Capital on Tap vs American Express Business Credit Cards

If you’re weighing up the pros and cons of choosing Capital on Tap or one of the American Express business credit cards, this article is designed to help.

I’ve compared their features, fees and functionality, as well as their reviews on major platforms like Trustpilot, to help you make up your mind.

Capital on Tap vs American Express Business Credit Cards

Capital on Tap vs Amex: Eligibility and Application Process

Capital on Tap has relatively simple eligibility requirements – your business just needs to be a UK-based Limited Company (Ltd) or Limited Liability Partnership (LLP) with a minimum of £24,000 in annual turnover.

You’ll also need to be an active director or majority shareholder in the company. There should be no outstanding County Court Judgments (CCJs) against you or the business within the past 12 months.

American Express has more stringent eligibility criteria that varies by card type but generally includes:

Strong personal credit score (typically 670+ but depends on the card)
Registered business information like Companies House number
Financial details, including time in business, annual revenue, projected card spending
Personal income and assets details

Capital on Tap vs Amex: Application Process

Applying for Capital on Tap only takes 2 minutes online. You’ll enter basic information about your business and finances. Approval decisions are instant in most cases.

The Amex application process is more extensive, requiring detailed information on your business operations, financial statements, ownership structure, and personal finances. Documentation like bank statements may need to be submitted.

Approval times can take 1-2 weeks as Amex thoroughly reviews your profile. They may request clarification or additional documents during the process.

Overall, Capital on Tap is focused on small businesses and has a smooth, fast application experience. Amex does more rigorous vetting, given the premium nature of its cards, so its application requires much more time and effort.

Capital on Tap vs Amex: Fees & Interest Rates

Capital on Tap has no annual, monthly, or setup fees for its standard Free Rewards Card. The Business Rewards Card has a £99 annual fee. There are also no foreign transaction fees, so it’s free to use abroad.

Amex fees vary widely depending on the specific card:

Annual fees range from £0 (Basic Card) up to £650 (Business Platinum)
Most cards have no monthly fees, but a few charge £6-£10 per month
Foreign transaction fees are typically 2.99%, but a few Amex cards have no foreign fees
Other fees like late payment, balance transfer, and cash advance fees apply for some Amex cards

Interest Rates

Capital on Tap’s interest rates range from 15.2% to 35.15% APR based on your creditworthiness, with the actual rate disclosed upon approval.

The AMEX cards have no interest as they are charge cards with no preset spending limit. This means you can’t hold the balance over but must pay it off in full by the end of each month.

Capital on Tap vs Amex Rewards

Capital on Tap:

1% cashback on all eligible spending
10,000 bonus points (worth £100) for spending £5,000 in the first 3 months if you choose the Business Rewards card.

Capital on Tap offers 1 reward point per £1 spent on card purchases. For example, if you were to spend £1,000 on your card in a month, you would earn 1,000 reward points. These points can then be redeemed for statement credits or cashback as well as gift cards at retailers like John Lewis, Amazon or Avios. For cashback and gift cards, each point is worth 1p, meaning 1,000 points would equal £10. 1 point is worth 1 Avios.

Amex Business Platinum Card:

Earns 1 Membership Rewards point per £1 spent
Points can be redeemed for travel, cash back, gift cards, etc.
Receives 1.5x points on large purchases over £5,000
Has cardholder perks like lounge access and hotel status

Amex Business Gold Card:

Earns 1 point per £1 on 2 select categories (airfare, advertising, etc)
Earns 0.5 points per £1 on other purchases
Bonus points for hitting spending thresholds
Points can be transferred to airline partners

Amex Amazon Business Card:

Earns 2% back on Amazon purchases as Amazon credit
Earns 0.5% back on non-Amazon purchases
Can get 60-90 day payment terms on Amazon purchases

Amex point benefits and earning rates differ substantially depending on the card and business spending habits. The Platinum card is best for travel perks, the Gold card provides category bonuses, and the Amazon card maximises Amazon rewards.

Is Capital on Tap VISA or American Express more widely accepted?

Capital on Tap uses Visa, so it is widely accepted by millions of merchants globally. Visa has the largest acceptance network worldwide.

Amex cards are accepted at fewer locations internationally due to their proprietary card network. However, Amex acceptance has been improving in recent years.

In the UK specifically:

Amex is accepted at large retailers, supermarkets, hotels, restaurants, and many small businesses.
Acceptance rates are now over 90% at UK merchants that take credit cards.
Amex provides an acceptance checker tool online to see if a merchant takes Amex cards.
Contactless payments are available through Amex, increasing convenience.

So while Visa is still more universally accepted, Amex acceptance has reached high levels in the UK market. The proprietary Amex network is more limiting for international acceptance.

Capital on Tap vs Amex: Customer Reviews

Based on the Trustpilot reviews, there is a clear contrast between customer satisfaction with American Express versus Capital on Tap:

American Express:

Very poor 1.6/5 TrustScore based on 3,534 reviews
75% 1-star reviews
Many complaints about poor customer service, account issues, and disputes not being resolved properly
Reviews mention unhelpful service, long wait times, and difficulties getting issues addressed
Frequent problems with fraud/dispute support and lack of accountability