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Best Business Credit Cards Of 2022

Forbes Staff, Contributor

Updated: Jul 12, 2022, 8:19pm

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If you own or run a business, you may benefit from a business credit card. A business credit card – which will be in your company name rather than your personal one – can offer a flexible way to borrow money up to pre-set allocated credit limit.

Find The Best Credit Card

What are the best business credit cards?

There’s a lot to know about business credit cards, so we’ve set out the key information in our Frequently Asked Questions, below. We’ve also scoured the market (July 2022) to find what we believe to be the best deals to suit various purposes, from low fees and interest rates (APR) to cashback and rewards. You can find out more in our methodology section.

BEST FOR POINTS

The American Express® Business Gold Card

Representative APR (variable)

N/A

(charge card)

Annual fee

£175

(free for first year)

Key perks

Earn Membership Rewards® points with welcome bonus

Representative APR (variable)

N/A

(charge card)

Annual fee

£175

(free for first year)

Key perks

Earn Membership Rewards® points with welcome bonus

Why We Picked It

This card offers the chance to get something back on your business spend – and points can be earned by all cardholders linked to the account.

You’ll earn Membership Rewards® points at an ongoing rate of one point for every £1 you spend on the card, while there’s also a 20,000 welcome bonus when you spend £3,000 in the first three months (if you are approved).

The welcome bonus alone is enough for two economy return flights from London to Berlin, or other listed European destinatins (terms, taxes, fees, and other conditions apply).

You can boost your points earnings further if you reach certain spend limits. For example, there’s 10,000 extra Membership Rewards® when you spend £20,000 in each quarter.

There is no limit on the number of points you can earn, although this perk will need to be weighed up against the £175 annual fee which will be automatically charged to the card after the first year and every year thereafter.

Terms and acceptance depend on your/ your business’ payment history, credit record and circumstances.

This is also a charge card, not a credit card, which will need to be paid off in full every month. You will need an excellent track record of borrowing to be accepted.

Pros & Cons

20,000 bonus Membership Rewards® points on spending £3,000 in the first 3 months
No pre-set spending limit (if eligible)
Up to 99 supplementary cardholders at no extra cost

£175 annual fee (first year free)
Charge card so balance must be cleared monthly

BEST FOR CASHBACK

Barclaycard Select Cashback credit card

Representative APR (variable)

21.90%

Annual fee

£0

Key perks

1% unlimited cashback

plus 3% on business travel spend in first 4 months*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 21.90% p.a. (variable), the representative APR is 21.90% (variable). Credit available subject to status.

Representative APR (variable)

21.90%

Annual fee

£0

Key perks

1% unlimited cashback

plus 3% on business travel spend in first 4 months*

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 21.90% p.a. (variable), the representative APR is 21.90% (variable). Credit available subject to status.

Why We Picked It

Barclaycard’s Select Cashback card offers a generous 1% cashback on eligible business spending with no annual account fees. You can also request additional cards for named employees.

*If you apply for the card before 31 August 2022 and the account is opened by 30 September 2022, you can also earn 3% cashback on business travel spend for the first four months. This will be paid into your account in March 2023.

The representative APR on this card is 21.90% (variable), but purchases made up to 56 days after opening your account are interest free (if they are fully repaid).

Although it lacks a points system, the card does offer a range of rewards including extra cashback on specific purchases including business health insurance, hotels, and meals at partner restaurants.

The Select card is available to businesses with an annual turnover of £10,000 or more per year.

Terms and acceptance depend on your/ your business’ payment history.

Pros & Cons

Unlimited 1% cashback
Additional cashback through Business Rewards program
Free accounting software, FreshBooks

Relatively high interest rate
Foreign exchange fees
No points earning system

BEST FOR LOW FEES/APR

capitalontap credit card

APR (variable)

9.90%

(minimum – representative APR not available)

Annual fee

£0

Key perks

1% unlimited cashback

Example APR

At an assumed credit limit of £1,200, at a purchase rate of 9.90% p.a. (variable), the APR could be 9.90% (variable). Credit available subject to status.

APR (variable)

9.90%

(minimum – representative APR not available)

Annual fee

£0

Key perks

1% unlimited cashback

Example APR

At an assumed credit limit of £1,200, at a purchase rate of 9.90% p.a. (variable), the APR could be 9.90% (variable). Credit available subject to status.

Why We Picked It

Capitalontap combines a low APR with zero fees including annual, ATM, and foreign exchange fees.

The APR offered on this card can be as low as 9.90% APR. But bear in mind this is the best case scenario and you may be offered much higher.

The provider does not share a representative APR (which must apply to 51% of all successful applicants) but says the APR you will be offered depends on the individual circumstances of you and your business. However, purchases made in the first 56 days (which are repaid in full) are interest-free.

