Barclays corporate card: Benefits and Requirements in 2024
Barclays offers several different business card options, including credit cards, a Visa debit card and charge cards. If you’re looking for ways to manage your business spending, Barclays may be able to help.
This guide walks through the Barclays corporate card options, and also touches on a couple of alternative business debit cards from Wise and Revolut. Both Wise and Revolut offer multi-currency business account and card services with low fees and great exchange rates, which can suit businesses trading at home and abroad.
What is the Barclays corporate card?
Barclays is a major UK bank and issues a large range of business cards through its Barclaycard brand. You can apply for a couple of different Barclays business credit cards, including one with no annual fee, get charge cards or link a Visa debit card to your Barclays business bank account.
Different Barclays business cards have their own features and fees, which is likely to mean they’ll suit different customer needs. Read on for an overview of your options, and a look at non-bank business card providers Wise and Revolut, which are worth comparing to make sure you find the best fit for your business.
Key features: Barclays business card
Barclays business cards are offered as debit, credit or charge cards, and may be issued on the Visa or Mastercard network
The Barclays Select Cashback Credit Card has no annual fee, while the Barclays Premium Plus Credit Card has a 150 GBP annual fee
Foreign transaction fees of 0.99% to 2.99% apply for card POS payments abroad - if you use a credit card in an ATM overseas the costs can be even higher
Credit cards have and variable interest rates, and other fees including penalties for late payment
Barclays cards are linked to GBP accounts - if you need multi-currency account and card services, a provider like Wise or Revolut may suit you better
Barclays pros Barclays cons ✅ Several different card types are offered
✅ Cards can be on either Visa or Mastercard network, both of which are very widely accepted
✅ Some cards offer reward earning opportunities
✅ Business credit card options include one with no annual fee
❌ Foreign transaction fees apply which can be fairly high
❌ Annual fees may apply
Is Barclays card debit or credit?
Barclays has 2 different business credit cards, a business debit card which can be linked to eligible business bank accounts, and business charge cards.
Annual fees may apply depending on the card you select. There are also likely to be foreign transaction fees if you use your card to spend or withdraw in a foreign currency. If you need to manage business spending in multiple currencies, a low cost multi-currency account and card from a service like Wise or Revolut may allow you to keep down costs. More on that coming up in a moment.
Related: Wise Full Review 2024
Who is the Barclays corporate card for?
Barclays is a safe, regulated and popular UK bank. Barclays business card and account services are safe to use and offer a broad range of products and features for different customer needs.
Barclays business card alternatives in the UK
Barclays business card products are linked to accounts which use GBP only. Foreign transaction fees apply when you use them overseas. If you need to spend for your business in foreign currencies, or if you receive payments in foreign currencies from customers, a multi-currency account from a provider like Wise or Revolut may be a better fit. Here’s a quick overview:
| Provider | Currency account | Monthly fee | ATM withdrawals | International transfer fee | Exchange rate |
|---|---|---|---|---|---|
| Wise | Hold and exchange 40+ currencies Receive payments in foreign currencies with local and SWIFT details | None | Some free withdrawals monthly before a fee applies | From 0.33% | Mid-market rate |
| Revolut | Hold and exchange 25 currencies Receive payments in foreign currencies with SWIFT details | 0 GBP to 79 GBP | 2% fee | 5 GBP - some accounts offer a set number of no fee transfers monthly | Revolut rate to plan limit, then 0.6% 1% out of hours fee applies |
*Details correct at time of research - 14th October 2024
Wise
Wise Business offers an account which can hold and exchange 40+ currencies, with a linked debit card for spending and withdrawals. You can use your card in 150+ countries globally, and order expense cards for your team if you need to. There’s no fee to spend a currency you hold in your account, and if you don’t have the currency you need, the card can automatically convert for you with the mid-market rate and low fees from 0.33%.
Accounts also offer ways to get paid by customers, marketplaces and PSPs with local and SWIFT account details in a selection of currencies.
Key features:
No ongoing card or account fees, no foreign transaction fees
Hold and exchange 40+ currencies, receive payments with local and SWIFT account details
Currency exchange uses the mid-market rate
| Wise pros | Wise cons |
|---|---|
✅ Multi-currency account with no ongoing fees ✅ Debit card, with optional expense cards for team members ✅ No foreign transaction fee for overseas spending ✅ Some free ATM use monthly before fees begin | ❌ Card order fees apply ❌ Some service and transaction fees may apply depending on how you use your account |
Revolut
Revolut Business has 4 different account options for UK customers, which all offer a linked debit card you can use for international and local spending. Expense cards are available for team members, and accounts can hold 25 currencies. All account tiers offer some no fee weekday currency conversion before fair usage fees apply - exactly what no-fee transactions you get depend on the account tier you select.
Key features:
3 different account options, with fees from 0 GBP to 79 GBP a month
Hold and exchange 25 currencies, get paid in foreign currencies with SWIFT details
Some no fee weekday currency conversion before fair usage fees apply
| Revolut pros | Revolut cons |
|---|---|
✅ Choose different account types depending on your needs ✅ All accounts hold and exchange 25 currencies ✅ Some no fee currency exchange with the Revolut exchange rate offered with all accounts ✅ Add team members to your account and order expense cards for them | ❌ Monthly fees of up to 79 GBP ❌ Fair usage and out of hours fees may apply on currency conversion |
How does Barclays business card work?
