How long does it take to get a business credit card?

Depending on the provider, it could take a few days or a couple of weeks for the business credit card to arrive in the post. Once you submit your application it will need to be reviewed by the card issuer but that is normally approved quickly.

Is your credit record checked for a business credit card?

Credit card providers usually check your business's finances and credit record when you apply for a business credit card. If your business doesn't have much credit history, your personal credit history may be checked. A business credit score reflects your company’s ability to manage debt and repay loans, and is based on factors like payment history and outstanding debt.

Does using a business credit card affect my personal credit record?

Using a business credit card could affect your personal credit card, particularly if you're the main account holder. It's best to use a business credit card sensibly, as you would a personal credit card, If you're worried about repayments you should speak to the card provider as soon as possible.

Can I get a business credit card with rewards?

Yes, business credit cards with rewards are available. These cards often offer cashback, allowing you to earn a percentage of what you spend back. Other rewards may include air miles, travel points, or shopping vouchers, depending on the card provider. Choose a business credit card with rewards that aligns with your business's spending habits to maximise the benefits.

Can several employees have their own card?

Yes, you can get multiple corporate credit cards under one account, which allows selected employees to have their own cards while the business receives a single bill. Many providers also offer spending controls, so you can set limits and monitor expenses for each card.

Do I need a business current account to apply?

No, a business current account is not a requirement to apply for a business credit card. However, having one can simplify managing your finances, making it easier to pay your bills and keep business transactions separate from personal ones.

Can I get a business credit card as a startup?

Yes, startups can apply for a business credit card, and it can be a useful tool for managing cash flow during the early stages. However, since your business is new, you may be asked to provide additional information to prove your ability to meet repayment requirements. This could include a personal credit check, company financial statements, and details of any assets, which will help the provider determine your credit limit.

Can I check my eligibility before applying for a business credit card?

Many providers let you check your eligibility online before applying. This typically involves a soft credit check, which won’t affect your credit score, and will give you an idea of your chances of approval prior to any application.

Are business credit cards interest-free?

Business credit cards aren’t usually interest-free. However, many providers will offer an interest-free period on purchases if you pay off the balance in full each month. If you carry a balance, interest will apply, so it’s important to check the terms.

Can I get a business current account with bad credit?

Yes, it’s possible to get a business current account even if you have bad credit, though it may be more challenging. Some banks and financial institutions offer business accounts specifically designed for people with poor credit histories. These will sometimes come with fewer features, but can still help you manage your business finances effectively. To improve your chances of being accepted for an account, you can take steps to enhance your credit history, such as paying bills on time, reducing outstanding debt, and regularly checking your credit report for errors.

How long does it take to open a business bank account?

Opening a business bank account typically takes between one and four weeks, though the process can be faster depending on the bank and your business type. Some banks even offer same-day account opening. Factors that can affect the timeline include your business structure (sole traders usually take less time), your relationship with the bank, and the application method. Some banks offer faster services, and non-residents or high-risk businesses may experience longer processing times. Once your application is submitted, the bank will conduct background checks and may contact you for additional information.

Can I use a personal current account for my business transactions?

While it’s technically possible to use a personal current account for business transactions, it’s generally not recommended. Keeping personal and business finances separate helps you stay organised, track expenses more easily, and simplify tax reporting. If you run a limited company, using a business current account is a legal requirement because your company is considered a separate legal entity. Sole traders aren’t legally required to have a business account, but opening one can provide tailored features, such as accounting tools.

What fees can I expect with a business current account?

The fees for a business current account can vary depending on the bank and the account type. Common charges to look out for include: Monthly maintenance fees: A fixed charge for maintaining your account. Transaction fees: Costs for deposits, withdrawals, and payments. Overdraft charges: Fees for accessing overdraft facilities. International transfer fees: Charges for sending or receiving money abroad. Debit card usage fees: Costs for using your business debit card, especially abroad. Some business accounts may offer free banking for an introductory period, so it’s essential to carefully review the fee structure to find an account that matches your business needs and budget.

Are business bank accounts protected by FSCS?

Yes, business bank accounts are protected by the FSCS up to £85,000, provided the bank is FCA or PRA-authorised. For small businesses or limited companies, protection applies if the bank fails. Sole traders have combined protection with personal accounts under one £85,000 limit. For more complex claims, eligibility may vary depending on your business type. Check with your bank for specific coverage details.

Can I have multiple business current accounts?

Yes, you can have multiple business current accounts. This can be useful for managing different aspects of your finances, such as separating operational expenses from tax savings, or tracking revenue for different projects. If you run multiple businesses, separate accounts for each can simplify accounting and financial reporting.

Do I need to maintain a minimum account balance?

Whether you need to maintain a minimum balance depends on the specific business current account you choose. Some banks may require a minimum balance to avoid fees or to access certain account features, while others may be more flexible. Review the account’s terms and conditions or ask your provider directly if you're unsure.

Are there any limitations on the number of transactions or cash deposits I can make?

Many business current accounts have limits on free transactions or cash deposits each month. Exceeding these limits may incur fees. Some accounts also cap the maximum cash deposit per day or month. To avoid extra charges, review the account terms and choose one that suits your transaction volume.

What happens if I close my business?

If you close your business, notify your bank and close your business current account. The bank will guide you through the process, which will typically involve settling any outstanding payments or fees. Any remaining funds can be transferred to a personal account or another business account.

Am I guaranteed an overdraft with a business account?

No, getting an overdraft with a business current account isn’t guaranteed. Just like with personal accounts, you’ll need to pass a credit check to be approved, and the overdraft limit offered will depend on both your financial circumstances, and the bank’s assessment of your business. If you need an overdraft, it’s a good idea to speak directly with your account provider to explore available options and understand the terms, including any fees and interest rates that could apply.

