Metro Bank Business Credit Card review August 2020
Existing Metro Bank business customers can benefit from a single low interest rate of 14.9%, and fee-free transactions across Europe.
Finder rating: ★★★★★
Doing its job: 4/5
In a nutshell:
Balance transfer fee
Up to 56 days
Interest-free each billing period
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.
The “challenger bank” Metro Bank does things a little differently – with an emphasis on high street “stores” which open seven days a week. Its business credit card is refreshingly straightforward with no annual fee, no introductory promotional rates and a single interest rate for transactions across the board. If you’re on the hunt for rewards and perks, it’s probably not the card for you – you won’t find airport lounge access or the opportunity to earn cashback, for example.
But, provided your business currently banks with Metro Bank (or you’re interested in switching), this card could help manage a fluctuating cash flow. If you pay your balance in full and on time each month, you’ll benefit from up to 56 days of 0% interest on purchases. In other words, a purchase made right at the start of your billing cycle could remain interest-free until you pay your bill, which could be as much as 56 days later. This is true of almost all credit cards on the UK market.
If you don’t clear your balance in full, for example if you only make the minimum required payment, you’ll be charged interest on each transaction from the day on which it occurred. Likewise, cash advances (that’s when you withdraw cash using your credit card) will always start to accrue interest straightaway.
Businesses with frequent travel or overseas trade will benefit from 0% fees on non-sterling transactions within Europe (plus there’s no charge for additional cards – so all your nominated cardholders can benefit from this). Currencies will be converted to sterling at the standard Mastercard rates.
Metro Bank business credit cards are issued on the Mastercard network, so they can be used at more than 35 million merchants and ATMs worldwide.
How does this deal compare?
When it comes to repayments, you can make manual repayments online or over the phone (0345 08 08 508), 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 Metro Bank Business Credit Card
Frustratingly, to apply for this card, you’ll need to head into a branch and speak to your “Local Business Manager”. On the plus side, you don’t usually need an appointment, and Metro Bank can issue cards in-store, so if all goes well you could walk out with your new card ready to go.