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In our experience, most directors who ask about Capital on Tap aren't really asking whether it's a good card. It usually is!
The real question is whether they'll use it the way it's designed to be used. Capital on Tap pays 1% back on every pound you spend, charges no annual fee on its Free plan and adds no foreign exchange fees. That works well for a company that clears the balance every month. It works less well for one that carries a balance, because your rate is set individually and can be high. Sole traders can't apply at all.
This review covers what Capital on Tap offers UK limited companies and LLPs, how the Free and Pro plans compare, what the card costs in practice, how safe it is, and which businesses this product suits best.
TLDR: Is Capital on Tap Worth It?
Yes, for most UK limited companies and LLPs that pay the balance in full each month. Capital on Tap's Free plan has no annual fee, earns uncapped 1% cashback on all card spending, charges no foreign exchange or ATM fees, and includes unlimited free employee cards. Credit limits go up to £250,000, and checking your eligibility only leaves a soft search on your personal credit file.
Best for: limited companies, LLPs and PLCs that spend regularly on the card, clear it in full and want cashback, team cards and accounting sync without paying a fee.
Think twice if: you're a sole trader or general partnership (you can't apply), you expect to carry a balance month to month, or you want a director's personal liability kept out of the picture. Capital on Tap requires a personal guarantee.
The setup most need: the Free plan, paid off in full by Direct Debit. Consider Pro (£299 a year) only if you travel often and will use the airport lounges, or collect Avios on very high annual spend.
Capital on Tap at a Glance
The table below summarises Capital on Tap's published terms:
Feature | Capital on Tap |
|---|---|
Provider | New Wave Capital Limited, trading as Capital on Tap (not a bank) |
Regulation | FCA authorised for consumer credit (FRN 625592) and e-money (FRN 900922) |
Card network | Visa |
Plans | Free (£0 a year) and Pro (£299 a year, billed annually) |
Credit limits | Up to £250,000 |
Interest rates | From 13.86% APR (variable), priced individually |
Interest-free period | Up to 42 days on card purchases, if you pay in full |
Rewards | Uncapped 1% cashback on all card spend; Pro earns 1.25% on preloaded spend |
Foreign exchange fees | None |
ATM fees | None (up to two withdrawals and £400 a day) |
Employee cards | Unlimited, free, with individual spend limits |
Accounting integrations | Xero, QuickBooks, FreeAgent and Sage |
Eligible business types | Limited companies, LLPs and PLCs registered in the UK |
Sole traders | Not eligible |
Personal guarantee | Required |
Support | 24/7 by phone |
What is Capital on Tap?
Capital on Tap is a UK business credit card provider founded in London in 2012. It operates as New Wave Capital Limited (company number 07959823) and says more than 300,000 UK businesses have used its card, spending over £40 billion between them.
It's important to be clear on what Capital on Tap is and what it isn't. It's a credit provider and an electronic money institution (EMI), regulated by the Financial Conduct Authority (FCA). It's not a bank, so it doesn't hold your day-to-day business money. You'll still need a separate business current account, and Capital on Tap requires one to apply.
At its core, Capital on Tap lets you:
Spend on a Visa business credit card with a limit of up to £250,000
Earn 1% back on every purchase, redeemable as cash, gift cards, Avios or Virgin Points
Issue free physical and virtual cards to employees with their own limits
Sync transactions automatically with your accounting software
Spend abroad without foreign exchange fees
Top up the card with your own money when you need to spend beyond your limit
How Does Capital on Tap Work?
Free vs Pro: Which Plan Is Which?
Capital on Tap sells one card on two plans. Every new customer starts on Free, and you can upgrade to Pro at any time from your online account.
