Rewards Credit Cards

Not sure if you should choose a standard credit card or a rewards credit card for your business? Find out what are the benefits of rewards credit cards, what you should take into consideration and how to apply.

What are business credit cards with rewards?

 

Business rewards credit cards, similarly to consumer rewards credit cards, let you earn points on your credit card spending which you can later redeem with the credit card provider for flight discounts, cabin upgrades, car rentals or shopping discounts. Alternatively, some credit card providers will let you earn cashback on your card spend which can be used to pay off your credit card bill.

The more you spend on your card, the more points you can accumulate so use your card for all your business spending instead of cash, debit or other credit cards.  

What rewards can you get on your business credit card? 

Cashback Rewards Uk (1)

Cashback rewards

A business cashback credit card will reward you on your business expenditure by giving you cash credit. The cash credit can be used towards your monthly credit card bill or you can continue to accumulate your cashback to withdraw a lump sum later.

The way cashback works is very simple - if you spend £100 in one month and your cashback offer is 1%, at the end of the month your account will be credited with £1. This means that your credit card bill is reduced by £1.

To find out more, read our "What are cashback credit cards" guide. 

Travel Rewards Uk (1)

Travel rewards

Some business credit card providers allow you to earn reward points on your card spending that you can redeem for flights, cabin upgrades, hotel stays, car hire and more. 

To find out more, read our "How can you collect Avios with our business credit card?" guide.

Frequently asked questions

Everything you need to know about business rewards credit cards

Rewards credit cards allow you to earn a set amount of points for every £1 of spend on your credit card. You will generally need to pay off the minimum monthly payment for the billing period before you can redeem those points. Once your points become available to redeem, you can cash them in and reward yourself as you wish. 

To choose the right rewards credit card for your business, first consider your credit history and spending habits. Rewards credit cards often come with an annual fee so make sure the value of the rewards you can earn is worth the extra cost. Then, think about the kind of rewards you want - cashback, points or air miles and how you or your business can benefit from them. If you travel a lot, then air miles can be a great way of saving money on travels. Otherwise, you can opt into cashback rewards and use the cash credit you earn to offset the cost of the card.

It may be worth applying for a business rewards credit card if you meet the following criteria: 

  • Good credit score. Most rewards credit card providers will require good or excellent credit rating to apply for the card.
  • You usually pay a full balance. Rewards cards come with an annual fee and may have a higher APR so if you often carry a balance, the extra cost may cancel out the value of your rewards. 
  • You travel often. Using your credit card for large purchases like stock, equipment or travel expenses can quickly accumulate points that you can then use on your next trip and pay for flights, hotels or car rental.  

The application process for a business rewards credit card should be the same as for a non-rewards credit card. Once you have chosen your credit card provider, you should be able to apply online, by phone or by visiting a branch. You may be asked to provide several details including your personal and business details so make sure you have all the information to hand before you start your application.

The short answer is it depends on the card and your spending habits. Most rewards cards have an annual fee and may come with a higher APR which you need to take into consideration before applying. To maximise on your rewards, you should also pay your balance on time each month - otherwise, the additional charges may eat up any rewards you earn! On the other hand, most rewards credit card come with a welcome bonus if you spend a certain amount of money in your first few months. Sign up bonuses are usually a lump-sum of points, worth a few hundred pounds, which can very quickly boost your earnings. Also, using your card on everyday purchases and large business expenses can help you accumulate points quickly which you can then spend on travels, shopping or to pay off your credit card bill.

Applying for a business rewards credit card with Capital on Tap

 

Capital on Tap offers its customers a standard business credit card and business rewards credit card that allows you to earn points on all your business expenditure and redeem for cashback and Avios.

The business rewards credit card comes with an annual fee of £99. If you spend £5,000 on your business credit card in your first 3 months, you'll receive 10,000 bonus points that you can redeem for £100 cashback or 10,000 Avios. 

If you are a standard credit card holder, you can opt into rewards at any time - simply go to the 'Rewards' tab in your Customer Portal.

If you are not a Capital on Tap customer yet, apply below.