How Small Businesses Can Take Advantage of the Capital On Tap Business Credit Card

As a small business owner, opening a credit card could make your life easier in many ways. It was with this goal in mind that Capital on Tap launched its small business credit card product ten years ago.

A number of features make the Capital on Tap business credit card worth a closer look, including unlimited cashback rewards. The card’s high potential credit limits — up to $50,000 — can also be attractive, depending on your business credit card goals. The card issuer also receives praise for its customer service experience: 4.6 out of 5 on Trustpilot.

How does Capital on Tap work?

Below is an overview how the Capital on Tap business credit card works if you decide to open an account for your small business.

1. Complete an online application

Applying for a Capital on Tap credit card takes less than two minutes and it’s credit score risk free. The company will only perform an indirect credit check when you apply for a new account, and this process will not affect your credit score. Once you submit your request, you can expect to receive a decision from the card issuer within 48 hours.

2. Access your online account

Once you qualify for a Capital on Tap credit card, the card issuer allows you to set up your online portal immediately. This portal gives you the ability to manage different aspects of your business credit card account: employee expenses, rewards, payments and more.

3. Receive your business credit card

Capital on Tap immediately sends credit cards to approved applicants. In general, you should expect your new Business Visa card to arrive in your mailbox within four days of approval.

4. Use and manage your account responsibly

As soon as your new Capital on Tap business credit card arrives in your mailbox, you can activate it and start using it for purchases. Remember to make at least the minimum payment before the due date to keep your account open and in good standing. Late account charges are a low $29 (compared to other credit card fees, which can reach $40). But late payments can have other consequences, such as a deterioration in your credit score or the closure of your account by the issuer.

Of course, the best way to manage your credit card accounts, whether business or personal, is to pay your statement balance in full each month. This habit of smart credit management can help you avoid costly interest charges (especially since some Capital on Tap cardholders have APRs of up to 34.99%).

5. Earn Cash Back

The Capital on Tap Card offers small business owners the opportunity to earn 1.5% cash back on all qualifying purchases. There’s also no cap on the amount of cashback you can earn and redeem against your balance, while unlimited employee cards can help you maximize rewards earnings.

The card also features a welcome offer for new cardholders. The current host offers the opportunity to earn an additional $200 cashback after spending $15,000 within the first three months of account opening.

Am I eligible for a Capital on Tap card?

Like all business credit cards (and personal credit cards, for that matter), you’ll need to meet the issuer’s qualification requirements to open a Capital on Tap card. If you can meet the criteria below, your business may qualify for an account.

  • Your business is active and has been for at least six months.
  • Your monthly business revenue is at least $2,500.
  • Most of your business income comes from the sale of goods or services.

You will also want to review your credit status before applying for a new account. A recommended credit score for the Capital on Tap card falls within the good to excellent credit score range (approximately 670-850).

In addition to the details above, be aware that some companies will not be suitable for the Capital on Tap business credit card. If your business is a sole proprietorship, charity, non-profit organization, trust, fund, club or other unregistered organization, you will not be able to open an account at this time.

Benefits of the Capital on Tap card

The Capital on Tap card offers a number of benefits that could work in your favor as a small business owner. Below are eight benefits you could enjoy if you open an account.

  • 1.5% cash back on all qualifying purchases
  • No limits on earnings or redemption of rewards
  • Welcome bonus worth $200 when you spend $15,000 within the first three months of opening your account
  • No annual fee
  • No foreign transaction fees
  • Nope cash advance fee
  • Online tools to help you manage employee cards and expenses
  • Unlimited employee cards
  • The application only requires a soft credit check which will not damage your credit score

Disadvantages of the Capital on Tap card

Despite the many benefits of the Capital on Tap business credit card, it is important to consider a full map review which also includes its drawbacks. Below are four drawbacks you might encounter if you choose to open an account.

  • Other business credit cards may offer higher rewards, especially in additional expense categories such as travel, office supplies, and advertising.
  • The APR on the card goes up to 34.99%, significantly more than the Average APR of a business credit card.
  • The card lacks extra perks that you can find on other business credit cards, like travel insurance, airport lounge access and more.
  • The welcome bonus is not as attractive as some other rewards business credit cards may offer.

Focus on customers

One factor that sets Capital on Tap apart is its focus Customer service. With live agents available to help you, you’ll always be able to talk to someone. This means there are no pre-recorded messages or bots. Additionally, the average wait time to speak to a customer service agent is less than 10 seconds.

The bottom line

A business credit card can provide many benefits to a small business owner. And a card with a higher credit limit could benefit business owners who need greater purchasing power to buy inventory, manage cash flow and more.

Some Capital on Tap Business cardholders can receive credit limits of up to $50,000. In addition, the card does not charge any annual fee. Combining these and other features could make the card worth considering, depending on which priorities you value most in a business credit card.

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