Benefits of a Business Credit Card
-
*No annual fee for each card added in the first 12 months of business card account opening. After the first year, we’ll charge an annual fee of £32 per cardholder, unless you spend £6,000 or more across all cards each year.
**Up to 56 days interest-free credit applies to all purchases, but there may be other charges and fees for non-sterling purchases. Fees and interest apply to cash withdrawals.
***Cashback doesn’t apply to cash withdrawals, balance transfers, money transfers, cryptocurrency or gambling transactions.
Is your business eligible?
You can apply for a Business Credit Card if you are:
- An existing Business Current Account holder.
- A sole trader, partner or company director with authority to borrow on behalf of your business.
- Aged 18 or older.
- Using it for business use only.
Keep in mind
- You'll need to pay the minimum amount every month.
- If you only pay the minimum amount each month, interest can build up as it will take you longer to clear your statement balance.
- You should only spend what you can afford to pay back.
- A guarantee may be required for Limited Companies and Limited Liability Partnerships.
- If lending is agreed, we'll carry out a credit check on you and your business. All lending is subject to status and credit application.
Representative example
Most successful applications will get:
How does a Business Credit Card work?
Spend within your limit
Simply stay within your agreed credit limit to make sure you don’t incur default charges. Note that you may incur other fees as per our fees and charges below.
Choose how to repay your balance
You have two options to repay your balance:
- Pay back the total amount you’ve borrowed and pay no interest.
- Pay off part of the balance and pay interest on the remaining amount.
Work out how much cashback you could earn
You can earn 1% cashback on fuel and electric vehicle charging and 0.5% on other purchases.
This calculator provides an illustration only.
Any cashback earned is credited to your card account monthly.
Results
Monthly total spend: ##ts##
Monthly total cashback: ##mcb##
on fuel and charging: ##fysm##
other purchases: ##mopysm##
Annual cashback: ##ycb##
Borrow up to £5,000 for your new business
You could apply for up to £5,000 across a Business Overdraft or Business Credit Card when you open a new Business Current Account§. This could help you get your business off the ground, build your credit rating and cover any unexpected costs.
Bank Accounts for start-ups and small businesses
§Apply online once your new Business Current Account is set up and you’ll get an instant decision. Eligibility for lending will be assessed as part of a separate application, and there is no guarantee of lending being granted. All lending is subject to status.
Frequently asked questions
-
You can use a business Credit Card for any of your business transactions and expenses. This includes things like equipment, travel costs, entertainment or office supplies. Your Business Credit Card can be used anywhere that accepts Mastercard®.
-
You can apply for a Business Credit Card by logging in to our Internet Banking services or business banking app.
-
During the application process, we'll carry out a credit assessment that may include a bureau check. Unless your credit history shows multiple applications, your credit rating shouldn’t significantly deteriorate. Lenders are likely to see occasional enquiries as part of a typical business process.
-
Yes, you can view your Bank of Scotland Credit Cards online through Business Internet Banking.
-
If you are registered as a full access user with Business Internet Banking, you can make changes to your Business Representatives and cardholders online.
Looking for a Business Charge Card?
Our Business Charge Cards are another affordable way to pay for daily business expenses. You’ll get up to 56 days of interest-free credit but you’ll need to pay your balance in full each month.
Fees and charges
The information in these tables summarises key product features and is not intended to replace any terms and conditions.
-
table detailing fees and charges APR
Typical 15.95% APR (variable)
Interest rates
Monthly rate
Annual rate
Purchases
1.241%
14.9%
Cash withdrawals
1.241%
14.9%
Interest-free period
- Maximum 56 days on new purchases if you pay your balance in full and on time each month.
- No interest-free period on cash withdrawals.
- Maximum 56 days on new purchases if you pay your balance in full and on time each month.
- No interest-free period on cash withdrawals.
Interest charging information
You will not pay interest on new purchases if you pay your balance in full and on time. Otherwise, the period over which interest is charged is as follows:
- Purchases: from date transaction is added to the cardholder account until paid in full.
- Cash withdrawals: from date transaction is added to the cardholder account until paid in full.
- If you repay your balance in full, you will pay interest on cash withdrawals on consecutive statements. The first statement will cover the period from the date the cash withdrawal is added to the cardholder account to the statement date and the following will show interest payable between the previous statement date and the date of your repayment
You will not pay interest on new purchases if you pay your balance in full and on time. Otherwise, the period over which interest is charged is as follows:
- Purchases: from date transaction is added to the cardholder account until paid in full.
- Cash withdrawals: from date transaction is added to the cardholder account until paid in full.
- If you repay your balance in full, you will pay interest on cash withdrawals on consecutive statements. The first statement will cover the period from the date the cash withdrawal is added to the cardholder account to the statement date and the following will show interest payable between the previous statement date and the date of your repayment
Allocation of payments
We use your payments to reduce the amount you owe in the following order:
- any overdue amounts from previous statements, then
- the remaining balance on your statement; then
- any recent transactions not yet shown on your statement.
We use your payments to pay off balances charged at the highest interest rate first and so on down to balances with the lowest interest rates. This means the more expensive balances are always paid off first.