Barclays business debit cards are issued on the Visa network, while credit cards may be issued via Mastercard. All can be used with popular wallets like Apple Pay. You can use your card to spend in person and online, and to make cash withdrawals. Fees may apply depending on the transaction type.
If you would like a credit card you’ll need to apply online or in person, and meet eligibility criteria including a credit check. To get a Barclays Visa debit card you must have an Barclays business bank account which can be linked to the card.
Barclays corporate card fees
The exact costs of using an Barclays corporate card can vary a lot depending on the specific card you get. You’ll need to read through the card’s fee schedule carefully before you transact to make sure you're clear on which fees may apply when you spend. Here’s an overview of some costs to consider:
| Barclays business card fee | |
| Annual fees | Barclays Select Cashback Credit Card has no annual fee Barclays Premium Plus Credit Card has a 150 GBP annual fee Barclays Select charge Card has a 42 GBP annual fee |
| Foreign transaction fee | 2.75% with Barclays debit card 0.99% to 2.99% for credit card POS payments 2.99% for credit card cash withdrawals |
| ATM fee | Fees vary, and can include a 3% non-sterling cash fee for credit card use |
| Other fees | Business credit cards may incur interest or penalty fees, depending on usage Business debit cards must be linked to an eligible business account which may have its own ongoing or service fees |
*Details correct at time of research - 14th October 2024
Barclays business exchange rates
When you spend overseas with a Barclaycard, the costs of your purchase are converted back to GBP using the network exchange rate and the foreign transaction fee which applies to your specific card. The GBP value of the purchase is then deducted from your business account if you use a debit card, or added to your monthly bill with a credit card.
While the Barclays business exchange rate, set by network, is usually pretty fair, the foreign transaction fee does push up the final amount you need to pay. Foreign transaction fees can vary depending on the card and the spending type:
2.75% with Barclays debit card
0.99% to 2.99% for credit card POS payments
2.99% for credit card cash withdrawals
Barclays business card limits
If you have a Barclays business credit card, the limit you’re set depends on your credit score and other factors.
If you have a Barclays business debit card you can usually spend to the amount of your account balance. However, there are limits on the amount you can withdraw in cash. This means you can instantly withdraw up to 750 daily from ATMs, or 2,000 GBP at a branch. If you need more than this, you must visit a branch and give 24 hours notice.
What are the requirements for getting a Barclays business card?
If your annual turnover is under 6.5 million GBP you can apply for a Barclays Business credit card online, by giving personal and business information including your address. If you have a larger business you may need to call the bank directly to get a Barclays credit card, in order to make sure you get the best product for your specific needs.
If you have a Barclays business bank account already and want to add a debit card to it, you can call the bank and ask for your card with no formal application needed for simple signing mandates. Different phone numbers are available depending on the turnover of your company. If you’ll want multiple people to sign on the card you may need to visit a branch to arrange your card.
How to activate your Barclays corporate card
Once you have a Barclays corporate card, you may need to activate it in the Barclays business banking app. Log into the app and complete the activation steps following the prompts.
How to use a Barclays business card?
Once you have one, you can use your Barclays business card to spend and make withdrawals at home and abroad. Cards are compatible with mobile wallets like Apple Pay, and can be used to make contactless payments.
How to top-up your Barclaycard
You won’t need to top up an Barclays business credit card, simply spend to your card’s limit and repay the amount every month. If you have a debit card you can add money to your business bank account yourself or have others pay you using your account’s local and SWIFT details.
How to withdraw money from a Barclaycard
You can use your Barclays business card to withdraw cash at an ATM, or at a branch. Fees may apply, including foreign transaction fees if you’re abroad, charges levied by the ATM operator, and cash advance fees if you’re using a credit card.
Bear in mind that there are limits on the amount you can withdraw in cash with a Barclays business debit card. This means you can withdraw up to 750 daily from ATMs, or 2,000 GBP at a branch. If you need more than this, you must visit a branch and give 24 hours notice.
How to use Barclays business overseas?
Use your Barclays business card overseas as you would at home, to spend and make withdrawals. Foreign transaction fees of up to 2.99% are likely to apply, with higher fees if you use a credit card at an ATM.
Supported currencies
Barclays business credit cards are billed in GBP, and the standard Barclays business accounts hold GBP only. You can use your Barclays business cards to spend internationally, but the amount will be converted back to GBP to be debited or billed to your account. Fees of up to 2.99% apply.
Conclusion: is the Barclays corporate card worth it?
Barclays offers a good selection of business debit, credit and charge cards. Barclays business credit cards may have annual fees, and some Barclays business bank accounts which link to business debit cards also have ongoing charges. In addition to any monthly or annual fee you pay there are likely to be transaction fees which can include a percentage charge for overseas use, ATM costs, interest and more.
Weigh up your options with Barclays against alternative providers like Wise and Revolut to see which is best for your business spending.
FAQ
Is Barclays business card free?
Barclays business cards may have annual fees, and transaction and service fees are also likely to apply. Read your account fee schedule carefully before you transact.
Is Barclays a Visa or Mastercard?
Barclays business debit cards are issued on the Visa network, while credit cards may be issued via Mastercard.
Can foreigners in the UK use Barclays?
You may be eligible to apply for a Barclays business account and card if you’re a foreigner with a UK registered business. Check eligibility with the bank directly.
General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions. We compare currency exchange and money transfer services in over 200 countries and territories worldwide. We only display reputable companies which we have researched and approved.