Feature | Free | Pro |
|---|---|---|
Annual fee | £0 | £299, billed annually |
Cashback on card spend | 1% | 1% |
Cashback on preloaded spend | 1% | 1.25% |
Avios conversion | 10 points = 8 Avios | 1 point = 1 Avios |
Virgin Points conversion | 10 points = 8 Virgin Points | 1 point = 1 Virgin Point |
Welcome bonus | None | 10,000 points when you spend £5,000 in your first 3 months |
Airport lounge access | None | Unlimited Priority Pass access for the main cardholder, plus two guest passes a year |
Other perks | Partner offers, 6 months' free Xero for first-time subscribers | Everything in Free, plus Radisson Rewards VIP status, a subscription to The Times, Go Privilege Silver membership |
Card | Standard plastic | Metal card for the main cardholder |
Employee cards | Unlimited, free | Unlimited, free |
Foreign exchange fees | None | None |
The cashback rate on ordinary card spending is the same on both plans. Pro's extra value comes from travel perks and a better rate when converting points to airline and Virgin rewards.
Who Can Apply?
Capital on Tap only lends to incorporated businesses. To apply, you must:
Be an active director, or a shareholder with 25% or more, and live in the UK
Run a private limited company (Ltd), limited liability partnership (LLP) or public limited company (PLC) registered in the UK
Have a business listed as active on Companies House
Have no unsatisfied County Court Judgments (CCJs) against you or the business in the last 12 months
Operate outside the industries Capital on Tap treats as high risk
Have a business bank account for repayments
There's no minimum trading history, so a newly incorporated company can apply. Sole traders, general partnerships, charities, non-profits, trusts and dormant companies can't.
In our experience, the eligibility rule that catches people out most is the sole trader one. Capital on Tap advertises heavily by post to businesses listed on Companies House, and many self-employed owners assume they qualify. They don't, however long they've traded.
What Is a Personal Guarantee, and Do You Need One?
Yes. Capital on Tap requires a personal guarantee from a director or major shareholder. A personal guarantee is a legal promise that you'll repay the company's card debt yourself if the business can't.
That matters more than it first appears. A limited company normally keeps your personal finances separate from the business. A personal guarantee removes that protection for this debt. If the company defaults, your personal credit file could be affected.
How Fast Is Approval?
Fast. Capital on Tap says most applicants get a decision in about two minutes. Once approved, you can create a virtual card and start spending straight away, and the physical card arrives in 2 to 5 business days.
Applying runs a soft search on your personal credit file, which other lenders can't see and which doesn't affect your score. A hard search only appears on your business's credit file when you sign the credit agreement. That makes it low-risk to check what limit and rate you'd be offered before committing.
Why Is Capital on Tap Popular With Limited Companies?
Uncapped 1% Cashback With No Annual Fee
Most no-fee business credit cards either pay no rewards or cap them. Capital on Tap's Free plan pays 1% on every pound with no ceiling. You earn one point per £1, and each point is worth 1p when redeemed as cash, against your balance or as gift cards.
For a company that runs most of its supplier, software and travel costs through the card, that adds up. We worked through some common spending levels below.
Monthly card spend | Annual spend | Cashback earned (Free) |
|---|---|---|
£1,000 | £12,000 | £120 |
£2,500 | £30,000 | £300 |
£5,000 | £60,000 | £600 |
£10,000 | £120,000 | £1,200 |
£20,000 | £240,000 | £2,400 |
Calculated at Capital on Tap's published 1% cashback rate, October 2026. Assumes all spend is eligible card purchases and the balance is cleared in full each month.
No Foreign Exchange Fees
Many business credit cards add around 2.99% to every purchase made in a foreign currency. Capital on Tap adds nothing on either plan. If you pay overseas suppliers, subscribe to software billed in dollars or travel for work, that alone can save more than the cashback earns.
Free Employee Cards and Expense Control
You can issue unlimited physical and virtual cards to staff at no cost. Each card can carry its own spending limit per billing period or per transaction, and you can freeze cards or block ATM use from the portal.
Team members can be given one of three roles: Administrator, Accounts (for a bookkeeper or accountant) or Employee. Receipt reminders chase staff for missing receipts, and transactions sync to Xero, QuickBooks, FreeAgent or Sage every 12 hours. For a small company, this can replace a separate business expense card altogether.
