Approval for any credit card will depend on your status. The APR shown represents 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.
Metro Bank Business Credit Card review 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:
Up to 56 days
Interest-free each billing period
Balance transfer fee
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.
The Metro 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.
Pros and cons
- 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
How does it compare with other business cards?
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.
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 keep 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 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.