Newbie financing platform Debite has launched its first corporate card offering credit limits up to £250,000.
Debite corporate card review
By Rachel Wait
- Intro cashback
- Up to 4%
- Foreign transaction charge
- 0%
- Account fee
- £0
Our verdict
We explore what the Debite corporate card has to offer to see if it could work for your business.If you’re looking for a business credit card that works differently from standard cards and allows you to split your payments into monthly instalments, the Debite card is certainly worth a look. As well as offering a high credit limit of up to £250,000, you’ll also benefit from earning cashback on your spending, and there are no foreign transaction fees if you use your card abroad.
However, remember that interest applies if you use a monthly instalment plan, and you can only apply if you’re an early-stage or startup limited company.
Pros
-
Option to spread out payments
-
Earn cashback on purchases
-
No foreign transaction fees
-
Send payments from your card to a business bank account
-
High credit limit available
Cons
-
Interest applies if you don’t pay off your balance in full each month
-
Cashback is capped
-
Transaction fees apply if you send payments to a business bank account
-
High late payment fee
Details
Product overview
| Issuer | Modulr |
| Network | Visa |
| Annual/monthly fees | £0 |
| Purchases | N/A (this product is a charge card). |
| Maximum credit limit | Subject to status: £250,000 |
| Introductory Rewards | Earn 4% cashback for the first 3 months on card spending. Cashback is credited to your account after 30 days. Cashback is capped at £1,000 a month. |
| Incentive | Earn 4% cashback for the first 3 months on card spending. Cashback is credited to your account after 30 days. Cashback is capped at £1,000 a month. |
| Additional Rewards Info | Get access to deals, promotions and cashback from Debite partners. |
| Potential costs | 4.2 ★★★★★ |
| Doing its job | 3.7 ★★★★★ |
| Extras | 2.7 ★★★★★ |
| Overall Finder Score | 3.8 ★★★★★ |
Eligibility
| Minimum Age | 18 |
| Min income | Not specified |
| Residency | Business needs to be registered in the UK and have at least one company director with a UK residential address |
| Availability | Must be a startup or early-stage limited company |
| Minimum turnover | £5,000 |
| Minimum trading period | 3 months |
| Additional Criteria | Have a minimum monthly revenue of £5,000 or a minimum bank balance of £50,000 |
Fees
| Annual/monthly fees | £0 |
| Foreign usage charge (EU) | 0% |
| Foreign usage charge (rest of world) | 0% |
| Late payment fee | £500 or 6% of the amount due, whichever is higher |
The Debite corporate card is issued on the Visa network (used by a whopping 4.2 billion cards), so you'll be able to use it at more than 100 million merchant locations across more than 200 countries and territories.
Who is Debite?
Debite is a financing platform for early-stage companies that launched in the UK in May 2022. It offers a buy now, pay later (BNPL) model to help businesses spread the cost of expensive business payments via a flexible repayment plan.
The company says it is on a mission to help early-stage businesses grow by providing funding to help manage business costs. It currently offers the Debite Card but also plans to offer Save & Spend Loans in the UK, with funds of £5,000 to £50,000 available.
What is the Debite card and how does it work?
The Debite card is a corporate credit card that offers a credit limit of up to £250,000. It offers up to 35 days of interest-free credit but also allows you to split your costs over 3, 6, 9 or 12 monthly instalments. If you choose to pay in instalments, interest rates start from 0.79% per month.
Main features of the Debite card
Some key features of the Debite card can be found below:
- Option to spread out payments. Choose from 3, 6, 9 or 12 months. Interest will be charged.
- No foreign transaction fees. You won’t be charged for carrying out card transactions overseas.
- Earn cashback. Earn 4% cashback for the first 3 months on card spending. Cashback is credited to your account after 30 days. Cashback is capped at £1,000 a month.
- Debite Pay. This enables you to send a payment directly from your Debite corporate card to a business bank account. You can use your line of credit to settle invoices from suppliers that don’t accept card payments or prefer bank transfers, for instance. A transaction fee of 2% applies (minimum £5).
- Exclusive deals. Get access to deals, promotions and cashback from Debite partners.
How to apply for the card
To apply for the Debite card, create an online account and enter some personal and business details. You’ll need to share details of your transactions and balances from your business bank accounts and your financial data from your online accounting platform.
Once you’ve completed your application and provided the required information, Debite should get back to you within 24 hours. When processing your application, Debite performs credit and identity checks.
Case study: Debite helps keep the cash flowing at Richard's compost toilet firm
"CompoCloset is coming up to 3 years old and we’ve been using Debite for around the last 18 months. It was our first line of credit and since then it’s proved invaluable, especially with the features they continue to add like Debite Pay and invoice financing.
If there’s one thing you’d tell a friend who’s thinking of getting this, what would it be?
As a small business owner, using Debite has allowed me to focus on growing the business rather than worrying about the day-to-day management of our cashflow. CompoCloset is coming up to 3 years old and we’ve been using Debite for around the last 18 months. It was our first line of credit and since then it’s proved invaluable, especially with the features they continue to add like Debite Pay and invoice financing."
What are the eligibility criteria for the Debite card?
To be eligible for the Debite card, you will need to:
- Be a startup or early-stage limited company.
- Be registered in the UK.
- Have a trading history of at least 3 months.
- Have at least one company director with a UK residential address.
- Have a minimum monthly revenue of £5,000 or a minimum bank balance of £50,000.
Alternatives to the Debite card
Before applying for any financial product, you should always research and see what else is available to decide what works best for you. Some alternative options worth considering are outlined below:
Capital on Tap Business Credit Card
Similar to the Debite card, the Capital on Tap Business credit card offers a credit limit of up to £250,000, no charges on foreign transactions, and you can earn uncapped 1% cashback on all card spending, which you can redeem for cash, gift cards and more. You do not have to pay an annual fee, but if you upgrade and pay £99 per annum a year, you can redeem points for Avios and earn 10,000 bonus points when you spend £5,000 in the first 3 months.
Both pricing options give you unlimited free company cards for your employees, and you can set spending limits for each. In addition, you can connect with accounting software such as Xero, FreeAgent and Freshbooks and sync your card transactions.
However, you must pay off your balance in full each month to avoid paying interest.
American Express Business Gold Card
The American Express Business Gold card is actually a charge card which means you’ll need to pay off the balance in full each month. The card lets you earn 1 Membership Rewards point for almost every £1 spent and an extra 10,000 points when you spend £20,000 per quarter. You’ll also get 2 Rewards points for every £1 you spend on American Express Travel. Points can be redeemed on anything from team lunches to office supplies to spa day experiences.
The card also offers travel accident and travel inconvenience insurance, as well as purchase protection, refund protection and business account management.
Be aware that while there is no fee in the first year, the card costs £175 per year from the second year onwards.
Read our comprehensive guide to the best business credit cards for startups to learn more.
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