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.
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)
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)
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, you need to apply for a business current account before you can apply for a credit card)
- 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 2. Read and save the important documents
Read the following important documents and save copies for your future reference:
Download Pre-contract information PDF
Download Business Credit Card Terms & Conditions PDF
Download Business Credit Card Summary Box PDF
Download Business Credit Card Important Information PDF
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.
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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.
Interest and APR
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.
Variable and fixed rates
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
Per annum is a quicker way of saying 'for each year'. It's usually used to explain how interest is calculated and charged.
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