Best Cash Back Business Credit Cards

One of the big benefits of using business credit cards is that you can actually save money through the cash back and rewards you get, which you won’t get with a bank transfer or prepaid card payment.

But do cash back credit card providers give with one hand and take with another through high annual fees, ATM charges, and forex fees?

Below, we look at the pros and cons of five of the best cash back business credit cards offering British businesses the most generous cashback deals. We'll be comparing:

  1. Jeeves business credit card
  2. Capital on Tap
  3. Barclaycard Business Premium Plus
  4. Santander Business Cashback
  5. NatWest/RBS Business Plus

Looking for a cash back business credit card that’ll actually increase your profit margins? Apply to Jeeves now.

(Not based in the UK? Not a problem -- we offer business credit cards to the US, Canada, Germany and many other countries. Learn more and apply here!)

Rundown of the best business credit cards with cash back

jeeves cashback credit card comparison

The Jeeves cash back business credit card

jeeves app and card

Jeeves’ founders know from personal experience how lack of access to credit can stunt the growth of startups and scale-ups. They also know how high the charges faced by these types of businesses can be when they do finally secure a credit card.

Worried about applying because you don’t have 3 years’ accounts? Don’t be. At Jeeves, we usually ask for 6 months’ bank statements or proof of external investment. We give you a decision and a credit limit designed to meet your business finance needs within 24 hours.

Here are some of the benefits of using the Jeeves credit card and platform.

Cashback of up to 4% on every transaction

It’s cheaper to pay suppliers with a Jeeves credit card than arranging bank transfers to domestic suppliers or IBAN transfers to overseas suppliers. That’s because we reward you for using your card with cashback on every purchase.

Here’s how the Jeeves offer stacks up:

  • 1% on all card purchases up to £20,000 in a month
  • 2% on all card purchases on spending over £20,000 in a month
  • 3% on card purchases made at Google, Amazon, Facebook, and Instagram
  • 4% on seasonal promotions and reward

With this amount of cash back, the lower costs can actually positively impact your bottom line.

Let’s say that you’re in the competitive world of online retail where margins can be wafer thin and every penny counts.

If you’re spending £500,000 a month on stock, you’ll save £117,600 per annum paying with Jeeves instead of making a bank transfer — regardless of whether your supplier is domestic or overseas.

However, many credit, debit, and prepaid cards charge a 3% fee on foreign currency transactions. If you’re currently paying this, you’ll save a further £180,000 per annum on these fees with Jeeves because there are no forex currency fees.

This would bring your total savings up to £297,600 per annum just for changing the way you pay your suppliers.

As an ecommerce, you may rely on Google, Amazon, and Facebook paid advertising to bring in customers.  If you spend £500,000 a month advertising on these platforms, you’ll save £180,000 more per annum through our rewards rate and cashback using Jeeves.

Here’s how your company will save in cashback and waived fees:

  • £297,600 if you source products domestically
  • £477,600 if you source products from abroad

To find out how much extra cash your business will have by switching to Jeeves, click here to apply.

No fee cash back credit card

Fees dilute the value of cashback you receive by clawing money back from you.

Each cashback credit card provider on the market has its own fees, including but not limited to:

  • High-interest rates
  • ATM withdrawal fees
  • Drawdown fees (transferring money from your card balance to your bank account)
  • Annual account fees
  • Additional cardholder fees

Jeeves is the exception.

We don’t charge for any of the above services. That means no interest rates, annual fees, ATM fees or hidden fees.

Credit for new and high growth businesses

Nearly every business uses credit at some point. Most companies use credit multiple times, first to get established and later on to grow.

Needing credit to grow is not a negative reflection on your business spending. Even big, public businesses with healthy profit margins use credit to take advantage of new opportunities and to manage cash flow.

That’s because:

  • It can take days or sometimes weeks to get the cash in your account on previous sales when customers pay by card
  • If you sell on platforms like eBay, Etsy and Amazon, it may take even longer to get paid than through a merchant service provider
  • Your direct debits come in at one point of the month
  • Big clients demand 30 days’ payment terms
  • You have to pay unexpected bills or meet cost overruns

If you receive payment on the day you made a sale, you'd have the funds to grow faster, but business isn't like that.

Sometimes a great opportunity might come along that you have to pass up because there's not enough cash in the bank and your supplier won't give you credit. You need to keep cash on hand to pay wages, rents, rates, and more.

We understand the value of credit, which is why we’re able to offer high growth and new businesses credit as well. If you’ve got 6 months of credit history and statements or proof of external investments, we’ll be able to offer you credit pending eligibility — and give you a response in under 48 hours.

Full visibility on your Jeeves balance and free employee cards

Jeeves is not just a credit card — we’re also a spend management solution that simplifies your accounting and makes tracking your expenditure easy.

jeeves dashboard

For example, you can roll off virtual cards for use with specific suppliers. Virtual cards are cards you can use to make payments online or over the phone.

You can also log into the Jeeves dashboard at any point during the month to check how much you’ve spent overall and with each individual supplier by checking the balances on your virtual cards.

