    Bank of Scotland Business Credit Card Mastercard
    17.57%
    £32 per annum
    N/A
    22.4% (variable)
    More Info
    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).
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    Repayment options

    When it comes to repayments, you can make manual repayments online or over the phone (0345 072 5555), 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

    How to apply for the Lloyds Bank Business Credit Card

    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.

    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.

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