Barclaycard offers new cashback business credit card for UK SMEs

Barclaycard has unveiled a new cashback business credit card aimed at helping UK SMEs get back on track as the economy recovers post-Covid-19.

Designed specifically for the small and medium-sized business community, the Barclaycard Select Cashback credit card comes fee-free and offers the additional benefit of one per cent cashback on all purchases.

Business users can also take advantage of the up to 56-day interest-free period, which could prove useful for short-term financial assistance and cashflow management. In order to qualify to get the card SMEs must have a turnover of between £10,000 and £6.5 million. The card also features purchase protection and cardholder misuse insurance as part of the package.

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Barclaycard pulled research data from its Q1 Barclaycard Payments SME Barometer in order to shape the new release, finding that SMEs predict an 8.1% rise in revenue for 2021. Meanwhile, 39% said they were feeling ‘optimistic’ about their prospects for the future.

Cashback card

Ian Reid, Managing Director of Small Business cards, Barclaycard Payments, said: “We’ve developed our SME cashback card to support businesses with their immediate spending and cashflow needs as many get back up and running over the weeks ahead.

“We hope by offering one per cent cashback on all purchases, and up to 56-days interest-free, merchants will have some much-needed breathing space as they look to emerge from the struggles of the last year, and into a brighter and more prosperous summer.”

Kelly Devine, Divisional President, Mastercard UK & Ireland commented, “We are thrilled to be working with Barclaycard to bring the SME cashback card to market, helping those businesses that have been hardest hit by the pandemic.

Small businesses are the backbone of the UK economy and it is vitally important that we find ways to help them navigate these challenging times if we are to build back better.”

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