Lloyds Bank Business Credit Card review 2023
- Representative example:
- When you spend £1,200 at a purchase rate of 16.3% (variable) p.a. with a fee of £32 per annum, your representative rate is 22.4% APR (variable).
- Interest-free each billing period
- Up to 45 days
- Minimum credit limit
- £1,000
Our verdict
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.With a lower-than-average 16.3% 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.
To apply you'll need to be an existing Lloyds business banking customer and hold a Lloyds Business Current Account.
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
- Up to 45 days to spread the cost of purchases (provided you pay off your balance in full each month)
- Customers report excellent customer service when dealing with Lloyds Bank
- A relatively low 16.3% interest rate on purchases
Cons
- £32 annual account fee
- Applicants with low credit scores are unlikely to be eligible
- Each additional card incurs a fee (£32)
Details
Product overview
| Issuer | Lloyds Bank |
| Network | Mastercard |
| Annual/monthly fees | £32 per annum |
| Purchases | 16.3% |
| Purchases interest-free period | Up to 45 days |
| Cash advances | 16.3% |
| Minimum credit limit | £1,000 |
| Maximum credit limit | Subject to status: £10,000 |
| Additional cards available | 20 |
| Incentive | Travel Insurance included for trips purchased with the business card. |
| Additional Rewards Info | Travel Insurance included for trips purchased with the business card. |
| Potential costs | ★★★★★ |
| Doing its job | ★★★★★ |
| Extras | ★★★★★ |
| Overall Finder rating | ★★★★★ |
Fees and charges
| Minimum monthly payment | 1% or £5 (whichever is greater) or the total of any interest, default fees and charges, 1/12th of annual fee plus 1% of the outstanding balance. |
| Annual/monthly fees | £32 per annum |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 2.5% (min. £2.5) |
| Late payment fee | £12 |
| Duplicate statement fee | £5 |
| Exceeding limit fee | £12 |
| Additional card fee | £32 |
| Dormancy fee | £0 |
The Lloyds Bank Business Credit Card (only available to existing business customers) is issued on the Mastercard network so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
Capital on Tap Business Credit Card
- Get up to £250,000 to grow your business.
- Earn 1% cashback for every £1 spent.
- Enjoy up to 56 days interest-free on purchases.
- No application fees or non-sterling transaction fees.
Representative example: When you spend £1,200 at a purchase rate of 35.15% (variable) p.a., your representative rate is 35.15% APR (variable).
Lloyds Bank customer reviews
Customers who took part in Finder’s 2023 customer satisfaction survey were very positive about Santander, with many highlighting its “helpful” customer service, easy to use app, and simple onboarding process.
One customer said: “The application process was straightforward and it’s fee structure is reasonable.”
Santander scored 4.5 out of 5 for customer satisfaction. 97% of customers would recommend the brand to a friend.
| Trustpilot | Apple App Store | Google Play |
|---|---|---|
|
★★★★★ 1.4 out of 5 |
★★★★★ 4.8 out of 5 |
★★★★★ 3.5 out of 5 |
How does it compare?
Lloyds Bank's card
Other popular business cards
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.
Repayment options
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.
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
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.
If you’re thinking about getting a business credit card and aren’t sure which one to pick, take a look at our business credit card comparison page.
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 16.3% (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 (£171.22), it'll cost you around £5.05 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.
Finder business card ratings
Our customer satisfaction scores ("Customers say") are based on a survey of 623 customers carried out in December 2022.
To find out more, read our full methodology.
