Question 1

Who is Capitalise?

Accepted Answer

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.

Question 2

How do business credit cards work?

Accepted Answer

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.

Question 3

Am I eligible for a business credit card?

Accepted Answer

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.

Question 4

Can I get a business credit card with bad credit?

Accepted Answer

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. ,[object Object], can be found in this article. Alternatively, you can explore ,[object Object],.

Question 5

Do I need a business credit card?

Accepted Answer

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.

Question 6

What are the advantages of a business credit card over a business loan?

Accepted Answer

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 ,[object Object],.

Question 7

Can I use my personal credit card for my business?

Accepted Answer

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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Why might my business benefit from a credit card?

OTHER BUSINESS FINANCE OPTIONS AVAILABLE

Invoice finance

Asset finance

Trade finance

Merchant cash advance

Working capital

Is my business eligible for a credit card?

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Why get a business credit card?

Improve cash flow management

Build your business credit profile

Earn rewards or cashback

Separate personal and business expenses

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What do you need to apply for business credit cards?

Frequently asked questions