An in-depth look at how the Capital on Tap credit card can serve small businesses

The following post has been sponsored by our partner, Capital on Tap. The opinions in the story are our own and may not reflect the views of Capital on Tap. Learn more about our editorial policy.

If you run a small business with at least $2,500 in monthly revenue, then you may want to consider a business card from Capital on Tap. Specifically catering to small businesses, this credit card issuer has been around since 2012. The Capital on Tap Business Credit Card offers unlimited 1.5% cash back, no foreign exchange fees and an unlimited number of company cards to share with your employees, among other perks.

How does Capital on Tap work?

The Capital on Tap card works much the same as many other credit cards.

1. Online application

You can apply for the card on the Capital on Tap website by filling out a simple online application. The online form should take under two minutes to complete and the process won’t affect your credit score.

2. Customer portal

Once you are approved, you’ll have immediate access to your online customer portal. You can review all of your and your employees’ spending in your online portal and set up individual spending limits for individual cards.

3. Wait for your card

Your physical card will be with you within four days of approval. Your overall credit limit will be determined by your individual credit profile, with potential credit limits up to $50,000.

4. Use your card

Once you have your Capital on Tap card, you can start spending it on your business expenses. You’re able to use it anywhere that accepts Visa and then get 1.5% cash back on your purchases.

5. Redeem rewards

Now, you can view your rewards through your online portal and redeem them toward your total balance. You’re able to redeem points as a statement credit (1 cent per point), or take advantage of limited-time offers to redeem points for third-party goods or services.

6. Enjoy convenience

You can also make bill payments in the online portal either via autopay or your debit card. And remember that the Capital on Tap Business Credit Card comes with no annual fee and you can add unlimited employee cards for no fee as well.

Am I eligible for a Capital on Tap Business Credit Card?

Capital on Tap states that the Capital on Tap Business Credit Card is targeted toward small businesses that:

• Are based in the U.S. and have been active for more than six months
• Make at least $2,500 per month in revenue
• Make money mostly from selling goods and/or providing services

Sole proprietorships, charities, non-profits, trusts and other non-registered organizations are not eligible for the Capital on Tap card at this time.

In order to apply for the Capital on Tap Business Credit Card, you must be an active director of your company or the majority shareholder with 25% or more ownership. The Capital on Tap Business credit card is open to any industry and all states within the United States, and is generally intended for businesses with less than $2 million revenue and fewer than 20 employees.

As with most small-business credit cards, your personal credit score will play a part in determining your credit limit. The highest quality applicants are more likely to receive the highest credit limits. Your account is periodically reviewed to see if you qualify for a higher credit limit and/or lower interest rate. Your repayment history and credit profile are automatically reviewed to see if a higher credit limit or lower interest rate are appropriate.

Pros

Here are some pros of the Capital on Tap card:

• Unlimited 1.5% cash back on all purchases
• No annual fee
• Receive $200 cash back after spending $15,000 in the first 3 months
• Unlimited cards for your employees
• The card allows you to separate your business and personal expenses
• No foreign transaction fees

Cons

Here are some cons of the Capital on Tap Business credit card:

• $50,000 spend requirement for the initial welcome offer is higher than some other small-business credit cards
• 1.5% cash back is lower than some other cash back credit cards
• ATM daily withdrawal limit of two transactions, with a maximum cumulative withdrawal amount of $400

Other reasons to get a Capital on Tap credit card

Great customer service with the option of talking to live agents is a factor that distinguishes the Capital on Tap Business Credit Card. You’ll always be in touch with an actual person – not a robot or recorded message. Plus, it takes an average wait time of fewer than 10 seconds to speak to a customer service agent.

In addition to the cash back, you can also qualify for an initial welcome bonus when you are approved for the Capital on Tap Business Credit Card. If you spend at least $15,000 on purchases in the first 3 months of having the card, you will get $200 cash back.

Bottom line

The Capital on Tap Business credit card is a small-business credit card with a simple rewards structure. No need to activate quarterly bonus categories or worry about which card to use where. Better yet, the application is quick and won’t affect your credit score. Once approved, a simple online portal allows you to manage limits on your employee cards, review spending, pay your bill and redeem rewards.

If you’re looking for a small-business credit card to separate your personal and business spending, you may want to consider the Capital on Tap Business credit card.