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How do I apply for a Capital on Tap Rewards Card?
You can check your eligibility with a quick 1 page application form online. Just click 'check eligibility' on our homepage to access the form. 80% of our customer receive a decision within 2 minutes!
Am I eligible for a Capital on Tap Rewards Card?
We look at each business on a case by case basis, however we do have some basic criteria we like all our customers to meet:
Your business should have at least 12 months of trading history
Your business should have a turnover of at least £24,000 per annum
There should be no unsatisfied CCJs against you or your business in the last 12 months
What information do I need to apply?
Our 1 page application will ask for business and basic personal information. If you are a limited company please have your registration number to hand.
How much will it cost me to sign-up?
Once you are approved, to complete your account setup you will be required to pay your first year's discounted fee of £59. You will be charged an annual fee of just £119 after that.
How do Rewards work?
We give you 1% cashback on all your Rewards Card purchases with no restrictions or caps. You can add your points to your Capital on Tap account or transfer the cash to your bank account. To find out more please go to the Rewards section of this FAQ.
How long will it take to get my Capital on Tap Rewards Card?
Your Rewards Card will be delivered to you within 3 business days from the completion of your account setup.
Will applying with Capital on Tap affect my credit rating?
No, just completing an application will not impact on your credit rating.
How do I know if my card is a Rewards Card?
If you have a Capital on Tap Mastercard then you are a member of our Rewards program. If have a Capital on Tap Visa Card you are not a part of our Rewards program. As a Visa card holder if you wish to apply for a Rewards Card please go to the 'Rewards tab' on your online account.
As an existing Visa Card customer, can I get a Rewards Card?
Yes! Just go to the 'Rewards tab' on your online account to find out how.
How does the Rewards scheme work?
You earn 1 Reward Point on all your Mastercard purchases with no restrictions or caps. You can redeem your points to your Capital on Tap account or transfer the cash to your bank account.
How do I accrue Rewards points?
For every £1 spent on your Rewards Card you get 1 point. 100 Rewards points = £1 cashback.
What can I do with the points that I have accrued?
Use your points to pay down the balance on your Capital on Tap account or get cash straight to your bank account within 1 day! (administrative costs will apply)
When can I start redeeming my Rewards points?
You will accrue points when purchasing on your Rewards Card throughout your billing period. These points will be available for redemption if you make the minimum payment on your account on your payment due date at the end of your billing period.
How do I get my cash back?
To turn your points into cashback, go to the 'Rewards tab' on your online account. There is a minimum of £10 on any cashback request.
How do I get my points added to my balance?
You can pay down the outstanding balance on your account with your Rewards points in the 'Rewards tab' on your online account.
How can I review how many Rewards points I have?
You can see what Rewards you have accrued at any time in the 'Rewards tab' of your online account.
If I dont pay off my account in full every month, will I still earn Rewards points?
As long as you pay the minimum payment required on your payment due date. The points earned within that billing period will be made available for redemption.
Is it possible to lose my Rewards points?
Yes, if you fail to make at least your monthly minimum you won't earn Reward Points for the previous billing period. If your account ever falls more than 14 days into arrears you may lose all your Rewards points (you won't be able to redeem them if you account is late or declined).
Do I only accrue Rewards points on certain purchases?
No, you will accrue points on any purchase you make using your Rewards Card.
What does 'no cap' on Rewards mean?
It means there is no limit to the amount of Rewards points you can earn and redeem.
Why have i lost points or got minus Rewards points on my account?
If you have had a refund or chargeback on your Rewards Card the points accrued on that transaction will be subtracted from your accruing points in the billing period where that refund or chargeback takes place.
How much does it cost to borrow?
Your funding costs depends on your 'Star Rating' (our internal credit score) and how long you want to borrow the funds for. To find out your initial star rating, you can fill out our 2 minute application form. Once approved you will have have an opportunity to improve your 'Star Rating'.
What is my Star Rating?
Based on on our credit assessment of your business, we will assign you an initial star rating ranging from 1 to 5. The higher your star rating, the lower your interest rates will be. Rates can range from 0.79% to 7.4% per month.
How do I increase my Star Rating?
