This is our review of the Capital On Tap Business Rewards Visa credit card.
Capital On Tap – a small UK payments card company which I admit you may never have heard of – runs the only small business Visa credit card which can earn you Avios points.
With their Business Rewards card, you earn 1 Capital On Tap points (worth 1p cashback or 1 Avios) per £1 you spend, and get a 10,500 points (worth £105 or 10,500 Avios) sign-up bonus. The annual fee is £99.
The £105 or 10,500 Avios sign-up bonus is a special offer for HFP readers who use our headforpoints code when applying. The standard bonus is 10,000 points.
As an added benefit, this is the ONLY Avios-earning credit card in the UK which does not charge foreign exchange fees when used abroad.
In this article I will explain all you need to know about the Capital On Tap Business Rewards Visa card and who can apply.
This article was updated on 19th October 2020, and all of the information is correct as of that date. Ignore the original publication date shown.
What Avios SME credit cards are out there?
There are four credit or charge cards which allow you to earn Avios from spending by your small business. These are:
- Capital On Tap Business Rewards Visa (10,500 Avios bonus)
- British Airways Accelerating Business American Express (2,200 On Business points bonus)
- American Express Business Platinum (40,000 Amex points bonus = 40,000 Avios)
- American Express Business Gold (20,000 Amex points bonus = 20,000 Avios)
Our last review of American Express Business Platinum is here. This card has a generous bonus of 40,000 Membership Rewards points if you can spend £6,000 in six months. You qualify for the bonus as long as you haven’t had any personal or business Platinum, Gold or Green Amex cards in the past six months. You can apply here and our Amex Business Platinum review is here.
There is also American Express Business Gold. This offers a sign-up bonus of 20,000 Membership Rewards points if you can spend £3,000 in six months. Our full review of Amex Business Gold is here. This card is FREE for the first year. You can apply here.
Today I want to look again at Capital On Tap Business Rewards Visa credit card.
How does the Capital On Tap Business Rewards Visa card work?
The Capital On Tap Business Rewards card is the only way to indirectly earn Avios via a small business Visa or Mastercard credit card. We have also negotiated a higher sign up bonus exclusively for our readers!
With the Capital On Tap Business Rewards card, you earn 1 Capital On Tap point (worth 1p cashback or 1 Avios) per £1 you spend, and get 10,500 Capital On Tap points (worth £105 or 10,500 Avios) as a sign-up bonus. The annual fee is £99. The 10,500 points bonus includes an extra bonus of 500 points exclusively for Head for Points readers.
The Capital On Tap card is aimed at SMEs and sole traders. Whilst you may not have heard of Capital On Tap, it already has 100,000 customers across its existing ‘no rewards’ payment card and the Avios products. This card was its first move into the rewards market.
You can find full details on their website here. Read on first, however, to learn more about the additional bonus for HFP readers.
Interest rate information: Your interest rate is based on your business profile and can be as low as 9.9% APR. The standard interest rate for marketing purposes is 39.9% APR.
How does the Capital On Tap Business Rewards Visa card work?
In summary, the Capital On Tap Business Rewards Visa card:
has a sign-up bonus of 10,000 Capital On Tap points which is worth £100 cashback or 10,000 Avios
this is increased to 10,500 Capital On Tap points, worth £105 cashback or 10,500 Avios, if you use the promo code “headforpoints” when applying
has an on-going earnings rate of 1 Capital On Tap point (worth 1p of cashback or 1 Avios) per £1 spent
has an annual fee is £99 (tax deductible as a business expense)
The sign-up bonus requires you to spend £5,000 within three months. The bonus arrives at the end of your fourth billing period, irrespective of how quickly you spend the £5,000.
There are some other good benefits too:
20 free supplementary cards for your staff
a credit limit of up to £50,000
up to 56 days to pay before interest is incurred
No FX fees and no ATM fees
Capital On Tap Business Rewards is the ONLY Avios-earning payment card which does not charge foreign exchange fees.
Another positive point is that Avios transfers from Capital On Tap are INSTANTANEOUS. Log in to Capital On Tap, request a transfer of some or all of your available Capital On Tap points to Avios, log in to your British Airways Executive Club account and they will be there! Capital On Tap is the only UK Avios partner to offer instantaneous transfers.
You can find full details of the Business Rewards card – and apply – on their website here. Read on first, however.
Who can apply?
The Capital On Tap card is aimed at sole traders as well as small businesses. The company is flexible in who they accept:
if you are a UK limited company or limited partnership with turnover of £24,000+ then you should be eligible
if you are a VAT registered sole trader then you should be eligible.
if you are a sole trader under the VAT threshold but above £24,000 then applications are looked at on a case by case basis – if you have a functioning website and are clearly in business then I am told you should be eligible
Applicants must not have a CCJ against themselves or their business in the past 12 months.
Is it worth getting the Capital On Tap Business Rewards Visa?
If you have any sort of small business or self-employed income which would allow you to qualify for the card, I think you need to have a serious look at Capital On Tap now.
For the first year, it is a no-brainer – you are getting 10,500 Capital On Tap points, worth £105 or 10,500 Avios, as a sign-up bonus in return for an annual fee of £99 as long as you use the promo code “headforpoints”
You only need to spend £5,000 in three months to qualify for the sign-up bonus
The £99 annual fee is a tax deductible expense so the net cost to you will be lower
The card has no FX fees
1 Avios per £1 can’t be beaten from a Visa or Mastercard and you get far better acceptance than with an American Express card
But don’t forget …..
Capital On Tap points can be converted into cashback as well as Avios. You can choose to take 1p of cash instead of 1 Avios.
If you don’t value Avios at more than 1p (and in most scenarios an Avios point is worth more than 1p as this article shows) then take your Capital On Tap points as cashback instead.
The cashback option also gives you a fallback in case Avios devalues or your travel plans change. However, if you took cashback it would be taxable as business income. You could pro-rata this to reflect personal spending but only if you also pro-rata the part of the annual fee you charge to your company.
Points and miles have no cash or taxable value – this is a long-held HMRC rule.
Remember to use our Capital On Tap promo code when you apply!
If the Capital On Tap Business Rewards Visa card sound interesting for your business, you can find out more and apply on their website here.
Remember to add promo code “headforpoints” to receive the extra 500 Capital On Tap points as a sign-up bonus, taking your total bonus to 10,500 points.
Disclaimer: Head for Points is a journalistic website. Nothing here should be construed as financial advice, and it is your own responsibility to ensure that any product is right for your circumstances. Recommendations are based primarily on the ability to earn miles and points and do not consider interest rates, service levels or any impact on your credit history. By recommending credit cards on this site, I am – technically – acting as a credit broker. Robert Burgess, trading as Head for Points, is regulated and authorised by the Financial Conduct Authority to act as a credit broker.