If you’re weighing up the pros and cons of choosing Capital on Tap or one of the American Express business credit cards, this article is designed to help.
I’ve compared their features, fees and functionality, as well as their reviews on major platforms like Trustpilot, to help you make up your mind.
Capital on Tap vs Amex: Eligibility and Application Process
Capital on Tap has relatively simple eligibility requirements – your business just needs to be a UK-based Limited Company (Ltd) or Limited Liability Partnership (LLP) with a minimum of £24,000 in annual turnover.
You’ll also need to be an active director or majority shareholder in the company. There should be no outstanding County Court Judgments (CCJs) against you or the business within the past 12 months.
American Express has more stringent eligibility criteria that varies by card type but generally includes:
- Strong personal credit score (typically 670+ but depends on the card)
- Registered business information like Companies House number
- Financial details, including time in business, annual revenue, projected card spending
- Personal income and assets details
Capital on Tap vs Amex: Application Process
Applying for Capital on Tap only takes 2 minutes online. You’ll enter basic information about your business and finances. Approval decisions are instant in most cases.
The Amex application process is more extensive, requiring detailed information on your business operations, financial statements, ownership structure, and personal finances. Documentation like bank statements may need to be submitted.
Approval times can take 1-2 weeks as Amex thoroughly reviews your profile. They may request clarification or additional documents during the process.
Overall, Capital on Tap is focused on small businesses and has a smooth, fast application experience. Amex does more rigorous vetting, given the premium nature of its cards, so its application requires much more time and effort.
Capital on Tap vs Amex: Fees & Interest Rates
Capital on Tap’s standard Free Rewards Card has no annual, monthly, or setup fees. The Business Rewards Card has a £99 yearly fee, while the Pro Card costs £299 a year, both of which are billed annually. There are also no foreign transaction fees, so it’s free to use abroad.
Amex fees vary widely depending on the specific card:
- Annual fees range from £0 (Basic Card) up to £650 (Business Platinum)
- Most cards have no monthly fees, but a few charge £6-£10 per month
- Foreign transaction fees are typically 2.99%, but a few Amex cards have no foreign fees
- Other fees like late payment, balance transfer, and cash advance fees apply for some Amex cards
Interest Rates
Capital on Tap’s Free Business Card has a variable Purchase Rate and Representative APR of 36.19%. The Business Rewards Card also has a variable Purchase Rate of 36.19% APR but a higher Representative APR of 59.15% (variable). The Capital on Tap Pro Card rates are as low as 15.22% APR (variable), depending on your creditworthiness.
The AMEX cards have no interest as they are charge cards with no preset spending limit. This means you can’t hold the balance over but must pay it off in full by the end of each month.
Capital on Tap vs Amex Rewards
Capital on Tap Free Card:
- 1% cashback on all card spending.
- Exclusive offers at partner brands.
- Earn 1 reward point per £1 spent on card points. Points are redeemable against your balance, as cash or as gift cards.
Capital on Tap Business Card:
In addition to the rewards offered to Free Card holders, Business Card customers benefit from:
- 10,000 bonus reward points (worth £100) for spending £5,000 in the first 3 months.
- The ability to convert your rewards points into Avios.
Capital on Tap Pro Card:
As well as all of the benefits Capital on Tap Business Card holders enjoy, Pro customers can access:
- Unlimited access to 1,600+ airport lounges (for the main card holder).
- 2 free guest lounge passes per year, plus guest discounts.
- Radisson Rewards VIP status
Amex Business Platinum Card:
- Earns 1 Membership Rewards point per £1 spent
- Points can be redeemed for travel, cash back, gift cards, etc.
- Receives 1.5x points on large purchases over £5,000
- Has cardholder perks like lounge access and hotel status
Amex Business Gold Card:
- Earns 1 point per £1 on 2 select categories (airfare, advertising, etc)
- Earns 0.5 points per £1 on other purchases
- Bonus points for hitting spending thresholds
- Points can be transferred to airline partners
Amex Amazon Business Card:
- Earns 2% back on Amazon purchases as Amazon credit
- Earns 0.5% back on non-Amazon purchases
- Can get 60-90 day payment terms on Amazon purchases
Amex point benefits and earning rates differ substantially depending on the card and business spending habits. The Platinum card is best for travel perks, the Gold card provides category bonuses, and the Amazon card maximises Amazon rewards.
Is Capital on Tap VISA or American Express more widely accepted?
Capital on Tap uses Visa, so it is widely accepted by millions of merchants globally. Visa has the largest acceptance network worldwide.
Amex cards are accepted at fewer locations internationally due to their proprietary card network. However, Amex acceptance has been improving in recent years.
In the UK specifically:
- Amex is accepted at large retailers, supermarkets, hotels, restaurants, and many small businesses.
- Acceptance rates are now over 90% at UK merchants that take credit cards.
- Amex provides an acceptance checker tool online to see if a merchant takes Amex cards.
- Contactless payments are available through Amex, increasing convenience.
So while Visa is still more universally accepted, Amex acceptance has reached high levels in the UK market. The proprietary Amex network is more limiting for international acceptance.
Capital on Tap vs Amex: Customer Reviews
Based on the Trustpilot reviews, there is a clear contrast between customer satisfaction with American Express versus Capital on Tap:
American Express:
- Very poor 1.6/5 TrustScore based on 3,534 reviews
- 75% 1-star reviews
- Many complaints about poor customer service, account issues, and disputes not being resolved properly
- Reviews mention unhelpful service, long wait times, and difficulties getting issues addressed
- Frequent problems with fraud/dispute support and lack of accountability
Capital on Tap:
- Excellent 4.7/5 TrustScore based on 11,518 reviews
- 89% 5-star reviews
- Praise for fast application process, helpful customer support, ease of use
- Responds to the vast majority of negative reviews professionally
- Customers highlight great experiences with named staff like Phoebe, Azhar
- Simple fee structure and lack of hidden charges appreciated
In summary, the overwhelming majority of reviews for Capital on Tap are highly positive and highlight good customer experiences. Meanwhile, most AMEX reviews are critical of poor service quality and difficulty getting support.
