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 34.3% (variable) p.a., your representative rate is 34.3% APR (variable).
Pros and cons of the Payhawk card
- Spend in multiple currencies
- High credit limits available
- Easy to customise employee spend limits
- Easy to keep track and share budgets
- Cashback available
- Late payment fees are high if you do not repay your credit card balance in full and on time
- Fees apply to ATM withdrawals
- Credit limits depend on business financial circumstances
- Cashback is capped at your monthly subscription amount
What is Payhawk?
Founded in 2018, Payhawk is spending software that helps businesses manage and automate expenses and payments. It offers one single platform for card payments, invoices, reimbursement, expense management and bookkeeping. It works for businesses across the globe.
What is the Payhawk card and how does it work?
Payhawk offers both corporate Visa debit cards and Visa credit cards (although technically a charge card), and you’ll be able to choose from virtual and physical cards. Depending on your business’s financial circumstances, you’ll be able to get a credit limit of up to £250,000. No interest is charged on card payments made in full and on time – otherwise, a late payment fee will apply to the outstanding balance. This is currently at a rate of 4% per year above the Bank of England base rate. If the credit is not paid by the eighth calendar day of the next month, your Payhawk services will be suspended until all credit is paid back.
Payhawk Visa cards can be sent to employees anywhere in the world, and they can use them across the globe. You’ll be able to set spend limits for both individual and team cards and decide whether they can make ATM withdrawals. You’ll be able to use the cards alongside Apple Pay and Google Pay.
Note that when you sign up to the full Payhawk package, there are 3 account levels, all with a monthly fee.
Main features of the Payhawk card
The key features of the Payhawk cards are outlined below:
- Multi-currency credit lines. You’ll be able to spend in both GBP and EUR with no fees. All other currencies will incur a 1.99% exchange markup.
- Credit limits of up to £250,000. This will be based on assessment.
- Built-in spend limits. Customise your employee spend with built-in limits, policies and rules and apply them to individual or team cards.
- Simplify bulk card management. Account automation allows you to manage both debit and credit corporate cards in bulk.
- Set up approval flows. Employees can request funds to be added to their cards and you can add a limit for an automatically-approved top-up and a separate limit for payments to be approved by other members of staff.
- Share budgets easily. Create, track and update team cards with shared budgets for the team, department, event or project-related spending.
- Option to earn up to 1.5% cashback. This only applies if you are on an annual plan with a monthly fee and the amount of cashback is capped at your monthly subscription amount.
How to apply for the card
You can apply for a Payhawk card online and you will need to provide the following details:
- Your name
- Your work email
- Your phone number
- Your residential address
You will also need to provide ID verification and proof of address. Once you’ve provided all of the necessary details, your account will be up and running the same day.
Payhawk scores highly on review site Trustpilot, with 4.6 stars out of 5, giving it an “excellent” rating (updated November 2022).
Positive comments focus on the ease of use and the ability to track payments and expenses as well as great customer service. However, a few reviewers have commented on the high fees and poor functionality.
Alternatives to the Payhawk card
If you’re not sure whether the Payhawk card is right for you, there are a number of alternatives to explore. For example, the Jeeves Corporate card charges no monthly fees, and you’ll be able to earn cashback every time you spend. As it’s a charge card, you must pay back your balance in full each month. You can read the full review here.
Another option is the Capital on Tap business Visa card. This offers credit facilities of up to £250,000, the opportunity to earn cashback or Avios and no fees on foreign transactions. Find out more in our Capital on Tap business credit card review.
If you’re looking for a more streamlined spending platform for your business, Payhawk is certainly worth a look. The Payhawk card gives you the flexibility of setting spend limits and approval flows to help you keep on top of employee expenses and gain complete control and transparency over your spending. However, as with any financial product, make sure you’ve compared what else is out there before making any firm decisions.
How does it compare?
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Approval for any credit card will depend 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.
Frequently asked questions
. 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.