iwoca Credit Card review: what it does well, and what we don’t like

Verdict

The iwoca Credit Card gets the important things right. It charges £0 a year, pays 1% cashback on all spending, credited to the balance, charges 0% (Visa exchange rate) on non-sterling spend and offers a credit limit up to £250,000. It also does something Capital on Tap does not: it publishes a representative APR, 35.40% APR representative (variable); rates from 14.99%, and puts a number on its interest-free period.

It suits: a UK limited company, or a partnership if iwoca confirms it, that pays the card off in full, wants a plain 1% off the bill and likes knowing the borrowing cost before applying. It also suits a business that already borrows from iwoca and would rather keep its finance with one lender, and one whose Capital on Tap limit is too small: iwoca gave us a credit limit four times our Capital on Tap limit. One account is one data point, and your limit depends on iwoca’s assessment of your business.

Look elsewhere if: you are a sole trader; you need cash withdrawals; you want cashback paid to a bank account or turned into Avios; you pay with Apple Pay; or you need staff cards or an automatic accounting feed today. iwoca’s pages do not mention either for the card, and on ours we import transactions into Xero by hand. For most of those needs, our Capital on Tap vs iwoca comparison sets out the alternative line by line.

Key facts

Every row comes from iwoca’s product page and FAQ or the Enfuce card terms, checked on 28 October 2026, except the Apple Pay and accounting rows, which also describe the card we hold. “Not stated” means we could not find it on those pages, not that the feature is definitely missing.

Cashback and how it is paid

The card pays 1% cashback on all spending, credited to the balance. There is no intro rate, no monthly spend threshold and no annual cap stated. A company putting £3,000 a month on the card earns about £360 a year. That matches Capital on Tap and the standard rate on the Funding Circle card, and beats the bank cards that pay 0.5% or require a minimum monthly spend.

iwoca says cashback is applied automatically to your account, reducing the outstanding balance, and each statement shows what you have earned. That is simple and automatic, but it is the only route on the pages we read. You cannot take it as cash to the bank, as gift cards or as airline points. Capital on Tap, by contrast, lets you take its points as balance credit, cash, gift cards, Avios, Virgin Points or Radisson Rewards. If you only ever want money off the bill, there is no difference. The cashback cards comparison sets iwoca against every other card that pays a rate.

Interest-free days and the APR

iwoca offers up to 42 days interest-free and explains it properly: a 30-day billing cycle plus a 12-day grace period; pay the statement balance in full by the due date to pay no interest. A purchase on the first day of the cycle gets 42 days; one on the last day gets 12. That is shorter than the up to 54 or 56 days some Amex and Barclaycard cards quote, but it is a clear, honest figure.

The rate is stated as 35.40% APR representative (variable); rates from 14.99%. The gap between the two numbers is wide, and the representative figure is the one most accepted customers are offered. As a rough illustration, carrying £5,000 for 3 months would cost about £187.38 at the lowest rate and about £442.50 at the representative APR, before compounding, against £50 of cashback earned by spending the same amount.

Publishing a representative APR is a genuine advantage over Capital on Tap, which advertises rates as low as 13.86% APR (variable) and does not publish a representative APR. If you might borrow on the card, iwoca lets you compare before applying. If you will clear it monthly, as most businesses using a card for rewards should, the rate does not apply. Our guide to avoiding business credit card interest covers the habits that keep it that way.

Fees: what “zero fees” covers

iwoca advertises no FX, annual or late payment fees, and the card page talks about a credit limit “with zero fees”. The card terms add that card fees are shown in the app and website, and a replacement card may carry a fee set out there. We did not find any such fee stated publicly, so treat “zero fees” as covering the annual, FX and late payment fees iwoca names.

No late payment fee does not make late payment free. Interest applies to anything not paid in full, and a guarantee sits behind the account. Capital on Tap also charges a £0 charge for missing the minimum payment, so on fees the two are level.

