Our Take
4.6
NerdWallet rating
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.Capital on Tap Business Credit Card
Annual fee
$0
Regular APR
17.49%-79.99% Variable APR
Intro APR
N/A
Apply now
on Capital on Tap's website
More details from Capital on Tap
- 1.5% rewards on all spend, no caps or restrictions
- $0 annual fee
- No foreign exchange fees
- APRs range from 17.49% to 79.99% variable
- Unlimited cards for your employees
- Capital on Tap Business Credit Cards are issued by WebBank
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
Compare to Other Cards
at Capital on Tap | at Chase | at American Express |
Annual fee $0 | Annual fee $95 | Annual fee $0 |
Regular APR 17.49%-79.99% Variable APR | Regular APR 20.24%-26.24% Variable APR | Regular APR 17.49%-27.49% Variable APR |
Intro APR N/A | Intro APR N/A | Intro APR 0% intro APR on purchases for 12 months from the date of account opening |
Recommended credit score 630850average - excellent | Recommended credit score 690-850good - excellent | Recommended Credit good - excellent |
Full Review
The
Capital on Tap
card issued by WebBank checks all the boxes for a basic cash-back business card, with 1.5%
cash back on all purchases and no annual fee. That makes it an appealing option for business owners who want a simple, straightforward card. Except for one important detail: The card is not currently available to sole proprietors, which excludes the vast majority of businesses.Capital on Tap
also falls short on long-term value when compared with the best business credit cards on the market. The potential for a high credit limit (up to $50,000) and low APR may outweigh a higher earning potential for some business owners, though.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:
17.49%-79.99% 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 17.49
%, which is exceptionally low for a small-business credit card. But the high end of the card’s APR range (79.99
%) 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
. Prefer flat-rate rewards? The Wells Fargo Signify Business Cash℠ Card earns 2% back on all purchases. It also has no annual fee, an intro APR offer and a nice welcome bonus.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.Apply now
on Capital on Tap's website
