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Most directors who look at the iwoca Credit Card have already seen the headline: zero fees. No annual fee, no foreign exchange (FX) fees and, unusually, no late payment fees. That part is true. The more useful question is what the card costs when life gets in the way.
iwoca's card pays 1% back on every pound you spend and gives you up to 42 days interest-free. Carry a balance past that, though, and the representative rate is 35.40% APR (variable), which outweighs the cashback quickly. There's also no cash withdrawal facility, no advertised employee cards and no way in for sole traders.
This review covers what the iwoca Credit Card offers UK limited companies, how its repayments and interest work, what it costs in practice, how it compares with Capital on Tap, how safe it is, and which businesses it suits best.
TLDR: Is the iwoca Credit Card Worth It?
Yes, for UK limited companies that pay the balance in full each month and mainly need one card for the director. The iwoca Credit Card has no annual, FX or late payment fees, earns 1% cashback that comes straight off your balance, and offers credit limits up to £250,000. Applying only leaves a soft search on your personal credit file.
Best for: owner-managed limited companies that put regular supplier, stock, software or travel costs on one card, clear it every month and want cashback without paying a fee.
Think twice if: you're a sole trader (you can't apply), you need cards for staff or cash from an ATM, you expect to carry a balance for months at a time, or you want to keep your personal finances out of the picture. iwoca requires a personal guarantee.
The setup most need: a single card, paid in full by Direct Debit every month. If you need to borrow for longer, compare a loan rather than leaning on the card.
iwoca Credit Card at a Glance
The table below summarises iwoca's published terms, checked in October 2026:
Feature | iwoca Credit Card |
|---|---|
Credit provider | iwoca Ltd (a business lender, not a bank) |
Card issuer | Enfuce UK Ltd, an electronic money institution authorised by the FCA (FRN 993783) |
Card network | Visa |
Plans | One plan, with no annual fee |
Credit limits | Up to £250,000 |
Interest rates | From 14.99% a year; representative 35.40% APR (variable) |
Interest-free period | Up to 42 days, if you pay the statement balance in full |
Rewards | 1% cashback on all card spending, applied automatically to your balance |
Foreign exchange fees | None (Visa's exchange rate is passed on) |
Late payment fees | None (interest still applies) |
Cash withdrawals | Not available |
Minimum repayment | 10% of the balance or £100, whichever is higher |
Repayments | By Direct Debit, which you must set up |
Employee cards | Not currently advertised |
Accounting integrations | Not currently advertised for the card |
Mobile wallets | Google Pay |
Eligible business types | UK limited companies (see eligibility below) |
Sole traders | Not eligible |
Personal guarantee | Required |
Credit check on application | Soft search on your personal credit file |
Support | Phone, Monday to Friday 9 am to 6 pm, plus email and in-app |
What is iwoca?
iwoca is a London-based business lender, best known for its Flexi-Loan, which lets limited companies borrow from £1,000 to £1 million. It has lent more than £6 billion to small businesses since it started, including £1.5 billion in 2025, according to Alternative Credit Investor in September 2026. The name was originally short for "instant working capital".
The credit card is a newer addition. iwoca brought it to market in 2026, alongside its Flexi-Loan, its iwocaPay buy now, pay later service for trade customers and its free Credit Compass credit score tool.
It's important to be clear on how the card is put together, because two companies are involved:
iwoca Ltd (company number 07798925) provides the credit line, runs the app and handles customer service
Enfuce UK Ltd, an FCA-authorised electronic money institution (EMI), issues the Visa card and processes your transactions
Neither is a bank. You'll still need a separate business current account to repay the card.
At its core, the iwoca Credit Card lets you:
Spend on a Visa business credit card with a limit of up to £250,000
Earn 1% back on every purchase, credited straight to your balance
Pay nothing to spend in foreign currencies
Manage your card, freeze it and track spending in real time through the iwoca app
Pay at the till or online with Google Pay
How Does the iwoca Credit Card Work?
What's Included and What Isn't
iwoca sells a single card with no paid tier. That keeps things simple, but it also means some features other providers include aren't available yet.
