Santander Business Cashback Credit Card review 2022
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: ★★★★★
Doing its job: 4/5
In a nutshell:
Up to 56 days
Interest-free each billing period
per £1 spent
Foreign transaction charge
|Annual/monthly fees||£30 per annum (per business, not per card)|
|Balance transfer fee||3% (min. £5)|
|Purchases interest-free period||Up to 56 days|
|Minimum credit limit||£500|
|Maximum credit limit||Not specified|
|Additional cards available||3|
|Cashback details||1% after £1 of monthly spend. Cashback paid Monthly into Card Account.|
Chris 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.
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.
Capital on Tap Business Credit Card
- Get up to £150,000 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 26.4% (variable) p.a., your representative rate is 29.9% APR (variable).
Pros and cons
- 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
- Only available for existing customers, you need to have an existing 1|2|3 Business Current Account or Business Current Account
- £30 per annum (per business, not per card)
- Applicants with low credit scores are unlikely to be eligible
How does it compare?
Other popular business cards
Approval for any credit card will depend 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.
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" (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 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.