Santander Business Cashback Credit Card review September 2020
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:
Foreign transaction charge
Yearly account fee
Up to 56 days
Interest-free each billing period
|Annual/monthly fees||£30 per annum (fee paid is per business, not per card)|
|Balance transfer fee||3% (min. £5)|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£500|
|Max credit limit||Not specified|
|Additional cards available||3|
|Incentive||1% after £1 of monthly spend. Cashback paid Monthly into Card Account.|
|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 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.
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.
Pros and cons
- 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.
- £30 annual account fee.
- Applicants with low credit scores are unlikely to be eligible.
How does this deal compare?
When it comes to repayments, you can make manual repayments online or over the phone (0800 218 2345), 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 Santander Business Cashback Credit Card
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.