If you're looking for a cash back business credit card, you might come across a few issues:
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.
Below, we look at the pros and cons of five of the best cash back business credit cards offering the most generous cashback deals. We'll be comparing:
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!)
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.
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. This includes up to 2% cashback on all spend during your first 90 days, then 1.5% cashback on spend with special merchants (Google, Amazon, Meta), and up to 1% cashback on all other spend thereafter.
With this amount of cash back, the lower costs can positively impact your bottom line.
Let’s say 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 can save £12,000 annually with Jeeves instead of making a bank transfer.
To find out how much extra cash your business will have by switching to Jeeves, click here to apply.
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:
Jeeves is the exception.
We don’t charge for any of the above services. That means no interest rates, annual fees, fees or hidden fees. We only charge you a competitive foreign exchange fee. And your cards can remain interest fee when you pay your bill every 30 days (late payments may incur an additional fee).
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.
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.
Jeeves is not just a credit card — we’re also a spend management solution that simplifies your accounting and makes tracking your expenditure easy.
For example, you can roll off virtual business credit 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.
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 are eligible for cashback with no cash transaction fees. Read more here: Benefits, Perks and Membership Rewards
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.
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 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.
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.
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.
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.
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?
Written by Mark Fairlie