Maximise your Avios, air miles and hotel points

EXCLUSIVE OFFER: Get 15,000 Avios sign-up bonus with Capital On Tap’s Visa SME credit card!

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I’m delighted to say that we have been able to bring back the special Head for Points sign-up deal on the Capital On Tap Business Rewards Visa credit card.

Here’s the one line summary:

Apply now and you will receive a sign-up bonus of 15,000 Capital On Tap points (worth £150 or 15,000 Avios) as a HFP reader, for an annual fee of just £99!

There is a qualifying spend of £5,000 in 90 days to receive the bonus.

Who qualifies for this offer?

This offer is limited to readers who have some sort of small business or self-employment.  We run through the exact requirements in a minute, but it isn’t difficult to qualify.

This exclusive offer is ONLY available to Head for Points readers.

Between 15th June and 13th July, you will receive 15,000 Capital On Tap points (worth £150 cashback or 15,000 Avios) when you sign-up.  You need to spend £5,000 in 90 days to trigger the bonus.

Going forward, you earn 1 Capital On Tap point per £1 you spend, which is redeemable for 1p cashback or 1 Avios.

As an added benefit, this is the ONLY Avios-earning credit card which does not charge foreign exchange fees when used abroad.

There is an annual fee is £99.

In this article I will explain all you need to know about the Capital On Tap Visa card and who can apply.  The Capital On Tap application page is here.

Capital on Tap Avios 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.  

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 over 100,000 customers across its existing ‘no rewards’ payment card and the Avios product.  This card is their first move into the rewards market.

We have been writing about the cards for a few months and feedback from readers who have applied has been very positive, especially over their quick response to any queries or questions.

Capital On Tap is the answer for all of the people who have emailed me in search of a good travel rewards card for their business purchases.

You can find full details on their website here.  Read on first, however, to learn more about the additional bonus for HFP readers.

Capital On Tap Business Rewards Visa credit card review

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 15,000 Capital On Tap points, worth £150 cashback or 15,000 Avios, if you apply by 13th July 2020 and use the promo code “headforpoints”

has an on-going earnings rate of 1 Capital On Tap point per £1 you spend, redeemable for 1p cashback or 1 Avios

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 credit 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!  You do not have to wait 24-48 hours as you would with an American Express Membership Rewards transfer.

And an extra bonus for Head for Points readers!

Normally, we can offer a modest extra bonus worth £5 or 500 Avios to our readers.

For the next four weeks, however, we have really gone to town. You will receive an additional 5,000 Capital On Tap points – which can be redeemed for £50 or 5,000 Avios – just for being a HFP reader

This takes your total bonus to 15,000 Capital On Tap points which converts into £150 cashback or 15,000 Avios.  You need to use code headforpoints when applying.

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.

Capital on Tap Avios business credit card

Who can apply?

The Capital On Tap cards are aimed at sole traders as well as small businesses.  The company appears to be 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.

Do you really need a dedicated business Visa card for your company?

Some sole traders use a personal credit card for their business expenses.  A lot of self employed people – or their accountants – are not happy doing this, however, and it is clearly not sensible to give personal credit cards to your staff.  You need a dedicated business credit card in these circumstances.

Until now, if you wanted to earn rewards from a small business payment card you were reliant on the American Express Gold Business, American Express Platinum Business or British Airways American Express Accelerating Business cards.  These are good products but obviously have issues over Amex acceptance, especially with small suppliers.

The Capital On Tap Visa cards are small business credit cards that can be used everywhere that Visa is accepted.  They are also the only Avios-earning cards which do not have foreign exchange fees.

Capital On Tap credit cards bonus

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 – until 13th July, you are getting 15,000 Capital On Tap points, worth £150 or 15,000 Avios, as a sign-up bonus in return for an annual fee of £99

You have 90 days to spend the £5,000 required to hit the bonus

The £99 annual fee is a tax deductible expense so the net cost to you will be lower

Even if you have a British Airways American Express Premium Plus card (earning 1.5 Avios per £1) or HSBC World Elite Mastercard (1 Avios per £1 but only available to HSBC Premier account holders), Capital On Tap is a far better card to use abroad because it does not charge a 3% FX fee

1 Capital On Tap point (redeemable for 1p cashback or 1 Avios) per £1 spent can’t be beaten from any other Visa or Mastercard and the BA Premium Plus Amex isn’t accepted everywhere

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 you can get more than 1p for them 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 5,000 points as a sign-up bonus.  If you go to the application form via this link, the code should be filled in for you.