For further details, refer to your Business Credit Card terms
We use your payments to reduce the amount you owe in the following order:
- any overdue amounts from previous statements, then
- the remaining balance on your statement; then
- any recent transactions not yet shown on your statement.
We use your payments to pay off balances charged at the highest interest rate first and so on down to balances with the lowest interest rates. This means the more expensive balances are always paid off first.
For further details, refer to your Business Credit Card terms
Minimum repayment
You must pay at least the minimum payment every month of the higher of £5 or the total of:
- Any interest charged in the statement period;
- Any Default charges charged in the statement period;
- 1/12th of the annual fees; and
- 1% of the balance shown in the Statement.
If your outstanding balance is less than £5, you must pay the full amount you owe.
If you make only the minimum payment each month, it will take you longer and cost you more to clear your balance.
You must pay at least the minimum payment every month of the higher of £5 or the total of:
- Any interest charged in the statement period;
- Any Default charges charged in the statement period;
- 1/12th of the annual fees; and
- 1% of the balance shown in the Statement.
If your outstanding balance is less than £5, you must pay the full amount you owe.
If you make only the minimum payment each month, it will take you longer and cost you more to clear your balance.
Business credit limits
Minimum business credit limit £1,000. Maximum business credit limit £25,000 subject to status
Minimum business credit limit £1,000. Maximum business credit limit £25,000 subject to status
Fees
Each card added in the first 12 months of Business Card account opening won’t be charged the first £32 annual fee. After the first year, we’ll charge an annual fee of £32 per cardholder, unless you spend £6,000 or more across all cards each year.
Each card added in the first 12 months of Business Card account opening won’t be charged the first £32 annual fee. After the first year, we’ll charge an annual fee of £32 per cardholder, unless you spend £6,000 or more across all cards each year.
-
Cash withdrawals
2.5% handling fee, minimum £2.50
Copy of Transaction Receipts
£5 per item (there will be no charge if your query reveals an error has been made)
Default charges
£12 for late payments, returned payments or if you exceed your business limit
-
Payment scheme exchange rate
You can find indicative rates at www.mastercard.us/en-us/consumers/get-support/convert-currency.html
Non-Sterling transaction fee
2.95% of the amount of the Sterling transaction value. If withdrawing cash, you will also pay the cash withdrawal charge.
-
Late payment fee
£12
Business limit exceeded fee
£12
Returned payment fee
£12
What do the numbers mean? Representative example
-
This is a figure designed to show how much this account would cost most successful applicants. We use the example of how much it would cost over one year if you borrowed £1,200. It is for illustrative purposes only, and does not reflect the credit limit you will get if you successfully apply.
-
APR stands for ‘Annual Percentage Rate’ and is a figure that includes interest rates associated with your Credit Card. A representative APR is a representative figure and it allows you to quickly compare cards.
-
When you use your Credit Card to purchase items, you will be charged interest on your purchases if you don’t pay it off in full each month. If you pay off the outstanding balance of your Credit Card each month, you will not be charged purchase rate interest.
-
We treat all applications on an individual basis, so the APR you get is determined by the details supplied on your application. Most successful applicants will receive the lowest APR displayed in the representative example.
-
A credit limit is the maximum amount you can borrow on your card at any one time. As part of your application we will undertake an affordability assessment based on what you've told us about your business and how much you would like as your credit limit, and using data we hold on your business or which is available externally. Your credit limit will be based on your current circumstances and may vary.
-
This is a fee charged every 12 months as a condition of continuing to hold this Credit Card account. Each card added in the first 12 months of the Business Card account opening won’t be charged the first annual fee. After the first year, we’ll charge an annual fee of £32 per cardholder, unless you spend £6,000 or more across all cards each year. There may be other costs attached to holding a Credit Card account, which are outlined in this account’s fees and charges.
Helping you compare our credit card currency charges with other providers
You can now compare our currency conversion charges for card transactions in euro and other EEA currencies. We display these charges as a percentage mark up over the European Central Bank reference rate (ECB rate). The table below does not take into account any other transaction costs we charge, for example foreign currency cash fees.
|
|
|
|---|---|
|
Your Credit Card foreign currency transaction fee mark up over the ECB rate. |
##euromarkup##% |
Exchange rates
The table should be used as a guide only. Rates are updated once a day on business days. We use Mastercard rates and ECB rates which are subject to change.
Transactions in EEA currencies other than euro will be converted to euro first, then pounds sterling.
You can find the latest available Mastercard exchange rate here.
Fees for currency conversion
The comparison above uses the credit card standard non-sterling transaction fee of 2.75%.
Lending appeals
The right type of funding can play a vital role in helping your business reach its potential. If your lending application is declined, we will work with the British Bankers’ Association to pursue any raised appeals.
†To provide you with Buyers Protection Insurance and Travel Insurance, Bank of Scotland works with Aspire Insurance Advisers, who administer the policy on behalf of Certain Underwriters at Bank of Scotland.
Cashpoint® is a registered trademark of, Bank of Scotland.
Mastercard® is a registered trademark.