Included | Not currently available |
|---|---|
Up to £250,000 credit limit | Cash withdrawals (iwoca says it hopes to add this) |
1% cashback on all spending | Advertised employee or additional cards |
No annual, FX or late payment fees | Advertised accounting software sync for the card |
Up to 42 days interest-free | Points conversion to airline or hotel schemes |
Physical and virtual cards | Travel perks such as airport lounges |
Google Pay | 24/7 phone support |
Real-time spending in the app | Preloading your own money onto the card |
Who Can Apply?
iwoca only lends on the card to incorporated businesses. Based on iwoca's published criteria, checked in October 2026, you need to:
Be based in the UK
Be a director of a UK limited company
Have basic details about the business to hand
Give a personal guarantee
Hold a business bank account to repay by Direct Debit
iwoca doesn't publish a minimum turnover for the card, and it highlights this as a difference from some rivals in its own comparisons. It also doesn't publish a minimum trading history, so check with iwoca before applying if your company is newly incorporated.
iwoca's own wording varies. Its main card page asks for a director of a limited company, its FAQ mentions limited companies and partnerships, and its guides say limited companies and limited liability partnerships (LLPs) qualify. If you're an LLP or a partnership, confirm with iwoca first.
In our experience, the rule that catches people out is the sole trader one. iwoca is a well-known name among self-employed people, but sole traders can't apply for the credit card.
Do You Need a Personal Guarantee?
Yes. iwoca asks for a personal guarantee when you apply for the card. 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, and iwoca says that if your business falls behind on repayments, it may affect your personal credit score.
How Fast Is Approval?
Fast. iwoca says you can apply online in about five minutes and get a decision in real time. Once your account is set up, you download the app and can start spending straight away.
Applying runs a soft search on your personal credit file, which doesn't affect your score and isn't visible to other lenders. That makes it low-risk to find out what limit and rate you'd be offered before committing.
How Do Repayments Work?
At the end of each 30-day billing period, iwoca sends a statement showing your transactions, the cashback you've earned, your balance and the minimum payment. You then have 12 days to pay, which is where the "up to 42 days" figure comes from.
The 42 days is a maximum, not a guarantee for every purchase:
When you buy | Interest-free days before payment |
|---|---|
Day 1 of your billing cycle | 42 days |
Day 15 of your billing cycle | 27 days |
Day 30 of your billing cycle | 12 days |
Based on iwoca's published 30-day billing cycle and 12-day grace period, October 2026.
The minimum repayment is 10% of the outstanding balance or £100, whichever is higher. If your balance is under £100, you have to clear it in full. Repayments are collected by Direct Debit, which you must set up, and you can change how much you repay in the app.
Why Might a Limited Company Choose iwoca?
1% Cashback Taken Off Your Balance
iwoca pays 1% cashback on all card spending, including spending abroad, and applies it to your balance automatically. There are no points to track or redeem and no rewards portal to log into. iwoca doesn't publish a cap on how much cashback you can earn.
For a company that puts most of its regular costs through the card, that adds up:
Monthly card spend | Annual spend | Cashback earned |
|---|---|---|
£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 iwoca's published 1% cashback rate, October 2026. Assumes all spending is eligible card purchases and the balance is cleared in full each month.
No Fees on the Card Itself
Many business credit cards charge an annual fee, add around 2.99% to purchases in foreign currencies and charge a fee when you pay late. iwoca charges none of these. The late payment point is the unusual one: most providers, including Capital on Tap, set a late fee out in the credit agreement.
A Route to More Significant Borrowing
If your business needs more than the card, iwoca's Flexi-Loan offers £1,000 to £1 million with no early repayment fees. Having both products with one lender means one relationship and one set of checks, although it's worth comparing business loans across the market before you borrow.
Features of the iwoca Credit Card
Credit limits up to £250,000. Limits are set individually, based on your personal and business credit history.
Up to 42 days interest-free. Card purchases are interest-free if you pay the full statement balance by the due date.
1% cashback on all spending. Applied automatically to your balance for every payment, with no points to redeem.
