The UK's 7 top corporate business cards compared by fees and features

Paying for business expenses, travel spend, and all of your other costs across your business is complicated. When you first start out, it might be reimbursing for expenses and tracking expenditures may be easy, but you’ll likely need support as you grow.

This is where corporate card convenience comes in. 56% of businesses use cards for financing to make business spending easier¹. Cards may include a rewards programme, offer card controls, and expense management features. But all corporate cards aren’t equal. 

Explore key features, costs, and popular UK corporate card options below. 

What is a corporate card?

A corporate card is a type of business debit or credit card that typically has higher eligibility requirements than personal cards. The card is tied to the business and its financials, so employees can spend on behalf of the business without putting their own credit on the line. 

Aside from the company owning the card account and a few business-specific features, it operates a lot like a typical card. You can even choose a corporate debit or credit card, each with its own perks: 

• Credit cards are convenient, have reward programmes, and can extend your line of credit.

• Debit cards simplify expense management and help you better control spending without debt or interest. 

Some corporate cards have perks. For example, Airwallex offers cashback on your business spend, while some others may offer rewards points or airline miles that can offset your spending. 

How do corporate cards work?

Corporate cards help businesses give their employees a simple and controlled way to buy things and manage money. Here's a simplified breakdown of how they typically work:

1. Issuance: The company applies for corporate cards from a financial institution. Once approved, the company can issue these cards to employees who need them for business-related expenses.

2. Spending: Employees use the corporate cards to make purchases for business purposes, such as travel, meals, or office supplies. The company can preset spending limits and allowed purchase categories to control expenses.

3. Tracking: Each transaction made with a corporate card is recorded, making it easy for the company to track spending in real time. This helps in monitoring expenses and ensuring compliance with company policies.

4. Reconciliation: At the end of the billing cycle, the company receives a consolidated statement that includes all employee-made transactions. This statement can be reconciled with the company's accounting system to ensure accuracy.

5. Payment: The company pays the card issuer for the total amount spent by employees during the billing cycle. This is usually done through a single payment, simplifying the process compared to reimbursing individual employees.

6. Expense reporting: Employees may still need to submit expense reports, but the process is streamlined because the transactions are already recorded. Modern platforms like Airwallex reduce administrative burden with expense management features.

7. Rewards and benefits: Some corporate cards offer rewards, cashback, or other benefits based on spending, which can provide additional value to the company.

Corporate cards help businesses manage expenses more effectively, improve cash flow, and provide a convenient way for employees to make the necessary purchases. This is critical as organisations’ recurring monthly expenses increase. 

7 top corporate cards in the UK

To save you time, we've compiled a list of our top corporate card picks and their key details below, including:​

• Airwallex Borderless Card is a multi-currency debit card that pays from existing currency balances to reduce FX fees.

• Amazon Business Prime American Express is a corporate card for Amazon Prime members and best suited for companies with significant spending on Prime stores.

• American Express Business Gold is a well-recognised business card with strong rewards, but a relatively larger annual fee.

• Barclaycard Select Cashback Business Credit Card is a credit card with no annual fee, with a 1% cashback after a minimum spend.

• Capital on Tap Business Credit Card is a corporate card that’s FX free and offers  1.5% cashback on card purchases.

• Metro Bank Business Credit Card is a business card that covers purchases in most European countries for free.

• Santander Business Cashback Credit Card offers 1% cashback and four cards for a £30 annual fee.

Airwallex Borderless Cards

Most traditional banks with business accounts offer corporate cards, but end-to-end financial solutions like Airwallex support financial operations more holistically. Our Business Accounts support multi-currency capabilities so you can hold up to 23 currencies and spend from held balances. This reduces your exposure to volatile FX rates, and it can also mean you can avoid international transaction fees altogether. 

Business Accounts also come with access to our Borderless Card, which allows employees to cover international company expenses, as well as travel costs so you can take care of global business without a sweat. It’s a virtual debit card that covers costs with an existing balance rather than a line of credit, so you can stick to your budget and skip expensive annual percentage rate fees (APRs).

Employee cards allows you to track your team’s cross-border payments in real time so you can keep track of your cash position at all times. You can also set spending limits, and restrict merchant types if required so you can avoid unexpected overspend. 

