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.

You say: ★★★★★We say: ★★★★★

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).

Up to 56 days

Interest-free each billing period

24.3%

Representative APR

0%

Balance transfer fee

£500

Minimum credit limit

Details

IssuerRoyal Bank of Scotland
NetworkMastercard
Annual/monthly feesYear 1 - £0, Year 2 onwards - £30 per annum
Balance transfers18.268%
Balance transfer fee0%
Purchases18.268%
Purchases interest-free periodUp to 56 days
Cash advances18.268%
Min credit limit£500
Max credit limitNot specified
IncentiveFree 'online account servicing'.

Expert review

Chris Lilly

Review by


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.

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 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.

The RBS 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

Pros

  • Up to 56 days to spread the cost of purchases (provided you pay off your balance in full each month)
  • A relatively low 18.268% interest rate on purchases

Cons

  • Annual fee
  • Applicants with low credit scores are unlikely to be eligible

How does it compare?

Royal Bank of Scotland's card

Data indicated here is updated daily
Name Product Purchases Annual/monthly fees Rewards earn rate Rep. APR Link Incentive Representative example
Royal Bank of Scotland Business Credit Card Mastercard
18.268%
Year 1 - £0, Year 2 onwards - £30 per annum
N/A
24.3% (variable)
More Info
Free 'online account servicing'.
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).
loading

Compare up to 4 providers

Other popular business cards

Table: sorted by representative APR, promoted deals first
Data indicated here is updated daily
Name Product Purchases Annual/monthly fees Rewards earn rate Rep. APR Link Incentive Representative example
Amazon Business American Express Card
21.9%
£50 per annum
1.5 points per £1 spent with selected partners
1 point per £2 spent elsewhere
32.6% (variable)
Go to site
More Info
Earn 1.5% Amazon Rewards on the first £120,000 in purchases each calendar year, 1% thereafter at Amazon.co.uk, Amazon Business UK and Whole Foods Market UK, or 60 day extended payment terms on such purchases. Earn 0.5% Amazon Rewards on all other purchases.
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a. with a fee of £50 per annum, your representative rate is 32.6% APR (variable).
Amazon Business Prime American Express Card
21.9%
Year 1 - £0, Year 2 onwards - £50 per annum
2 points per £1 spent with selected partners
1 point per £2 spent elsewhere
32.6% (variable)
Go to site
More Info
Earn 2% Amazon Rewards on the first £120,000 in purchases each calendar year, 1% thereafter at Amazon.co.uk, Amazon Business UK and Whole Foods Market UK, or 90 day extended payment terms on such purchases. Earn 0.5% Amazon Rewards on all other purchases.
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £50 per annum, your representative rate is 32.6% APR (variable).
Capital on Tap Business Credit Card
39.41%
£0
N/A
39.9% (variable)
Go to site
More Info
Upgrade to Capital on Tap Business Rewards Card for £99 pa to earn 1 point for every £1 spent. 1 point can be redeemed for either 1 Avios or 1p in cashback. 10,000 bonus points when £5,000 spent in first 3 months. Up to 20 free supplementary cards available.
Representative example: When you spend £1,200 at a purchase rate of 39.41% (variable) p.a., your representative rate is 39.9% APR (variable).
Capital on Tap Business Rewards Credit Card
39.41%
£99 p.a.
1 point per £1 spent
39.9% (variable)
Go to site
More Info
Earn 1 point for every £1 spent. 1 points can be redeemed for either 1 Avios or 1p in cashback. 10,000 bonus points when £5,000 spent in first 3 months. Up to 20 free supplementary cards available.
Representative example: When you spend £1,200 at a purchase rate of 39.41% (variable) p.a., your representative rate is 39.9% APR (variable).
loading

Compare up to 4 providers

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.

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" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) 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 18.27% (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 (£177.37), it'll cost you around £5.23.

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.

Finder credit card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score business credit and charge cards to determine their value against similar products on the market. We look at a number of important factors, like the flexibility it offers, any rewards you can earn through company spending, account management tools, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

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.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.

2 Comments

Go to site