Business Credit Cards

Where can I Get Business Credit Cards?

  • Feeling confused about which business credit card to choose? Use Funding Market to find business credit cards that are ideal for your business.
  • Get started by comparing business credit cards from the top lenders in the UK.

Do you need a new credit card for your business? In search of the best business credit cards in the UK? Use Funding Market’s comparison tool to find the right business credit card for your needs.

What Is a Business Credit Card?

A business credit card or corporate card is available to businesses of all sizes. It’s a great way for startups to build a credit profile. More importantly, you get additional funds when you need it. Business credit cards are ideal to keep track of expenses, manage cash flow and spread the cost.

Some financial institutions offer business credit cards to companies that don’t have a perfect credit score or a few bad debts. You can get approved for up to £50,000 in minutes and start using the funds when your card arrives.

How Does a Business Credit Card Work?

    Many lending institutions in the UK offer business credit cards. The process is similar to an application for a personal credit card. The credit card is issued to your business and gives you a credit limit based on the creditworthiness of your business. The credit limit is the maximum amount you can owe on your business credit card.

    Business credit cards are a type of unsecured lending because they don’t require collateral to obtain. Hence, the limits are strict and the criteria are stringent. A lender looks through your trading history, credit rating, turnover, and profit when considering your application and setting the maximum amount.

    A financial institution will request your company bank statement and other documentation before approval.

    For new businesses without a trading history, the lender will access the credit of the director in the company. Depending on your credit score, your credit limit may vary from £1,000 - £50,000. The higher your credit score, the better the offers you receive.

Why Do You Need Business Credit Cards?

  • Separate personal expenses from business expenses. You track business expenses more efficiently. It also comes in handy during tax season. You can itemise as many deductions as possible.
  • Enjoy financial flexibility to make an expensive business purchase or meet payments during a slow period.
  • Take advantage of perks such as higher credit limits and extended billing.
  • Earn rewards from the money you’re already spending. Every pound spent on your business results in reward points. You can use your rewards points to get massive discounts on hotel rooms, plane tickets or cash it in.
  • Build a credit history that allows you to take out larger loans in the future.

How to Choose the Right Business Credit Card for Small Businesses?

Use Funding Market’s business credit cards comparison tool to compare credit cards from the UK’s top lenders.

The first thing to look for is the annual fee on the card. The annual fee varies considerably across financial institutions. Most business credit cards have a grace period of up to 59 days. You can repay purchases made on the card without worrying about accrued interest.

The rules that govern personal credit cards are not the same for business credit cards. While credit card issuers are required to provide more protection for personal cards, they aren’t required for business cards.