If your business is growing quickly, or if you need fast access to cash, a business credit card could help.
Get started and check your business' eligibility today.
When suppliers need to be paid, a project requires more investment, or your day-to-day cash is running low, a credit card can provide a quick cash injection for your business. Credit cards can help manage cash flow, spread costs, and even improve your business's credit profile by building your credit history.
Businesses of all sizes can be eligible for a credit card, though start-ups or less established companies may find it more challenging. This is because younger businesses will have a limited credit history and your eligibility will primarily depend on your business credit score.
When you apply, the credit provider will run a credit check to determine whether they want to offer you a card and what your credit limit will be.
They may also review bank statements and repayment histories to assess your ability to manage credit card payments. In some cases, they may consider your personal credit score if you are the business owner.
You can check your eligibility for funding in minutes with a Capitalise account.
Cover short term expenses and spread out costs to smooth your cash flow.
Using a credit card helps you build a credit history, boosting your business credit score over time.
Get rewards or cashback on business purchases to reduce overall costs.
Keep your personal and business finances separate for easier tracking and management.
At Capitalise, we partner with over 100 UK lenders, including business credit card providers. With an account, you can check your business credit score, your eligibility, apply to multiple providers, and compare offers to find the best card for your business.
When deciding on a business credit card provider, you can look out for which of them has the following:
This way, you can find the best credit card for your business needs.
To make the application process as quick as possible, you’ll need the following information on hand to apply:
Capitalise is an FCA regulated platform dedicated to UK businesses. Our mission is to help businesses to take control of their financial health. We support business owners by providing easy way to access over 100 lenders and compare their loan products. Our advanced platform makes intelligent matches and ranks lenders, based on their past successes, to help businesses select the best funding solution.
Capitalise also enables businesses to check their own Experian business credit score to better understand their financial health. Plus businesses can check the credit profiles of the companies they work with to reduce risk.
Business credit cards work similarly to personal credit cards, but are specifically designed for business expenses. You can use the card to make purchases, pay bills, or cover other business related costs. You’ll receive a monthly statement with a set credit limit, and you’re required to make at least the minimum payment each month. If you pay off the balance in full, you can avoid interest charges. Using a business credit card responsibly can help improve your business credit score and smooth out your cash flow.
To be eligible for a business credit card you have to own a business, or work for a business that authorises you to obtain a credit card for the company. You will also be required to have some business income and provide documentation about your finances and credit score to check your eligibility.
It’s important to note that all different providers may have their own eligibility criteria.
A poor business credit score can make it harder to access funding, but it doesn’t mean there are no options available. However, with a low credit score, you may face higher interest rates or repayment costs. If this is the case, it’s important to consider all your options. If you have time, you might want to take steps to improve your credit score first. Tips on how to improve your business credit score can be found in this article. Alternatively, you can explore short term loan options.
If your business is growing, expanding, or has a continuous flow of expenditure, a credit card could be a great solution for cashflow management.
Business credit cards can be especially helpful if you find cash flowing out of your business more frequently than cash is coming in. For example, if your suppliers offer short payment terms and your customers take longer to pay, you may struggle to cover expenses like materials, staff, and overheads. A business credit card can help protect your cash flow by allowing you to spread these expenses over a longer period.
Business credit cards can offer great advantages when you’re looking for finance. Often, business credit cards offer lower monthly credit limits than a business loan. They’re also more flexible and offer short term funding quickly to help you cover expenses that need to be paid quickly i.e. overheads, invoices, staff wages.
They can also help improve your business credit score over time, as it shows your ability to repay debts in a consistent way.
A business card may not be perfect in all cases, such as for capital expenditure, or long-term financing. In these cases, you may want to consider a business loan.
You can use your personal credit card for business expenses. However, mixing personal and business finances can make it harder to track expenses and may complicate your accounting. Additionally, there is a risk that it could affect both your personal credit score and personal finances if your business expenses are too high. A business credit card is a good option if you’re looking to keep your finances separate and build your business credit history.
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