If you’re evaluating Barclaycard’s business credit cards against other providers, you’re in the right place.
Quick access to credit can make all the difference for your cash flow, especially with new purchases or business growth on the horizon.
However, with interest rates, annual fees, and rewards varying widely, it’s crucial to compare your options before committing.
This review breaks down Barclaycard’s costs, perks, and how they stack up against rivals like American Express, so you can make a confident, informed decision.
>>Compare the top credit cards for your business
Which Barclaycard Business Cards Are Available?
Barclaycard currently offers two main business credit cards for UK SMEs: the Select Cashback and the Premium Plus. Both cards blend standard credit features with reward benefits, but they’re tailored to different business needs.
The Select Cashback card is designed for businesses focused on domestic spending and cost control. It charges no annual fee, has a representative APR of 25.5% (variable), and offers 1% cashback on monthly spend over £2,000. This can suit you if you want predictable rewards without fixed costs.
The Premium Plus card is aimed at firms with regular international transactions or staff travel. It carries a £150 annual fee and a higher representative APR of 55.5% (variable). It offers 0.5% cashback (capped at £400 per year), enhanced travel insurance, and a reduced foreign exchange fee of 0.99%. There is also a six-month 0% purchase offer for new accounts.
Both cards support Apple Pay, free additional cards, and online spend controls. In short, Select Cashback suits higher domestic spenders seeking simplicity, while Premium Plus is better for those who will benefit from travel perks and lower FX fees.
Why a Dedicated Business Credit Card Matters
Choosing a dedicated business credit card gives your company more than just a convenient way to pay. It can transform how you manage cash flow, track expenses, and earn rewards. Unlike using a personal card, or a charge card that must be cleared in full each month, a business credit card provides revolving credit. This means you can spread the cost of purchases over time, smoothing cash-flow pressure when clients pay late or large bills arrive at once.
A business credit card also keeps company spending separate from personal finances. This makes bookkeeping simpler and helps avoid confusion at tax time. Finance managers value the ability to monitor and control staff spending through digital tools, while freelancers and sole traders benefit from clearer records for HMRC.
Plus, business cards like Barclaycard’s can offer rewards on eligible spend, such as cashback or travel perks, which you will not get from most debit cards. Used wisely, these extras can add up to meaningful savings. The real benefit usually comes when you pay balances promptly and avoid unnecessary interest.
Costs, Fees, and Key Risks to Understand Early
Barclaycard’s business credit cards can offer flexibility and rewards, but it helps to understand the costs and risks before you commit. The main charges to watch are representative APR, annual or account fees, foreign transaction fees, cash withdrawal fees, and late payment penalties.
- Select Cashback: No annual fee, with a representative APR of 25.5% (variable). Purchases attract the same rate. Cash advances are higher at 31.8% (compound). Foreign transactions incur a 2.99% fee.
- Premium Plus: £150 annual fee, with a representative APR of 55.5% (variable). Purchases are charged at 19.3% p.a. (variable). Cash advances are charged at 32.7% (compound). Foreign transactions are charged at 0.99%.
Both cards have a late payment fee of £12 and a cash withdrawal fee of 3% (minimum £3). If you only pay the minimum each month, it can take years to clear a balance, and you can pay far more in interest than you expect.
Introductory offers, if available, are time-limited. Clearing your full statement balance by the due date is the most reliable way to avoid interest on purchases.
Key tip: Don’t be caught out by low minimum payments. They keep you in debt longer and increase total costs. Aim to pay more than the minimum and set reminders for due dates.
How Barclaycard’s Rewards and Limits Work
Barclaycard’s business credit cards use two different reward models, each designed for different spending patterns.
The Select Cashback card gives you 1% cashback on eligible spend, but only if you reach a minimum of £2,000 in purchases within a statement month. If you fall short, no cashback is earned for that month. There is no cap stated here on cashback, which can appeal if your monthly spend is consistently high.
The Premium Plus card offers 0.5% cashback on eligible spend, paid annually and capped at £400 per year. To reach the cap, your business would need to spend £80,000 in a year. If your total cashback for the year is less than £10, it won’t be credited. This card also includes enhanced travel insurance and a reduced foreign transaction fee of 0.99%, which can suit frequent overseas spend.
Both cards run on Mastercard, so acceptance is broad across the UK and internationally.
Credit limits are set based on your business’s turnover, financial health, and credit profile. You can issue additional cards to employees and set individual limits for each via Barclaycard’s MyControls portal.
Pros and Cons of Barclaycard Business Cards
Barclaycard’s business credit cards offer a mix of practical benefits and some limitations, depending on how your business spends.
- Straightforward cashback options.
- Mastercard acceptance, which is widely accepted.
- Spend controls and admin tools, including MyControls for employee cards and limits.
- Select Cashback has no annual fee and can deliver 1% cashback once you meet the £2,000 monthly threshold.
- Premium Plus adds travel insurance and a lower FX fee for international spending.
- Premium Plus has a high representative APR of 55.5% (variable), so it is usually best value if you clear balances and use the benefits.
- Select Cashback pays nothing unless you hit the £2,000 monthly spend threshold.
- Premium Plus cashback is capped (£400 per year) and paid annually, which may not suit you if you prefer monthly value.
- Exclusions apply to rewards, typically including cash withdrawals and fees.
If your business has low monthly card spend or rarely pays in foreign currencies, you may find better value elsewhere.