No FX fees. iwoca passes on Visa's exchange rate when you spend in another currency, and you still earn 1% cashback.
Real-time app. Track spending and repayments as they happen, and freeze your card instantly if it goes missing.
Physical and virtual cards. Enfuce's card terms cover physical, virtual and digital wallet versions of the card.
Google Pay. Add your card to Google Pay for contactless and online payments.
Click to Pay. Your card is enrolled in Visa's Click to Pay automatically, so you can check out online at participating merchants without typing in your card details. You can opt out in the app.
Flexible repayments above the minimum. Pay the minimum, a set amount or the full balance, and change your choice in the app.
Business credit building. iwoca says regular use and on-time repayments can help build your business's credit history.
How Much Does the iwoca Credit Card Cost?
iwoca's pricing is simpler than most. The only cost you're likely to pay is interest.
Card Fees
Item | Cost |
|---|---|
Annual fee | £0 |
Foreign exchange (non-sterling purchases) | £0 |
Late payment | £0 (interest continues to apply) |
Cash withdrawals | Not available |
Card replacement | Shown in the app; not published on iwoca's website |
From iwoca's credit card page and Enfuce's card terms, checked October 2026.
Interest Rates and the Interest-Free Period
iwoca advertises interest rates "from 14.99% a year", alongside a representative rate of 35.40% APR (variable). Those are two different measures, and it's easy to compare them with the wrong numbers.
The 14.99% figure is an annual interest rate, not an APR. The APR (annual percentage rate) reflects the effect of interest being added to interest over a year, so the APR on a 14.99% rate is higher, at roughly 16% if interest is added monthly. Capital on Tap's lowest advertised rate, 13.86%, is an APR. In practice, that means iwoca's starting rate is a little higher than it looks next to Capital on Tap's.
"Representative" means at least 51% of successful applicants are expected to get that rate or better. So 35.40% APR is a more realistic guide to what you'll pay than the 14.99% floor. Unlike Capital on Tap, iwoca does publish its representative APR, which makes it easier to judge.
The interest-free period only covers your statement balance when you pay it in full by the due date. The result is that the card is good value as a payment tool and expensive as a borrowing tool. Here's what carrying a £10,000 balance for one month would cost:
Rate | Approx. interest on £10,000 | Cashback earned |
|---|---|---|
14.99% a year (lowest advertised) | £125 | £100 |
35.40% APR (representative) | £256 | £100 |
Our calculations, using iwoca's published rates, October 2026. The 14.99% figure is divided by 12; the APR is converted to a monthly rate.
In practice, one month of carried balance at the representative rate wipes out the cashback on that spending two and a half times over.
What Happens If You Pay Late?
No fee is added, but interest keeps building on what you owe at your normal rate. iwoca's pricing page says it will send reminders and retry the payment, won't contact any additional guarantors for at least five days, and waits 30 days before reporting a missed payment to credit reference agencies.
That's more forgiving than most. It isn't a reason to miss payments, though. Interest still applies, and because you've given a personal guarantee, a missed payment that does get reported can affect your personal credit file.
What Do You Actually Pay Each Year?
We worked through some common patterns using iwoca's published terms.
Business pattern | Annual fee | Cashback earned | Net position |
|---|---|---|---|
Consultancy spending £1,500 a month, paid in full | £0 | £180 | £180 better off |
E-commerce company spending £8,000 a month on stock and ads, paid in full | £0 | £960 | £960 better off |
Agency spending £3,000 a month, including £500 in foreign currencies, paid in full | £0 | £360 | £360 better off, and about £179 a year less in FX fees than a card charging 2.99% |
Company spending £5,000 a month that carries £5,000 for two months a year at 35.40% APR | £0 | £600 | Roughly £345 better off after about £255 in interest |
Estimates based on iwoca's published fees and 1% cashback rate, October 2026, and the 35.40% representative APR where interest applies.
Is iwoca Cheaper Than Capital on Tap?
On fees and cashback, the two are close. Both pay 1% on all card spending, both charge no annual fee on their standard card, and both add no FX fees. The differences sit elsewhere.