You can also use the Jeeves dashboard to issue and withdraw employee credit cards at any time, as well as raise and lower limits for each employee.

jeeves employee spending limit

If your employees currently use their own cards to make business purchases, they'll get frustrated about waiting up to 60 days for your finance team to reimburse them. Remove this potential source of conflict and unnecessary work for your finance team by issuing each member of staff with their own Jeeves card.

If you or your employees travel abroad, Jeeves allows you to enjoy unlimited visits to airport lounges and discounts on hotels and rental cars around the globe, including other travel rewards. All purchases made attract cashback with no forex or cash transaction fees. Read more here: Benefits, Perks and Membership Rewards

Cons of Jeeves

No branch network

Jeeves has no branch network – all our business is online. Although Jeeves has dedicated account managers you can speak to by phone, you may prefer to go into a branch and meet a manager instead.

No Avios

If you and your staff members travel abroad frequently, you may prefer to collect reward points like Avios (Air Miles) instead of having cashback.

30 day credit window

Jeeves provides clients with a 30 days’ interest-free window while others offer between 45 and 56 days. If you send 30-day invoices to clients, you may not get the length of time you need to collect payment from your clients before you clear your balance at the start of each month with Jeeves.

We know Jeeves may not be the right choice for everyone. Here are some of the best credit cards with cash back on the market that may be a better fit for your financial needs and credit profile.

Capital on Tap Business Rewards credit card

Features:

  • 1% cashback or Avios points
  • No annual fee
  • Unlimited additional cards with no annual fee
  • Set spending limits on each card
  • Interest-free billing period 56 days
  • No foreign transaction charges
  • No cash transaction charges
  • Integrates with Xero, QuickBooks, FreshBooks and FreeAgent
  • Representative APR 29.90%
  • Purchase APR 26.40%
  • Cash advances 49.89%

Capital on Tap offers 1% cashback on all purchases with no annual fee for primary or additional cardholders.

There is up to 56 days’ interest free on each purchase, although their representative APR of 29.9% is among the highest on the market. You can apply online for an immediate decision.

Barclaycard Business Select cash back card

Features:

  • 1% cashback
  • No annual fee
  • Unlimited additional cards with no annual fee
  • Interest-free billing period 56 days
  • Manage business expenses and employee cards through the Barclays MyControls dashboard
  • Business travel rfewards program 
  • Representative APR 21.90%
  • Purchase APR 21.90%
  • Foreign transaction charge 0.99%
  • Cash advances and balance transfers 3% (min £3)
  • Free accounting software with FreshBooks – worth £228 every year you’re a customer

Unlike many High Street business credit card offers and packages, you don’t have to bank with Barclays to apply. The have low interest compared to their competitors on purchases after the intro APR which is a 56-day interest-free period and there’s no annual fee for cardholders.

Their Rewards program offers discounts from many organisations, including the AA and Booking.com. However, fees for forex transactions and cash advances may quickly add up.

Santander Select cash back card

Features:

  • 1% cashback
  • Interest-free billing period 56 days
  • Up to 4 additional cards with no annual fee
  • No foreign transaction fees
  • Only available to Santander customers
  • Representative APR 23.70%
  • Purchase APR 18.90%
  • Cash advances 27.90%
  • First card fee £30 pa
  • Additional cards cost £30 each pa
  • No reward program

You can only apply for the Santander Select cash back rewards card if you already have a 1|2|3 Business Current Account or Business Current Account with the bank. Santander’s package offers no forex charges, 1% cashback, and a 56-day interest-free period. However, there is an annual charge for each card and no rewards program.

NatWest/RBS Business Plus cash back card

Features:

  • 0.5% cashback (subject to £400pm maximum)
  • Up to 2% cashback with qualifying businesses (subject to £400pa maximum)
  • No foreign transaction charges
  • No cash transaction charges
  • Representative APR 29.00%
  • Purchase APR 14.82%
  • Cash advances 14.82%
  • Only current account customers may apply
  • £70 annual fee on the first card
  • £70 annual fee on additional cards
  • No reward program or bonus points

Because they’re both parts of the same banking group and their cash back credit card packages are identical, we’re looking at both the NatWest and RBS offers as one. With either brand, you have to be a customer to apply.

Cardholder annual fees are high and there is no reward program. While you do get cashback, there is a monthly cap on the amount of cashback you receive. Customers benefit from no forex or cash transaction fees.

Choosing the best cash back business credit cards

Cashback credit card deals improve company profit margins and give you access to the funds you need to grow. At the time of writing, there are only 9 cards on the market offering cash back and we hope we’ve given you the information you need to make an informed decision about which of the best cash back business credit cards is right for you.

If you need funds to grow your business and want cash back on every purchase you and your employees make with your cards, why not try Jeeves for free?

Sources:

  • https://www.finder.com/uk/barclaycard-business-select-cashback-credit-card
  • https://www.capitalontap.com/en/business-credit-cards/avios/
  • https://www.santander.co.uk/business/credit-cards/business-cashback-credit-card
  • https://www.finder.com/uk/natwest-business-plus-credit-card
  • https://www.finder.com/uk/rbs-business-plus-credit-card