RBS Business Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 16.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £30 per annum, your representative rate is 24.3% APR (variable).
- Interest-free each billing period
- Up to 56 days
- Minimum credit limit
- £500
Our verdict
For RBS Business Banking customers this straightforward business credit card offers a competitive ongoing (albeit variable) rate and a free app for real-time monitoring and control.If you already use Royal Bank of Scotland (RBS) Business Banking, then this no-frills card could help your company deal with an irregular cash flow. Provided you pay off your balance in full each month, you'll be able to take advantage of up to 56 days of 0% interest on your purchases each billing cycle (although this doesn't apply to cash advances).
Aside from the annual fee, which is waived in the first year for RBS Startup Bank Account holders (or those happy to switch), if it's used carefully, this card doesn't have to cost your company a penny. The annual fee will also be waived in the following years, provided you spend at least £6,000 per year.
Unlike many other business cards, including RBS's own Business Plus card, there's not much in the way of perks so you won't find airport lounge access or the opportunity to earn cashback. One of the card's strongest features might well be its below-average standard rate of 16.9%. If you're currently paying more elsewhere, you might opt to take advantage of the balance transfer facility (no 0% offers here, sadly) to save on the interest you're paying each month.
Pros
-
Up to 56 days to spread the cost of purchases (provided you pay off your balance in full each month)
-
A relatively low 24.3% APR
Cons
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Year 1 - £0, Year 2 onwards - £30 per annum
-
Applicants with low credit scores are unlikely to be eligible
-
Only available to existing RBS business customers
Details
Product overview
| Issuer | Royal Bank of Scotland |
| Network | Mastercard |
| Representative APR | 24.3% |
| Annual/monthly fees | Year 1 - £0, Year 2 onwards - £30 per annum |
| Balance transfers | 16.9% |
| Purchases | 16.9% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 16.9% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Incentive | Free 'online account servicing' via ClearSpend mobile and desktop app. 1% cashback on spend at eligible fuel and electric vehicle charging stations. |
| Additional Rewards Info | Free 'online account servicing' via ClearSpend mobile and desktop app. 1% cashback on spend at eligible fuel and electric vehicle charging stations. |
| Potential costs | 9.6Excellent |
| Doing its job | 6.3Standard |
| Extras | 10Excellent |
| Overall Finder Score | 8.8Great |
Fees and charges
| Minimum monthly payment | 3% or £5 (whichever is greater) or the balance if less; or that month's interest, any default charges, 1/12th of any annual fee and 3% of the remaining balance. |
| Annual/monthly fees | Year 1 - £0, Year 2 onwards - £30 per annum |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 |
| Exceeding limit fee | £12 |
| Additional card fee | £30 |
| Dormancy fee | £0 |
The RBS Business Credit Card (only available to existing business customers) 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?
Royal 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 Royal Bank of Scotland's app by logging in to your online banking or over the phone (0345 307 0900). 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 |
How to apply
If you’ve compared cards and want to apply, you can download an application form from the RBS website. You’ll then need to submit the form in one of the following ways:
- Scan and email the form
- Post the form to RBS
- Drop the form in at a branch
To help speed up your application, it’s a good idea to have a few key details at hand. You’ll need your business address, trading address (and registered address if different) and company number if you have one. You’ll also be asked for financial information such as your business turnover, net profit before tax and bank details. Finally, RBS will need details of each business partner/owner, including their date of birth and three years’ UK residential address history.
If you want to transfer a balance, you’ll need to phone the RBS business team (0345 307 0900).
Frequently asked questions
What credit limit will I get with the RBS Business Credit Card?
If Royal Bank of Scotland offers you this deal, it will specify a tailored credit limit based on Royal Bank of Scotland's assessment of your situation and your business. The minimum limit offered on this card is £500, and Royal Bank of Scotland does not specify a maximum. Once you've had the card for a while and shown Royal Bank of Scotland you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the RBS 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 RBS Business Credit Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250 and you'll incur a fee of £7.50.
The interest rate on this part of your balance will be 16.9% (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 RBS 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 RBS Business Credit Cards for my team?
Yes. Royal Bank of Scotland doesn't specify a maximum number of cards you can request. Each card comes with an additional account fee of £30.