Comparison: Barclaycard vs American Express and Another Mainstream Card
Choosing between Barclaycard, American Express, and another mainstream UK business credit card comes down to fees, rewards, and acceptance.
Fees and rewards at a glance:
- Barclaycard Select Cashback: No annual fee, 1% cashback on monthly spend over £2,000, representative APR 25.5% (variable).
- Barclaycard Premium Plus: £150 annual fee, 0.5% cashback capped at £400 per year, 0.99% foreign transaction fee, representative APR 55.5% (variable).
- Amex Business Gold: No annual fee in year one (then typically £195 per year). It earns Membership Rewards points. Acceptance can be patchier than Mastercard.
- Santander Business Cashback Credit Card: £30 annual fee, 1% cashback on eligible spend, representative APR 23.7% (variable), Visa acceptance.
How to decide:
- If you need wide UK acceptance and simple cashback, Select Cashback is the more straightforward Barclaycard option.
- If you spend abroad often, Premium Plus can reduce FX fees, but only makes sense if you also value its travel benefits.
- If rewards are your priority and your suppliers accept Amex, Amex Business Gold can be compelling, but you must be realistic about where you can use it.
Eligibility and Application Steps
To apply for a Barclaycard Business Credit Card, your business must be registered and based in the UK, with an annual turnover of at least £10,000 and generally not exceeding £6.5 million. Applicants and cardholders must be at least 18 years old. Sole traders, partnerships, LLPs, and limited companies are eligible, but only company directors or business owners can initiate applications for limited companies.
You’ll typically need to provide:
- Business bank details
- Annual turnover and net profit before tax
- Address history for key individuals (often up to three years)
Barclaycard will assess both your business’s financial health and the credit status of key individuals. This may include a credit check on directors or owners. If you’ve been declined for a Barclaycard commercial product in the last six months, you won’t be eligible to reapply immediately.
The process often starts with an online eligibility check, followed by a full application if you pass. Once submitted, Barclaycard reviews your details and performs credit checks before issuing a decision, usually within a few working days.
Real-World Spending Scenarios
Here are three common ways these cards can play out in practice.
1) Moderate monthly spender aiming for cashback: If you spend just over £2,000 each month on routine expenses, Select Cashback can return 1% cashback. If you clear the balance in full, you avoid interest. If you dip below £2,000, you earn no cashback for that month.
2) High-volume international trader: If you pay overseas suppliers regularly, Premium Plus can reduce FX costs with its 0.99% foreign transaction fee. Even with the annual fee, FX savings and included travel cover can add up if overseas spend is significant. Cashback is capped, so factor that into your maths.
3) Large domestic spender maximising cashback: If you have high UK spend (fuel, supplies, services), Select Cashback’s 1% cashback can build into a meaningful annual return, provided you consistently meet the monthly threshold and pay on time.
In all cases, carrying a balance can quickly outweigh rewards due to interest and fees.
Common Misunderstandings and How They Really Work
Two misunderstandings often crop up: that business cards always affect your personal credit in the same way as personal cards, and that rewards are guaranteed for every pound.
In practice, applying often involves checks on directors or owners. Ongoing reporting and liability can vary depending on your business type and whether you have given a personal guarantee.
On rewards, cashback is conditional. Select Cashback requires monthly spending of over £2,000 to earn cashback that month. Premium Plus has an annual cap and a minimum payout threshold. Exclusions usually apply, such as cash withdrawals and fees.
Also, do not assume business cards offer the same legal protections as personal cards. Section 75 protection is generally aimed at consumer agreements. For many limited company arrangements, you may rely on chargeback processes and any card-specific protections instead.
Barclaycard FAQs
Many business credit card agreements for limited companies are not regulated in the same way as consumer credit agreements, which can affect statutory protections.
A business credit card lets you carry a balance and pay interest. A charge card usually requires full payment each month.
Barclaycard may run checks on directors or owners. This can leave a footprint on a personal credit file. Day-to-day performance may not affect your personal file unless a personal guarantee is involved or you default.
Premium Plus value usually comes from reduced FX fees and travel insurance. If you rarely spend abroad, Select Cashback may be better value.
Interest accrues on outstanding balances. Repeated missed payments can trigger fees and harm credit profiles.
MyControls can be used to manage spending limits and controls for cards.
Chargebacks are scheme-based dispute processes (not the same as Section 75). Time limits and evidence requirements apply.
Sole traders can be eligible, subject to turnover and residency checks.
You can usually export transaction data for accounting systems. The exact integrations vary.
Report it immediately via the app or helpline to protect fraud rights and speed up investigation.
Cashback tax treatment can vary. It is often treated as a reduction in expenses rather than taxable income, but you should confirm with your accountant.
Foreign transaction fees can change over time based on provider pricing, so always check current rates before significant overseas spending.
Final Verdict and Next Steps
If your business regularly spends over £2,000 a month on UK purchases and values uncapped cashback with no annual fee, Select Cashback can provide strong value.
If you have meaningful overseas spending, Premium Plus may justify its annual fee through reduced FX charges and travel-related benefits.
Before applying, review your recent business expenses and consider whether you will clear the balance in full. Rewards can be outweighed quickly by interest or late fees if balances are not managed.
Financial disclaimer: This is general information, not financial advice. For a decision that could materially affect your business or personal liability, speak to your accountant or a regulated adviser.
