When choosing a business credit card, it is crucial to evaluate both user feedback and the features on offer. Capital on Tap has become one of the most popular options for small to medium-sized enterprises (SMEs) across the UK, with significant praise for its simplicity and efficiency. However, as with any financial product, reviews vary, and certain challenges arise, particularly for sole traders. In this article, we will explore Capital on Tap reviews, its credit card features, and the potential challenges for businesses and sole traders considering the card.
The Capital on Tap business credit card offers several features that have garnered positive feedback from its users:
Capital on Tap London reviews reflect the company’s growing popularity among businesses based in the capital. With offices headquartered in London, the company caters to SMEs by offering tools that simplify financial management. A key feature frequently mentioned in reviews is the seamless integration with accounting software like Xero, making it easier for London-based businesses to track their expenses and manage cash flow.
Another point frequently raised in London-based reviews is the superior customer service. The support team has been highlighted for their swift resolution of issues, with agents like Kate and Dafydd receiving specific praise for their proactive approaches to customer concerns.
According to Trustpilot, Capital on Tap reviews boast an impressive rating of 4.7 out of 5, with 89% of reviews awarding the company five stars. Customers commend the transparent fee structure and the absence of hidden charges, which contrasts with some traditional banking services. Similarly, the online portal and mobile app have been praised for their ease of use, allowing business owners to manage their cards and expenses effortlessly.
Despite the largely positive feedback, some criticisms exist. A small percentage of users express dissatisfaction with certain aspects, such as unsolicited marketing communications or confusion over credit limits. Additionally, for sole traders, the most significant drawback is that Capital on Tap is not available to this group, which limits its availability to limited companies (Ltd) and limited liability partnerships (LLP) only
The fact that sole traders are excluded from applying for the Capital business credit card presents a significant challenge. Sole traders often look for accessible credit lines to support their business, but they must turn to alternatives. This exclusion can be frustrating, particularly since the majority of UK businesses are sole traders. Sole traders seeking similar features—like high credit limits and cashback rewards—might need to consider other providers or restructuring their business as a limited company to become eligible.
When assessing Capital on Tap reviews, businesses need to weigh the following factors:
If your business is a sole trader entity, unfortunately, Capital on Tap will not be an option. However, if your business is registered as a Ltd or LLP, this credit card could be a highly beneficial financial tool, offering competitive cashback rewards and simple expense management.
The lack of an annual fee for the standard card is a significant benefit, especially when coupled with the cashback rewards on offer. The business rewards version, while having a small annual fee, provides even higher cashback rates, which may be appealing to businesses with higher spending
Another critical consideration is your business's credit profile. Reviews indicate that applicants with a FICO score of 670 or above are more likely to receive favorable terms, including lower APRs. Businesses with lower credit scores may still qualify but should expect higher interest rates.
Overall, Capital on Tap continues to receive highly positive reviews, with its credit card being praised for ease of use, high cashback rewards, and excellent customer service. However, the exclusion of sole traders remains a notable limitation, meaning some business owners will need to look elsewhere for suitable credit options. For those eligible, the Capital business credit card offers a strong combination of rewards, control, and simplicity, making it an appealing option in the UK business credit card market.
When making financial decisions, always consider your business structure and credit profile to ensure you’re choosing the best tool to support your growth.
