Funding Circle Cashback card review: what the Funding Circle credit card offers a limited company

Verdict

The Funding Circle Cashback card is a well-built free card for an established limited company. It charges £0 a year, pays 2% cashback for 6 months (capped at £2,000), then 1% uncapped, and charges 0% on non-sterling spend. For the first months it out-earns every other free business card we cover, and after that it pays the same headline rate as Capital on Tap and iwoca.

It suits: a limited company that has traded for at least a year, turns over enough to qualify, has meaningful card spend it can move across straight away, pays in full each month and is happy for cashback to reduce the bill rather than land in the bank.

Skip it if: you are a sole trader, an LLP or a company in its first year; you already have a FlexiPay line or a Funding Circle loan; you want to withdraw cash on the card; or you want your cashback paid to a bank account. For most of those readers, Capital on Tap is the better fit, and the startup cards page covers the first-year case.

Key facts

Every row is taken from Funding Circle’s product page or its FlexiPay and company cards support pages, checked on 28 October 2026. Funding Circle keeps several of the card’s terms on its FlexiPay support pages, which is why some rows cite them.

The intro rate and its cap

The headline is 2% cashback for 6 months (capped at £2,000), then 1% uncapped. The support page adds the detail that matters: the 2% rate runs for six months from approval and is capped at £2,000 of cashback. Two things follow from that.

First, the cap is generous. At 2%, you hit £2,000 of cashback after £100,000 of spend (£2,000 divided by 2%). Spread over 6 months, that is roughly £16,667 of card spend a month. A business spending less than that earns the intro rate on every pound and never touches the cap; only a company putting well into six figures through the card in its first half-year will run into it.

Second, the clock starts at approval, not at your first purchase. If you apply months before you have spend to put through the card, some of the intro period is wasted. The sensible approach is to apply when a busy stretch is about to start, and to move recurring costs such as software, advertising and supplier invoices across promptly.

As an illustration, take a company spending £5,000 a month. On Funding Circle’s figures it earns about £600 in the first 6 months and about £900 across the first year, once the rate drops to 1%. The same spend on Capital on Tap at 1% earns about £600 in a year. Even adding Capital on Tap’s referral bonus of £75, Funding Circle comes out ahead on year-one cashback at that level of spend. From year two the two cards pay the same rate, and the differences below decide it. Our cashback cards page runs the same sums across the wider field.

How the cashback is paid

This is the clause most reviews skip. Funding Circle says cashback is credited to the card account when you make a statement payment; cannot be paid to a bank account. In practice that makes it a discount on your card bill: it is real money, but you cannot take it out of the business as cash, and it only arrives when you pay a statement.

Capital on Tap works differently. It earns 1 point per £1, and you can redeem points as balance credit, cash, gift cards, Avios, Virgin Points or Radisson Rewards. Cash to a bank account has a £10 minimum for cash to a bank account and is paid within two business days. I have redeemed my own points both as cash and as a credit against the statement, and having the choice is useful: a statement credit when cash flow is tight, cash to the bank when I want to see the cashback as a separate line. The Capital on Tap rewards page covers the terms, including rounding and expiry.

Abroad and cash withdrawals

Funding Circle charges 0% on non-sterling spend, which puts it in the small group of business credit cards that are genuinely good for paying US software, overseas suppliers and travel. Capital on Tap charges 0% non-sterling transaction fee too, so on foreign spend the two are level. Both beat the high-street cards, most of which charge close to three per cent; the no foreign transaction fee cards page lists them.

Cash is where they part. Funding Circle’s support page is blunt: cash withdrawals not permitted. Capital on Tap charges £0 ATM fee, though interest on cash withdrawals from the day you take them, so it is an occasional convenience rather than a cheap way to borrow. If you never touch cash, this does not matter. If you travel and sometimes need local currency, it does.

Eligibility and applying

Funding Circle’s eligibility is narrow: limited companies only; at least one year trading; £30,000+ turnover. Sole traders, partnerships and LLPs are out, and so is any company in its first year of trading. There is one more exclusion that catches people: the card is not yet available to existing FlexiPay or Funding Circle loan customers. If you already use Funding Circle for a loan or FlexiPay, check before you apply.

