Who the Card Is Best For
- Limited companies that clear the balance monthly and never touch the 34.9% carried-balance rate.
- Predictable spenders of £2k–£5k a month who want cashback without an annual fee to earn back first.
- Businesses paying overseas suppliers, where the 0% FX fee can be worth more than the cashback.
- Companies that don’t want to switch bank account, Funding Circle doesn’t require you to move your banking.
The card fits a business with predictable monthly spend that always clears by the due date. Set a direct debit on payday and the cashback accumulates quietly.
Avoid it if your cash flow is uneven. When a client pays late and you’re still waiting on Friday afternoon, that carried balance erases months of cashback gains. That’s the real trade-off.
If you’re comparing Funding Circle to Tide, stop: Tide’s card is actually powered by Capital on Tap, so you’re comparing against Capital on Tap, not Tide.
Eligibility and Application
| Requirement | Funding Circle rule |
|---|---|
| Business type | UK limited company (registered at Companies House) |
| Sole traders | Not eligible |
| Partnerships and LLPs | Not eligible |
| Trading history | At least 1 year |
| Turnover | £30,000+ a year |
| Existing Funding Circle customers | Loan and FlexiPay customers currently excluded |
| Personal guarantee | Required from one or more directors |
| Decision | Instant, via a soft eligibility check |
| Card delivery | Digital card on approval; physical card in 3–5 working days |
| Verified 31 July 2026. | |
Who can apply. A UK limited company with at least one year of trading history and £30,000+ turnover. Sole traders, partnerships and LLPs can’t apply, whatever their turnover.
The existing-customer catch. If you already hold a Funding Circle term loan or FlexiPay, you can’t currently get the Cashback card, which rules out otherwise-eligible companies.
The personal guarantee. Approval needs one from one or more directors, so the debt can follow you personally if the business can’t pay. What that exposes you to is set out under Regulation and Protection below.
Applying. The decision is instant, off a soft eligibility check that leaves no mark on your file. On approval you can spend straight away with a digital card, and the physical card arrives in three to five working days.
Fees, APR and Repayments
| Fees and rates | Detail |
|---|---|
| Representative APR | 34.9% variable |
| Rates from | 14.9% per year |
| Credit limit | Up to £250,000, subject to assessment |
| Interest-free period | Up to 42 days if cleared in full (both current and previous billing periods) |
| Annual fee | £0 |
| Foreign transaction fee | £0 (Visa exchange rate applies) |
| Cash withdrawals | Not available |
| Minimum repayment | Typically 10% of the balance (or £100); balances under £100 repaid in full |
| Cashback | 2% for 6 months (up to £2,000 earned), then 1% uncapped |
| Verified 31 July 2026. | |
Representative APR and Offered Rates
Expect no annual fee, but the 34.9% representative APR is one of the higher rates among UK business credit cards (Barclaycard: 25.5%, Lloyds: 15.95%). We verified it against Funding Circle’s product page.
The advertised “from 14.9%” is a floor, not the rate most applicants get. The representative APR is the more useful planning figure, because at least 51% of accepted applicants receive 34.9% or better.
Interest-Free Period
Clear the statement in full and on time and you pay no interest. The card gives you up to 42 days interest-free, but read the condition: it applies only if you pay your balance in full in both the current and the previous billing period.
Miss either, and interest runs from each transaction date, not the statement date. There’s no partial credit for paying most of the balance, so the 42 days stop being free the moment you carry anything.
When Interest Outweighs Cashback
We’d run this arithmetic before applying, not after. Once you carry a balance, the 34.9% interest erodes the cashback fast, and carrying one defeats the card’s value. The table shows how thin the net benefit becomes if you carry even one month per quarter.
| Monthly spend | Annual cashback (1% after intro) | Cost of carrying balance for 1 month | Net if you carry 1 month per quarter |
|---|---|---|---|
| £1,500/month | £180/year | £44 per carried month | +£4/year. Barely positive. One extra carried month tips you negative. |
| £3,000/month | £360/year | £87 per carried month | +£12/year. Negligible net benefit. |
| £5,000/month | £600/year | £145 per carried month | +£20/year. Still barely worth it if you carry at all. |
| Verified 31 July 2026. | |||
If you spend £3,000/month and carry a balance four times a year, the £348 interest cost nearly cancels that year’s cashback. Year one is better at £540 (with the 2% intro rate), but margins tighten from year two.
