Key takeaways

  • The Capital on Tap Business Credit Card offers high credit limits, no annual fee, speedy approval and cash back rewards, if your business qualifies.
  • Your business must have good credit, be active at least six months and earn a yearly revenue of at least $30,000 for card approval.
  • Watch for a high APR of up to 35.99 percent, with eligibility that excludes sole proprietorships, nonprofits, charities, trusts, funds, clubs and other non-registered organizations.

For a small-business owner, a business credit card can make getting to your goals easier in many ways. The Capital on Tap Business Credit Card is worth a closer look for its unlimited 1.5 percent cash back rewards and high potential credit limits — up to $50,000. But depending on your business and credit score, you might find a stronger business card elsewhere. Here’s what you can expect with the Capital on Tap Business Credit Card.

How does Capital on Tap work?

The Capital on Tap Business Credit Card could be a fit for small-business owners who need a lot of purchasing power and want to streamline earning rewards — though watch for a high APR of up to 35.99 percent.

Here’s what to expect when you apply for this small business credit card.

1. Complete an online application

Applying for a Capital on Tap credit card takes minutes online and requires only a soft credit inquiry, which means you won’t see a drop in your credit score. The issuer advertises decisions within 24 hours after you submit your application.

2. Access your account online

After you qualify for a Capital on Tap credit card, you receive a link to set up your online portal. This portal gives you the ability to manage your business credit card account — including employee spending, rewards and payments — while you wait for your physical card.

3. Use and manage your account responsibly

Your physical Capital on Tap Business card should arrive within five days after approval, at which point you can activate and start using it for purchases. Note your statement due dates, and make at least the minimum payment each cycle to keep your account open and in good standing. Any balances you carry over are subject to a variable APR of 18.49 percent to 35.99 percent — which is alarmingly high for a business card.

Of course, the best way to manage your credit card accounts — both business and personal — is to pay off your statement balance in full each month. If you miss a payment, penalties include a $29 late fee, with consequences for regular late payments including damage to your credit score or even the issuer closing your account.

4. Earn cash back

Earn 1.5 percent cash back on all eligible purchases with no cap on how much you can earn. You can redeem your rewards for a credit on your balance, and unlimited employee cards can help you earn even more.

The card also features a welcome offer for new cardholders. The current promotion offers the chance to earn an extra $200 in cash back after spending $15,000 in the first three months from account opening — about $5,000 a month.

Is my business eligible for a Capital on Tap card?

Your business must meet four main qualifications to open a Capital on Tap card:

  • Your business has been active for at least six months.
  • Monthly revenue figures for your business equal at least $2,500.
  • The bulk of your business revenue comes from selling goods or services.
  • Your business is not a sole proprietorship, charity, non-profit organization, trust, fund, club or other non-registered organization.

Your business also needs to have a good credit score before you apply for a new business credit card account. If your business doesn’t meet this requirement, you might still see approval with a personal credit score of 670 to 850. You would also need to provide a personal guarantee in this case, which would make you personally liable for the business’ debts in case the business cannot make its payments. 

Benefits of the Capital on Tap card

  • 1.5 percent cash back on all eligible purchases, with no limit on earnings
  • $200 welcome bonus when you spend $15,000 in the first three months after opening your account
  • No annual fee and no foreign transaction fees
  • Soft credit inquiry to apply

Drawbacks of the Capital on Tap card

  • Other business cards offer higher rewards, especially in bonus spending categories like travel, office supplies and advertisement.
  • Variable APR ranges from 18.49 percent to 35.99 percent — a upper amount significantly higher than the average credit card APR.
  • Welcome bonus requires a higher spending requirement than many other business cards such as the Chase Ink Business Preferred® Credit Card which rewards new cardholders with 100,000 points, worth $1,250 in travel through the Ultimate Rewards portal, after you spend $8,000 in the first three months.

The bottom line

The Capital on Tap Business Credit Card offers credit limits as high as $50,000 to eligible applicants, with unlimited rewards on your spending and no annual fee. But the APR you’re approved for could be as high as 35.99 percent. And it falls short on features and perks you’ll find with stronger cards.

Before signing up, compare the best business credit cards in the industry against your creditworthiness and long-term goals to find the best fit for your business.