Feature | iwoca Credit Card | Capital on Tap (Free) |
|---|---|---|
Annual fee | £0 | £0 (Pro plan £299) |
Cashback on card spend | 1% | 1% |
Lowest advertised rate | 14.99% a year | 13.86% APR (variable) |
Representative APR | 35.40% (variable), published | Not published; 34.9% reported by a third-party review in July 2026 |
Late payment fees | None | Set out in the credit agreement |
FX fees | None | None |
Cash withdrawals | Not available | Free (up to two and £400 a day) |
Employee cards | Not advertised | Unlimited and free |
Accounting integrations | Not advertised for the card | Xero, QuickBooks, FreeAgent and Sage |
Support hours | Monday to Friday, 9 am to 6 pm | 24/7 by phone |
Wider borrowing | Flexi-Loan, £1,000 to £1 million | Drawdowns and Bill Pay from the card's credit line |
iwoca terms checked October 2026. Capital on Tap terms from our Capital on Tap review, October 2026.
The honest answer is that neither is cheaper in every case. iwoca wins if you're worried about late fees and want a published representative rate to plan around. Capital on Tap is the stronger choice if staff need cards, you sometimes need cash, or you want spending to sync with your accounting software.
How Do Other Business Credit Cards Compare?
Card | Annual fee | Foreign exchange fee | Rewards | Sole traders |
|---|---|---|---|---|
iwoca Credit Card | £0 | None | 1% cashback | No |
Capital on Tap (Free) | £0 | None | 1% cashback | No |
Capital on Tap (Pro) | £299 | None | 1% cashback, better Avios conversion, lounge access | No |
£0 in year one, then £195 | 2.99% | Membership Rewards points | Check | |
Barclaycard Select Cashback | £0 | 2.99% | Cashback | Yes |
Figures as published in our business credit card reviews, October 2026.
The iwoca Credit Card's strengths are the complete lack of card fees, automatic cashback and high limits. Its weakness is the cost of carrying a balance. Business Expert reported Barclaycard's representative rate at 25.5% APR in July 2026, so a bank-issued card may cost less if you expect to borrow on it.
Our guide to the best business credit cards compares a wider range of options.
Is the iwoca Credit Card Safe to Use?
For a director weighing a lender's card against one from their bank, this is usually the first question.
Who Is Regulated for What?
Company | Role | Regulatory details |
|---|---|---|
Enfuce UK Ltd | Issues the Visa card and processes transactions | Authorised by the FCA as an electronic money institution, FRN 993783; company number 13978639 |
iwoca Ltd | Provides the credit line, the app and customer service | Registered with the FCA under the Payment Services Regulations 2017, reference 791804; company number 07798925 |
You can check both on the FCA Financial Services Register.
What 'Not a Bank' Means
With a credit card, you're borrowing iwoca's money, so deposit protection from the Financial Services Compensation Scheme (FSCS) mostly isn't relevant. Unlike some cards, iwoca doesn't let you preload your own money onto the card, so you won't normally have funds sitting with either company. Merchant refunds go back onto your card's available balance.
Purchase Protection
This is the safety point most reviews skip. iwoca states that because the card is for businesses, it isn't covered by Section 75 of the Consumer Credit Act 1974. That means you can't hold the card provider jointly liable if goods don't arrive or a supplier goes bust.
You can still ask for a Visa chargeback. Enfuce's terms say you should contact the merchant first, and if they refuse a refund, Enfuce may raise a dispute with Visa. Chargebacks aren't guaranteed.
Unauthorised Transactions
Enfuce's card terms set tight deadlines for reporting a payment you didn't make:
Your business | When you must report it | Your liability for a lost or stolen card |
|---|---|---|
Most limited companies | As soon as you notice, within 24 hours, and no later than 30 days after it hits your balance | All the costs of the unauthorised transaction |
Micro-enterprise (fewer than 10 staff and turnover or balance sheet up to €2 million) | Within 13 months of the transaction | Up to £35, unless there's fraud or gross negligence |
These are much shorter windows than many directors expect from a personal card. Check your transactions in the app regularly, and freeze the card straight away if anything looks wrong.
