Business Credit Card

Spread the cost of running your business

With The Co-operative Bank’s Business Credit Card, you can borrow as and when you need to and spread the cost of your day-to-day business purchases.

Up to 56 days

interest-free period on purchases as long as the outstanding balance is paid monthly in full by the due date

£25,000

max. credit limit

£24

annual fee

Why apply for a Business Credit Card?

  • Benefit from an interest-free period on purchases of up to 56 days (if the outstanding balance is paid monthly in full by the due date)
  • Add or remove additional cards linked to the same limit at any point once the card is open
  • Use Apple Pay, Google Pay and Samsung Wallet to make purchases online and in-store
  • Every month you have the credit card open, we'll contribute £1 per account per month to our Customer Donation Fund

Find out how to apply for a Business Credit Card.

Check your eligibility

  • 18 or over
  • A UK resident with a business or charity address in the UK
  • Authorised to borrow on behalf of the business or charity
  • A Co-operative Bank business current account holder (if you close your business current account, your Business Credit Card will also be closed)

If you do not yet have a Co-operative Bank business current account, we will help you open one if your lending application is successful.

The Business Credit Card is available for business use only.

Representative example

You can use this representative example rate to compare the cost of similar products from other lenders.

21.8%

APR representative (variable)

15.9%

purchase rate per annum (variable)

£1,200

assumed credit limit

£24

annual fee (incorporated in the APR)

Key information

The table below gives an overview of some of the important details you need to know about the Business Credit Card. For full details, please refer to the Business Credit Card Summary Box PDF:

Download Business Credit Card Summary Box PDF

Fees, charges, interest and credit limits
Fees, charges, interest and credit limits Annual fee
£24
Fees, charges, interest and credit limits Cash withdrawal fee
3% of the cash withdrawn (minimum charge of £3)
Fees, charges, interest and credit limits Ordering a copy statement
£8 per statement
Fees, charges, interest and credit limits Late or missed payments
£10.50 per payment missed or received after the due date
Fees, charges, interest and credit limits Going over your credit limit
£10.50 each time you go over

You will be charged this fee each month you're over your limit.
Fees, charges, interest and credit limits Balance transfers
Not available
Fees, charges, interest and credit limits Currency conversion charge (if you're paying for something in a foreign currency, or withdrawing cash in a foreign currency outside the UK)
2.75% of the transaction

Transactions are also converted into sterling using the Visa Scheme Exchange Rate which can be found at our travelling for business page
Fees, charges, interest and credit limits Withdrawing foreign currency outside the UK
3% cash fee (minimum £3), in addition to the currency conversion charge
Fees, charges, interest and credit limits Interest per annum on purchases and cash withdrawals
15.9%
Fees, charges, interest and credit limits Interest-free period for cash withdrawals
None
Fees, charges, interest and credit limits Minimum credit limit (subject to status)
£500

Please request a credit limit to cover your needs, including any purchases you intend to make. We will then carry out a credit search and inform you of your credit limit.
Fees, charges, interest and credit limits Maximum credit limit (subject to status)
£25,000

Please request a credit limit to cover your needs, including any purchases you intend to make. We will then carry out a credit search and inform you of your credit limit.

Repayments

Each month, you must pay at least the minimum payment by the payment date shown on the statement we send you. If you want to pay less interest, you can always pay more than the minimum payment.

The minimum payment will be the highest of the following:

  • 2% of the total balance on your statement (including interest and charges)
  • £5
  • the sum of interest for the period from your last statement, any charges, and 1% of the total balance on your statement (excluding interest and charges).

We round up the minimum payment to the nearest pound. If you owe less than £5, you must pay us the full amount you owe.

If you make only the minimum payment each month, it will take you longer and cost you more to clear your balance. You can set up a direct debit to pay either the minimum or full balance each month. If you have opted to pay the minimum payment, you can always contact us by calling Business Account Support on +44(0)3457 213 213 to arrange to pay more.

How to apply

Please note: Your application is subject to status. This means we’ll complete credit checks and an assessment of your financial circumstances.

Step 1. Gather the information you’ll need to apply

To apply for the Business Credit Card, you’ll need:

  • your business details, including current year end date, net profit, loss and annual turnover
  • your Co-operative Bank business current account details, including account name, account number and sort code (if you do not yet have a Co-operative Bank business current account, we will help you open one if your lending application is successful)
  • personal details (including name, date of birth, nationality and home address) of all individuals registered on your existing Co-operative Bank business current account, including signatories, authorised users, directors, stakeholders and partners
  • if you require a credit limit over £10,000: copies of your annual accounts or tax returns for the last two years.

We only require one signatory to sign the application to progress it. We'll ask you to sign any offer in accordance with your account mandate.

After looking at your individual circumstances, we may decline your application. Being refused for a credit card can have a negative effect on your credit rating. If this happens, you should avoid applying for the same card again.

All applications, both successful and unsuccessful, will show up on your credit file.

Step 3. Complete the online application form

Use the information gathered in Step 1 to complete the online Business Credit Card application form.

Application timeline

  • 20 to 60 minutes

    Send us your completed forms

    This usually takes about 20 to 60 minutes. You may find it helpful to gather the information listed under ‘What you’ll need to apply’ before you start filling out the form.

  • Within 2 business days

    We’ll get in touch with you

    We aim to get in touch with you within 2 business days of you sending us your completed forms. We might ask you for some additional information at this stage.

  • Within 10 business days

    You’ll receive a decision from us

    We aim to give you a decision within 10 business days of your full application being received. Occasionally, we may require additional information depending on your circumstances.

Glossary

You pay interest for borrowing money on a credit card. We work out interest daily and add it to your account on the next statement date. You can see how much interest you've been charged by checking your monthly statements.

APR stands for ‘Annual Percentage Rate’. It is an illustration of the cost of borrowing over a year, taking into account the interest rate and any additional fees. You can use the APR to compare the cost of similar products.

When a rate is advertised as variable, it means that it could go up or down.

Fixed means your interest rate won't change for a set period of time. You should always check to see how long your fixed rate lasts.

Per annum is a quicker way of saying 'for each year'. It's usually used to explain how interest is calculated and charged.

Not found what you were looking for?

Variable rate loan

Benefit from flexible repayment terms to suit your business needs

  • Apply from £25,020 to £10m

  • Competitive interest rate or interest-only options available

  • 1 to 20 year terms available

Business Charge card

Manage your everyday expenses with a flexible cash flow

  • Up to 48 days interest-free period on purchases

  • Add multiple cardholders

  • Free for first 6 months then £2 fee per card per month

Business Overdraft

Optimise cash flow and borrow money short term

  • Borrow up to £10 million (higher limits can be discussed on request)

  • Only pay interest on the funds you use