Combined, Airwallex debit cards are ideal for businesses looking to grow internationally. That said, they’re just as good for small UK businesses that want to control their budgets because our Business Accounts also feature Expense Management and Bill Pay to organise your spending, all in one place. 

Amazon Business Prime American Express

Existing eCommerce marketplaces like Amazon have also made their way into the issuing  game, partnering with American Express to offer business cards. Amazon Business Prime American Express cardholders receive 2% cashback on all Amazon purchases up to £120,000 a year, as well as 0.5% back on other transactions³. However, you need either a personal or Business Prime account to get a Business Prime card. 

However, if you make outside of the United Kingdom, you will be subject to a 2.99% non-sterling transaction fee, as well as an American Express Exchange Rate for any transfers in anything other than the currency of your account or U.S. Dollars⁴. For multi-currency needs, businesses often use specialised cards or services that offer lower FX fees and better currency conversion rates. 

American Express Business Gold

American Express is synonymous with premium cards, and offers cardholders rewards points and exclusive savings on Airbnb and Amazon. Not only do you earn a reward and travel point for every £1 spent, but you can earn extra membership points with quarterly spending goals. 

Once you’ve collected significant points, you can offset your statement by paying with points⁵. The card also shares your point balance with PayPal so you can conveniently spend points from your PayPal wallet if you own a PayPal account⁵. 

If you need to make frequent international payments or manage multiple currencies, you might want to consider other financial products specifically designed for foreign currency spending. Amex Business Gold charges a 2.99% non-sterling transaction fee, as well as charges on international withdrawals².

Barclaycard Select Cashback

Like many corporate cards on the market, the Barclaycard Select Cashback offers 1% cashback on purchases⁸. However, this only applies once you spend £2,000 or more a month⁸. 

The Select Cashback card includes one free company card, and you can request additional cards for any employee that needs one. You can also oversee all account cards and spending⁸. 

The card integrates with mobile wallets and includes a FreshBooks accounting software plan to streamline payments and accounting. These integrations make expense management easier, but you’ll still be working with multiple separate tools. This can complicate accounting and oversight when there are several all-in-one solutions to opt for instead. 

Capital on Tap Business Card

Capital On Tap designed a small business credit card for entrepreneurs to earn rewards and streamline spending. You can track spending in real-time, place spend controls on an unlimited number of employee cards, and sync your cards with accounting tools⁹. 

Capital on Tap’s Business Card gives you cashback of 1% on business spend which you can use to redeem it against your balance⁹. It also allows you to issue an unlimited number of employee cards for free⁹. This will allow the team to spend on business expenses without using their personal funds. Individual card limits for each card can be predetermined so that you don’t run the risk of accidental overspend. 

While Capital on Tap also doesn't charge foreign exchange fees, though you may have to pay foreign transaction fees¹⁰. The fine print also suggests that eligible businesses must have a minimum £2,000 monthly turnover and will require a personal guarantee. This means that the business owner is personally liable for debt. It’s also not suitable for all business types such as sole traders who are ineligible to apply¹¹.  

MetroBank Business Credit Card

The MetroBank Business Credit Card is a straighforward business card with no annual fee. However, you’ll need a Metro Bank account before you can become eligible for MetroBank’s corporate card. 

While the card doesn't charge fees for non-sterling transactions in countries that are part of the Single European Payments Area (SEPA), you may be charged if you’re making purchases outside SEPA¹².Similar to the other card offerings, there's a 2.99% foreign transaction fee, for payments outside of Europe, which can add up if you make frequent international transactions¹². 

It's also good to note that the contactless payment feature is limited to payments of up to £100, which might not be enough for larger transactions. Physical cards are also limited with a maximum of nine cardholders allowed¹³.

Santander Business Cashback Credit Card

The Santander Business Cashback Credit Card is designed for small- and medium-sized businesses. It has an annual fee of £30 but offers an uncapped 1% cashback on eligible purchases. It’ll exclude things like balance transfers, cash withdrawals, and refunds¹⁵.

If you’re already a customer of Santander, then you may be eligible for a Santander Business Cashback Credit Card¹⁴. However, you’ll be limited to four cards, and each business owner is required to have a corporate card¹⁴. So if you have four owners, you’re not eligible for any additional cards. This might be a business concern if you have several departments or specific card needs that you wanted to organise with designated cards.

