RBS Business Plus Credit Card review 2023
- Interest-free each billing period
- Up to 56 days
- Earn rate
- 1p per £1 spent
- Representative APR
- 29% (variable)
- Balance transfer fee
- 0%
RBS Business Bank Account holders can enjoy cashback on day-to-day spending and benefit from no foreign transaction fees on purchases abroad.
If you already use Royal Bank of Scotland (RBS) Business Banking (or are interested in switching), then this card could help your company manage an irregular cash flow while offering some appealing perks.
In return for a fee of £70 per annum (per cardholder), you'll enjoy 0% fees on non-sterling transactions, cashback on everything you buy (see table below) plus a well-below-average standard rate of 13.9%. So if you're currently paying more elsewhere, you could take advantage of the balance transfer facility (no 0% offers here, sadly) to save on the interest you're paying each month.
Provided you clear your balance in full each month, you'll benefit from up to 56 days of 0% interest on your purchases each billing cycle (this doesn't apply to cash advances). If you don't clear your balance in full – say if you only make the minimum required payment – you'll be charged interest on each transaction from the day on which it occurred.
All in all, this card is a nice option if you're planning to use it constantly, both in the UK and abroad. If you do, the cashback and the lack of foreign transaction fees will make the annual fee well worth it.
Pros
- Up to 56 days to spread the cost of purchases (provided you pay off your balance in full each month)
- Avoid currency conversion charges when spending abroad
- Earn cashback on day-to-day spending
- A relatively low 13.9% interest rate on purchases
Cons
- £70 annual account fee
- Applicants with low credit scores are unlikely to be eligible
Details
Product Overview
| Issuer | Royal Bank of Scotland |
| Network | Mastercard |
| Annual/monthly fees | £70 per annum |
| Balance transfers | 13.9% |
| Balance transfer fee | 0% |
| Purchases | 13.9% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 13.9% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Additional Rewards Info | Free 'online account servicing' via ClearSpend mobile and desktop app. |
| Cashback details | 0.5% after £1 of yearly spend. Maximum of £600 cashback paid per month. Cashback paid Monthly into Card Account. 3% cashback on eligible fuel and electric vehicle charging stations, 2% cashback on eligible trade and business supplies, 1% cashback on eligible travel and accommodation spend and 0.5% cashback on all other business spending. Max £600 per annum. |
| Potential costs | ★★★★★ |
| Doing its job | ★★★★★ |
| Extras | ★★★★★ |
| Overall Finder rating | ★★★★★ |
| Overall customer rating | ★★★★★ |
Fees and charges
| Minimum monthly payment | 3% or £5 (whichever is greater) or the balance if less; or that month's interest, any default charges, 1/12th of any annual fee and 3% of the remaining balance. |
| Annual/monthly fees | £70 per annum |
| Balance transfer fee | 0% |
| Foreign usage charge (EU) | 0% |
| Foreign usage charge (rest of world) | 0% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 |
| Exceeding limit fee | £12 |
| Additional card fee | £70 |
| Dormancy fee | £0 |
The RBS Business Plus Credit Card is issued on the Mastercard network so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
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 35.15% (variable) p.a., your representative rate is 35.15% APR (variable).
How does it compare?
Royal Bank of Scotland's card
Other popular business cards
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 |
|---|---|---|---|
Am I eligible?
Interested? Before going any further, check you meet the following requirements:
- Your business will need to be registered in the UK and have an annual turnover below £6m.
- You’ll need to already hold a business current account with RBS (in the same legal entity name).
- You’ll need to be a director of the business, aged over 18 and resident in the UK and not have been declared bankrupt or received a county court judgement (CCJ) or Court Decree.
Applying for the RBS Business Plus Credit Card
If you’ve compared cards and want to apply, you can download an application form from the RBS site. 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 to 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 their UK residential address history for the past three years.
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 Plus 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 Plus 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 Plus 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 13.9% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
Can I get additional RBS Business Plus 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 £70. Plus, with additional cards, you could earn cashback at a faster rate.
Can I transfer a balance from another RBS group card?
No. Sadly, transfers from NatWest, RBS or Ulster Bank cards are off the table. As are transfers from any personal credit cards (regardless of which bank it’s held with).
Do I get interest-free days on non-sterling transactions?
Yes! That “up to 56” days applies to transactions at home and abroad. So if you make a purchase abroad on day one of your billing cycle, then pay it off your payment-due date, it will have benefitted from the full 56 days. It doesn’t apply to cash transactions, however (which includes withdrawing cash and buying foreign currency). Additionally, you’ll need to have paid off your full balance from the previous billing period and you’ll need to pay off your full balance at the end of the current billing period in order to benefit from this feature. Set-up a direct debit to always clear the full balance, and you won’t even have to think about it.
Finder credit card ratings
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.
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