Features of the Capital on Tap Business Credit Card
Credit limits up to £250,000
Limits are set individually based on your personal and business credit history. Capital on Tap reviews accounts regularly for limit increases.
Up to 42 days interest-free
Card purchases are interest-free if you pay the full statement balance by the due date.
Uncapped 1% cashback
Redeem points for cash, gift cards or a balance reduction, or convert them to Avios, Virgin Points or Radisson Rewards.
Preloading
Top up your card with your own money to spend beyond your credit limit. Preloaded spend still earns cashback, and Pro customers earn 1.25% on it.
Virtual cards
Create virtual cards instantly for online spending, including on the day you're approved.
Bill Pay (beta)
Pay supplier invoices by bank transfer from your credit line, even where the supplier doesn't take cards. This costs either 2% (and earns 1% in points) or 1% (with no points).
Drawdowns to your bank account
Transfer available credit to your business bank account. Interest applies daily from the day of the transfer.
Flexible repayments
Pay monthly (full balance, minimum or a fixed amount) or weekly by Direct Debit. Smart Repay can also collect daily or weekly through Open Banking at some banks.
Mobile wallets
Add your card to Apple Pay or Google Pay.
24/7 phone support
Capital on Tap's UK support line runs around the clock.
Instant Savings account
An optional business savings account, provided by ClearBank and protected by the FSCS (Financial Services Compensation Scheme) up to £120,000.
How Much Does Capital on Tap Cost?
Capital on Tap's pricing splits into three areas: the plan fee, interest, and a short list of other charges.
Plan Fees
Plan | Annual fee |
|---|---|
Free | £0 |
Pro | £299 |
Interest Rates and the Interest-Free Period
Capital on Tap advertises rates "as low as" 13.86% APR (variable), which works out at around 1.09% a month. That figure is the floor, not the rate most applicants get. Each rate is set individually based on your personal and business credit history, and part of it tracks the Bank of England Base Rate. Rates can only change at the start of a billing period.
Capital on Tap doesn't publish a representative APR on its main product pages. An independent review reported a representative rate of 34.9% APR. Your offer could be lower or higher.
The interest-free period only covers card purchases, and only when you pay the full balance by the due date. Interest applies from day one on:
Drawdowns (transfers from your card to bank account)
ATM cash withdrawals
The result is that Capital on Tap is good value as a payment tool and expensive as a borrowing tool. The table below shows what carrying a £10,000 balance for one month would cost at different rates.
Rate (APR, variable) | Approx. interest on £10,000 | Cashback earned |
|---|---|---|
13.86% (lowest advertised) | £109 | £100 |
34.9% (reported representative rate) | £253 | £100 |
Our calculations, using Capital on Tap's published lowest rate and the reported representative rate, October 2026. Monthly interest converted from APR.
In practice, one month of carried balance at a typical rate wipes out the cashback on that spend more than twice over.
Other Fees
Item | Cost |
|---|---|
Foreign exchange (non-sterling purchases) | £0 |
ATM withdrawals | £0 |
Employee cards | £0 |
Exceeding your credit limit | £0 (further transactions declined) |
Account closure | £0 |
Bill Pay | 2% (earns 1% in points) or 1% (no points) |
Pro airport lounge guests beyond two free passes | £30 per guest per visit |
Late payment | Set out in your credit agreement |
What Do You Actually Pay Each Year?
We worked through some common patterns using Capital on Tap's published terms.
Business pattern | Plan | Annual fee | Cashback earned | Net position |
|---|---|---|---|---|
Consultancy spending £1,500 a month, paid in full | Free | £0 | £180 | £180 better off |
E-commerce company spending £8,000 a month on stock and ads, paid in full | Free | £0 | £960 | £960 better off |
Agency spending £3,000 a month, director travels monthly, paid in full | Pro | £299 | £360 | £61 better off, plus lounge access |
Company spending £5,000 a month that carries £5,000 for two months a year at 34.9% | Free | £0 | £600 | Roughly £350 better off after about £250 in interest |
Estimates based on Capital on Tap's published fees and 1% cashback rate, October 2026, and a 34.9% APR where interest applies. Excludes Bill Pay fees and any late payment charges.