Is my business eligible to use the Current Account Switch Service?

Your business may be eligible to use the Current Account Switch Service if it meets the following criteria: Fewer than 50 employees Annual turnover of £6.5 million or less Both your current and new banks are part of the switch guarantee scheme If you're unsure whether your business qualifies, contact your new bank for confirmation and guidance on the switching process.

Can I have a business current account if I'm a sole trader?

Yes, sole traders can open a business current account, just like partnerships and limited companies. Having a dedicated account is smart as it separates personal and business finances, simplifying income tracking, expenses, and tax management. Many banks offer accounts tailored to sole traders with features like accounting integrations, invoicing tools, and business support, helping you manage cash flow and prepare tax returns more easily.

Can I use my business current account for personal transactions?

Generally, it’s not advisable to use your business current account for personal transactions. Keeping business and personal finances separate helps maintain clear records, avoid tax complications, and ensures compliance with accounting standards. Mixing personal and business expenses can lead to confusion and potential legal issues, especially when it comes to taxes and audits. Additionally, it's worth noting that many banks prohibit the use of business accounts for personal purposes.

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Business credit card eligibility checkers: what they are and how they work

What are business credit card eligibility checkers?

Written by Rachel Wait, Contributing writerEdited by Lucinda O'Brien, Senior finance editor, 28 March 2025

Fact Checked

Using an eligibility checker can prevent you from applying for business credit cards you have no chance of getting.

An eligibility checker carries out a soft credit search on your business’s credit history.

If you’re applying for a business credit card, an eligibility checker reveals your chances of acceptance without affecting your credit score. This guide explains how eligibility checkers work and the benefits of using one.

Key takeaways

A business credit card eligibility checker tells you the likelihood of approval for a particular credit card
Eligibility checkers only use a soft credit search and don’t hurt your credit score
Using an eligibility checker reduces the chances of applying for a credit card you won’t get
Eligibility checker results aren’t guaranteed, but they give a good indication

Choose the best business bank account for your company with features including no set up fees.

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What is a business credit card eligibility checker?

A business credit card eligibility checker tells you the likelihood of approval for a particular business credit card, before you make your application in full.

When you use an eligibility checker, it carries out a soft credit search on your business’s credit history. This means it doesn’t leave a mark on your business’s credit file for other lenders to see. By contrast, when you make a credit application in full, the lender carries out a hard credit check, which is visible on your credit file.

Too many hard credit checks in a short space of time can indicate to lenders that you’re having financial problems. This may prevent you from borrowing money in the future. That’s why using an eligibility checker can be so beneficial.

How do business credit card eligibility checkers work?

If you decide to use a business credit card eligibility checker, your first step is to provide some details about your business, such as:

Your business structure
Your business name and address
Annual turnover
Trading history
Number of employees

The eligibility checker then searches your business’s credit file and uses the information to assess whether you’re likely to qualify for a particular business credit card. Your results should appear quickly, and you can then decide whether it’s worth proceeding with your application.

If you do proceed, the lender carries out a full credit check on your business; if you don’t proceed, no damage has been done, and you can search for a different credit card or an alternative way of borrowing.

Keep in mind that eligibility checkers can only give you an indication of your chances of acceptance. The results aren’t 100% guaranteed.

Benefits of using eligibility checkers

Some of the benefits of using an eligibility checker include:

Saves time

Using an eligibility checker is quick and easy. It enables you to assess the likelihood of being approved for a card without going through the full application process for multiple cards, which can be time-consuming.

No damage to your business credit score

An eligibility checker lets you check your chances of approval without affecting your credit record as it only uses a soft search.

Better decision making

Having a better understanding of your chances of acceptance means you can make more informed financial decisions. If you are unlikely to qualify for a particular credit card, you can look for one that might have different eligibility criteria, or weigh up other borrowing options.

How can I improve my chances of getting a business credit card?

Before you apply for a business credit card, there are several steps you can take to increase your chances of acceptance:

Check your credit report

First, check your business’s credit report. This gives you a good understanding of your situation and enables you to check for errors. If you find any mistakes, contact the credit reference agency and ask for a correction.

If there are any negative marks on your report, such as a missed payment, it may be better to wait until it’s removed before applying for more credit. This usually happens six years after the incident was first recorded.

Take steps to improve your credit score

If your business credit score is poor, it’s worth looking at ways to improve it and build your business credit. You can do this by paying bills on time, filing full accounts rather than abridged or micro-entity accounts, paying down debts and keeping HMRC updated about any business changes.

Check eligibility criteria carefully

There’s no point applying for a credit card you have no chance of getting. So, check the criteria carefully and make sure you meet them before going further. Otherwise, you’re wasting time.

Use an eligibility checker

Once you’ve found a business credit card you want to apply for, use an eligibility checker, so you know how likely you are to get it without affecting your credit score.

Complete the application form carefully

When you’re ready to apply in full, provide all the necessary information to get your business credit card, and take your time reading through the application form. If you rush, you’re more likely to make mistakes, which could lead to a rejection.

FAQs

Who is eligible for a business credit card in the UK?

Generally, you must be at least 18 years old and a UK resident. You must also be a sole trader, partner or company director with the authority to borrow on behalf of the business. You’re more likely to qualify if the business has a good credit record, but it’s still possible to apply for a business credit card with bad credit.

Do eligibility checkers guarantee approval?

No. Lenders base their final decision on a full credit search and the information you provide during the final application process. Make sure this information is accurate and up to date.

That said, eligibility checkers do give a good indication of the likelihood of acceptance.

Do business credit card eligibility checkers check personal credit?

Business credit card eligibility checkers only check the credit history of the business, not your personal credit history. However, if your business is new and doesn’t yet have much of a credit history, a lender may run a personal credit check and take this into account.