You will NOT see the additional 5,000 points showing on the website.  However, the extra points will arrive as long as you use the headforpoints code.  They usually slightly later than your core 10,000 points.  Should you have any issues, let us know and we will chase it up for you.  However, this has not been a problem in the past.

This special offer of 15,000 Capital On Tap points (worth £150 cashback or 15,000 Avios) expires on 13th July.  Don’t forget to add the “headforpoints” code to your application, which you can make here.

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 Avios, 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.

Comments (33)

  • Czechoslovakia says:

    Fantastic card for businesses, and great deal, Rob!

  • Harold R says:

    A few questions:
    Although no FX fees what are the exchange rates like?
    Do you earn points on foreign spend?
    Would they be OK if only used for overseas expenditure up to the credit limit every month?

    • Czechoslovakia says:

      FX rate is the Visa set rate, I believe. Pretty much spot rate.
      Yes, you get points on foreign purchases, calculated on GBP equivalent.
      Don’t see anything in the rules about a limit on percentage of foreign purchases. About 80% of my transactions are non GBP originally, now I can’t pay HMRC for free.
      Cancelled my business amex gold and kept the Cost card.

  • Andrew porwol says:

    Great card and great customer service on the phone when needed.

  • Jonny says:

    Interesting… Three questions:

    1. Apple Pay – can this card be added to Apple Wallet?

    2. Curve – does this card work with Curve-fronted payments? (eg HMRC)

    3. Do merchants get charged a higher acceptance fee s as it is not a personal card? (Eg in a local store)

    Thanks

    • Rob says:

      Very high fees to shop owners as fees are not capped on business cards.

    • Michael says:

      1. Apple Pay – NO, currently unable to add to Apple Wallet 🙁

      2. Curve – the card DOES work Curve although I haven’t tried using it with Curve-fronted payments – can’t think why it wouldn’t work.

    • Peter K says:

      CoT block most cashlike transactions via curve.

  • Ben says:

    Hi Rob

    Applied for this card the last time they offered the extra 5000 points, maybe around February. Still not received them. Any chance you can chase them up please? Or I could call if it’s easier.

    Thanks

    • Rob says:

      I’ll ping you an email. It was meant to hit after the 4th statement period so it may not have come around yet. We can clear it up today though.

      • Yo2go says:

        They had a backlog for adding the +5k Avios.

        I applied in Jan – CoT has only just got around to adding the bonus on.

        Probably one of the best and most simplest customer service you can get (other than from AMEX).

  • BT01 says:

    I tried to apply for this card previously and had no luck, customer services wanted a selfie taken then uploaded to the website as part of the ID verification process, but there is no functionality to do this and how do they know that it is me? So gave up and have not bothered with it.
    With the way things are happening in China I think that I will close all HSBC accounts.

  • AM says:

    For those that have CoT, my primary purpose was to make payments to our overseas suppliers. However CoT seems to block all services like TransferWise, Azimo and Revolut. Has anyone found a way to get around this restriction to be able to send currency transfers via CoT?

    • Czechoslovakia says:

      Not sure why you’d want to pay the TransferWise extra fee for using a credit card, but it’s not just CoT. RBS blocked my company debit card payments to TransferWise that often, I gave up and just do a BACS transfer instead. RBS claimed the reason for blocking was that it was a financial institution, which I say is just a lie. Same as they limit paying Brighton to £1999.99 by debit card per day. I think they just make it difficult out of spite, that you don’t pay their rip-off fees.

    • The Urbanite says:

      https://support.capitalontap.com/en/support/solutions/articles/26000039200-what-are-the-restrictions-on-my-spend-

      Money transfers are a published restriction so it’s likely Capital on Tap has put a block on transactions with MCC 4829 merchants. The way around it is to use a credit card that doesn’t mind money transfer transactions, though in many cases you’ll pay a cash advance fee and have no interest free period.

  • PJJ says:

    Presume you can also use it for personal day to day spending ?