As a small-business owner, opening a credit card could make life easier in many ways. It was with this goal in mind that Capital on Tap launched its small-business credit card product a decade ago.

A number of features make the Capital on Tap Business Credit Card worth a closer look, including unlimited cashback rewards. The card’s high potential credit limits — up to $50,000 — may also be enticing, depending on your business credit card goals. The card issuer also receives high praise for its customer service experience: 4.6 out of 5 on Trustpilot.

How does Capital on Tap work?

Below is a look at how the Capital on Tap Business Credit Card works if you decide to open an account for your small business.

1. Fill out an online application

Applying for a Capital on Tap credit card takes less than two minutes and it’s risk-free in terms of your credit score. The company will only perform a soft credit inquiry when you apply for a new account, and that process won’t affect your credit score. Once you submit your application, you can expect to receive a decision from the card issuer within 48 hours.

2. Access your account online

Once you qualify for a Capital on Tap credit card, the card issuer allows you to set up your online portal right away. This portal gives you the ability to manage different aspects of your business credit card account — employee spending, rewards, payments and more.

3. Receive your business credit card

Capital on Tap mails out credit cards to approved applicants right away. In general, you should expect your new business Visa card to arrive in your mailbox within four days of approval.

4. Use and manage your account responsibly

As soon as your new Capital on Tap Business Credit Card arrives in your mailbox, you can activate it and start using it for purchases. Just remember to make at least the minimum payment by your due date to keep your account open and in good standing. The late fee on the account is a low $29 (compared with fees on other credit cards, which can reach up to $40). But late payments might have other consequences, like damaging your credit score or prompting the issuer to close your account.

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. This smart credit management habit can help you avoid expensive interest charges (especially since the APR for some Capital on Tap cardholders could be as high as 35.99 percent).

5. Earn cash back

The Capital on Tap card offers small-business owners the opportunity to earn 1.5 percent cash back on all eligible purchases. There’s also no cap on the amount of cash back you can earn and redeem against your balance, while unlimited employee cards can help you maximize rewards earnings.

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

Am I eligible for a Capital on Tap card?

Like all business credit cards (and personal credit cards, for that matter), you’ll need to satisfy the issuer’s qualification requirements to open a Capital on Tap card. If you can meet the criteria below, your business may qualify for an account.

  • Your business is active and it 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.

You’ll also want to consider the condition of your credit before you apply for a new account. A recommended credit score for the Capital on Tap card fits into the good to excellent credit score range (roughly 670-850).

In addition to the details above, know that some businesses will not be a good fit for the Capital on Tap Business Credit Card. If your business is a sole proprietorship, charity, non-profit organization, trust, fund, club or other non-registered organization, you will not be eligible to open an account at this time.

Benefits of the Capital on Tap card

The Capital on Tap card offers a number of perks that could work in your favor as a small business owner. Below are eight benefits you may enjoy if you open an account.

  • 1.5 percent cashback on all eligible purchases
  • No limit on reward earnings or redemptions
  • Welcome bonus worth $200 cashback when you spend $15,000 in the first three months after opening your account
  • No annual fee
  • No foreign transaction fees
  • No cash advance fees
  • Online tools to help you manage employee cards and spending
  • Unlimited employee cards
  • Application requires only a soft credit inquiry that will not damage your credit score

Drawbacks of the Capital on Tap card

Despite the numerous benefits of the Capital on Tap Business Credit Card, it’s important to consider its drawbacks as well. Below are four disadvantages you might encounter if you choose to open an account.

  • Other business credit cards may offer higher rewards, especially in bonus spending categories like travel, office supplies and advertisement.
  • The APR on the card goes up to 35.99 percent — significantly higher than the average credit card APR.
  • The card lacks extra perks you can find on other business credit cards, like travel insurance, airport lounge access and more.
  • The welcome bonus isn’t as attractive as some other rewards business credit cards may offer.

Focus on customers

A factor that distinguishes Capital on Tap is its attentive customer service. With live agents available to assist, you’ll always be able to speak to a person. That means no prerecorded messages or robots. What’s more, the average wait time to talk to a customer service agent is under 10 seconds.

The bottom line

A business credit card can offer many advantages to a small business owner. And a card with a higher credit limit could benefit business owners who need greater purchasing power to purchase inventory, manage cash flow and more.

Some Capital on Tap Business cardholders may receive credit limits as high as $50,000. Plus, the card charges no annual fee. The pairing of these features and others could make the card worth considering, depending on the priorities you value most in a business credit card.