First of all, credit cards in the UK would require your business to be registered in the UK too. Most sizes and sectors of business are accepted, but each credit card has a different set of criteria for applicants.
Some credit card providers only approve limited companies registered at Companies House. Others also accept sole traders registered at HMRC and other entities such as limited liability partnerships (LLPs). Applicants must in any case apply as a business, since the card is strictly for business use only.
A minimum turnover may be required, for instance £24k+ per year for the Capital on Tap Business Credit Card.
High street banks – Royal Bank of Scotland (RBS), Santander and Metro Bank included – tend to consider only their existing business or commercial account holders.
To be eligible for a business credit card, the applicant typically needs to be a:
- Director, owner or majority shareholder of the business
- UK resident
- At least 18 years old
On top of this, you cannot have a recent county court judgement (CCJ) or individual voluntary arrangement (IVA) and you must have a credit rating that falls within the acceptable range requirement by the credit card company.
Your company needs to have a buildup of acceptable credit history already, so new businesses cannot apply. Typically, a soft credit check is performed to determine whether e.g. there’s any bad credit.
If the company’s financial history is too short or unsatisfactory, the owner may also need a high enough personal credit score so they can personally guarantee the repayment of debt.