How to compare and choose the top corporate cards in the UK

Business needs vary by size, spending, and accounting processes, so take stock of your goals and needs as you compare card providers. While you shop for corporate cards, think about:

• Multi-currency support: Look for cards that support multiple currencies so you can transact in different currencies without incurring foreign exchange fees or international transaction fees.

• Foreign exchange rates: Prioritise cards that offer low foreign exchange rates. This can result in significant savings, especially if you frequently transfer funds internationally. 

• Cashback and rewards: Look for additional benefits like cashback, air miles, or rewards points that can offset some of your spend.

• Spending habits: Determine who needs access to cards, what you’re spending on, and if you need multi-currency features for international transactions. 

• Spending controls: Some cards allow you to see and manage employee spending, and can even integrate with accounting software.

• Customer support: Evaluate the quality and availability of customer support for each card. Quality support can be crucial for resolving time-sensitive issues.

• Security features: Consider the offered security features like fraud protection, chip-and-PIN technology, and virtual card capabilities to protect your business.

How to apply for a corporate card

After you select your preferred card, you can apply online. The process can vary between providers, but it'll generally follow these steps:

1. Research and compare options to determine what features are important for your business such as multi-currency support, or low foreign transaction fees. 

2. Confirm eligibility with the card provider based on business size, spending, and location. Some cards may be restricted to certain types of businesses.

3. Gather business documents including your business’ legal status, financial statements, and supplementary documents. 

4. Apply online or in-person by providing all the required information and submitting all the necessary documentation. 

Approval can take one to five business days, though most providers will have a card sent to you within that timeframe. 

Corporate card alternatives for business finances

With relatively high eligibility requirements, corporate credit cards aren’t a fit for every business. Luckily, there are other corporate card alternatives such as: 

• Debit cards are ideal for businesses who want better oversight of their spending and want to minimise the risk of overspend

• Business credit cards for mid- and small-sized businesses have fewer credit and income requirements to get started.

• Prepaid cards are used to purchase items using a preallocated balance like debit cards, but are not associated with your bank account.

• Business bank accounts can make managing finances easier with many options also offering cards as part of their offering.

• Business loans are available for one-time spending needs and can offer larger balances without the rewards. 

Most businesses use a mix of solutions to finance and manage their operations. 

Streamline your international business transactions

Corporate cards are tools to carry out business and work-related expenses without using your or your employees’ personal line of credit. They can also help you gain visibility of your business spending and allow you to put in customised card controls. 

This can sometimes come at a cost, with expensive credit card interest rates, FX charges, and foreign transaction fees. Consider alternatives like Airwallex’s Virtual Cards for flexible international spending without the hidden fees. 

These are included with your Airwallex Business Account, which also gives you access to Global Accounts. Our Global Accounts are local currency accounts that provide local bank details so you can collect and hold payments in multiple currencies. This means you can eliminate FX fees if you spend from your existing balances. 

Airwallex also has integrations with accounting software and offers Expense Management, and Bill Pay features so that​​ you never have to manage components of your financial operations on disparate systems.

Sources

Disclaimer: We wrote this article in Q4 2024. The information in this article is based on our own online research. Airwallex wasn't able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (UK) Limited is authorised by the United Kingdom Financial Conduct Authority (‘FCA’) under the Electronic Money Regulations 2011 (‘EMRs’) (firm reference number 900876). If you would like to request an update, feel free to contact us at [email protected].

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2. https://icm.aexp-static.com/Internet/internationalcardshop/en_gb/pdf/gold-credit-card/Preferred_Rewards_Gold_Credit_Card_TCs.pdf

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7. https://www.barclaycard.co.uk/business/cards/credit-cards

8. https://www.barclaycard.co.uk/business/cards/credit-cards/select-cashback

9. https://www.capitalontap.com/uk/

10. https://www.capitalontap.com/en/guides/posts/business-credit-card-rates/

11. https://www.capitalontap.com/en/business-credit-cards

12. https://www.metrobankonline.co.uk/business/borrowing/products/credit-card/

13. https://www.metrobankonline.co.uk/globalassets/documents/customer_documents/business-and-commercial/business-credit-card_important-information-summary.pdf

14. https://www.santander.co.uk/business/credit-cards/business-cashback-credit-card 

15. https://www.santander.co.uk/assets/s3fs-public/AD_documents/business_cashback_credit_card_key_facts_document_anb_90352_jul_24_ipg_cd_t.pdf