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NOW WITH 2% CASHBACK: the Barclaycard Select Cashback credit card for SME’s and sole traders

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Today I want to look at the benefits of the Barclaycard Select Cashback credit card for businesses.

As a special offer, you will receive 2% cashback – double the standard rate – for your first three months as long as you apply by 31st March. This is the first time that I have ever seen a promotion on this card.

Let me answer the obvious question first. Why are we covering it, given that it doesn’t earn you any points or miles?

(The cynical answer, of course, is that Barclays will pay us if you apply, which is true. As part of our relationship with Barclays Premier we now have access to all Barclaycard products. As you should know, however, we only promote products which genuinely offer value. You won’t see any other Barclaycard products on HfP for now.)

Why would you get a cashback small business Mastercard?

There is, at the moment, a gap in the market for small business miles and points cards.

You can apply for American Express Business Platinum, American Express Business Gold and British Airways Accelerating Business, but Amex acceptance is lower in the B2B market than in the consumer market. You will need a Visa or Mastercard as well.

Our recommended alternative is the Capital On Tap Business Rewards Visa card. This earns points worth an impressive 1 Avios per £1 spent. We are currently offering our readers an exclusive sign-up bonus on this card which converts into 30,000 Avios (details here), but not everyone can apply.

At present, Capital On Tap is only accepting Limited Companies and LLPs. You cannot get the 30,000 Avios on this card if you are a sole trader or in a partnership.

This leads to the question ‘What is the best business Visa or Mastercard for a sole trader to use alongside a Business Amex?’.

The answer is probably a card which is:

  • free
  • offers 1% cashback on virtually all of your spending, and currently 2% for the first three months

…. which is what you get with the Barclaycard Select Cashback credit card.

Key link: Barclaycard Select Cashback credit card application form

The representative APR is 21.9% variable.

Barclaycard select cashback credit card review

Here are the key facts about the Barclaycard Select Cashback card.

What are the conditions of applying?

As well as the standard age and residency restrictions, your business turnover must be over £10,000 per year.

If you are a start-up, you are welcome to apply if your business plan shows expected turnover of £10,000+ per year.

Sole traders are welcome to apply.

What is the Barclaycard Select Cashback annual fee?

There is no annual fee.

What do I earn per £1 spent on the card?

You earn 1% cashback on virtually all spending charged to the card.

If you apply by 31st March, you will receive 2% cashback for the first three months.

You are paid your cashback each month, via a credit to your card statement. There is no cap to the cashback you can earn.

Review: the Barclaycard Select Cashback credit card

Any other benefits?

Barclaycard runs a special programme for its Business credit and charge card holders called Business Rewards.

You can find full details on this page of the Barclays website.

It offers a variety of discounts and cashback deals for customers. These currently include, for example, 10% of taxi rides booked with FREE NOW, 12% off Heathrow Express and 15% off business stationery at Ryman.

Is this a good card to use when travelling?

It’s not ideal, as Barclaycard Select Cashback charges a 2.99% foreign exchange fee on non-Sterling transactions.

However, you will receive your standard 1% cashback which takes the net cost down to 1.99%.

You will pay the same 2.99% fee if you use any of the American Express Business cards that we cover.

Conclusion

The Barclaycard Select Cashback credit card is, perhaps surprisingly, an aggressively good product from Barclays.

With no annual fee and 1% cashback (2% for your first three months) on virtually all your spending, paid monthly, there is nothing to dislike. Even if you are considering getting American Express Business Platinum, Business Gold or British Airways Accelerating Business due to their generous rewards, this card is useful for places which do not accept American Express.

Full details, and the application form, for the Barclaycard Select Cashback credit card can be found here.

The application deadline to receive the offer of 2% cashback for your first three months is 31st March.

Disclaimer: Head for Points is a journalistic website. Nothing here should be construed as financial advice, and it is your own responsibly to ensure that any product is right for your circumstances. Recommendations are based primarily on the ability to earn miles and points. The site discusses products offered by lenders but is not a lender itself. Robert Burgess, trading as Head for Points, is regulated and authorised by the Financial Conduct Authority to act as an independent credit broker.

