Capital on Tap review – business credit card options & fees explained

Updated on 1 August 2023

Capital on Tap is a business credit card that acts like a business bank account. In many respects, running this card for your expenses will be similar to operating an online business account with a provider like Mettle, Monzo, or Tide.

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How does a Capital on Tap business credit card work?

You will be provided with a physical contactless Visa card by Capital on Tap, or you can link the credit card to Apple Pay or Google Play.

All your spending will be managed through the iOS or Android app, helping you keep an eye on where your funds are going. You can also link your account to the bookkeeping software of your choice.

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What is the credit limit on a Capital on Tap business credit card?

As with all credit card applications, a credit limit will be assigned upon application. How much you are offered depends on your credit history and business income. 

The owners of Capital on Tap, New Wave Capital Limited, are regulated by the FCA, so they must follow all standard protocols surrounding responsible lending. 

The maximum credit limit on this business card is £250,000, but you’ll likely need to build your way up to that limit by proving you can run the account responsibly over time.

Can I withdraw cash from a Capital on Tap business credit card at an ATM?

Yes, as long as the withdrawal will not take your card over its credit limit. You can use an ATM for up to two transactions in any 24 hours, and withdraw up to £400 in total in any single day.

It may be more effective to draw funds from your credit card directly into a personal bank account. This can take up to two hours to complete, and interest will obviously be charged, but there are fewer restrictions.

Can I use a Capital on Tap business credit card overseas?

Yes, you can use the Capital on Tap business credit card anywhere in the world that accepts Visa payments.

Will I be eligible for a business credit card through Capital on Tap?

The eligibility for a credit card application through this lender is quite loose. You’ll just need to meet the following criteria:

  • Be the owner of a business registered in the UK, or a director that owns at least 25% of the venture. Sole traders or charities will not qualify for a business Capital on Tap card
  • Your turnover exceeds £24,000 PA or £2,000 per calendar month
  • You do not have any unsatisfied CCJs against your business or personal financial records in the last 12 years

If you meet all of these criteria you are still not guaranteed to be accepted for a Capital on Tap application, but you have cleared the first, basic hurdle.

How do I apply for a business credit card from Capital on Tap?

Apply online for a business credit card through the lender’s website. It only takes around two minutes to complete your application, and you should have your answer within moments.

This application will not impact your company credit score, so you have nothing to lose by filling in the online form. If you’re accepted, you’ll receive your card in the post within a week.

What are the advantages of a Capital on Tap business credit card?

There are many advantages to opening a line of business credit through Capital on Tap, from the simplicity of the application process to the ease of managing your account. You can also have multiple cards linked to a single account, too.

While Capital on Tap is not a prepaid expense card, you can apply spending limits on the card to prevent your employees from racking up unsustainable costs. There are also a number of rewards available to cardholders.

The most notable of these is 1% cashback on all purchases, and discounts on numerous brands. This cashback is applied in the form of points that can be traded for cash, used to pay off your balance, or traded for discounted gift cards.

If you’re prepared to pay an annual fee of £99 per year, you can upgrade your business credit card to a Business Rewards account. In addition to the cashback we just discussed, this account entitles you to 10,000 bonus points if you spend £5,000 in three months, and you’ll receive reward points through Avios

What are the drawbacks of a Capital on Tap business credit card?

The main concern surrounding a Capital on Tap business credit card is keeping up with the repayments. Your business will run into financial trouble if you cannot meet these payments. Only spend and borrow what you can realistically afford to repay.

What fees and charges are associated with a Capital on Tap business credit card?

The APR assigned to your Capital on Tap business credit card will be assigned upon application. Purchases will typically be interest-free for the first 56 days.

There is no way of knowing what APR you will be offered, as it depends upon your personal financial history, but the lowest is around 13.6%

If you open a basic Capital on Tap business account, you will not need to pay an annual fee. If you opt for a Business Rewards account, you’ll need to pay £99 per month.

The minimum monthly repayment or this lender is £100 or 10% of your outstanding balance, whichever is higher.

What is Capital on Tap’s reputation among other customers?

Capital on Tap enjoys an Excellent score of 4.6 from 5 on TrustPilot, pulled from over 10,000 reviews. Countless customers have praised this lender for the simplicity of the application process and the customer service provided after the event.

Summary

While you can apply for a business credit card through most traditional high street banks, Capital on Tap offers a highly-regarded, bespoke service that is packed with rewards and perks. There are many reasons to seriously consider opening a line of credit through this lender as a safety net if you are running an SME, especially one that involves staff travel.

Reviewed by , Managing Director

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