Payhawk Corporate Visa card review
- Earn rate
- 1p per £1 spent
Our verdict
We explain how the Payhawk Corporate Visa card works to see if it could be right for you and your business.The Payhawk Corporate Visa card comes in a number of forms - debit card or credit card, virtual or physical - so you’ll be able to decide what works best for your business. The credit card works in a similar way to a charge card, which means you’ll need to pay off the balance in full each month to avoid paying a late payment charge.
Cards can be sent to employees around the globe, and they will be able to spend in up to 6 currencies - including both EUR and GBP - without incurring any foreign transaction fees. But where Payhawk really stands out is its ability to set up approval flows. Employees have the option to request funds to be added to their cards and businesses can set an automatically-approved top-up limit, plus a separate limit for payments to be approved by other members of staff.
However, its rewards programme is a little disappointing when comparing against other business charge cards on the market. Up to 1% cashback can be earned on card spending but only for those businesses who have agreed to a yearly contract and even then, cashback is capped at the monthly subscription amount.
Before deciding whether a Payhawk corporate card is right for you and your business, you’ll need to do some careful research and make sure you understand exactly what you’re applying for.
Pros
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Spend in multiple currencies
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High credit limits available
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Easy to customise employee spend limits
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Easy to keep track and share budgets
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Cashback available
Cons
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Late payment fees are high if you do not repay your credit card balance in full and on time
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Fees apply to ATM withdrawals
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Credit limits depend on business financial circumstances
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Cashback is capped at your monthly subscription amount
Details
Product details
| Issuer | Payrnet |
| Network | Visa |
| Annual/monthly fees | Subject to subscription |
| Purchases | N/A (this product is a charge card). |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status: £500,000 |
| Additional cards available | Once approved, you can issue both virtual and physical Team Cards to your team (including debit cards) |
| Incentive | Earn up to 1% cashback on all eligible card spend up to the amount of your subscription. |
| Potential costs | 3.9 ★★★★★ |
| Doing its job | 5.0 ★★★★★ |
| Extras | 3.0 ★★★★★ |
| Overall Finder Score | 4.2 ★★★★★ |
Eligibility
| Minimum Age | 18 |
| Min income | Not specified |
| Residency | Only Limited companies registered in the UK or those with entities in the UK |
| Minimum turnover | £250,000 (for the credit option only) |
| Minimum trading period | 1 year (with accounts filed) |
| Additional Criteria | When applying for the Payhawk Corporate Visa Card, you will need to submit:
|
Fees
| Annual/monthly fees | Subject to subscription |
| Foreign usage charge (EU) | 1.99% (excluding EUR and GBP) |
| Foreign usage charge (rest of world) | 1.99% |
| Late payment fee | 4% per year above the Bank of England base rate |
The Payhawk Corporate Visa 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.
What is Payhawk?
Founded in 2018, Payhawk is a spend management platform that helps businesses manage and automate expenses and payments. It offers one single platform for card payments, invoices, reimbursement, expense management and bookkeeping. It works for businesses across the globe.
What is the Payhawk card and how does it work?
Payhawk offers both corporate Visa debit cards and Visa credit cards (although technically a charge card), and you’ll be able to choose from virtual and physical cards. Depending on your business’s financial circumstances, you’ll be able to get a credit limit of up to £500,000. No interest is charged on card payments made in full and on time – otherwise, a late payment fee will apply to the outstanding balance. This is currently at a rate of 4% per year above the Bank of England base rate. If the credit is not paid by the eighth calendar day of the next month, your Payhawk services will be suspended until all credit is paid back.
Payhawk Visa cards can be sent to employees anywhere in the world, and they can use them across the globe. You’ll be able to set spend limits for both individual and team cards and decide whether they can make ATM withdrawals. You’ll be able to use the cards alongside Apple Pay and Google Pay.
Note that when you sign up to the full Payhawk package, there are 3 account levels, all with a monthly fee.
Main features of the Payhawk card
The key features of the Payhawk cards are outlined below:
- Multi-currency credit lines. You’ll be able to spend in 7 currencies with no fees, including both GBP and EUR. All other currencies will incur a 1.99% exchange markup.
- Credit limits of up to £500,000. This will be based on assessment.
- Built-in spend limits. Customise your employee spend with built-in limits, policies and rules and apply them to individual or team cards.
- Simplify bulk card management. Account automation allows you to manage both debit and credit corporate cards in bulk.
- Set up approval flows. Employees can request funds to be added to their cards and you can add a limit for an automatically-approved top-up and a separate limit for payments to be approved by other members of staff.
- Share budgets easily. Create, track and update team cards with shared budgets for the team, department, event or project-related spending.
- Option to earn up to 1% cashback. This only applies if you are on an annual plan with a monthly fee and the amount of cashback is capped at your monthly subscription amount.
Payhawk’s emergency line of credit
Payhawk’s emergency line of credit is no longer available, but we are keeping it on this page for historical purposes.
Due to the disruptions caused by the collapse of Silicon Valley Bank , Payhawk offered an emergency credit line to businesses in the UK and US. The solution offered zero interest credit and 30-days payment terms to businesses, including startups.
A line of credit allows you to borrow money, up to an agreed limit, as and when you neeed to. You only pay interest on your outstanding balance and the days on which you borrow. Many businesses will find this form of credit more flexible than a business loan, and you’ll most likely be offered a higher credit limit compared to a credit card.
How to apply for the card
You can apply for a Payhawk card online and you will need to provide the following details:
- Your name
- Your work email
- Your phone number
- Your residential address
You will also need to provide ID verification and proof of address. Once you’ve provided all of the necessary details, your account will be up and running the same day.
Payhawk customer reviews
Payhawk scores highly on review site Trustpilot, with 4.4 stars out of 5, giving it an “excellent” rating (updated October 2023).
Positive comments focus on the ease of use and the ability to track payments and expenses as well as great customer service. However, a few reviewers have commented on the high fees and poor functionality.
| Trustpilot | Apple App Store | Google Play |
|---|---|---|
|
★★★★★ 4.4 out of 5 |
★★★★★ 4.6 out of 5 |
★★★★★ 4.5 out of 5 |
Alternatives to the Payhawk card
If you’re looking for a more streamlined spending platform for your business, Payhawk is certainly worth a look. But if you’re not sure whether the Payhawk card is right for you, there are several alternatives to explore. For example, the Jeeves Corporate card charges no monthly fees, and you’ll be able to earn cashback every time you spend. As it’s a charge card, you must pay back your balance in full each month. You can read the full review here.
Another option is the Capital on Tap business Visa card. This offers credit facilities of up to £250,000, the opportunity to earn cashback or Avios and no fees on foreign transactions. Find out more in our Capital on Tap business credit card review.
If you’re thinking about getting a business credit card and aren’t sure which one to pick, take a look at our business credit card comparison page.
How does it compare?
Payhawk'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.
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