If you carry a balance more than once per quarter, Lloyds (15.95%) or Barclaycard (25.5%) will cost you less than this card’s interest. Check our main comparison page for alternatives.
Rewards and Cashback
How the Cashback Works
The card pays 2% cashback for the first six months (capped at £2,000 earned), then 1% thereafter with no cap. You’d need roughly £100,000 of spend to hit the £2,000 intro cap, so most businesses won’t reach it.
We ran the numbers at £3,000/month: you earn £360 in the first six months at 2%, then £180 in the next six months at 1%, so year one is worth £540.
Each full year after that is £360, and with no annual fee it’s net positive if you clear the balance.
How Cashback Is Credited
The cashback isn’t paid into your bank account. It’s credited to your card balance, and only once you’ve made a payment towards your previous statement. Miss that payment and you can’t claim the cashback for that period.
That matters for how you think about the reward: it reduces what you owe on the card rather than landing as cash, and it’s tied to keeping the account in good standing. Several competing reviews describe the earn rate but skip this.
Features and Spending Controls
Employee cards. Company Cards are unlimited and free, and they earn the same cashback. When your team is chasing receipts for client lunches at month-end, having everything on company cards saves your accountant reconciling personal expenses.
Beta status and limits. Funding Circle still labels Company Cards as Beta. You get per-card monthly limits that default to £100 if you set none, plus auto-sync to Xero, Sage and FreeAgent.
What it lacks. There are no approval workflows. That’s where Moss or Pleo pull ahead, so this suits quarter-end reconciliation more than live spend sign-off.
Overseas Spending
No foreign transaction fee. We verified the 0% FX fee against Funding Circle’s product page (March 2026), where most cards charge 2.75%–2.99%.
Send £3,000 of stock payment to a European supplier and that saves £82–£90 versus a card charging the market rate. For regular importers, that saving matters more than the cashback.
Two things to hold onto: purchases still convert at the Visa exchange rate, so what you avoid is a Funding Circle surcharge on top, not the spread. And where a foreign merchant offers to bill you in pounds, decline it: that dynamic currency conversion is almost always worse.
Overseas card spend and paying overseas suppliers: the Visa network is widely accepted and there’s no Funding Circle FX surcharge on purchases.
Purchases still convert at the Visa exchange rate, and you can’t withdraw cash on this card at all. Decline dynamic currency conversion where a merchant offers to charge you in pounds.
Regulation, Protection and Personal Guarantee
| Protection | Where you stand |
|---|---|
| Issuer and network | Monavate Ltd, on Visa |
| Is it a bank? | No, a credit card issued by Monavate under a Visa licence |
| Personal guarantee | Required from one or more directors |
| Director liability | The guarantor can become personally liable if the company does not repay |
| Section 75 | Doesn’t apply to this business card |
| Visa chargeback | May be available, subject to scheme rules |
| Existing-customer restriction | Funding Circle loan and FlexiPay customers currently excluded |
| Verified 31 July 2026. | |
Who issues it. The card runs on Visa and is issued by Monavate Ltd under a Visa licence, so it’s a credit card rather than a bank account. There are no deposits, so FSCS protection doesn’t arise.
The personal guarantee. Every card requires one, signed by one or more directors, and it’s the most important term on this page. It sets aside the protection limited liability normally gives you.
If the company can’t clear the card, Funding Circle can pursue the director who signed for the balance personally, from their own money rather than the company’s. That should change how large a limit you take.
Chargeback and Section 75. Section 75 doesn’t apply to this business card, so if you send a deposit to a supplier who never delivers, your route is a Visa chargeback: a scheme process with time limits and conditions, not a statutory right.
Customer Reviews
We checked the review sites, and most Trustpilot feedback relates to Funding Circle’s lending, not the Cashback card specifically. Where card reviews do exist, users praise cashback and simplicity but criticise interest costs on carried balances.
So don’t read the overall Funding Circle score as a verdict on the card. An accountant sifting mixed lending and card reviews at quarter-end won’t find a clear consensus on the card alone.
