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RBS Business Credit Card Review 2020
Last updated:
For RBS Business Banking customers this straightforward business credit card offers a competitive ongoing (albeit variable) rate and a free app for real-time monitoring and control.
Representative example: When you spend £1,200 at a purchase rate of 18.268% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £30 per annum, your representative rate is 24.3% APR (variable).
0%
Balance transfer fee
24.3%
Representative APR
£500
Minimum credit limit
Details
| Issuer | Royal Bank of Scotland |
|---|---|
| Network | Mastercard |
| Annual/monthly fees | Year 1 - £0, Year 2 onwards - £30 per annum |
| Balance transfers | 18.268% |
| Balance transfer fee | 0% |
| Purchases | 18.268% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 18.268% |
| Min credit limit | £500 |
| Max credit limit | Not specified |
| Incentive | Free 'online account servicing'. |
If you already use Royal Bank of Scotland (RBS) Business Banking, then this no-frills card could help your company deal with an irregular cash flow. Provided you pay off your balance in full each month, you’ll be able to take advantage of up to 56 days of 0% interest on your purchases each billing cycle (although this doesn’t apply to cash advances).
Aside from the annual fee, which is waived in the first year for RBS Startup Bank Account holders (or those happy to switch), if it’s used carefully, this card doesn’t have to cost your company a penny. The annual fee will also be waived in following years, provided you spent at £6,000 least per year.
Unlike many other business cards, including RBS’s own Business Plus card, there’s not much in the way of perks so you won’t find airport lounge access or the opportunity to earn cashback. One of the card’s strongest features might well be its below-average standard rate of 18.268%. If you’re currently paying more elsewhere, you might opt to take advantage of the balance transfer facility (no 0% offers here, sadly) to save on the interest you’re paying each month.
With NatWest’s account free management tools, including its mobile app and custom reports, you can monitor and analyse up to 13 months of transactions online.
RBS 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?
Table: sorted by interest rate on purchases.
Repayment options
When it comes to repayments, you can make manual repayments online or over the phone (0345 307 0900), 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 RBS Business Credit Card
If you’ve compared cards and want to apply, you can download an application form from the RBS website. You’ll then need to submit the form in one of the following ways:
- Scan and email the form
- Post the form to RBS
- Drop the form in at a branch
To help speed up your application, it’s a good idea to have a few key details at hand. You’ll need your business address, trading address (and registered address if different) and company number if you have one. You’ll also be asked for financial information such as your business turnover, net profit before tax and bank details. Finally, RBS will need details of each business partner/owner, including their date of birth and three years’ UK residential address history.
If you want to transfer a balance, you’ll need to phone the RBS business team (0345 307 0900).