Metro Bank Business credit card review 2023
- Interest-free each billing period
- Up to 56 days
- Representative APR
- 14.9% (variable)
- Balance transfer fee
- Account fee
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.
Up to 56 days to spread the cost of purchases (provided you pay off your balance in full each month)
No annual fee
A relatively low 14.9% interest rate on purchases
Applicants with low credit scores are unlikely to be eligible
Basic business credit card with no perks or rewards
Foreign exchange fee charged on transactions outside of Europe
|Balance transfer fee||0%|
|Purchases interest-free period||Up to 56 days|
|Minimum credit limit||£500|
|Maximum credit limit||Subject to status|
|Additional cards available||25|
|Doing its job||★★★★★|
|Overall Finder rating||★★★★★|
|Overall customer rating||Not yet rated|
|Minimum monthly payment||5% or £20 (whichever is greater) or the total of any interest, default fees and charges plus 5% of the outstanding balance.|
|Balance transfer fee||0%|
|Foreign usage charge (EU)||0%|
|Foreign usage charge (rest of world)||2.99%|
|Cash advance fee||0%|
|Late payment fee||£0|
|Duplicate statement fee||£0|
|Exceeding limit fee||£0|
|Additional card fee||£0|
The Metro 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).
How does it compare?
Metro 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.
You can make manual repayments through Metro Bank's app by logging in to your online banking or over the phone (0345 08 08 508). 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, or losing any promotional rates as a result (although there's no penalty fee for late payments to worry about, there are still plenty of other good reasons not to miss a payment).
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
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.
Metro Bank customer reviews
Metro Bank’s reviews are fairly positive. Third party ratings, such as Trustpilot, highlight it’s easy to use app and friendly customer service.
However, some users have said that Metro Bank can be slow to respond to queries.
|Trustpilot||Apple App Store||Google Play|
2.3 out of 5
4.8 out of 5
4.6 out of 5
The bottom line
With no annual fee and a universal rate on purchases, cash advances and balance transfers, the Metro Bank Business credit card is a straightforward, no-frills card that can help you manage your cash flow while keeping your costs low. With no fees on non-sterling transactions in Europe and no charge for additional cards, it could also benefit businesses that trade abroad or are looking to manage expenses for multiple employees.
But the trade off for no annual fee and low rates is a relative dearth of other features, such as a rewards or cashback scheme, and those looking to get more than simple spending out of their business credit card may want to look elsewhere.
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 Metro Bank Business credit card?
If Metro Bank is able to offer you this deal, the offer will specify a tailored credit limit based on Metro Bank's assessment of your situation and your business. The minimum limit offered on this card is £500 and Metro Bank does not specify a maximum. Once you've had the card for a while and shown Metro Bank that you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Metro 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.
There's no cash advance fee on the Metro Bank Business credit card.
The interest rate on this part of your balance will be 14.9% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
What is the minimum payment on the Metro Bank Business credit card?
Each month you must pay at least 5% of your balance at that point or £20.00 – whichever of the 2 figures is greater. So if you had, say, £390.00 outstanding, you'd pay £20.00, and if you had £1,600.00 outstanding, you'd pay £80.00.
Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.
Can I get additional Metro Bank Business credit cards for my team?
Yes, you can request up to 25 more. There's no fee for additional cards.