What does Revolut for Business have to offer small companies?
We recently took another look at the Capital On Tap range of Avios-earning business payment cards. These are extremely generous, offering you up to 1 Avios per £1 spent if you choose to convert the points earned to British Airways.
A reader dropped us a note to say that Revolut has also just relaunched its business cards. Whilst this is not strictly miles and points related, we thought it was worth taking a look given the large number of SME readers we have and the fact that the non-Amex ‘miles and points’ options available are slim apart from Capital On Tap.
As a reminder, Revolut was founded four years ago. In the beginning the company promoted itself on the back of a consumer prepaid card which carried 0% foreign exchange fees and let you move money between currencies without charge. Since then it has increasingly positioned itself as a current account provider as well moving into Business services.
What are the key features of Revolut for Business?
Revolut for Business has many of the same features as the personal Revolut card including a quick online application process and the ability to have multiple accounts in different currencies.
Revolut for Business is very similar, but you can add multiple users to one master account. Each cardholder can have different permissions in terms of what and where they can spend, and Revolut has a novel function called ‘Payment Approval’ which means that users can draft payments that must be approved by senior account holders.
Just like the consumer cards, Revolut for Business comes with several different pricing levels, although there is a free plan.
Free: this is the basic card and allows you to have two cardholders, no 0% FX allowance
Grow (£25/month): up to ten cardholders, £10k in fee-free foreign spend at interbank rates and perks
Scale (£100/month): up to thirty cardholders, £50k fee free foreign spend at interbank rates and perks
Enterprise (£1000/month): unlimited cardholders, unlimited free free foreign spend, unlimited transfers and a range of perks
You will note that the free card does NOT comes with 0% FX fees. However, the FX fee charged is VERY low – just 0.4% – which makes Revolut for Business an attractive option for SMEs with a lot of foreign spend.
The Capital On Tap Avios-earning cards offer 0% FX fees to everyone, of course.
Revolut uses the interbank rate to calculate foreign transaction spend. This should be slightly more competitive than the exchange rates offered on Visa or Mastercard credit cards.
Revolut for Business has perks too
All the paid accounts come with a variety of perks, including £150 Zipcar credit, 10% off Apple products, up to £120 Google Ads credit, $100 Slack credit, and up to £100 off with Amazon Business. You can see the full list on the Revolut for Business website here.
Depending on which plan you are on and how much you have use for these products you may find that this goes some way to offsetting the monthly fees.
You can give Revolut for Business a try with the demo portal, which allows you to explore and manage an account populated with fake data.
If you own a business you may find the simplicity of applying and managing such an account to be far easier than with a legacy business bank account, and the ability to get 0% or, with the free account, 0.4% FX fees could lead to a big saving.
If you are looking for a rewarding (in all senses of the word) payment card for your SME, we also recommend our articles on:
All of these cards have VERY generous sign-up bonuses, and Amex Gold Business is FREE for the first year.
If you decide to apply for Revolut for Business, you can do so here.
Want to earn more points from credit cards? – January 2022 update
If you are looking to apply for a new credit or charge card, here are our January 2022 recommendations based on the current sign-up bonus.
You can see our full directory of all UK cards which earn airline or hotel points here. Here are the top current deals.
There are special sign-up bonuses on both of the BA American Express cards until 28th February 2022. The bonus on the free card is doubled to 10,000 Avios and the bonus on the Premium Plus card is increased from 25,000 Avios to a huge 40,000 Avios.
British Airways American Express
10,000 Avios for signing up (SPECIAL OFFER) and an Economy 2-4-1 voucher for spending ….. Read our full review
British Airways American Express Premium Plus
40,000 Avios (SPECIAL OFFER) and the UK’s most valuable card perk – the 2-4-1 voucher Read our full review
American Express Preferred Rewards Gold
Your best beginner’s card – 20,000 points, FREE for a year & two airport lounge passes Read our full review
The Platinum Card from American Express
30,000 points and an unbeatable set of travel benefits – for a fee Read our full review
Earning miles and points from small business cards
If you are a sole trader or run a small company, you may also want to check out these offers.
The bonus on the Capital On Tap card is increased from points worth 10,000 Avios to 30,000 Avios until 4th February 2022.
The bonus on the British Airways Accelerating Business card is increased from 30,000 Avios to 45,000 Avios until 28th February 2022.
American Express Business Gold
20,000 points sign-up bonus and free for a year Read our full review
American Express Business Platinum
40,000 points sign-up bonus and a long list of travel benefits Read our full review
British Airways Accelerating Business American Express
45,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review
Capital On Tap Business Rewards Visa
30,000 points bonus – the most generous Avios Visa for a limited company Read our full review
For a non-American Express option, we also recommend the Barclaycard Select Cashback card for sole traders and small businesses. It is FREE and you receive 1% cashback on your spending.
Apply 31st March 2022 and your cashback will be increased to 2% for the first three months.