We reassess your star rating on a regular basis as your business grows and you develop a history with us. 84% of our customers have their star rating increased within the 2 first months of being active.
What are Capital On Tap's late fees?
You can avoid paying late fees by getting in contact with us in advance if you are aware you will not be able to make a scheduled payment. In the event we can't reach you, your account can incur additional charges for late payment as specified in your funding agreement.
How do you collect repayment?
Capital on Tap collects by charging your debit card, or via a Direct Debit arrangement. Repayments are made weekly or monthly until you have paid back in full. For weekly repayments your first repayment will be due 7 days after you receive your funds. For example: if you owe principal plus interest of £1,200 for a 4 week loan we will collect £300 in 7 days, 14 days, 21 days, and 28 days after you receive your funding for a total collection of £1,200. For monthly repayments, you will pay 25% of your balance or £250 at the end of your monthly billing period, whichever is greater. This process is repeated each month until you have repaid in full.
How fast do I need to repay?
The length of time it takes to repay a loan depends on your chosen method of repayment. You can however repay your loan back as quickly as you like, irrespective of your chosen repayment method.
How do I view my statements?
Your statements will be emailed to you at the end of each billing period. You are able to view details of you next payment on your online account.
Will I receive a discount if I repay my funding early?
Yes, if you pay back early you will receive an early repayment discount. You can contact us at any time to ask how much discount you will receive.
What happens if I miss a payment?
You should only borrow money that you feel you can comfortably repay. If you hold up your end of the agreement you will never pay more than what was agreed in your contract. You can avoid paying late fees by getting in contact with us in advance if you are aware you will not be able to make a scheduled payment. In the event we can't reach you, your account can incur additional charges for late payment as specified in your funding agreement.
Where can I use my card?
You can use your card to make purchases at any merchant worldwide that accepts VISA or Mastercard, depending on which card you have with Capital on Tap. You can also use your card to make withdrawals from a cash machine (subject to a max of £400 every 24 hours).
How do I use my card on the internet?
To complete your order, select Card type Debit. You'll normally need to type in the 16-digit account number and the card's expiry date that are both shown on your card. The expiry date is shown as the 'Valid Thru' or 'Expires / ends' date. You may also need to enter your CVV number; the last three digits of the number on the back of your card.
How do I use my card over the phone?
The merchant will usually need your name, your 16-digit account number on the front of the card and the expiry date and the card type which is Debit. The expiry date is shown as the 'Valid Thru' or 'Expires / ends' date. They may request your CVV number, the last three digits of the number on the back of your card.
What is my Billing address?
Your Billing address is the Business address registered to your Capital on Tap account.
I haven’t received goods that I have paid for using my Capital on Tap card, what should I do?
If the expected delivery date has passed, or if no delivery date was agreed and it is 28 days since the date of the transaction, contact the supplier. If you are unable to resolve this with the supplier or have any further queries please contact us on 02089627401.
My card has been declined what do I do?
Ensure that you have given the correct information to the merchant. Also ensure that your card is not frozen (you can check this on your online account on the 'Your details' page). If you are still unable to make a purchase please contact us on 02089627401.
Can I use my card to take cash out?
Yes. You can use your card at any ATM that accepts Visa or Mastercard depending on which card you have. You can make a maximum of 2 withdrawals every 24hrs of £400 within that 24hr period.
What do I do if I’ve forgotten my PIN?
You can view your current PIN straight away online. Simply sign into your online Capital on Tap account to view your PIN in the 'Your Details' tab.
What happens if I type my PIN in incorrectly?
For security reasons you have a limited number of times you can incorrectly type in your PIN before your card becomes blocked. If this happens please contact us immediately on 02089627401.
Can I use my card abroad?
Yes. Your card will work in the same way overseas as it does in the UK anywhere that a Visa or Mastercard are accepted. You will be charged a slightly higher transaction fee when using your card abroad.
Can I have multiple cards on my account, how does that work?
You can have up to 3 cards on your account at any one time. Each card does not have its own creidt limit; all cards are subject to the credit limit on the account. For example if you have £4000 credit limit and spend £500 on one card there will only be £3500 available for use by the other 2 cards or to be drawn down.