Customer rating
★★★★★
Satisfaction survey
88% of RBS customers in our 2023 customer satisfaction survey would recommend the brand to a friend.
An annual fee kicks in after the first year.
RBS Business Credit Card review 2023
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 16.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £30 per annum, your representative rate is 24.3% APR (variable).
Up to 56 days
Interest-free each billing period
24.3%
Representative APR
0%
Balance transfer fee
£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 | 16.9% |
| Balance transfer fee | 0% |
| Purchases | 16.9% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 16.9% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Incentive | 1% after £1 of yearly spend. Cashback paid Monthly into Card Account. 1% cashback on spend at eligible fuel and electric vehicle charging stations. |
| Additional Rewards Info | Free 'online account servicing' via ClearSpend mobile and desktop app. |
| Potential costs | ★★★★★ |
| Doing its job | ★★★★★ |
| Extras | ★★★★★ |
| Overall Finder rating | ★★★★★ |
| Overall customer rating | ★★★★★ |
Review by
Chris Lilly
chris.lilly@finder.comChris Lilly is a publisher at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
Expert review
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 the following years, provided you spend at least £6,000 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 16.9%. 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.
The RBS 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.
Pros and cons
Pros
- Up to 56 days to spread the cost of purchases (provided you pay off your balance in full each month)
- A relatively low 24.3% APR
Cons
- Year 1 - £0, Year 2 onwards - £30 per annum
- Applicants with low credit scores are unlikely to be eligible
- Only available to existing RBS business customers
How does it compare?
Royal Bank of Scotland's card
1 - 1 of 1
Other popular business cards
Table: promoted then other popular deals
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.
Repayment options
You can make manual repayments through Royal Bank of Scotland's app by logging in to your online banking or over the phone (0345 307 0900). 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, getting hit with a penalty fee (£12) 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
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).
Frequently asked questions
What credit limit will I get with the RBS Business Credit Card?
If Royal Bank of Scotland is able to offer you this deal, the offer will specify a tailored credit limit based on Royal Bank of Scotland's assessment of your situation and your business. The minimum limit offered on this card is £500 and Royal Bank of Scotland does not specify a maximum. Once you've had the card for a while and shown Royal Bank of Scotland that you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the RBS 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.
The cash advance fee on the RBS Business Credit Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250 and you'll incur a fee of £7.50.
The interest rate on this part of your balance will be 16.9% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
How much does it cost to use the RBS Business Credit Card abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£173.97), it'll cost you around £5.13 in fees.
Can I get additional RBS Business Credit Cards for my team?
Yes. Royal Bank of Scotland doesn't specify a maximum number of cards you can request. Each card comes with an additional account fee of £30. Plus, with additional cards, you could earn cashback at a faster rate.
Finder business card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores ("Customers say") are based on a survey of 623 customers carried out in December 2022.
To find out more, read our full methodology.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. 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.
2 Comments
April 4, 2019
if i do a banking switch what happens to my business credit card
April 5, 2019
Hi Jim,
Thank you for reaching out to Finder.
If you plan to switch to a new bank and cancel your existing bank account, you would lose the business credit card attached to the bank account. You may need to apply for a business credit card with the bank you would be switching to. Hope this helps!
Cheers,
Reggie