Capital on Tap: A Respectable Cash-Back Card With Potential for Low APR
Small businesses can earn unlimited 1.5% cash back with no annual fee, but the card isn’t available to sole proprietors.
Overview
The bottom line:
A simple, straightforward business card that delivers solid value if your credit profile is strong enough to score you the low end of its APR range. But Capital on Tap isn’t available to sole proprietors, leaving behind the vast majority of business owners.
Credit card details
Annual fee
$0
Regular APR
17.24%-79.74% Variable APR
Intro APR
N/A
Rewards rate
1.5%
1.5% rewards on all spend with no caps or restrictions. Rewards rate rises to 2% if you set up automatic weekly payments
Foreign transaction fee
0%
Intro offer
N/A
Pros & Cons
Pros
High rewards rate
No reward caps
Available with fair credit
No annual fee.
No foreign transaction fees.
Cons
Not available to sole proprietors, charities or nonprofits
Must enroll in automatic payments
Potential for very high APR
No new cardholder bonus offer
The Capital on Tap card issued by WebBank checks all the boxes for a basic cash-back business card
Capital on Tap also falls short on long-term value when compared with the best business credit cards
Key features
Card type: Small-business credit card
Annual fee: $0.
Recommended credit score: FICO score of 670 or higher.
Sign-up bonus: None
Rewards: 1.5% rewards on all spend with no caps or restrictions. Rewards rate rises to 2% if you set up automatic weekly payments. Rewards can be redeemed as a statement credit or to purchase gift cards.
APR: 17.24%-79.74% Variable APR.
Foreign transaction fee: None.
Other benefits:
- 24/7 live customer service (via phone).
- Unlimited employee cards at no additional cost.
» MORE: Best employee credit cards
Capital on Tap requirements
The Capital on Tap business credit card is available to companies with at least six months in business and $2,500 in monthly revenue. It is not currently available to sole proprietors, charities and nonprofits, trusts or clubs.
Credit score requirement: Capital on Tap doesn’t have a hard floor for credit scores, but applicants with a FICO score of 670 or higher have the best chance of approval.
“While it's possible to be approved for our credit card if the FICO is below this threshold … the chances of that are relatively low,” said a spokesperson for Capital on Tap via email.
Applying for a Capital on Tap Business Credit Card won’t ding your personal credit score, though opening the card may temporarily impact your FICO score if you are approved.
You need to provide the following information when you apply:
- Business legal name and EIN.
- Business phone number, address and website.
- Monthly revenue, industry and years in business.
- Personal address, phone number, date of birth and Social Security number.
- Login credentials to link your business bank account.
- EIN and business formation documents (articles of incorporation, etc.).
Monthly payments are made automatically via ACH. You’ll also select your payment preference — full balance or minimum payment (2%) — when you apply. You can also opt to pay a fixed amount each month once approved.
Application decisions are typically made within 48 hours, and if approved, your Capital on Tap business credit cards will arrive within four days. Note: You can get an unlimited number of employee cards.
Why you might want the Capital on Tap business credit card
Simple, straightforward rewards
There are no spending caps or bonus categories to track with Capital on Tap. Cardholders earn a flat, unlimited 1.5% cash back, which can be redeemed for a statement credit or used to purchase gift cards using Capital on Tap’s rewards portal.
24/7 customer service
Chatbots and automated virtual attendants can answer simple questions, but sometimes you need to talk with a real person. You can do exactly that, and do it on your time, with Capital on Tap’s 24/7 live phone customer service.
Why you might want a different card
Sole proprietors don’t qualify
The main drawback of Capital on Tap: It isn’t available to the vast majority of small-business owners. Sole proprietors can’t currently apply for a Capital on Tap business card. Nonprofit organizations, trusts, clubs and other non-registered organizations are also excluded from Capital on Tap.
Potential for sky-high APR
Capital on Tap advertises rates as low as 17.24%, which is exceptionally low for a small-business credit card. But the high end of the card’s APR range (79.74%) is also extreme and will make carrying a balance very expensive.
Your credit score and business financials will dictate the APR on your Capital on Tap card. You won’t know your APR until your application is approved, but businesses with thin credit and low revenue can expect to land on the higher end of that APR range.
Competitors offer higher reward potential
Capital on Tap’s unlimited 1.5% cash back is a respectable rewards rate — and on par with some of the best business cards — but business owners who want to maximize rewards can get more value elsewhere.
Comfortable with bonus categories? You can get up to 5% cash back with the Ink Business Cash® Credit Card
Should you get the Capital on Tap business credit card?
Business owners who value simplicity will find a good match with Capital on Tap, especially if they have a strong enough credit profile to qualify for the low end of the card’s APR range. But if your credit is that good, you can find better long-term value with another card.
The information related to Wells Fargo Signify Business Cash℠ Card has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.
To view rates and fees of The American Express Blue Business Cash™ Card, see this page