Comments (18)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • kt74 says:

    I took out one of these last year after HfP covered it, and later took out a Capital on Tap, and my experience is that CoT is **far superior** if you qualify:
    1. Credit limit – I got 3k on Barclaycard, but 25k on CoT; even my personal Barclaycard is over 10k. 3k is barely useable, and it’s a “hard” limit: you can’t pay down your account to overspend (and you get no notifications that you’re approaching your limit)
    2. No Apple or Google Pay – CoT works on both
    3. No app – you only “qualify” for app access after a few months; you need a card reader to access your account, and >50% of the time, you get an error message, and have to go through the whole card reader palaver again
    4. When you do qualify for the app, it has little or no functionality – you can just about view your transactions, and that’s it
    5. Constant fraud declines – multiple transactions with the same vendor will result in card being auto-blocked, with no notification; TfL, for example – my card was being blocked multiple times A DAY, over £1.55 bus fares; my CoT had no such problems

    Basically, if you’re used to the functionality of even a normal consumer Barclaycard, you won’t get it. I’ve now put my Business Barclaycard in a drawer and use it only for Free Now cabs…

  • Axel says:

    Anyone tried to work this card with Xero to streamline business rxpenses?

  • PB says:

    I have to concur with the points made above by kt74 , their service is dismal , the contact point appalling to non existent without severe perseverance . Even when I sent them bank statements showing seven figures in credit they wanted to see more transactions , which they are not going to get from me , they had many on original documents, my credit limit ….. 3k .
    You can not function with it , I booked three rooms through a head for points offer with the Hilton , the costs on just that 3 day trip the Barclaycard was of no use for at all .
    Their management , Reid , I think in this case are clearly sitting there thinking what a great job they are doing simply because they are hiding behind layers of lackeys and most people can not be bothered to pursue matters with them .
    Take it for the cash back but you will have to keep feeding the account for the low limit .

  • Greg says:

    On a positive note, you can add it to a Curve metal card, meaning
    1) you can pay off other credit cards with it (inc AMEX), getting an extra 1% saving
    2) you can pay off your Barclaycard balance using Sainsbury’s (earning Nectar -> Avios) or a Virgin (earning Virgin miles) card
    3) you can make cash withdrawals (saving 1%)

    Having said that, my wife and I have a combined £40k credit with AMEX, £20k with Virgin, and £10k with Sainsburys, while Barclacard Business offered us a combined £2,300 despite a 6 figure company turnover.

    • Joe Green says:

      is point 2 also via metal or is it direct pay off credit bill with vrigin like creation used to allow?

    • JerrySignfield says:

      2. I presume the barclaycard Curve ban must only be for their personal cards then

  • Entitled says:

    I think the article makes the point adequately: if you qualify for the CoT card, that is a much better product.

  • Lady London says:

    I wonder what limits Barclays were giving out on this card pre-covid?

  • cinereus says:

    The affiliate link doesn’t seem to be working.

  • Joe Green says:

    Anyone have experience with non business expenditure on this card ?
    I know Amex are relaxed about this/even encourage but COT are stricter than even HMRCs’ test of wholly exclusively and necessarily.

    • Greg says:

      Totally relaxed (at least via Curve). I just spent 2 weeks in Mauritius and used it every day, meaning Fx fee free transactions, travel and car hire insurance included and 1% off the cost of my holiday.

      I’ll soon pay it all off with my Sainsbuy’s card, and pay that one off with Virgin. Magic.

      • JerrySignfield says:

        The Sainsbury’s card earning rate is so poor I would skip it unless you were on a merry go round

        • Will says:

          Isn’t curve limited to £10k a month fronted too so you want to save that limit really not put it on sainsburies.

          • JerrySignfield says:

            Yes but Curve are not clear on what counts, I mean how do they exactly decide that a company only accepts debit cards, they are just selecting a few merchants to apply this fronted classification

This article is closed to new comments. Feel free to ask your question in the HfP forums.

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