RBS Business Plus Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 13.9% (variable) p.a. with a fee of £70 per annum, your representative rate is 29% APR (variable).
- Interest-free each billing period
- Up to 56 days
- Earn rate
- 1p per £1 spent
- Foreign transaction charge
- 0%
Our verdict
RBS Business Bank Account holders can enjoy cashback on day-to-day spending and benefit from no foreign transaction fees on purchases abroad.If you already use Royal Bank of Scotland (RBS) Business Banking (or are interested in switching), then this card could help your company manage an irregular cash flow while offering some appealing perks.
In return for a fee of £70 per annum (per cardholder), you'll enjoy 0% fees on non-sterling transactions, cashback on everything you buy (see table below) plus a well-below-average standard rate of 13.9%. So if you're currently paying more elsewhere, you could take advantage of the balance transfer facility (no 0% offers here, sadly) to save on the interest you're paying each month.
Provided you clear your balance in full each month, you'll benefit from up to 56 days of 0% interest on your purchases each billing cycle (this doesn't apply to cash advances). If you don't clear your balance in full – say if you only make the minimum required payment – you'll be charged interest on each transaction from the day on which it occurred.
All in all, this card is a nice option if you're planning to use it constantly, both in the UK and abroad. If you do, the cashback and the lack of foreign transaction fees will make the annual fee well worth it.
Pros
- Up to 56 days to spread the cost of purchases (provided you pay off your balance in full each month)
- Customers report excellent customer service when dealing with Royal Bank of Scotland
- Avoid currency conversion charges when spending abroad
- Earn cashback on day-to-day spending
- A relatively low 13.9% interest rate on purchases
Cons
- £70 annual account fee
- Applicants with low credit scores are unlikely to be eligible
Details
Product Overview
| Issuer | Royal Bank of Scotland |
| Network | Mastercard |
| Annual/monthly fees | £70 per annum |
| Balance transfers | 13.9% |
| Purchases | 13.9% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 13.9% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Additional Rewards Info | Free 'online account servicing' via ClearSpend mobile and desktop app. |
| Cashback details | 0.5% after £1 of yearly spend. Maximum of £600 cashback paid per month. Cashback paid Monthly into Card Account. 3% cashback on eligible fuel and electric vehicle charging stations, 2% cashback on eligible trade and business supplies, 1% cashback on eligible travel and accommodation spend and 0.5% cashback on all other business spending. Max £600 per annum. |
| Potential costs | 4.4 ★★★★★ |
| Doing its job | 3.5 ★★★★★ |
| Extras | 5.0 ★★★★★ |
| Overall Finder Score | 3.9 ★★★★★ |
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 | £70 per annum |
| Foreign usage charge (EU) | 0% |
| Foreign usage charge (rest of world) | 0% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 |
| Exceeding limit fee | £12 |
| Additional card fee | £70 |
| Dormancy fee | £0 |
The RBS Business Plus 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?
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 |
|---|---|---|---|
Am I eligible?
Interested? Before going any further, check you meet the following requirements:
- Your business will need to be registered in the UK and have an annual turnover below £6m.
- You’ll need to already hold a business current account with RBS (in the same legal entity name).
- You’ll need to be a director of the business, aged over 18 and resident in the UK and not have been declared bankrupt or received a county court judgement (CCJ) or Court Decree.
Applying for the RBS Business Plus Credit Card
If you’ve compared cards and want to apply, you can download an application form from the RBS site. 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 to 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 their UK residential address history for the past three years.
If you want to transfer a balance, you’ll need to phone the RBS business team (0345 307 0900).
Frequently asked questions
Can I transfer a balance from another RBS group card?
No. Sadly, transfers from NatWest, RBS or Ulster Bank cards are off the table. As are transfers from any personal credit cards (regardless of which bank it’s held with).
Do I get interest-free days on non-sterling transactions?
Yes! That “up to 56” days applies to transactions at home and abroad. So if you make a purchase abroad on day one of your billing cycle, then pay it off your payment-due date, it will have benefitted from the full 56 days. It doesn’t apply to cash transactions, however (which includes withdrawing cash and buying foreign currency). Additionally, you’ll need to have paid off your full balance from the previous billing period and you’ll need to pay off your full balance at the end of the current billing period in order to benefit from this feature. Set-up a direct debit to always clear the full balance, and you won’t even have to think about it.
Finder credit card scores
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.
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