Santander Business Cashback Credit Card review 2020

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Designed for small- and medium-sized businesses looking for payment flexibility, this card goes the extra mile with an attractive cashback perk on all purchases.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a. with a fee of £30 per annum, your representative rate is 23.7% APR (variable).

Up to 56 days

Interest-free each billing period

Earn 1p

per £1 spent

23.7%

Representative APR

0%

Foreign transaction charge

Details

IssuerSantander
NetworkMastercard
Annual/monthly fees£30 per annum (per business, not per card)
Balance transfers18.9%
Balance transfer fee3% (min. £5)
Purchases18.9%
Purchases interest-free periodUp to 56 days
Cash advances27.9%
Min credit limit£500
Max credit limitNot specified
Additional cards available3
Incentive1% after £1 of monthly spend. Cashback paid Monthly into Card Account.
Cashback details1% after £1 of monthly spend. Cashback paid Monthly into Card Account.

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

Businesses with a maximum of two directors, owners or partners can enjoy up to 56 days interest-free each billing cycle with this card, thus getting extra time to balance out any irregular cash flows – as long as they always pay back the whole sum on time (this doesn’t apply to cash withdrawals).

Aside from a decent 18.9% standard purchases rate, the cherry on top of this card cake is the nice cashback you get on all purchases. It’s paid monthly into your credit card account and is only limited by your overall credit limit. Cashback cards make especially good sense when you use them regularly, so this goes well with this card’s long interest-free period.

Santander Business Cashback Credit Card’s second strongest feature is probably the reasonable annual fee. Unlike many other card issuers, Santander charges per business and not per card, and allows you to add up to three extra cardholders among your employees, all for the same price.

All in all, if you use this card correctly and comparatively often, the cashback will match the annual fee quite quickly, and you’ll be able to get up to four credit cards for your business without spending a penny.

Finally, Santander business credit cards are issued on the Mastercard network, so they can be used at more than 35 million merchants and ATMs worldwide.

The Santander Business Cashback 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)
  • Customers report excellent customer service when dealing with Santander
  • Avoid currency conversion charges when spending abroad
  • Earn cashback on day-to-day spending
  • A relatively low 18.9% interest rate on purchases

Cons

  • £30 annual account fee
  • Applicants with low credit scores are unlikely to be eligible

How does it compare?

Santander's card

Data indicated here is updated daily
Name Product Purchases Annual/monthly fees Rewards earn rate Rep. APR Link Incentive Representative example
Santander Business Cashback Credit Card Mastercard
18.9%
£30 per annum (per business, not per card)
1% cashback
23.7% (variable)
More Info
1% after £1 of monthly spend. Cashback paid Monthly into Card Account.
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a. with a fee of £30 per annum, your representative rate is 23.7% APR (variable).
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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).
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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 Santander's app, by logging in to your online banking or over the phone (0800 218 2345). 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

The Santander Business Cashback Credit Card is only available for small and medium businesses that have a maximum of two directors, owners or partners. Your business must be registered in the UK and you and the other partner or director must also be UK residents.

Unfortunately, you can’t apply remotely for this credit card – you’ll need to make an appointment with a Santander “business relationship manager” and apply in one of its branches.

When you make the appointment, they’ll usually let you know which documents you need to bring in order to be able to complete the application. In general, be prepared to give details of both your business (name, address, registration number, annual turnover and other financial information) and its partners or directors (contact details, proof of identity, address history).

Finally, in order to add extra cardholders to your credit card account, you’ll have to complete a form with the cardholder’s details. This can be found online on Santander’s website and can be returned via mail.

Frequently asked questions

What credit limit will I get with the Santander Business Cashback Credit Card?

If Santander is able to offer you this deal, the offer will specify a tailored credit limit based on Santander's assessment of your situation and your business. The minimum limit offered on this card is £500 and Santander does not specify a maximum. Once you've had the card for a while and shown Santander that you're reliable, you may wish to apply for a credit limit increase.

Can I withdraw cash using the Santander Business Cashback 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 Santander Business Cashback 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 27.9% (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 Santander Business Cashback Credit Cards for my team?

Yes, you can request up to 3 more. There's no fee for additional cards. Plus, with additional cards, you could earn cashback at a faster rate.

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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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