If approved, you could spread your business costs with FlexiPay, as long as you repay your debts in full and on time.
Funding Circle FlexiPay Business Credit Card review
- Representative example:
- If you spend £1,200 with a fee of 4.9%, your representative rate is 33.4% APR.
- Account fee
- £0
- Minimum credit limit
- £1,000
Our verdict
Funding Circle is making its debut into the business credit card market with its brand new credit card. Here’s what we know so far.We chose the Funding Circle FlexiPay Business Credit Card as our top pick for a low rate business credit card, as it has no annual fee and a slightly lower APR than some other business cards - instead charging a flat fee for each transaction.
With cashback for the first 3 months and the option to spread the cost of your purchases over 3 months, FlexiPay is living up to it's name.
FlexiPay can be used in 2 different ways. You can make everyday business purchases such as buying equipment and stock, both online or in-store or you can transfer funds from FlexiPay into your business bank account to cover any expenses. Though, you can't use FlexiPay to withdraw cash from an ATM.
Card transactions are grouped together in a monthly balance, which you can then pay over the course of months in 3 equal instalments, making paying back expenses flexible. If your monthly balance is under £100, it be rolled over to the next month.
However, you'll be charged a flat fee for every transaction you make with this card. The fee ranges from 3.9% to 5.9% depending on the assessment Funding Circle make when you apply.
Pros
-
No annual or set up fees
-
Manage and track business expenses in one place
-
Pay off balance over 3 months
Cons
-
You'll be charged a flat fee for every transaction
Details
Product overview
| Issuer | Monavate Ltd |
| Representative APR | 33.4% |
| Annual/monthly fees | £0 |
| Purchases | 0% interest, flat fee per transaction |
| Minimum credit limit | £1,000 |
| Maximum credit limit | Subject to status: £250,000 |
| Incentive | 0% interest, no annual fees, spread payments over 1, 3, 6, 9 or 12 months. |
| Potential costs | 3.7 ★★★★★ |
| Doing its job | 3.8 ★★★★★ |
| Extras | 5.0 ★★★★★ |
| Overall Finder Score | 3.9 ★★★★★ |
Fees and charges
| Minimum monthly payment | Full outstanding balance or 3 equal monthly instalments for a flat fee. |
| Annual/monthly fees | £0 |
| Late payment fee | £0 |
Who is Funding Circle?
Co-founded in 2010 by James Meekings, Andrew Mullinger and Desai, Funding Circle is a well-known business loans provider.
Now Funding Circle has released its first business credit card, FlexiPay.
What is the Funding Circle Business Credit Card?
FlexiPay is a business credit card which allows SMEs to spread the cost of purchases over 3 months at 0% interest for a flat fee, as well as keep track of expenses through the app.
How does the Funding Circle Business Credit Card work?
If your application is successful, you’ll receive a line of credit between £1,000 and £250,000 (subject to status). Purchases are grouped together in a monthly balance, which you can repay over 3 months in 3 equal instalments for a fixed flat fee. If your card balance is under £100 it will roll over to the next month.
How to apply
Your business must be a limited company to be eligible for the Funding Circle FlexiPay Business Credit Card.
You can apply via Funding Circle’s website using its online form. You’ll need to fill in some information about your business. Funding Circle doesn’t currently state how long it’ll take for a decision to be made on your application, though if you are approved you will receive your card within 10 working days.
To apply for the card, you will need to provide:
- Company type
- Business name
- An email
- Company turnover
- Years trading
How does this card compare with other credit cards on the market?
How does it compare?
Funding Circle's card
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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.
Finder credit card scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts score business credit and charge cards to determine their value against similar products on the market. We look at a number of important factors, like the flexibility it offers, any rewards you can earn through company spending, account management tools, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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