Is Capital on Tap Pro Worth £299 a Year?
For most businesses, no. Pro doesn't improve the 1% cashback rate on ordinary card spending, so the fee has to be earned back through travel perks.
The Avios uplift alone takes a lot of spend to pay off. On Free, every £1 spent earns 0.8 Avios. On Pro, it earns 1 Avios. If you value an Avios at around 1p (an assumption, since real value depends on how you redeem), Pro adds about 0.2p per £1 spent. You'd need roughly £150,000 of card spend a year before that covers the £299 fee.
Pro makes more sense if:
The main cardholder flies often and will use airport lounges
You move large amounts through Preloading, where Pro earns 1.25% instead of 1%
You already collect Avios or Virgin Points and want the better conversion rate
Lounge access only covers the main cardholder, plus two free guest passes a year. Other directors on the account don't receive this benefit.
How Do Other Business Credit Cards Compare?
Card | Annual fee | Foreign exchange fee | Rewards | Sole traders |
|---|---|---|---|---|
Capital on Tap (Free) | £0 | None | 1% cashback, uncapped | No |
Capital on Tap (Pro) | £299 | None | 1% cashback, better Avios conversion, lounge access | No |
American Express Business Gold | £0 in year one, then £195 | 2.99% | Membership Rewards points | Check |
Barclaycard Select Cashback | £0 | 2.99% | Cashback | Yes |
Capital on Tap's strengths are the uncapped cashback, no foreign exchange fees and high limits. Its weakness is the cost of carrying a balance. Business Expert reported Barclaycard's representative rate at 25.5% APR against Capital on Tap's 34.9% in July 2026, so a bank card may cost less if you expect to borrow on it.
Our guide to business credit cards compares a wider range of options.
Is Capital on Tap Safe to Use?
For a director weighing a fintech card against one from their bank, this is usually the first question.
FCA Authorisation
New Wave Capital Limited, trading as Capital on Tap:
Company number: 07959823
FCA firm reference number 625592 for consumer credit activities
FCA firm reference number 900922 as an electronic money institution
Not a bank, and doesn't hold a UK banking licence
You can check both registrations on the FCA Financial Services Register.
What 'Not a Bank' Means for You
With a credit card, you're borrowing Capital on Tap's money, so deposit protection mostly isn't relevant. It matters in two situations:
Where your money is | How it's protected |
|---|---|
Preloaded funds and credit balances on your card | Safeguarded as e-money through Modulr, an FCA-authorised EMI. Not FSCS protected |
Instant Savings account | Held by ClearBank and FSCS protected up to £120,000 |
Safeguarding means your funds are kept separate from the company's own money so they can be returned if it fails. It isn't the same as FSCS protection, which compensates you if the provider can't.
Purchase Protection
This is the safety point most reviews skip. Capital on Tap's cards aren't regulated under the Consumer Credit Act 1974, so you can't make a Section 75 claim if goods don't arrive or a supplier goes bust. You can still ask Capital on Tap to raise a Visa chargeback, normally within 120 days of the transaction, but success isn't guaranteed.
Bill Pay transfers carry no chargeback rights at all, because they're processed as bank transfers rather than card payments.
Fraud Protection
Some Faster Payments sent from your account may be covered by the Payment Systems Regulator's Authorised Push Payment (APP) fraud reimbursement rules, up to £85,000. This only applies to micro-enterprises with fewer than 10 employees and turnover or a balance sheet of no more than €2 million. Card payments aren't covered by these rules but have their own protections.
Terms and Conditions to Check
Several parts of Capital on Tap's terms are worth reading before you commit.