On the application itself, Funding Circle says: instant decision; a limited company can apply without affecting its credit score; card in 3 to 5 working days. Note the wording: it is the limited company’s credit score that the page talks about. Capital on Tap is specific in a different way: it runs a soft search on your personal credit file when you apply, and a hard search on the business’s credit file only once you sign the credit agreement. Both give a quick decision.

Capital on Tap takes a Ltd, LLP or PLC, has no minimum trading history, and asks for £24,000 minimum annual turnover. It is not available to sole traders. Both issuers ask for a business bank account you already hold; Funding Circle says there is no need to switch your business banking, and Capital on Tap, which is not a bank, says you need a business bank account, with any bank, to apply.

Limit, interest and APR

Funding Circle advertises a credit limit up to £250,000, the same ceiling Capital on Tap advertises (up to £250,000). A ceiling is not a starting limit, and neither issuer says what a typical first limit is. My own Capital on Tap limit came in lower than I expected and has been hard to increase, so I would not assume either card will match a large bank facility on day one.

Funding Circle’s interest-free period on purchases is up to 42 days if paid in full. Capital on Tap does not state a number of days; its agreement says there is no interest on purchases if you pay the statement balance in full by the due date. Funding Circle’s minimum payment is 10% of the balance or £100, whichever is higher, by Direct Debit.

Funding Circle publishes a representative APR: 34.9% APR representative (variable); from 14.9%. That is a real advantage if you expect to carry a balance, because you can compare it against other lenders before applying. Capital on Tap advertises rates as low as 13.86% APR (variable) and does not publish a representative APR; your rate depends on your personal and business credit history and the Bank of England base rate. Either way, the cheapest way to use a business credit card is to clear it in full.

Both require a personal guarantee. Funding Circle’s support page says one is required; Capital on Tap says a personal guarantee required. A guarantee makes you personally liable for the company’s card debt, which is worth understanding before you sign with any issuer.

Company cards and accounting

Funding Circle offers company cards that are unlimited and free (a feature Funding Circle labels Beta); only a director can issue them. The Beta label suggests the feature is still being developed, and the director-only issuing is worth knowing if a finance manager usually handles cards. Capital on Tap gives unlimited free employee cards with per-card limits; in my agency I use its card controls, with limits set from the portal.

Funding Circle lists accounting integrations with FreeAgent, Xero, Sage. Capital on Tap syncs to Sage, Xero, QuickBooks, FreeAgent and more, and I use its accounting feed for reconciliation. If your books are in QuickBooks, note that Funding Circle’s page does not name it.

Who issues the card

Funding Circle is best known as a business lender. Its site names Monavate Ltd, an e-money institution, as the card issuer for its FlexiPay card. Several of the Cashback card’s terms sit on the FlexiPay support pages, but the footer we checked does not name the Cashback card explicitly, so read the card agreement before you sign if the identity of the issuer matters to you.

How it compares with Capital on Tap

On fees and foreign spend the two are level. Funding Circle wins on year-one cashback for a company that can use the intro rate, and on publishing a representative APR. Capital on Tap wins on flexibility: it takes LLPs and PLCs as well as limited companies, has no minimum trading history, lets you take rewards as cash to a bank account, allows cash withdrawals, names QuickBooks among its integrations, and is open to you even if you already borrow from Funding Circle. The full head-to-head, with the reasoning behind each row, is on the Capital on Tap vs Funding Circle page.

Alternatives

The other like-for-like rival is the iwoca Credit Card, new in 2026: £0 annual fee, 1% cashback on all spending, credited to the balance, 0% (Visa exchange rate) on non-sterling spend, a credit limit up to £250,000, up to 42 days interest-free and a published representative APR of 35.40% APR representative (variable); rates from 14.99%. On cash, the page says: cash withdrawals not available. Eligibility: UK limited company (the FAQ also says partnership), registered at Companies House. iwoca’s own page is not consistent here: Page body says director of a limited company; FAQ says limited company or partnership. It has no intro rate, so on cashback alone Funding Circle beats it in the first months.

Capital on Tap is the third of the group, and the one to choose if you are an LLP, in your first year, an existing Funding Circle borrower, or want cash redemption. The Capital on Tap alternatives page looks at the field from the other direction, the business credit cards hub lists every card we track, and our pick of the best business credit cards in the UK puts each one in context.