Lloyds Bank Business Credit Card Review

Read our Lloyds Bank Business Credit Card review and determine if this is the right credit card for your company.

Updated: May 18, 2024
Matt Crabtree

Written By

Matt Crabtree

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When looking for a credit card for your business, there are many factors to consider, such as the annual fee, cash withdrawals, if you can access the credit card account via a mobile banking app.

As well as these factors, you should look closer at the credit card provider. Many banks across the UK offer business credit cards, and deciphering which is the best can be challenging because there are so many.

The UK bank we will be looking into today is Lloyds Bank, which offers a business credit card on top of other valuable services to help businesses grow and manage finances. You will learn more about Lloyds Bank and their business card in the review.

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Who Is Lloyds Bank?

Lloyds Bank plc is a British retail and commercial bank with branches across the UK.

Lloyds Bank was founded in Birmingham in 1765 by Sampson Lloyds and John Taylor. Lloyds Bank is committed to supporting families and businesses.

Businesses of any size may apply for a credit card account; opening an account is made easier with internet banking options. A business credit card is only one of the many services that Lloyds Bank have to offer to help businesses grow.

Services Lloyds Bank offers that help businesses:

  • Business accounts: Lloyds Bank provides a wide range of business bank accounts, such as a current account, savings and credit accounts. There are business accounts for businesses of all sizes, such as small businesses and start-ups, larger companies and professional practices.
  • Business charge and credit cards: You can apply for a Business Credit Card to improve your cash flow and manage business spending with flexible repayment options. With a Business Charge Card, you can free up working capital by managing employees' spending on business expenses. We will dive further into these business credit cards later in the article.
  • Accounting software: Lloyds offer the Business Finance Assistant, accounting software that helps you manage all your expenses, track your company's performance and make tax digital.
  • Business loans: If you're looking for other business finance options, Lloyds Bank offers flexible business from £1,000. There is a fixed rate of 11.8% APR representative on loans from £1,000 to £25,000.
  • Invoice finance: Boost cash flow with Lloyd's Invoice Finance options and gain early access to the funds owed to you.
  • Asset finance: Lloyds offer asset finance such as machinery, equipment, and vehicle finance without disrupting cash flow. Alternatively, you can unlock funds from assets your business already owns.
  • Overdraft options: The business current account and various other bank accounts have business overdraft options that you can use.
  • Insurance: If you require business insurance for financial loss or property damage and other liability claims, Lloyds Bank has options that you may find helpful.
  • International trade: Lloyds helps businesses grow internationally with import and export finance and payment solutions.

Lloyds Bank Business Credit Card: The Review

Before we dive into our review of the Lloyds Bank Business Credit Card, you should know that a guarantee may be required for Limited Companies and Limited Liability Partnerships for the card, and acceptance will depend on the applicant and business's personal circumstances.

Also, the credit card is regulated by the Financial Conduct Authority (FCA) so that you can use them with peace of mind.

Lloyds Bank Business Credit Card

Lloyds Bank Business Credit Card
Credit Limit
Up to 10k
Representative % APR (variable)
22.4%
  • Benefit from issuing up to 20 Business Credit Cards.
  • Withdraw up to £500 cash per day.
  • Up to 45 days interest-free credit on Sterling purchases.

>Representative Example – If you spend £1,200 at a purchase interest rate of 16.3% p.a. (variable) your representative APR will be 22.4% APR (variable). Your APR and credit limit may vary depending on your circumstances.

  • APR representative: 22.4% variable.
  • Annual fee: There is no yearly fee for the first year.
  • Credit limit: Up to £10,000.
  • Interest-free days: Benefit from 45 days interest-free on sterling purchases if the balance is paid in full and on time.

APR Representative Example: Successful applicants will get an annual purchase rate of 16.3% and a variable representative of 22.4% based on borrowing £1,200. This credit card is subject to status and availability.

With Lloyds Bank Business Credit Card, you can apply for up to £10,000 credit limit, and you can withdraw up to £500 cash each day. There are flexible payment options if you need extra time to repay the outstanding balance. You can repay the balance in full or make a minimum and repay it in full later in the month.

You can have up to 20 cards, each with its own spending limits that you can set, so if you're a business that requires certain employees to make business expenses, you can manage all the payments from one credit account.

There are no annual fees for the first year of opening the account; after this time, you will pay £32 a year. If you have more than one credit card on the same account, it will be £32 per cardholder.

This credit card comes with business savings via merchant rebates with Business Savings by Mastercard. You can also benefit from travel insurance on trips you pay for using this credit card. You can save money when using your credit card, and it will primarily be helpful if you are a business that makes trips out of the country.

Exploring the Lloyds Bank Business Card Fees

When opening any new line of credit, it's always a good idea to look at the potential fees that may occur when you use the credit. That way, you can determine affordability and implement actions to ensure you don't gain any extra charges on your account.

Potential card fees to be aware of:

  • Non-sterling transaction fee: You will pay a fee of 2.95% of the transaction value of all non-sterling transactions.
  • Cash advances: For cash withdrawals, there is a 2.5% handling fee. The minimum payment amount is £2.50.
  • Annual fees: There is a £32 annual fee for each card.
  • Copy of transaction receipts: £5 per item.
  • Default charges: £12 for late payments, returned payments or exceeding credit limits.

The above list of fees may include only some potential fees with these credit cards, so always check the terms and conditions and your contract for hidden fees.

Benefits and Drawbacks of Lloyds Bank Business Credit Cards

To help you decide if this is the right credit card for your business, we've compiled a list of all the drawbacks and benefits.

Benefits

✔️ Easy card management: Manage your business expenses with online banking via the mobile banking app and Internet banking. You can apply online, too, so there is no need to go into a branch.

✔️ Contactless payments: You make contactless payments on transactions up to £100 at participating retailers.

✔️ Cash withdrawals: The business credit card allows withdrawing cash from your card, £500 per day.

✔️ Purchase protection: Besides having FCA regulations, you will also get extra protection when purchasing Buyers Protection Insurance.

✔️ No application fees: There are annual and other fees, but there is no application fee.

Drawbacks

❌️ Annual fee: There is a fee of £32 per year.

❌️ Additional card fee: It is £32 per credit card, so if you want more than one credit card for your employees, you must pay for additional ones.

❌️ You need to be an existing customer: To apply for a credit card, you must be an existing business banking customer.

❌️ Late payment fees: If you're late on repaying your credit card balance, there is a late payment fee. To avoid this, you can set up a direct debit from your business account to ensure all repayments are on time.

Lloyds Bank's Business Credit Card: The Verdict

The credit card from Lloyds Bank is ideal if you're a business that depends on employees to take charge of expenses. One of its most remarkable features is allowing up to twenty cards on your account, and you can track them all to keep on top of spending.

For the first year, there is no annual fee, plus you can benefit from an interest-free period if you show good card management and pay off your outstanding balance on time.

Related Guides:

FAQs

Who Is Eligible for a Lloyds Bank Business Credit Card?

Is It Beneficial to Have a Business Credit Card?

How Much Is the Annual Fee for Lloyds Business Credit Card?

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