Terms and Conditions to Check
Several parts of the iwoca Credit Card's terms are worth reading before you commit.
Sole traders can't apply. Only UK limited companies are eligible, and partnerships and LLPs should confirm with iwoca first.
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. 14.99% a year is the floor. The representative rate is 35.40% APR. Check your offered rate before you accept.
No cash withdrawals. The card can't be used at ATMs at the moment.
No Section 75 protection. Chargebacks may be possible, but not the statutory protection personal cards carry.
Short deadlines for disputing unauthorised payments. Most limited companies must report within 24 hours of noticing and no later than 30 days.
Direct Debit is compulsory. You must set one up so repayments can be collected automatically.
Business spending only. The card can't be used for personal, family or household spending.
Restricted spending. Transactions are automatically declined for gambling, lotteries, wire transfers and money orders, securities brokers, buying foreign currency or travellers' cheques, and dating and escort services.
Unused cards can be blocked. A card that isn't used for six months in a row may be blocked or cancelled.
30 days' notice to close. You can end the card agreement by giving 30 days' written notice to customer services.
What Is the iwoca Credit Card Good At?
Rewards without any card fees. 1% cashback on all spending, with no annual, FX or late payment fees.
Spending abroad. No FX fees, Visa's exchange rate and cashback on foreign spending.
Forgiveness if you slip up. No late fees, and a 30-day wait before a missed payment is reported.
Transparent pricing. A published representative APR, which many rivals don't show.
Fast access to credit. A real-time decision and spending straight away once your account is set up.
High credit limits. Up to £250,000, without switching your business bank account.
Who Is the iwoca Credit Card Best Suited To?
The iwoca Credit Card is particularly suited to:
Owner-managed limited companies that clear the balance every month. You get up to 42 days of free credit and 1% back on everything, with no fees at all.
Businesses paying overseas suppliers or software in foreign currencies. No FX fees can save more than the cashback earns.
Companies with unpredictable cash flow that worry about late fees. A late payment won't trigger a fee, though interest still applies.
Existing iwoca customers. If you already use a Flexi-Loan, adding the card keeps your business borrowing with one lender.
Companies without a turnover track record. iwoca doesn't publish a minimum turnover, though your credit history will shape your limit.
Who Would Be Better Served by Alternatives?
The iwoca Credit Card isn't the right fit for every business. Several situations call for something else.
You're a sole trader. iwoca won't accept your application for the card. Read whether sole traders are eligible for loans and compare cards that accept self-employed applicants in our business credit cards guide.
Your staff need cards. iwoca doesn't currently advertise employee cards. Capital on Tap offers unlimited free staff cards, or a prepaid business expense card gives you spend controls without credit.
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 involves no credit and no personal liability.
You've been turned down for credit or have a CCJ. Our guides to alternative lenders for SMEs when banks say no and banking and accessing credit with a CCJ explain your options.
Common Misconceptions About the iwoca Credit Card
"Zero fees means the card is free to borrow on." It isn't. "Zero fees" covers card charges, not interest. Carry a balance past the due date and the representative rate is 35.40% APR.
"The interest rate is 14.99% APR." 14.99% is the lowest annual interest rate, not an APR, and not the typical rate. The representative APR is 35.40%.
"No late fees means a missed payment doesn't matter." Interest keeps building, and because the card needs a personal guarantee, a missed payment that's reported can affect your personal credit file.
"iwoca is a bank." It isn't. iwoca is a business lender, and the card is issued by Enfuce, an electronic money institution. You'll still need a business current account, and our business bank accounts guide compares the options.
"Applying will damage my credit score." It won't. iwoca runs a soft search on your personal credit file when you apply.
"A business credit card has the same protections as a personal one." Not quite. Section 75 doesn't apply, and the deadlines for reporting unauthorised transactions are much shorter.
