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.
Toolstation Trade Credit Card review 2020
If you often order from Toolstation for your business, you may want to take a look at its credit card.
Toolstation, a supplier of tools and house accessories, offers a solid business credit card that can help you improve your business’s cash flow and buy you some extra time to better keep up with the payment of invoices.
Finder rating: ★★★★★
Doing its job: 4/5
In a nutshell:
0% interest on purchases
Up to 56 days
Interest-free each billing period
|Purchases||0% for 3 months reverting to 24.9%|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£1,000|
|Max credit limit||Subject to status: £25,000|
|Incentive||0% for 60 days on purchases made at Toolstation and participating group companies.|
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.
This card comes with an appealing introductory interest rate of 0% for 3 months reverting to 24.9% on all purchases.
After the first 3 months, provided you always clear your balance in full, you’ll still get up to 56 days of 0% interest on your purchases each billing cycle, which can be extended to more than twice the time when your shop at Toolstation and other Travis Perkins group companies.
This card’s most appreciated feature is probably that it doesn’t charge an annual fee – which means that, if you use it correctly, the Toolstation Trade Credit Card can provide monthly credit to your business without costing you a single penny.
Since this card is provided by Barclays, you also get a range of online spending controls, which are especially useful if you’re planning on giving the card to one of your employees. You also get Barclays’ Business Rewards, which include discounts on a series of services, such as hotel booking and online advertising.
Finally, as this card is on the Mastercard network, you can use it everywhere a Mastercard commercial card is accepted.
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 Barclaycard Business
- Three months to spread the cost of purchases
- No annual fee
- Applicants with low credit scores are unlikely to be eligible
- You may be offered an opening credit limit as low as £1,000
How does this card compare with other similar cards on the market?
When it comes to repayments, you can make manual repayments online or over the phone (0808 163 5446), 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 Toolstation Trade Credit Card
If your business is UK-based and has a turnover of at least £10,000 a year, and you don’t own any other credit card with a company from the Travis Perkins group, then you can apply. Before applying, make sure you’ve compared the available options and checked the eligibility criteria carefully.
You can apply online from Barclay’s website. Here’s what you’re going to need:
- Your business details. Address and company number
- You business’s financial information. Annual turnover, profit before tax and bank details
- Other owners’/directors’ details. Date of birth and address history
If you have prepared everything you need in advance, the application shouldn’t take more than 15 minutes.