Sole traders can't apply
Only limited companies, LLPs and PLCs registered at Companies House are eligible.
A personal guarantee is required
You're personally liable for the company's card debt if the business can't pay.
The advertised rate is the lowest, not the typical
13.86% APR is the floor. Check your offered rate in the credit agreement before you sign.
Drawdowns and ATM withdrawals are charged interest straight away
The 42-day interest-free period only applies to card purchases paid in full.
No Section 75 protection
Chargebacks are available for card payments, but not the statutory protection personal cards carry.
Late payment fees aren't published upfront
They're set out in your credit agreement. Capital on Tap may also suspend the account if it can't reach you about a missed payment.
Restricted spending
The card can't be used for gambling, securities brokerage, fines, wire transfers or buying foreign currency.
You can't change your payment due date
You can switch to weekly full repayments if the monthly date doesn't suit your cash flow.
What Is Capital on Tap Good At?
Rewards on everyday spending without a fee
Uncapped 1% cashback on the Free plan is unusual among no-fee business cards.
Spending abroad
No foreign exchange or ATM fees from Capital on Tap on either plan.
Team spending
Unlimited free cards, per-card limits, role-based access and receipt chasing.
Fast access to credit
A decision in minutes and a virtual card to spend with the same day.
High credit limits
Up to £250,000, without switching your business bank account.
Bookkeeping
Automatic sync with Xero, QuickBooks, FreeAgent and Sage.
Who Is Capital on Tap Best Suited To?
Capital on Tap is particularly suited to:
Limited companies that clear the balance every month
You get up to 42 days of free credit and 1% back on everything, with no annual fee.
Businesses paying overseas suppliers or software in foreign currencies
No foreign exchange fees can save more than the cashback earns.
Companies with several staff who spend on the business's behalf
Free employee cards with individual limits replace expense claims and reimbursements.
New limited companies
No minimum trading history is required, though your personal credit history will shape the limit you're offered.
Directors who travel often (Pro plan)
Unlimited lounge access and a better Avios rate can justify £299 a year if you'll use them.
Who Would Be Better Served by Alternatives?
Capital on Tap isn't the right fit for every business. Several situations call for something else.
You're a sole trader
Capital on Tap won't accept your application. Read whether sole traders are eligible for loans and compare cards that accept self-employed applicants in our business credit cards guide.
You need to borrow over several months
A credit card is a costly way to fund a longer gap. An unsecured business loan or short-term business loan usually costs less for planned borrowing.
Your cash flow depends on unpaid invoices
Invoice finance unlocks money you're already owed, rather than adding new debt.
You take most of your income by card
A merchant cash advance is repaid as a share of card takings. Our guide to merchant cash advances explained covers the costs.
You don't want a personal guarantee
Consider a prepaid business expense card, which gives you staff cards and spend controls without any credit or personal liability.
You've been turned down for credit
Our guide to alternative lenders for SMEs when banks say no explains your options.
Common Misconceptions About Capital on Tap
"Capital on Tap is a digital bank."
It isn't. It's an FCA-authorised credit provider and e-money institution. You'll still need a business current account, and our business bank accounts guide compares the options.
"Sole traders can get a Capital on Tap card."
Not at the moment. Only limited companies, LLPs and PLCs can apply.
"The interest rate is 13.86%."
That's the lowest rate available. Rates are priced individually, and a third-party review reported the representative rate at 34.9% APR in July 2026.
"Pro gets you more cashback."
Only on preloaded spend, where Pro earns 1.25%. Ordinary card spending earns 1% on both plans.
"Applying will damage my credit score."
It won't. The application runs a soft search on your personal credit file. A hard search appears on your business credit file only when you sign the agreement.
"A business credit card has protections like a personal one."
Not quite. Section 75 doesn't apply to Capital on Tap's cards, though Visa chargebacks are available.
