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Businesses today need to know whether they are becoming creditors or debtors - the first kind lends money (because they are so productive), while the latter borrows cash to try to leverage it.

There’s a big difference between the two. If you’re planning to open a business in the UK, then you may have the option to make a credit card access a significant part of your strategy.

Business Credit Cards

Our Top Pick of Business Credit Cards (UK) ๐Ÿ‡ฌ๐Ÿ‡ง

Considering a business credit card to optimise your service? Consider where you can make savings first - the UK economy is weak, becoming a debtor may not be wise.


1. Barclaycard Platinum Mastercard โ€“ Best All-Purpose Business Credit Card

The Barclaycard Platinum Mastercard is perfect for businesses that need a high credit limit and a range of benefits, including travel insurance, rental car coverage, and roadside assistance.

The best thing about this card is that it can be used for both personal and business purposes, making it a great card to have in your wallet. Some of the best personal use cases for this card include booking:

  • โœˆ๏ธ Flights
  • Hotels
  • Car rentals

Thanks to the card’s perks, such as discounted rates for flights and hotels, this card can also be used for business travel.

Overall, it’s supposedly a decent card for SMBs seeking a modestly-sized business credit card. Meanwhile, the Barclaycard Platinum is also suited for big businesses with a large number of employees and a large annual revenue. The card offers a wide range of benefits that make it a great credit card for the big guys. You’ll earn a bonus of up to 50% on the first purchase, a low APR, and many other benefits.

Reportedly useful for any size of business with competitive interest rates

The Barclaycard Platinum is a great card for any size of business. It has a wide range of features, including a generous sign-up bonus and travel insurance. Some sources say that the card also offers competitive interest rates.

PROS

  • Rates are low
  • Sign-up bonus is generous
  • Travel insurance is included

CONS

  • No sign-up bonus for new customers

2. Discover It Business Card โ€“ Best Overall for Businesses of All Sizes

‘Discover it’ has been around since the early 2000s, and has since expanded to offer a range of plastic products across the country.

Their business card offering is one of the most comprehensive, with a wide range of perks for your business. Offering cashback, travel insurance and a range of other benefits, it’s an interesting option for small to medium-sized businesses.

One of the things you’ll want to note about this card is the ability to earn cashback. There is no limit on how much you can earn and it’s available on all purchases. If you have a fast-food joint, then you’re in luck as you’ll also be able to claim a free breakfast every weekday. In addition to this, there are no annual fees or fees for foreign transactions.

What businesses should use ‘Discover It’?

It’s another service that fits for businesses of all sizes, and there are no annual fees or fees for foreign transactions. Plus, you can earn cashback on all your purchases, which is great news. If you have a fast-food joint, then you’ll be able to claim a free breakfast every weekday.

PROS

  • Wide range of benefits
  • No annual fees or fees for foreign transactions
  • Available on all purchases
  • Easy to earn cashback
  • Fast-track your way to rewards

CONS

  • Can be difficult to get approved for
  • Not suitable for businesses with high credit card debts

3. The HSBC Business Platinum Card โ€“ Best Business Card for Medium up to Enterprises

If you’re interested in credit cards for businesses,you may want to consider HSBC’s platinum card.

It’s a leading option for large businesses with needs beyond what a normal business card can offer. 

The card comes with a number of benefits that make it ideal for firms that have particular needs and would like a more tailored on-demand experience. For instance, the card comes with 24/7 helpline support, travel insurance, and extended warranty cover.

There’s also comprehensive protection against fraudulent transactions, handy for ecom businesses that deal with a lot of online sales. When it comes to card perks, you’ll enjoy a range of discounts and rewards. There’s a sign-up bonus worth £350. What’s more, an introductory APR period of zero percent for the first year.

It offers a twenty-five percent bonus on all spending. There is no annual fee for the first year, which is followed by a £100 fee each year after. You will earn 5x points on flights booked through the program, 5x points on hotels booked through the program, and 2x points on all other purchases.

Finally, there is a £7,500 limit on cash advances per calendar year, which is lower if your card limit is elevated and offers a much higher upper purchase limit.

What sizes of businesses should use the HSBC Business Platinum Card?

There’s a range of top use cases for this card. The HSBC business platinum card is designed for companies that have a minimum annual sales volume of around £750,000. As well as for individuals with a net worth of 50k, or joint applicants with a net worth of around £150,000.

PROS

  • Comprehensive protection against fraudulent transactions
  • Introductory APR period of 0% for the first year
  • Provides a range of discounts and rewards

CONS

  • May not be suitable for all businesses
  • Some customers may find the card too expensive

4. The MBNA Gold Card โ€“ Best Suits Larger Businesses

The MBNA gold card is another popular business card option in the UK. This option features a full range of benefits, yet doesn’t charge an annual fee.

To get started, you have to pay the annual fee of £100 to qualify. There’s no withdrawal or transaction fees that come into play.

When it comes to why people use this card: they’ve got industry-standard protection against fraudulent transactions, which once again is essential for companies dealing with a lot of online sales. You can also opt to add another card to your account. This lets you mobilise two cards with one payment.