You can request unlimited additional cards for your company, while cardholders get unlimited 1% cashback on purchases. Credit limits are available up to a maximum of £150,000.

Account holders who sign up to the Business Rewards program can also collect one point for every £1 spent. There’s a welcome bonus of 10,000 extra points if you spend £5,000 or more in the first three months. Points can be redeemed for extra cashback, e-giftcards, or Avois points.

Pros & Cons

APRs as low as 9.90% (variable)
Earn reward points to spend on cashback, Avois, or e-giftcards
Unlimited 1% cashback
Card compatible with accounting software

Only businesses with a £24,000+ turnover are eligible

Metro Bank Business credit card

APR (variable)

14.90%

To all accepted

Annual fee

£0

Key perks

No foreign exchange fees in Europe

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 14.90% p.a. (variable), the APR will be 14.90% (variable). Credit available subject to status.

APR (variable)

14.90%

To all accepted

Annual fee

£0

Key perks

No foreign exchange fees in Europe

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 14.90% p.a. (variable), the APR will be 14.90% (variable). Credit available subject to status.

Why We Picked It

If you’re looking for a card with no fees and a low interest rate, Metro Bank’s Business credit card could be a strong contender.

It doesn’t have cashback perks, but does offer one reasonable APR of 14.90% to all accepted, zero annual fees, and up to 56 days interest-free on purchases when you pay off your balance in full.

You won’t be charged foreign exchange fees when you use the card in Europe, making it a strong contender if you or your colleagues regularly travel.

To be eligible, you’ll need to sign up for a Metro Bank Business Current Account or Commercial Current Account.

Pros & Cons

One APR applies to all accepted
No annual fee
No foreign exchange fees in Europe

No cashback
No points earning system
Need a Metro Bank Business Current Account or Commercial Current Account to apply

BEST FOR BASIC

American Express® Basic Business Card

Representative APR (variable)

N/A

(charge card)

Annual fee

£0

Key perks

No annual fee

Representative APR (variable)

N/A

(charge card)

Annual fee

£0

Key perks

No annual fee

Why We Picked It

This no-frills charge card from American Express comes with no annual fees, and no spending limit. It could be a good option for smaller businesses and sole traders, as you don’t need a minimum turnover to be eligible.

As a charge card, there’s no interest to pay — but watch out for late payment fees that kick in if you don’t pay off your balance in full every month.

You can add up to 99 additional cardholders.

Pros & Cons

No upper spending limit
No annual fee
Add up to 99 additional cardholders
No minimum turnover to be eligible

No cashback
No rewards

BEST FOR MANAGING SPEND

RBS Business Plus credit card

Representative APR (variable)

29%

Annual fee

£70

per card

Key perks

Up to 2% cashback

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 13.90% p.a. (variable), the representative APR is 29.0% (variable). Credit available subject to status.

Representative APR (variable)

29%

Annual fee

£70

per card

Key perks

Up to 2% cashback

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 13.90% p.a. (variable), the representative APR is 29.0% (variable). Credit available subject to status.

Why We Picked It

The Business Plus credit card from Royal Bank of Scotland (RBS) offers a generous cashback incentive of up to 2%, depending on what you purchase. You’ll get at least 0.5% cashback on all purchases, 1% on eligible fuel and accommodation, and 2% on eligible trade or business suppliers up to an annual limit of £400.

The card comes with an annual fee of £70 for each cardholder, you’ll need to be spending enough to offset this cost with cashback.

This card could be a good option if you or your employees frequently travel abroad, since there are no foreign exchange fees to pay. You’ll also get access to RBS’ ClearSpend app, which lets you manage transactions and credit limits for all cardholders.

Pros & Cons

Up to 2% cashback on eligible purchases
No foreign exchange fees
ClearSpend app lets you view and manage spending

£70 annual fee per cardholder
No points earning system
Need an RBS business bank account

BEST FOR SMALL BUSINESS

Santander Business Cashback Credit Card

Representative APR (variable)

23.70%

Annual fee

£30

Key perks

Unlimited 1% cashback

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 18.90% p.a. (variable), the representative APR is 23.70% (variable). Credit available subject to status.

Representative APR (variable)

23.70%

Annual fee

£30

Key perks

Unlimited 1% cashback

Representative Example

At an assumed credit limit of £1,200, at a purchase rate of 18.90% p.a. (variable), the representative APR is 23.70% (variable). Credit available subject to status.

Why We Picked It

With low annual fees and the scope to add up to three additional cardholders at no extra cost, this card is ideal for small but growing businesses. In fact, you will need to be a sole trader or in a business with no more than two partners, members, or directors to qualify.

The main account holder can manage credit limits for all additional cardholders.

The card also offers unlimited 1% cashback on all business purchases, so the £30 annual fee will be offset so long as you spend at least £3,000 a year.

Bear in mind that you’ll need a Santander Business current account to apply.