Alternatives to Funding Circle Cashback
Two things rule this card out for people: the limited-company-only rule that shuts out sole traders, partnerships and LLPs, and the 34.9% rate if you expect to carry a balance. Each has a different answer.
| Card | Best reason to pick it over Funding Circle | Representative APR | Key trade-off |
|---|---|---|---|
| Capital on Tap | Broader eligibility (£24k turnover, LLPs accepted) and deeper expense tools, at the same £250k limit | 34.9% (from a 13.86% floor, priced individually) | 1% from day one with no 2% intro; sole traders excluded |
| Barclaycard Select Cashback | Accepts sole traders and partnerships, at a lower, known rate | 25.5% (fixed representative) | 1% cashback in months where total eligible spend reaches £2,000 (no FX-fee waiver) |
| Santander Business Cashback | 1% on all spend at a lower APR if you already bank with Santander | 23.7% (fixed representative) | Needs a Santander business current account and a £30/year fee |
| Verified 31 July 2026. | |||
We confirmed each of these rates against the provider’s own site in July 2026. Both Funding Circle and Capital on Tap advertise limits up to £250,000, so Capital on Tap’s edge is eligibility and tools, not a higher headline limit.
Final Verdict: Is Funding Circle Cashback Worth It?
If my company cleared its card every month, I’d take this one. The 2% intro is genuinely valuable in the first six months, the ongoing 1% is uncapped, there’s no annual fee to earn back, and the 0% FX fee quietly pays for itself if you buy from abroad.
On £3,000 a month of spend that’s £540 back in year one for changing nothing about how the business runs.
If I expected to carry a balance, I’d look elsewhere. At 34.9% the interest overtakes the cashback within a few carried months, and a card with a lower, known rate would cost less.
For a sole trader, a partnership or an LLP the question doesn’t arise: Funding Circle takes limited companies only. Barclaycard Select Cashback is the obvious first stop instead, at a lower rate you can see before you apply.
Frequently Asked Questions
Is the Funding Circle cashback card worth it?
Only if you clear the balance every month. At £3,000/month spend you earn £540 in year one (with the 2% intro rate) and £360 a year after, with no annual fee. Carry a balance at 34.9% APR, though, and the interest quickly outweighs the cashback: carry it four months in a year on that spend and the roughly £348 interest nearly cancels the year’s cashback.
Can sole traders or LLPs get the Funding Circle credit card?
No. The card is for UK limited companies only, with at least one year of trading history and £30,000+ turnover. Sole traders, partnerships and LLPs can’t apply, and a personal guarantee is required from one or more directors. Sole traders should look at Barclaycard Select Cashback, which accepts them.
Can existing Funding Circle customers apply?
Not at the moment. If you already hold a Funding Circle term loan or FlexiPay, you can’t currently get the Cashback card, even if you meet every other criterion. That can disqualify otherwise-eligible companies.
Does Funding Circle require a personal guarantee?
Yes. A personal guarantee is required from one or more directors. It means that if the company can’t repay the card, the person who signed has to cover the balance personally, from their own money rather than the company’s.
Is it really interest-free for up to 42 days?
Only if you clear in full. The up-to-42-days interest-free window applies where you pay your balance in full by the due date in both the current and the previous billing period. Miss either, and interest runs from each transaction date, not the statement date.
Can I withdraw cash on the Funding Circle card?
No. Funding Circle’s Cashback card can’t be used for cash withdrawals.
What is the credit limit on the Funding Circle card?
Credit limits go up to £250,000, subject to assessment. Your offered limit depends on your company’s trading history and financials, so treat £250,000 as the ceiling rather than a likely starting limit.
How does Funding Circle’s cashback compare to Capital on Tap?
Funding Circle pays 2% for six months then 1%; Capital on Tap pays 1% from day one. Both advertise limits up to £250,000. Funding Circle wins year one; Capital on Tap has broader eligibility (£24k turnover, LLPs accepted) and a lower floor APR that’s priced individually.
Methodology and Disclosure
How we reviewed Funding Circle Credit Card
What we assessed. We evaluated Funding Circle Credit Card on pricing, contract terms, features, and eligibility. These are the factors that matter most to UK small businesses considering this provider.
Data sources. Funding Circle Credit Card’s product page, support articles, and terms were checked directly against fundingcircle.com in July 2026. No comparison sites, no press releases, no affiliate material. FCA register cross-checked for regulatory status.
Update cadence. We re-verify this page at least monthly, and whenever a provider changes pricing, eligibility, or terms. The verification date on the page reflects the most recent full review.
Disclosure. Some links are affiliate links: we may earn a commission if you apply through them, which never affects our editorial assessment or the order of our recommendations. See our editorial policy.
Related Guides
- Capital on Tap vs Funding Circle: Head-to-Head Comparison
- Capital on Tap vs Barclaycard Select Cashback
- Capital on Tap Business Credit Card Review
- Best Business Credit Cards
- Business Credit Card Rewards and Cashback
- Funding Circle Business Loan Review