Are you a small business owner looking for a quick source of additional funding to help you expand your operations? Consider getting a business credit card. This can be a good short-term solution for borrowing money to help build your business credit profile and receive more funding in the future.

Businesses in the UK can benefit from certain tax reliefs using business credit cards since charges from these cards are often considered allowable expenses. This means that you can deduct these charges when calculating your business’ taxable earnings.

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In this article, I will talk about business credit cards from Capital on Tap, their features, as well as their associated interest rates and fees. I will also discuss how to apply for these cards and how to get in touch with Capital on Tap. To know more, continue reading below.

  • Capital on Tap – Get to Know the Company
  • Examining the Business Credit Cards from Capital on Tap
  • Information on Interest Rates and Fees Associated with the Cards
  • Applying for a Capital on Tap Business Credit Card
  • Learning About Avios
  • Capital on Tap App for Android Devices
  • Capital on Tap App for iOS Devices
Capital on Tap Credit Card - See How to Apply
Image Source: Capital on Tap

Capital on Tap – Get to Know the Company

Before going into the discussion about the Capital on Tap business credit cards, it’s imperative to first learn about Capital on Tap.

Capital on Tap Credit Card - See How to Apply
Image Source: Tracxn

Capital on Tap is a financial technology company that provides funding for small and medium enterprises in the UK, through a variety of services, including loans and business credit cards.

It positions itself as an alternative source of funding to high street banks. 

To avoid unnecessary credit checks, Capital on Tap provides an eligibility checking service prior to application.

More About Capital on Tap

Launched in 2012, Capital on Tap takes advantage of its technology to make it easier, simpler, and faster for small businesses to access funding. 

The fintech firm takes pride in its application process that enables business owners to get back to doing business faster. Currently, Capital on Tap has helped over 120,000 businesses get funding of more than £2 billion.

According to the company’s mission statement, its goal as an organisation is “building simple tools for real-world businesses to achieve great things”.

Examining the Business Credit Cards from Capital on Tap

Capital on Tap offers two types of credit cards to UK businesses – the Business Credit Card and the Business Rewards Credit Card.

Capital on Tap Credit Card - See How to Apply
Image Source: Capital on Tap

Both business credit cards have a credit facility of up to £100,000 and offer up to 56 days interest-free on card purchases.

The Business Credit Card has no annual fee while the Business Rewards Credit Card costs £99 per year.

Both the Business Credit Card and the Business Rewards Credit Card do not impose any foreign exchange or UK ATM charges.

Other Features of the Capital on Tap Business Credit Cards

While both cards provide a 1% cash back for every £1 spent with the card, and 1 point may be redeemed for 1p, the Business Rewards Credit Card has an additional option to convert 1 point to 1 Avios.

The Capital on Tap Business Credit Card also comes with up to 10 free supplementary cards while the Business Rewards Credit Card could have up to 20 free supplementary cards.

Additionally, getting the Business Rewards card will give you 10,000 bonus points if you spend £5,000 on your card in the first three months. You can exchange these points for £100 in cash back or 10,000 Avios.

Information on Interest Rates and Fees Associated with the Cards

Capital on Tap computes interest on a daily basis and then indicates it in your account each month at the end of the billing period

Capital on Tap Credit Card - See How to Apply
Image Source: Visa

Rates begin with a 9.9% annual percentage rate (APR) but the representative APR is at 29.9%. Card purchases could be interest-free if your balance is paid in full.

I also found that the minimum monthly repayment is either £250, your balance if it is below £250, or 10% of your closing balance, whichever is higher.

Eligibility Requirements for Getting a Capital on Tap Business Credit Card

Want to know if your business is eligible to apply for a business credit card from Capital on Tap? The eligibility requirements are simple.

Your business should be a UK-registered company with over three months of trading history and an annual turnover amounting to at least £24,000.

As a business owner, there should be no County Court Judgments (CCJs) against you in the last 12 months. This also goes for your company.

Applying for a Capital on Tap Business Credit Card

Now that I’ve mentioned the requirements for getting these cards, it’s time to understand Capital on Tap’s application process, which the company is extremely proud of.

Capital on Tap Credit Card - See How to Apply
Image Source: Business Financing.co.uk

Getting started is as simple as filling out an online application form, which does not affect your credit score. 

The company will then check your company’s eligibility within minutes.

If you decide to sign up for an account, you will instantly gain access to your funding online and the physical card will be sent to you within four business days.

Information Needed for Filling Out an Application to Capital on Tap

When filling out the application form, you will be asked to indicate whether your company is a limited company or an LLP. You also need to enter your legal business name as well as your trading name.

Other business details required include monthly turnover, business address, and the method you prefer for setting up your direct debit for monthly repayment.

For personal details, you will be asked to supply your full name, date of birth, mobile number, and current address. You will also need to indicate your email address to set up your account details.

Learning About Avios

If you decide to get a Capital on Tap Business Rewards Credit Card, you will be able to redeem the points you earn from cashback as Avios.

Capital on Tap Credit Card - See How to Apply
Image Source: Which.co.uk

Avios refers to the reward currency used by the British Airways Executive Club. Using your business credit card is a great way to collect Avios.

You can spend the Avios you collect on things like reward flights and cabin upgrades.

Bank Contact Information

For common queries, you can visit the FAQ page to find answers, but for more specific concerns and questions, you may reach Capital on Tap via phone support 24 hours a day, 7 days a week at 0208 962 7401.

You may also reach the company via live chat support from 9:00 AM to 6:00 PM from Monday to Friday.

Capital on Tap’s corporate headquarters is located at 7th Floor, The Tea Bldg, 56 Shoreditch High St, London, England, E1 6JJ, United Kingdom.

Capital on Tap App for Android Devices

Aside from the online portal available on the Capital on Tap website, users of the company’s business credit cards will also be able to review their spending, update their details, and manage repayments using the mobile apps.

Capital on Tap Credit Card - See How to Apply
Image Source: Google Play

For Android users, you will find it on the Google Play Store in the Finance category under the name “Capital on Tap”.

The Capital on Tap app has a file size of 20 MB and will require your device to run on Android 6.0 and up in order to function properly.

To download and install the app, tap on the Install button and wait until the installation has finished. You can then launch the app from the app store by clicking the “Open” button, or from your device’s app tray.

Capital on Tap App for iOS Devices

On the other hand, iOS device owners will find the app in the Apple App Store in the Business category under the name “Capital on Tap”.

The most recent version of the app has a file size of 36.4 MB. It requires iOS 10.3 or later for both the iPhone and the iPod touch. It can also be used on an iPad as long as it runs iPadOS 10.3 or later.

You only need to tap on the Get button to download the app to your iOS device. Be sure to approve any requested permissions in order for the app to be able to function correctly. Once the installation is complete, you can launch the app from your device’s app tray.

Conclusion

Overall, both business credit cards from Capital on Tap are great alternatives to high street banks when it comes to accessing funds for small businesses in the UK. The only question for me was whether I should go for the Business Rewards Credit Card to earn Avios. Getting perks from my business spending sounds like a great option for me.

Note: There are risks involved when applying for and using credit Consult the bank’s terms and conditions page for more information.

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