Pros & Cons

Unlimited 1% cashback
Add 3 additional cardholders at no extra cost
No foreign exchange fees

£30 annual fee
No points earning system
Need to be a Santander business current account holder to be eligible

What’s our methodology?

To rank these business credit cards, we’ve considered the following criteria.

Interest rate on purchases: as measured by representative APR (variable)
Cashback: a small percentage of your card spending that is credited to your account
Any other perks or benefits: such as point earning systems
Availability: whether cards are available to everyone or just existing customers

As both fees, perks and other criteria can vary considerably between cards, we’ve looked at what we believe to be the best business credit cards for the following purposes.

Cashback and points
Low APR and fees
Managing spending
No-frills basic use
Small but growing businesses

What is a business credit card?

Business credit cards are available to businesses of any size and are sometimes referred to as ‘company credit cards’. They work in the same way as a personal credit card but, instead of being issued in your name, they are issued to your business.

A credit card gives your business access to a revolving line of credit with a set credit limit. There are no set repayments for the money borrowed, but you’ll need to make at least the minimum repayment each month.

Like a personal credit card, a balance on a business credit card will incur interest if it’s not repaid in full each billing cycle.

You can have multiple cards issued for staff who can use them to pay for business expenses. It’s advisable to set down clear rules about which expenses can be put on credit cards and how much employees can spend. The company will be responsible for repaying the debt, not the individual employee.

Frequently Asked Questions (FAQs)

Do I need a business credit card?

Business credit cards can be useful for several reasons. These include:

keeping your business expenditure separate from your personal spending
controlling your cash flow
borrowing money or spreading the cost of business purchases
managing employee expenses
buying fuel for drivers in the company
building your company’s credit history
integration with accounting software
earning rewards and cashback
removing the requirement for petty cash

Can my business get a business credit card?

Business credit cards are available to all kinds of business including sole traders and start-ups, limited companies and partnerships, small to medium-sized businesses (SMEs) as well as large firms.

Each business credit card will have different eligibility criteria. These might relate to:

business size
company turnover
holding a bank account with the same provider
the business being registered in the UK
credit status and checks
a personal guarantee from the business owner
certified company accounts

If you are setting up a new business and so don’t have evidence of turnover or a business credit profile, your own credit score and financial situation will come under more scrutiny and you may be asked to provide a personal guarantee for the company credit card.

How much do business credit cards cost?

Some business credit cards come with an annual fee, although this is often waived in the first year.

Interest rates on business credit cards tend to be slightly higher than personal credit cards. But you can avoid paying any interest at all by repaying the card balance in full each month. Interest rates may differ depending on whether you are making a purchase, withdrawing cash or using the card abroad.

Overseas transactions on a business credit card may also be subject to foreign loading fees and currency conversion fees.

Some business credit cards offer 0% interest introductory offers on purchases or balance transfers. Supplementary or extra business credit cards might be free – or there might be a fee per card.

Business credit cards will levy additional fees if you go over your credit limit, or don’t make at least the minimum repayment each month.

Do business credit cards offer rewards?

Yes, and these can be a lot more attractive than the rewards on personal credit card. Typical rewards on business credit cards include:

cashback on purchases
discounts at selected retailers
reduced membership fees of business organisations
membership points or air miles

How do I find the best business credit card for my company?

First, think about what you need from a business credit card. Are you looking for the card with the lowest interest rate? Do you need your card to integrate with your accounting or expenses software? How high do you need your credit limit to be?

If you plan to pay off the business credit card balance in full each month, look for a card that offers cashback or rewards on spending. These perks can be much more attractive on a business credit card than a personal credit card.

Find the providers that offer the type of card you’re after. Some business credit card providers specialise in certain types of business or may specify a minimum or maximum turnover.

How many supplementary cards do you need on your business credit card account? Will you need just one card for the whole business or a card for each employee. Bear in mind that some cards charge annual fees to all cardholders, while others just levy a single one.

Once you’ve identified providers offering suitable business credit cards, compare cards to find the one that best suits your business and check you’re eligible.

How do I open a business credit card?

The application process will be different for every credit card provider. You can usually apply online, by phone, on a banking app, or by visiting a branch.

To apply for a business credit card, you will need to provide some, or all, of the following:

business details including company name and registration number
your personal details
desired credit limit
financial details such as company turnover, accounts and tax statements

Find The Best Credit Card

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Bethany Garner Forbes Staff

I’ve been writing for a broad array of online publications for four years, always aiming to make important insights accessible. It’s my goal to ensure that as many people as possible can make informed decisions about their money, and get the most out of their finances with the least amount of stress.

Emma Lunn Contributor

Forbes Advisor UK’s broadband and mobiles expert, Emma Lunn has reported prolifically on the subjects for more than 16 years. Her award-winning work features in national newspapers, right through to specialist websites and trade titles.