22 Dec 2024

Business charge cards, what’s on offer ?

In a difficult economic climate, it’s never been as important for businesses to keep a handle on expenses.

Managing everyday expenses is an important part of a healthy business, so is cost reduction.

Recent research by Business Moneyfacts has revealed that in the past five years charge card fees have risen on average by 54%, cash withdrawal charges have also risen over this period.

	Costs		Number of cards offering incentives
	Average yearly fee	Average cash w/d fee	Savings on travel	Savings on hotels	Savings on car hire	Travel delay cover	Total charge cards
Today	£63	2.69%	10	13	11	20	34
1 Year Ago	£51	2.64%	7	10	9	17	31
3 Years Ago	£50	2.57%	7	11	10	17	31
5 Years Ago	£41	2.42%	10	14	13	18	33

Rachel Springall, spokesperson for Business Moneyfacts, said:

“Charge card flexibility is key to a business, so is the cost.

“Card fees can be as high as £300 a year, depending on desirable benefits and discounts.

“Businesses may be surprised at some of the savings they can achieve, so it’s important they look at all the areas a charge card can cover.

“While the majority of charge cards available on the market today offer some useful incentives, businesses need to decide whether they can justify the expense of a yearly fee in return.”

Business charge card selection

	Yearly fee	Cash w/d fee	Savings on travel	Savings on hotels	Reward scheme	Travel delay cover
American Express Gold Business (Amex)	£95	3.00%	Yes	Yes	Yes	Yes
Barclaycard Corporate Gold Charge (Visa)	£32	3.00%	No	No	No	Yes
*Lloyds TSB Business Charge Card (Visa)	£32	2.50%	No	No	No	No
*The Co-operative Bank Business Charge Card (Visa)	£24	2.00%	No	No	No	No

Business turnover limits apply to all cards listed, foreign charges and interest can apply on top of yearly fee. *Account required with issuer to obtain card.

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.

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