You should know three things before you apply for the Funding Circle Cashback Business Credit Card. We’ll cover them upfront so you can decide whether to keep reading.
The cashback structure: 2% for the first 6 months, capped at £2,000 total. That cap hits at roughly £100,000 of qualifying spend. After that, you’re on 1% uncapped.
The rate: 34.9% variable representative APR. We flag this because if you carry a balance, the cashback math falls apart fast.
You should also know Funding Circle doesn’t actually issue this card. Monavate Ltd issues it under Visa licence (FRN 901097), Modulr FS Limited holds the e-money account (FRN 900573), and Funding Circle Ltd (FRN 722513) distributes it. That changes the regulatory framing.
Our Verdict on the Funding Circle Cashback Business Credit Card
You can use the Funding Circle Cashback card like any revolving Visa: spend, earn cashback as statement credit, clear monthly or carry the balance. Cash withdrawals and gambling transactions aren’t supported at all.
You don’t need an existing business current account with Funding Circle to apply. You do need to be a UK limited company or LLP, with 1 year of trading and £30,000+ annual turnover.
We rate this card on a narrow but real economic appeal: 2% intro cashback combined with 0% FX markup. If you run a London agency spending £17,000/month on software, US contractors, and overseas ad spend, the intro alone hits the £2,000 cap inside the six months.
Funding Circle Cashback Business Credit Card
Key Pros and Cons
- 2% cashback for the first 6 months, capped at £2,000 total cashback
- 1% uncapped cashback after the intro period
- No annual or monthly fee
- 0% foreign transaction markup (Visa scheme exchange rates apply)
- Soft-search eligibility check before any hard search
- Unlimited Company cards with per-card spending limits
- Apple Pay and Google Pay support
- Sole traders and partnerships excluded entirely
- 34.9% representative APR — high if you carry a balance
- Minimum £30,000 turnover and 1 year of trading required
- Existing Funding Circle term loan / FlexiPay customers currently ineligible
- No Section 75 protection (commercial card)
- Positive balances safeguarded as e-money, not FSCS-protected
- Cash withdrawals and gambling transactions not supported
Who the Card Is Best For
Pick Funding Circle Cashback if you’re a limited company or LLP that clears monthly and spends on overseas suppliers. The 0% FX markup matters every time you pay a US contractor on Monday morning.
Picture your London agency paying £8,000/month to a Lisbon dev team via card. We ran the numbers: six months of that spend pattern earns roughly £960 cashback inside the intro window, on top of hundreds saved in FX.
If you’re a sole trader, this card isn’t available to you. Try Barclaycard Select instead.
Funding Circle Cashback Eligibility and Application
Who Can Apply
You qualify only if you’re a UK limited company or LLP registered at Companies House, with at least 1 year of trading and annual turnover of £30,000+. Sole traders and general partnerships can’t apply.
You’re also excluded if you already hold a Funding Circle term loan or FlexiPay account. That’s a non-obvious gate — existing customers often assume they can add this card on top. They can’t.
You’ll need a personal guarantee from one or more directors. Where multiple directors sign, it’s joint and several. We flag this because it puts personal assets in play behind a business card.
What You Need to Apply
You’ll apply online and get a decision within minutes. The eligibility check is a soft search, so it doesn’t affect your credit file. A hard search only lands if you accept the offer.
You won’t find a published document checklist. Funding Circle uses Open Banking to verify business cash flows in place of manual PDF bank statements. That’s the modern approach — less friction, less paperwork.
You’ll get your physical Visa card by post within roughly 10 working days. Add it to Apple Pay or Google Pay immediately on approval and you can spend on Tuesday for a Monday application.
Rewards, Cashback and Points Value
How Funding Circle Cashback Rewards Work
You earn 2% cashback for the first 6 months on all eligible card spend, capped at £2,000 in total cashback. We calculate that cap hits at roughly £100,000 of qualifying spend, whichever comes first.
After the intro period or the cap, you drop to 1% uncapped on all subsequent spend. Cashback lands automatically as a statement credit when you pay. No portal, no points, no minimum redemption.
You can’t earn cashback on cash withdrawals or gambling transactions — they’re not supported on the card at all. That’s the deal.
Free vs Pro Rewards Comparison
You won’t find a Pro tier or paid upgrade here. The 2% intro into 1% uncapped is the only structure on the only variant Funding Circle sells. Simple is the strategy.
If you’re comparing to Capital on Tap Pro (£299/year, 0.5% cashback), Funding Circle’s no-fee structure wins outright on cashback per pound.
Run the break-even: at £5,000/month spend, Funding Circle’s 1% uncapped earns you £600/year at no cost. Capital on Tap Pro on the same spend earns £300 minus £299 fee. Not close.
Fees, APR and Repayment Terms
Annual Fees and Representative APR
When you apply, you pay no annual fee and no monthly fee. The representative APR is 34.9% variable, based on an assumed £1,200 credit limit per FCA rules. Interest can start from 14.9% for the most creditworthy applicants.
The representative rate reflects pricing offered to at least 51% of successful applicants. If your offered rate is materially above 34.9%, we’d say the cashback math changes fast on any carried balance.
Your late payment fee is £12 per overdue statement per the borrower agreement. Funding Circle doesn’t publicly itemise a specific returned-payment fee — the agreement says collection costs are passed on. Ask before you sign.
When Interest Can Outweigh Cashback
Run the cost: a £10,000 balance carried for one month at 34.9% APR costs about £290 in interest. The 1% cashback on that same £10,000 of spend is £100. One carried month wipes out three months of cashback.
