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Learn how drawdowns work, and what you need to know before requesting one.
Overview
Drawdowns let you transfer available credit from your Capital on Tap Business Credit Card to your linked business bank account. This article covers who can use drawdowns, how to request one, and how interest and repayments work.
What is a drawdown?
A drawdown lets eligible customers transfer funds from the available credit limit on their Capital on Tap Business Credit Card directly to their linked business bank account. Only the main account holder can request a drawdown.
Who can use drawdowns?
Drawdowns are available to eligible UK customers.
Capital on Tap may restrict or remove access to the drawdown feature at any time in order to lend responsibly.
How do I request a drawdown on the web portal?
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Log in to your online portal.
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Select 'Make a drawdown' on the dashboard.
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Enter the amount you want to transfer.
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Click 'Continue'.
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Verify your identity if prompted.
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Enter the secure code sent to the mobile number on your account to confirm.
How do I request a drawdown in the app?
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Open the Capital on Tap app.
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Select 'Make a drawdown' on the dashboard.
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Confirm the transfer amount and details.
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Enter the secure code sent to the mobile number on your account.
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Submit the request.
How long does a drawdown take?
Drawdowns typically arrive within minutes, but can take up to two hours.
Only one drawdown can be processed at a time.
How much can I draw down?
The amount available for drawdown may be lower than your total credit limit. We'll show your available drawdown amount before you confirm the transfer.
The maximum value of a single drawdown is £20,000.
How is interest charged for drawdowns?
It depends on whether your account is in credit at the time of the drawdown.
If your account is in credit, interest won't be charged, as you're withdrawing funds that are already yours.
If your account isn't in credit, we'll charge interest on the drawdown amount. This is calculated daily, from the day the funds are transferred until they're repaid in full.
In this case, we apply the interest charge at the end of your billing period. You'll see any applicable interest charges before you confirm the drawdown.
To avoid interest charges on a non-credit drawdown, repay the full amount by midnight on the day the funds arrive.
For preloaded funds, no interest will be charged on a drawdown provided the drawdown amount does not exceed the in-credit balance.
Can I cancel a drawdown?
No, once a drawdown request has been submitted, it cannot be cancelled. If you have made a drawdown by mistake, you can send the funds back before midnight on the same day to avoid any charges.
Why was my drawdown declined?
Common reasons include:
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No active Direct Debit on the account
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Incorrect secure code
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Insufficient available funds
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Physical card not activated
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Internal review requirements
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Exceeding the £20,000 transaction limit
If your request is referred for review, you should receive an update within 2 business hours.
Can I use preloaded funds for a drawdown?
Yes, you can request a drawdown against any preloaded funds in your account. As long as the drawdown amount is within your in-credit balance, no interest will be applied to the transfer.
Are repayments applied to drawdowns first?
Yes, any repayments you make are first applied to your outstanding cash balance.
What should I do if my drawdown hasn't arrived?
If you have received confirmation that your drawdown was approved:
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Allow up to two hours.
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Verify that you are checking the specific bank account linked to your Capital on Tap profile.
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Confirm your bank account details are correct.
If the funds haven't arrived after two hours, please contact us by calling 020 8962 7401 or by emailing a copy of your bank statement to contact@capitalontap.com.