Bank of Scotland Business Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 16.3% (variable) p.a. with a fee of £32 per annum, your representative rate is 22.4% APR (variable).
- Interest-free each billing period
- Up to 56 days
- Minimum credit limit
- £1,000
Our verdict
Designed for Bank of Scotland’s business customers who also need credit cards for their employees, this card’s interest-free period can help you manage an irregular cash flow.With Bank of Scotland Business Credit Card, you can get up to 20 credit cards for your business, and assign them to different employees, each with their own spending limit. Together with a handy app for mobile banking, this allows you to manage all your business's expenses in a more efficient and controlled way.
However, keep in mind that you'll be charged Year 1 - £0, Year 2 onwards - £32 per annum for each card you add. The annual fee, although reasonable, isn't scrapped for the first year – an introductory offer that is common to many other providers.
The other significant feature of this card is a competitive 16.3% standard purchases rate. If you always pay your bill in full and on time, you'll enjoy up to 56 days interest-free each billing cycle. The two of them together make this card interesting if your business is in need of a bit of extra cash while you wait for your customers to pay their invoices.
Sadly, this card comes with no extra rewards – you don't get any special treatment in fancy hotels or cashback on your expenses. But it's a solid and straightforward card that, if used correctly, can make your business life easier.
Finally, Bank of Scotland business credit cards are issued on the Mastercard network, so they can be used at more than 35 million merchants and ATMs worldwide.
Pros
- Up to 56 days to spread the cost of purchases (provided you pay off your balance in full each month)
- A relatively low 16.3% interest rate on purchases
Cons
- Annual fee
- Applicants with low credit scores are unlikely to be eligible
- Each additional card incurs a fee (£32)
Details
Product Overview
| Issuer | Bank of Scotland |
| Network | Mastercard |
| Annual/monthly fees | Year 1 - £0, Year 2 onwards - £32 per annum |
| Purchases | 16.3% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 16.3% |
| Minimum credit limit | £1,000 |
| Maximum credit limit | Subject to status: £25,000 |
| Additional cards available | 25 |
| Cashback details | 0.5% after £1 of yearly spend. Cashback paid Monthly into Card Account. Earn 1% cashback on fuel and charging and 0.5% on other purchases. |
| Potential costs | 5Standard |
| Doing its job | 7Great |
| Extras | 10Excellent |
| Overall Finder Score | 5.7Standard |
Fees and charges
| Minimum monthly payment | 1% or £5 (whichever is greater) or the total of any interest, default fees and charges, 1/12th of annual fee plus 1% of the outstanding balance. |
| Annual/monthly fees | Year 1 - £0, Year 2 onwards - £32 per annum |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 2.5% (min. £2.5) |
| Late payment fee | £12 |
| Replacement card fee | £0 |
| Duplicate statement fee | £5 |
| Exceeding limit fee | £12 |
| Additional card fee | £32 |
| Dormancy fee | £0 |
The Bank of Scotland Business Credit Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
How does it compare?
Bank of Scotland's card
Other popular business cards
Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Repayment options
You can make manual repayments through Bank of Scotland's app by logging in to your online banking or over the phone (0345 606 0286). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result.
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | |
|---|---|
| Fixed amount | |
| Fixed percentage | |
| Full amount |
Bank of Scotland customer reviews
The Bank of Scotland scored highly in our 2024 customer satisfaction survey, with 97% of its business card respondents saying they would recommend the bank to a friend. Many customers cited the good level of customer service as well reasonable rates. One customer in our survey noted: “The brand is attentive and gives the best rates.”
However, on Trustpilot, the bank as a whole has a score of just 1.3 out of 5, with customers citing a lack of high street branches to deal with their financial issues (updated March 2024).
| Trustpilot | Apple App Store | Google Play |
|---|---|---|
|
★★★★★ 1.5 out of 5 |
★★★★★ 3.9 out of 5 |
★★★★★ 4.4 out of 5 |
How to apply
If you've compared credit cards and decided Bank of Scotland offers the one you need, it's time to take a look at the eligibility criteria.
In order to be able to apply for a Bank of Scotland Business Credit Card, you need to become a Bank of Scotland business customer first. If you aren't already, you can call Bank of Scotland on the phone and they'll tell you what to do to switch your account or how to open a new one. You'll also need to be 18 or older, a UK resident and either a sole trader, or a partner/director of your business.
If you already are a Bank of Scotland business customer, you can apply for the credit card by filling in an online form. It should take 5-10 minutes and you should be prepared to give information about both yourself and your business. Among other things, they'll ask for your business address, banking details and annual turnover.
At this point, you'll be asked if you want to add any extra cardholders and the spending limits you want to give them.
If you need to add any extra cardholders, be prepared to provide Bank of Scotland with their date of birth, mother's maiden name, contact number and three years of address history.
Frequently asked questions
What credit limit will I get with the Bank of Scotland Business Credit Card?
If Bank of Scotland offers you this deal, it will specify a tailored credit limit based on Bank of Scotland's assessment of your situation and your business. The minimum limit offered on the card is £1,000, while the maximum is £25,000. Once you've had the card for a while and shown Bank of Scotland you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Bank of Scotland Business Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Bank of Scotland Business Credit Card is 2.5% (min. £2.5). For example, if you withdraw £50, you'll incur a fee of £2.50. Withdraw £250 and you'll incur a fee of £6.25.
The interest rate on this part of your balance will be 16.3% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
How much does it cost to use the Bank of Scotland Business Credit Card abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£164.83), it'll cost you around £4.86 in fees.
Can I get additional Bank of Scotland Business Credit Cards for my team?
Yes, you can request up to 25 more. Each card comes with an additional account fee of £32. Plus, with additional cards, you could earn cashback at a faster rate.
