Lloyds Business Credit Card: Features, rewards and how to apply

In the UK, Lloyds is one of the biggest names in banking, and its business credit card is a core part of its business offering. The Lloyds business credit card is designed to help you manage costs, keep your spending organised, and access short-term credit when you need it.

In this guide, we’ll walk you through the card’s features, rewards, fees, and the application process, giving you a clear view of how it all works (and whether it could be the right fit for your business).

What is the Lloyds business credit card and who can apply?

The Lloyds Bank business credit card is designed for UK-registered sole traders, partnerships and limited companies. 

• Hold a UK-registered Lloyds business current account.
• Be over 18 and authorised to borrow on behalf of the business.
• Demonstrate a satisfactory credit history for both the business and its owners.
• Provide key details such as turnover, trading history, and director information.

The card is intended exclusively for business use, which helps you separate your personal and company finances, streamline record-keeping, and simplify tax and accounting processes.

The card is also a great way to build and bolster your business credit score (if you make your repayments in a timely fashion). This is vital for when you need to apply for bigger business loans.

Key benefits and cashback rewards for UK businesses

The Lloyds business credit card comes with the standard range of features designed to make the day-to-day running of your business easier.

You can benefit from up to 45 days interest-free on purchases, as long as you pay off your balance in full each month. And if you use the card for eligible purchases, you’ll get monthly cashback (which is paid directly into your account).

You’ve also got the option to add extra cardholders at no additional cost, giving you a simple way to manage employee expenses. By consolidating spending onto one account, it also becomes much easier to track and analyse your costs.

You can keep a close eye on transactions via Lloyds’ online and mobile banking. The app lets you set up spending alerts and manage your account whenever it suits you. 

Does the Lloyds business credit card offer travel or purchase protection?

Yes. When you pay for at least half of a business trip with your Lloyds business credit card, you’ll get travel insurance that can cover you, your family, and up to three colleagues travelling with you. The card also comes with Buyer's Protection Insurance, which may help if something you’ve purchased with the card is damaged, lost, or stolen. 

How the Lloyds business credit card works: fees, limits and repayment

Like with any credit card, it’s worth familiarising yourself with Lloyds credit card’s fees, repayment terms and limits.

As with all debt finance, managing repayments carefully is essential. Paying your balance in full within 45 days keeps your borrowing interest-free.

What is the interest-free period and how do repayments work?

The interest-free period is up to 45 days, as long as you clear your statement in full by the payment due date. If you only make the minimum payment, interest will be charged on the remaining balance.

How to apply for a Lloyds business credit card online

The online application process for a Lloyds business credit card is straightforward. Applications are made directly through the business banking credit card section on the Lloyds website.

You’ll need to hold a Lloyds business current account already. The documents typically requested include:

• Proof of business registration details.
• Director or owner information.
• Estimated or recent turnover figures.

Lloyds may also require a personal guarantee, depending on your business structure and financial history. A standard credit check will be a part of the application process.

The decision and card issue usually takes a few days, but this can vary depending on the complexity of your case.

Managing your Lloyds business credit card: Login, payments and support

Once approved, you can access and manage your card through online banking or the mobile app. The app gives you an overview of transactions, outstanding balances, and employee cardholder spend.

When it comes to how to pay Lloyds business credit card, you have a few options:

• Make a one-off transfer via online banking.
• Set up a direct debit to ensure you never miss a payment.
• Use standing orders for regular repayments.

The system also allows you to view statements, set up real-time alerts, and control spend limits on employee cards. And if you have any issues, you can reach Lloyds by phone, secure messaging in online banking, or by dropping into a branch.

How do you report a lost or stolen Lloyds business credit card?

You can report this immediately by calling Lloyds’ 24/7 card services line. Replacement cards are usually issued quickly, and Lloyds will keep an eye out for fraudulent transactions.

An alternative option: iwoca’s Flexi-Loan

Credit cards are absolutely useful for everyday purchases or short-term stop gaps. But sometimes you’ll need access to a more substantial source of working capital. That is where iwoca’s Flexi-Loan can help.

The Flexi-Loan merges the flexibility of a credit card with the heft of a more traditional loan. You can borrow from £1,000 up to £1,000,000, all with flexible repayment terms.

There are no fees for paying early, so you only pay interest for the duration of the loan. This makes it a practical alternative if you need to cover larger invoices, manage seasonal dips, or invest in growth without the rigid structure of traditional credit.

Apply for an iwoca Flexi-Loan today. It’s completely online, takes a few minutes, and we’ll usually give you a decision within 24 hours. Apply now