Abroad and cash

iwoca charges 0% (Visa exchange rate) on non-sterling spend, and its card terms confirm no additional fee on foreign-currency transactions; you get Visa’s exchange rate and still earn 1%. That puts it in the short list of business cards that suit US software subscriptions, overseas suppliers and travel. The no foreign transaction fee cards page lists the others.

Cash is the gap. iwoca’s FAQ says you cannot withdraw cash yet, and the card terms list ATM withdrawals as not enabled. For most businesses that is fine. If you travel and sometimes need local currency, it is a reason to carry something else alongside it.

Eligibility and applying

The product page asks for three things: you are based in the UK, you are the director of a limited company, and you have basic details about the business to hand. The FAQ says the business must be based in the UK and be a limited company or a partnership. Those two are not quite the same, so a partnership should check with iwoca before applying. Sole traders are not mentioned anywhere and should assume the card is not for them; the sole trader guide covers the cards that are.

iwoca does not state a minimum trading history or turnover on the card page. iwoca’s summary of the application: apply online in about five minutes; instant decision; a soft search on your personal credit file that iwoca says does not affect your personal credit score. It also requires a personal guarantee: iwoca’s FAQ says most businesses, iwoca included, ask for one, and that the guarantor becomes personally responsible if the business cannot repay. Our personal guarantee guide explains what that means for a director.

Repayments

iwoca says: monthly statement, then 12 days to pay; a Direct Debit must be set up. The minimum payment is at least 10% of the outstanding balance or £100, whichever is higher (the full balance if it is under £100). You can choose to pay more or clear the balance, and change your preference in your account. This is close to Capital on Tap, whose minimum payment is also the greater of 10% of the balance or £100.

The obvious habit is to set the Direct Debit to the full statement balance. With 12 days between statement and due date, that keeps every purchase inside the interest-free window and the cashback is pure gain.

Apple Pay, staff cards, app and accounting

iwoca promotes an app with real-time spending information, and the card works with Google Pay. The card terms describe physical and virtual card types, and digital wallets if iwoca makes them available. What the product page and FAQ do not mention is Apple Pay, employee cards or a sync to accounting software for the card. iwoca does link to Xero, but its general FAQ describes that for sharing business data and recording loan drawdowns and repayments.

Both may change as the card matures, though we have heard nothing from iwoca about adding Apple Pay or a Xero feed. We will update this page if either arrives. For now, if you need Apple Pay, cards for staff, per-card limits or a card feed into Xero, QuickBooks or FreeAgent, ask iwoca before you apply. Capital on Tap offers unlimited free employee cards with per-card limits and syncs to Sage, Xero, QuickBooks, FreeAgent and more; the employee cards page compares other issuers.

Who issues the card

iwoca Ltd (company 07798925) provides the credit line; Enfuce UK Ltd, an e-money institution (FRN 993783), issues the Visa card. iwoca is a business lender best known for its Flexi-Loan. The card is a commercial Visa card issued in sterling. It is not a bank product, and you do not need to move your business current account.

How it compares with Capital on Tap

On fee, rate and foreign spend there is nothing between them. iwoca wins on borrowing transparency: a published representative APR and a precise interest-free window. Capital on Tap wins on what surrounds the card: LLPs and PLCs named in its eligibility, no minimum trading history, employee and virtual cards, Apple Pay, an automatic accounting feed, cash access and more ways to use the 1%. The full head-to-head is on Capital on Tap vs iwoca.

Alternatives

Capital on Tap is the closest match, with the extras described above, and is the card I use. Whether it is better for you depends mainly on staff cards, cash access and the APR question; the comparison works through it.

Funding Circle Cashback card. Also £0 a year with 0% FX, but it pays 2% cashback for 6 months (capped at £2,000), then 1% uncapped, so it out-earns iwoca for the first months. It asks for limited companies only; at least one year trading; £30,000+ turnover. Our Funding Circle review covers it.

Barclaycard Select Cashback. £0 a year and open to sole traders, but it pays 1% cashback, uncapped, but only in months when you spend more than £2,000 and charges 2.99% on non-sterling spend. See the Barclaycard Select review.

For the whole field in one table, see every UK business credit card compared.