What Real Customers Say About iwoca
iwoca has a Trustpilot TrustScore of 4.5 out of 5 from around 12,950 reviews, as of August 2026, with more than 2,500 reviews left in the previous 12 months.
Almost all of these reviews are about iwoca's business loans, not the credit card. Positive reviews tend to praise fast decisions, funds arriving quickly and helpful account managers. The negative reviews we read were mainly about lending decisions, such as being offered less than expected.
The card itself is too new to have much feedback of its own. The iwoca card app on the Apple App Store didn't yet have enough ratings to show a score when we checked in October 2026. We'll update this section as card-specific reviews build up.
FAQs About the iwoca Credit Card
Is the iwoca Credit Card free?
Yes, in terms of card fees. There's no annual fee, no FX fee and no late payment fee. You only pay interest if you don't clear your statement balance in full by the due date.
Can sole traders get an iwoca Credit Card?
No. The card is for UK limited companies. If you're an LLP or partnership, check with iwoca before applying, as its published wording varies.
Does iwoca run a credit check?
Yes. iwoca runs a soft search on your personal credit file when you apply, which doesn't affect your score and won't appear to other lenders.
What credit limit will I get with iwoca?
It depends on your personal and business credit history. Limits go up to £250,000.
What is the iwoca Credit Card's interest rate?
Rates start from 14.99% a year, and the representative rate is 35.40% APR (variable), as published in October 2026. Your rate depends on your circumstances.
How long is the iwoca interest-free period?
Up to 42 days: a 30-day billing cycle plus 12 days to pay. Purchases made later in the cycle get fewer interest-free days.
What is the minimum repayment?
10% of the outstanding balance or £100, whichever is higher. If you owe less than £100, you need to pay it in full.
Does the iwoca Credit Card need a personal guarantee?
Yes. A director must personally guarantee the company's card debt.
Can I withdraw cash with the iwoca Credit Card?
No. Cash withdrawals aren't available, although iwoca says it hopes to add the feature.
Can I use the iwoca Credit Card abroad?
Yes, worldwide wherever Visa is accepted. iwoca charges no FX fees, and you still earn 1% cashback.
Does the iwoca Credit Card charge late payment fees?
No. Interest continues on what you owe, and iwoca says it waits 30 days before reporting a missed payment to credit reference agencies.
Can I get employee cards with iwoca?
iwoca doesn't currently advertise employee or additional cards. If staff need their own cards, check with iwoca before applying, or compare providers that include them.
Is iwoca regulated?
Yes. The card is issued by Enfuce UK Ltd, authorised by the FCA as an electronic money institution (FRN 993783). iwoca Ltd, which provides the credit, is registered with the FCA under the Payment Services Regulations 2017 (reference 791804). Neither is a bank.
Is iwoca or Capital on Tap better?
It depends on how you'll use the card. iwoca suits a single director who wants no fees at all, including late fees. Capital on Tap suits companies that need staff cards, cash withdrawals, 24/7 support or accounting sync.
Alternatives to iwoca
If you want staff cards, cash access and accounting sync, read our Capital on Tap review.
If you want travel rewards and can pay in full every month, compare Amex Business Gold and Amex Business Platinum.
If you want to compare a wider range of cards, 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 the iwoca Credit Card a Good Business Credit Card?
The iwoca Credit Card is one of the simplest no-fee business credit cards available to UK limited companies. It charges no annual, FX or late payment fees, pays 1% cashback straight off your balance, offers limits up to £250,000 and gives a decision in minutes with only a soft search on your personal file. It also publishes its representative APR, which many rivals don't.
The limits are just as clear. Sole traders can't apply. Every account needs a personal guarantee. The representative rate of 35.40% APR makes it an expensive way to borrow, and like other business cards, it lacks Section 75 protection. There are no cash withdrawals and no advertised employee cards or accounting sync, so it's a better fit for a single director than for a team.
In our experience, the businesses that get the most from a card like this treat it as a payment tool, not a loan. If your company clears the balance every month and mainly needs one card, the iwoca Credit Card is a strong, low-hassle choice. If your team needs cards of its own, look at Capital on Tap first.
