What does Revolut for Business have to offer small companies?

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.

Further reading

If you are looking for a rewarding (in all senses of the word) payment card for your SME, we also recommend our articles on:

Capital On Tap (review here)

American Express Gold Business (review here) 

American Express Platinum Business (review here) 

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.

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Want to earn more points from credit cards? – April 2024 update

If you are looking to apply for a new credit card, here are our top recommendations based on the current sign-up bonuses.

In February 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards with a bonus of up to 25,000 Avios. You can apply here.

You qualify for the bonus on these cards even if you have a British Airways American Express card:

You can see our full directory of all UK cards which earn airline or hotel points here. Here are the best of the other deals currently available.

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:

SPECIAL OFFER: Until 12th May 2024, the Capital on Tap Business Rewards Visa card is offering a bonus of 30,000 points, convertible into 30,000 Avios. You must have a Limited Company to apply. Click here to learn more and click here to apply.

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.