The MBNA gold card is apparently useful for businesses of all sizes, based on the features you want the most. Suppose you have a small business, then the card may not offer the range of benefits that you’re looking for. 

However, if you have a larger business, then the card may be more valuable. It’s important to consider what type of business you have before making a decision about whether the MBNA gold card is right for you or not. Overall, if you have a small business, you may be looking at a limited range of benefits.

PROS

  • No annual fees
  • No fees for foreign transactions
  • Industry-standard protection against fraudulent transactions
  • Option to add another card to your account
  • Two cards with one payment

CONS

  • May not be available in all countries

5. Capital One Spark Business Credit Card โ€“ Large and Mid-Sized Businesses

For a card with a decent rewards program, the NatWest Smartcash card holds an established position, starting with a sign-up bonus worth £50, which is a top offer in the business card market

There’s also a range of other benefits and perks that are business focused. There are 12 different membership tiers, but it’s only the highest tier that offers annual rewards.

Nevertheless, there are also no annual fees or fees for foreign transactions.

You’ll get many of hte bog-standard features expected of a popular business credit card, such as defences against fraudulent transactions, and chip and PIN technology for enhanced security. Curiously enough, there are no expiration dates on your card, and you can deposit any remaining balance onto the card.

The NatWest Smartcash card is apparently optimal for small to medium-sized businesses. The card can be used for purchasing items like gas, groceries, coffee, and even food delivery. The card comes with a £5,000 credit limit, so it can be used for a small amount of purchases without having to deal with overdraft fees. There are no fees for loading the card or making purchases. There are no setup or activation fees either.

PROS

  • OK rewards program with many membership tiers
  • Chip and PIN technology for enhanced security
  • No expiration dates on card
  • Deposit any remaining balance onto card

CONS

  • Some setup needed for security

Best Business Credit Cards โ€“ Buying Guide

This section provides surrounding context that is useful for understanding how to choose the business credit cards. Apply this information to improve your awareness of key aspects of popular business credit cards and how they work.


What is a Business Credit Card?

A business credit card is a card that comes with a special type of credit. This allows you to use it to pay for goods and services that are charged to your card. Business credit cards come with a wide range of perks used to incentivize customers to join and stay on.

They can technically be used to build credit and increase your credit score. With a business credit card, you’ll usually have access to discounts on travel expenses and other goods and services. You’ll also have access to benefits like travel insurance, extended warranties, and travel credits.

Credit Cards

Business credit cards also come with strict credit limits. This means that you’ll have to prove that you have the means to pay for everything you buy.

Things to look for in a top business credit card:

  • โ˜‘๏ธ Low Interest Rates - The main thing to consider when determining the best business credit cards is perhaps whether it has low or competitive interest rates. While you may want to carry some spending, it doesn’t make sense to charge a high interest rate on your business credit card as you’ll eventually need to pay what you borrow back. 
  • โ˜‘๏ธ Card Benefits - Another thing to make sure that you look for in top business credit cards are available benefits. It’s important to make sure that the card you choose has all of the features you need for your business. Many business cards come with travel insurance, chip and PIN technology for security, and other business features that may come in handy as you expand your operation.
  • โ˜‘๏ธ Security - It’s also important to make sure that you choose a card that has good security features. Many business credit cards come with chip and PIN technology for enhanced defences.

Best Business Credit Cards UK โ€“ FAQs

1. Which of the Top Business Credit Cards Are Best for Small Businesses?

There is no one-size-fits-all answer to this question, as the best business credit cards for small businesses will vary depending on the needs of your business. However, some of the best business credit cards for small businesses include the Barclaycard Platinum Mastercard and the Discover It Business Card.

2. What are the Benefits of Using a Business Credit Card?

The benefits of using a business credit card include access to generous rewards programs, low borrowing rates, and protection from unauthorised charges. In order to get the most out of a credit card, it’s important to pay on time. Leaving a small amount of unused credit open can lead to large interest charges. In addition, be sure to use a card that fits your credit score.

3. What are the Risks of Using a Business Credit Card?

The risks of using a business credit card include increased borrowing costs, credit card fraud, and missed payments. Most credit cards come with an APR of between 16 and 25%. To avoid increasing your APR, maintain a strict credit card debt limit, and avoid increasing your credit card limit unless you are certain you can pay it off in full each month.

Reducing your credit card debt will also reduce your APR. If you find yourself with a large amount of credit card debt, consider lowering your interest rate. The interest you pay on a credit card is often much higher than the interest you would pay on a savings account. The best way to avoid credit card debt is to make sure you are consistently saving something each month.

4. What are the Requirements for Using a Business Credit Card?

The requirements for using a business credit card typically include having an established business, good credit score, and sufficient income to cover the associated costs. Some businesses also require you to have a certain amount of assets. Typically, you must have a credit score of at least 660, but it can be as low as 500. What if you don’t have a good credit score? What if you have bad credit? In these cases, you should take time to really consider whether a business credit card is ideal.

5. How Do I Choose the Right Business Credit Card for my Needs?

You will need to weigh different factors when determining best business credit cards, including your budget, rewards goals, and needs for protection from unauthorised charges.