How to apply for Capital on Tap: step by step, with the promo code

I applied for the Capital on Tap card a few years ago and have run my agency’s spending through it since. The application process has been refined since then, so the steps below follow Capital on Tap’s current FAQ and card page rather than my memory of the form, with first-hand notes where they help. Nothing here is a guarantee of approval: credit is subject to status, and the credit limit you are offered can be lower than you hoped.

Before you start: the three things that trip people up

• Sole traders cannot apply. You need a UK-registered Ltd, LLP or PLC. If that is not you, save yourself the form and read our sole trader guide.
• The code must be in the application. The referral terms are explicit: “We can only give a Referral Bonus if your Referral(s) sign up using your unique referral link.” It cannot be added afterwards.
• The bonus needs a transaction within 30 days. Approval alone pays nothing. More on this in step 8.

Step 1: Check you are eligible

Capital on Tap’s criteria are short. Your business is a UK-registered Ltd, LLP or PLC, active on Companies House, with no minimum trading history. You are an active UK director or a shareholder with 25% or more and live in the UK. Neither you nor the company has an unsatisfied CCJ from the last twelve months, and the business is not in a high-risk industry. The referral terms add £24,000 minimum annual turnover.

You will also be asked to sign a personal guarantee, so read our Capital on Tap eligibility page if any of those points is borderline, or run the five-question eligibility checker. Checking costs nothing on your credit file either way, because the application search is soft.

Step 2: Gather your details

Capital on Tap says the application needs “basic personal and business details”. Specifically, have these ready:

The bank account matters more than it looks. The credit agreement requires minimum payments to be collected by Direct Debit from your nominated business account, and Capital on Tap says a failed or cancelled Direct Debit can restrict card use. Use the account the money will actually be in.

Step 3: Go through the link, or enter the code in the code box

Two routes reach the same form. Click a referral link and the code is carried through automatically; you should see it already filled in. Start from capitalontap.com on a different device and you will need to type the code into the box on the application that asks whether you have a code. Either way, check the code is present before you submit, because the referral terms say the bonus cannot be paid without it.

For transparency: this is our referral code. Both the new customer and the referrer receive 7,500 points (£75 if applied to the balance), and referral income is the only way this site is funded. Our referral code page sets out every condition, including why the bonus sometimes does not arrive.

Step 4: Complete the application

The form asks for the details above and takes a few minutes. Capital on Tap runs a soft search on your personal credit file when you apply; in its words, “Yes, we run a soft search on your personal credit file when you apply, so applying won't affect your credit score. We only run a hard search on your business's credit file once you sign your credit agreement”. It then gives a decision in around 2 minutes for most applicants. The FAQ adds that “in some cases, we may email you within one business day to request further information to complete our review”, so a delay is not a decline.

Two special cases. If you already have a Capital on Tap Instant Savings account, log in to the existing portal and apply from there; Capital on Tap says having your details already can streamline the application. If you already hold a card for another company and are applying for a second business, you may see a message saying it looks like you already have an account; Capital on Tap says this is expected, routes the application to the right team and is updated within two business days.

Step 5: Sign the credit agreement and the E-Money Facility Agreement

Approval is followed by two documents to sign online. The Revolving Credit Facility Agreement is the credit card contract; signing it is the point at which Capital on Tap runs a hard search on the business’s credit file, visible to other lenders but not recorded on your personal file. It also confirms the personal guarantee: personal guarantee required, from the director or major shareholder applying. What that guarantee means for you is worth ten minutes before you sign.

The E-Money Facility Agreement covers Preloading, the feature that lets you top the card up with your own money. Capital on Tap says that for customers who joined after May 2024 signing it is a mandatory part of the application. It does not change how the credit card works; it enables the preloaded balance, which is operated through Modulr, an FCA-authorised e-money institution.

Read the interest rate and credit limit on the agreement before signing. Capital on Tap does not publish a representative APR, so the rate on your agreement is the first time you will see your own figure. Our fees and APR page explains how the rate is built and what carrying a balance costs.

Step 6: Virtual card now, physical card in 2–5 business days

You do not have to wait for the post. Capital on Tap’s FAQ says: “Once your account is approved, you can access funds immediately in two ways: create a virtual card in your portal for online spending; transfer funds directly from your card to your nominated business bank account.” A virtual card can be added to a mobile wallet from the app straight away. Note that the second option is a cash withdrawal, which accrues interest from the day it is taken.

The physical card in 2 to 5 business days, delivered to the registered business address. Capital on Tap asks you to get in touch if it has not arrived after six business days. Employee cards, when you order them, go to the same address and should be handed to the employee, who activates them from their own login.

Step 7: Activate the card and set up repayments

When the card arrives, log in to the portal, go to the Cards page and activate it; the PIN is shown there after activation. Capital on Tap notes that a new card needs a chip-and-PIN transaction before contactless works, and that the £100 contactless limit applies per transaction.

Then set up repayments, and do it before the first statement rather than after. Your options in the Payments section:

Step 8: Make a first transaction within 30 days

The referral bonus depends on this step. The terms require the new customer to “make a transaction within 30 days of activating their card (either by spending on their card or drawing down funds)”. Any card purchase counts, as does a drawdown. A virtual-card payment for a software subscription is the easiest way to tick the box on day one. The bonus of 7,500 points is then paid within one month of the first transaction, to both sides.

Two conditions after that: the bonus bonus can be lost if payments are not kept up, and the referral terms say its value may be taxable income. If you are on Pro and meet its spend condition in the first three months, the separate Pro welcome bonus may also apply; our Pro page has the conditions.

Step 9: Connect your accounting software and add cards

Capital on Tap connects directly to Sage, Xero, QuickBooks, FreeAgent and more. In the portal, go to the Accounting page, click Connect under your software and follow the prompts. Once linked, it syncs every 12 hours, pushing card payments, refunds and interest charges into your books. First-time Xero subscribers get 6 months of Xero free for first-time subscribers. I use the sync myself and it is the feature that quietly saves the most time; the practical details, including what to watch at reconciliation, are in our accounting sync guide.

Then set up the cards your business actually needs. Employee cards are unlimited free employee cards, each with a limit per billing period or per transaction, and staff activate them from their own login. Virtual cards are created instantly in the portal; one per software subscription is the pattern we use. How we run employee cards and virtual cards for subscriptions cover both. Linking a business bank account through Open Banking is optional but Capital on Tap says it uses the data when assessing credit limit increases, which, given how low initial limits can be, is worth doing early.

Timeline: from form to first statement

What can slow the application down

• A request for more information. Capital on Tap may email within one business day for documents or clarification. Reply promptly; the two-minute decision only applies to clean applications.
• Companies House problems. A company that is not showing as active, has overdue filings or lists you under a different name from the one on the form will not pass the automated checks.
• Applicant not on the register. If you are not a current director or a person with significant control at 25% or more, the application cannot proceed in your name.
• Connections to high-risk countries. Capital on Tap says businesses with links to countries on the HM Treasury or FATF high-risk lists face extra checks.
• A second account. Applying for another company routes to a manual team, with an update within two business days rather than two minutes.
• Direct Debit not set up. Not a delay to approval, but Capital on Tap says a missing or failed Direct Debit can restrict card use, so it can stop you spending.
• Post. The physical card goes to the registered business address, which for many small companies is an accountant’s office or a formation agent. Use a virtual card in the meantime and update the address if needed.

Once you are through, the two things worth reading next are my review of a few years on the free card, which is candid about the credit-limit frustration, and the credit limit page, which explains what Capital on Tap says it looks at when reviewing limits.