What Real Customers Say About Capital on Tap
Capital on Tap has a Trustpilot TrustScore of 4.6 out of 5 from more than 18,500 reviews, as of October 2026. Around 89% of reviews are five stars and around 5% are one star, and the company had replied to 93% of negative reviews when we looked in October 2026.
Positive reviews tend to praise the fast application, the app, virtual cards and the flexibility of the rewards. Negative reviews tend to focus on three things:
Accounts restricted or closed during reviews, sometimes with little explanation
Disputes and chargebacks over supplier problems that customers felt weren't resolved
Unsolicited marketing letters to company directors
When we speak to business owners, the product itself rarely draws complaints. The friction comes when something goes wrong with a supplier payment, which is why the lack of Section 75 protection deserves more attention than it usually gets.
FAQs About Capital on Tap
Is Capital on Tap free?
Yes, on the Free plan. There's no joining, monthly or annual fee, and no foreign exchange or ATM fees. You only pay interest if you don't clear the balance in full, or if you draw down cash.
Can sole traders get a Capital on Tap card?
No. Capital on Tap only accepts limited companies, LLPs and PLCs registered in the UK and active on Companies House.
Does Capital on Tap run a credit check?
Yes. It runs a soft search on your personal credit file when you apply, which doesn't affect your score. A hard search is recorded on your business's credit file when you sign the credit agreement.
What credit limit will I get with Capital on Tap?
It depends on your personal and business credit history. Limits go up to £250,000, and Capital on Tap reviews accounts regularly for increases.
What is Capital on Tap's interest rate?
Rates start from 13.86% APR (variable) and are set individually. Capital on Tap doesn't publish a representative APR on its main product pages, and a third-party review reported 34.9% APR in July 2026.
How long is Capital on Tap's interest-free period?
Up to 42 days on card purchases, if you pay the full balance by the due date. Drawdowns and ATM withdrawals are charged interest from the day you make them.
Does Capital on Tap need a personal guarantee?
Yes. A director or major shareholder must personally guarantee the company's card debt.
Can I use Capital on Tap outside the UK?
Yes, anywhere that takes Visa, with no foreign exchange fees. The card won't work in a small number of high-risk countries, including Russia, Iran and North Korea.
Is Capital on Tap Pro worth it?
Only for frequent travellers or very high spenders. Pro doesn't raise the 1% cashback rate on normal card spending, so the £299 fee is mainly recovered through lounge access and better Avios conversion.
Does Capital on Tap work with Xero?
Yes. It syncs with Xero, QuickBooks, FreeAgent and Sage, and new Xero subscribers get six months free on the Free plan.
Is Capital on Tap regulated?
Yes. It's authorised by the FCA for consumer credit (FRN 625592) and as an electronic money institution (FRN 900922). It isn't a bank.
Alternatives to Capital on Tap
If you want to compare a wider range of cards, including ones that accept sole traders, our business credit cards guide is the place to start.
If you need staff cards without taking on credit, our business expense cards guide covers prepaid options.
If your team spends mainly on fuel, business fuel cards offer better controls for vehicle costs.
If you need to borrow for longer than a month or two, compare business loans.
If you're setting up a new company and still need somewhere to bank, read our guide to the best bank accounts for new businesses.
Verdict: Is Capital on Tap a Good Business Credit Card?
Capital on Tap is one of the strongest no-fee business credit cards available to UK limited companies. The Free plan pays uncapped 1% cashback, charges nothing for spending abroad, gives you unlimited free employee cards and syncs with the main accounting packages. A decision takes minutes and only leaves a soft search on your personal file.
The limits are just as clear. Sole traders can't apply. Every account needs a personal guarantee. Rates are priced individually and can be high, and the card lacks the Section 75 protection many owners assume it has. Pro only pays off for frequent travellers or very high spenders.
In our experience, the businesses that get the most from Capital on Tap treat it as a payment tool, not a loan. If your company clears the balance every month and spends regularly on the card, Capital on Tap is a strong choice.
