RBS Business Plus Credit Card review January 2020
RBS Business Bank Account holders can earn cashback on day-to-day spending and benefit from no foreign transaction fees on purchases abroad.
Finder rating: ★★★★★
Doing its job: 4/5
In a nutshell:
Balance transfer fee
Foreign transaction charge
Yearly account fee
|Issuer||Royal Bank of Scotland|
|Annual/monthly fees||£70 per annum|
|Balance transfer fee||0%|
|Purchases interest-free period||Up to 56 days|
|Min. credit limit||£500|
|Max credit limit||Not specified|
|Incentive||0.5% after £1 of yearly spend. Maximum of £400 cashback paid per month. Cashback paid Monthly into Card Account. 2% cashback on eligible trade and business supplies, 1% cashback on eligible fuel and hotel accommodation and 0.5% cashback on all other business spending. Max £400 per annum.|
|Cashback details||0.5% after £1 of yearly spend. Maximum of £400 cashback paid per month. Cashback paid Monthly into Card Account. 2% cashback on eligible trade and business supplies, 1% cashback on eligible fuel and hotel accommodation and 0.5% cashback on all other business spending. Max £400 per annum.|
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.
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.
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.
In return for a fee of £70 per annum, 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 14.816%. 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.
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.
RBS business credit cards are issued on the Mastercard network, so you can use them at more than 35 million merchants and ATMs worldwide.
How does this deal compare with other business cards?
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 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:
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).