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Learn how Preloading works, how to set it up, and how it affects your cashback and repayments.
Overview
This article explains how Preloading lets you top up your Capital on Tap Business Credit Card with your own funds. It also covers how to set it up and how your money is protected.
What is Preloading?
Preloading lets you add your own funds to your Credit account. This increases your total available spend by combining your preloaded funds with your available credit.
For example, if you have £5,000 available credit and preload £2,000, you'll have £7,000 available to spend.
You'll still get 1% cashback on all preloaded funds, just like you do on your regular card spend. Plus, Pro customers receive an additional 0.25% cashback on preloaded funds (1.25% in total). There's no limit on how much you can preload, and no fees to use Preloading.
How do I set up Preloading?
Before you can preload funds, you must sign the E-Money Facility Agreement.
If you joined Capital on Tap after May 2024, you'll have already signed this agreement as part of your application. You don't need to do anything further. If you joined before May 2024, signing is optional, but you'll need to sign it before you can start Preloading.
On the web portal:
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Log in to your account.
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Go to 'Your Account'.
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Click 'Rates and Contracts'.
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Follow the steps to sign the agreement.
On the mobile app:
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Log in to the app.
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Go to 'Settings' in the top right-hand corner.
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Tap the banner labelled 'Want to go beyond your credit limit'.
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Follow the steps to sign the agreement.
Once the agreement has been signed, you can start Preloading immediately.
How do I add preloaded funds to my account?
You can preload funds in 2 ways: by bank transfer, or from your Capital on Tap Instant Savings account, powered by ClearBank.
Bank transfer
Funds must come from the business bank account registered with Capital on Tap.
To find your unique transfer details:
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Log in to your account.
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Click the 'Payments' tab.
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Click 'One-off payment details'.
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Click 'Transfer to Capital on Tap'.
Copy the bank transfer details and use them to send funds from your linked business bank account.
Important: Delete any previously saved Capital on Tap bank details before transferring. Using outdated details may result in your payment not being processed correctly.
Savings account transfer
If you have a Savings account, you can preload funds directly from it. There are 2 ways to do this in the web portal:
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Click 'Transfer' on your Savings dashboard.
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Go to the 'Payments' tab and select 'From Capital on Tap Savings Account'.
Why are my preloaded funds not showing on my Credit account?
Preloaded funds usually appear on your account almost instantly. If details like the payment reference are incorrect, a manual review may be required. This can take up to 2 business hours.
If the funds are still not showing after 2 business hours, contact our Customer Service team on 020 8962 7401. You can reach us via the app or web portal. You may be asked to provide:
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The date, time, and amount of the payment
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The bank account details you sent the funds to
You may also be asked to check with your bank and confirm:
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How the payment was sent
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Whether the funds have left your bank account
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Whether the payment is pending review or approval
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Whether there is a transfer limit on your account
How does cashback work on preloaded spending?
For Free customers, you earn 1% cashback on all eligible spend, including preloaded funds. Cashback is applied automatically once the transaction has cleared.
For Pro customers, you earn 1% cashback on credit spend and 1.25% cashback on preloaded fund spend. The additional 0.25% is credited weekly and appears as 'Preloading Bonus' in your rewards history.
Do I need to repay my balance before Preloading?
No. We'll first use any preload transfer to repay outstanding balances on your account. Any remaining funds are then held as a preloaded balance.
How are my preloaded funds protected?
Preloaded funds are treated as e-money, issued by Capital on Tap. This is regulated under the Electronic Money Regulations, overseen by the Financial Conduct Authority (FCA).
Capital on Tap is not a bank, and the Financial Services Compensation Scheme (FSCS) doesn't cover preloaded funds. Instead, your preloaded funds are safeguarded in a separate, protected account held with HSBC. This means we can still return your preloaded funds to you if Capital on Tap becomes insolvent or stops trading.
How do I transfer preloaded funds back to my bank account?
You can transfer preloaded funds back to your linked business bank account at any time.
If drawdowns are available on your account, you can use the drawdown feature to transfer funds. We won't charge interest when the transfer amount is covered by your preloaded balance.
If drawdowns are not available, contact our Customer Service team on 020 8962 7401 through the app or web portal to request a refund. We'll return funds to the bank account on file.
Can I opt out of Preloading?
Yes, you can request to opt out of Preloading at any time. Just contact our Customer Service team by phone, email, or chat.
We'll return any remaining preloaded balance to your linked business bank account. Then we'll remove Preloading from your account.