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 and a generous sign-up bonus, but the card isn’t available to sole proprietors.
Aug 16, 2022

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Our Take

3.8

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 Visa
Annual fee
$0
Regular APR
9.99%-34.99% Variable APR
Intro APR
N/A
Rec. credit score
670-850 (Average - Excellent)
Apply now

on Capital on Tap's website

Quick Facts

Pros & Cons

Pros

  • Earn unlimited 1.5% cash back on all purchases.
  • Generous sign-up bonus.
  • Apply without a hard credit check.
  • 24/7 customer service.

Cons

  • Not available to sole proprietors, charities or nonprofits.
  • Must enroll in automatic payments.

Compare to Other Cards

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Annual fee

$0

Annual fee

$95

Annual fee

$0

Annual fee

$0

Annual fee

$0

Regular APR

9.99%-34.99% Variable APR

Regular APR

18.24%-23.24% Variable APR

Regular APR

16.24%-24.24% Variable APR

Regular APR

15.49%-21.49% Variable APR

Regular APR

16.24%-24.24% 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

Intro APR

0% intro APR on Purchases for 12 months

Intro APR

0% intro APR on purchases for 12 months from the date of account opening

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score
Recommended Credit Score
Recommended Credit Score

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Full Review

Capital on Tap checks all the boxes for a cash-back business card. It offers 1.5% cash back on all purchases. It has no annual fee. And new customers can net a welcome bonus: Earn a $1,200 cashback when spending $50,000 in the first 6 months (for NerdWallet readers). If you don't meet the offer you'll still be eligible to earn $200 when you have spent $15,000 in the first 3 months.

Those features make Capital on Tap 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

Annual fee: $0.

Recommended credit score: FICO score of 670 or higher.

Sign-up bonus: Earn a $1,200 cashback when spending $50,000 in the first 6 months (for NerdWallet readers). If you don't meet the offer you'll still be eligible to earn $200 when you have spent $15,000 in the first 3 months.

Rewards: 1.5% rewards on all spend, no caps or restrictions. Rewards can be redeemed as a statement credit or to purchase gift cards at a slight discount.

APR: 9.99%-34.99% Variable APR.

Foreign transaction fee: None.

Other benefits:

  • Unlimited employee cards at no additional cost.

  • 24/7 live customer service (via phone).

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.

Capital on Tap does only a soft credit pull, so applying won’t ding your personal or business credit score (though opening the card may temporarily impact your score).

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 (10%) — 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 at a discount using Capital on Tap’s rewards portal.

Generous sign-up bonus

Capital on Tap currently has one of the best sign-up bonuses on the market: Earn a $1,200 cashback when spending $50,000 in the first 6 months (for NerdWallet readers). If you don't meet the offer you'll still be eligible to earn $200 when you have spent $15,000 in the first 3 months. That limited-time bonus offer is only available through select partners, including NerdWallet.

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 9.99%, which is exceptionally low for a small-business credit card. But the high end of the card’s APR range (34.99%) 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 American Express Blue Business Cash™ Card earns 2% back on the first $50,000 in eligible purchases each year (terms apply). It also has no annual fee and an intro APR offer, but a smaller welcome bonus than Capital on Tap.

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.

To view rates and fees of the American Express Blue Business Cash™ Card, see this page.

on Capital on Tap's website