Picture your e-commerce business carrying £15,000 of stock spend over November and December at 34.9%. We make that roughly £870 in interest, against £150 in 1% cashback — or £300 inside the 2% intro.
You can’t use this card to consolidate existing card debt. Balance transfers aren’t advertised as a feature. Wrong product if that’s your problem.
Card Features and Overseas Spending
Employee Cards and Expense Management
You can issue unlimited additional Company cards to employees, directors, and partners at no extra fee. Picture your sales team back from a Wednesday client trip with three card receipts — per-card limits and real-time visibility kill the Friday morning expense chase.
Your transaction data auto-syncs with Xero, Sage, and FreeAgent. QuickBooks isn’t listed as a supported integration. If your accountant runs QuickBooks Online, we’d flag that as a workflow gap to plan around.
You get Apple Pay (launched January 2026) and Google Pay (launched February 2026). Cards can be frozen instantly from the app or web portal. Useful at 11pm when a director loses their card in a taxi.
Visa Acceptance and Foreign Transactions
You pay on the Visa network with 0% foreign exchange markup on international spend. The fine print: Visa scheme exchange rates apply, so the cost isn’t literally zero. It’s the wholesale rate without an issuer markup on top.
If your supplier base is in the EU or US, we rate Funding Circle one of the more competitive cards on overseas spend. Barclaycard Select, for comparison, charges 2.99% FX.
You lose two regulatory protections worth knowing. Section 75 doesn’t apply — this is a business card. FSCS doesn’t cover positive balances either. Funds are e-money safeguarded by Modulr under the Electronic Money Regulations 2011. Not the same as FSCS.
Funding Circle Cashback Customer Reviews
When you apply for a new card, you check Trustpilot first. You’ll see Funding Circle’s Trustpilot rating of 4.5 out of 5 from over 16,790 reviews at May 2026. Most of that volume is from post-funding invites on the core term-loan product, not the credit card.
You should expect card-specific feedback to split predictably. Positive reviews cite the cashback mechanic and the 0% FX. Negative feedback clusters around the 34.9% APR on carried balances and the missing Section 75 on disputed supplier payments.
You’ll reach UK support on 0800 048 2467 or cashback@fundingcircle.com, Monday to Thursday 9am to 6pm and Friday 9am to 4:30pm. Disputes route through Visa chargeback, not Section 75. Picture chasing a no-show supplier on a £5,000 invoice — that’s the workflow.
FAQs
Who actually issues the Funding Circle Cashback Business Credit Card?
The card is issued by Monavate Ltd under Visa licence (FCA Firm Reference Number 901097), with e-money account services from Modulr FS Limited (FRN 900573). Funding Circle Ltd (FRN 722513) is the distributor and front-facing brand. This is a Banking-as-a-Service arrangement, not direct issuance by Funding Circle itself.
Can sole traders or partnerships apply?
No. The card is available only to UK limited companies and Limited Liability Partnerships (LLPs) registered at Companies House. Sole traders and general partnerships are excluded. If you’re a sole trader, Barclaycard Select is the main alternative that accepts your business structure.
What APR will I pay?
The representative APR is 34.9% variable, calculated against an assumed credit limit of £1,200 under FCA representative example rules. Interest can start from 14.9% for the most creditworthy applicants. Your actual rate is only confirmed if you accept the offer. The initial eligibility check is a soft search.
How does the cashback work?
You earn 2% cashback on all eligible spend for the first 6 months, capped at £2,000 total cashback (reached at roughly £100,000 of qualifying spend). After the intro period or the cap, the rate is 1% uncapped on all subsequent spend. Cashback is paid as a statement credit when you pay your statement — no points conversion, no minimum redemption.
Are balances FSCS-protected?
No. Because the underlying account is provided by an Electronic Money Institution (Modulr FS Limited), positive balances are safeguarded under the Electronic Money Regulations 2011 rather than covered by FSCS deposit protection. Funds sit in segregated safeguarding accounts.
Does Section 75 apply if a supplier fails to deliver?
No. Section 75 of the Consumer Credit Act 1974 protects private individuals, not businesses or other organisations. Funding Circle explicitly states Section 75 does not apply to transactions on this card. Disputes go through Visa scheme chargeback rules instead, which are typically more restrictive.
Are there any foreign transaction fees?
No. Funding Circle charges 0% foreign transaction markup. Visa scheme exchange rates apply to the underlying conversion, so the cost is not literally zero, but there is no issuer FX markup on top.
Can I do balance transfers or cash withdrawals?
No. Cash withdrawals and gambling transactions are not supported on the card. Balance transfers are not advertised as a feature, so the card is not suitable for consolidating existing credit-card debt.
How fast can I get a card?
Decisions arrive within minutes of completing the online application. The physical Visa card arrives by post within roughly 10 working days. You can add the card to Apple Pay or Google Pay immediately on approval and spend before the physical card arrives.
Alternatives to Funding Circle
Capital on Tap Business Credit Card
Barclaycard Select Cashback Business Credit Card
American Express Business Gold Card
Methodology and Disclosure
Product data: Cashback structure, APR, fees, eligibility, and issuer disclosure verified against fundingcircle.com on 28 May 2026, with a primary-source verification addendum on file for items not detailed on the public product page.
Regulatory data: FCA Firm Reference Numbers verified against register.fca.org.uk in May 2026. Section 75 and FSCS scope confirmed from Funding Circle’s own published disclosures.
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