Company Credit Cards

[b0redom]

The Fees for Payment of Taxes, etc. by Credit Card (Amendment) Regulations 2017

CoT isn't a credit card. It's a charge card - 0% fees on it. I did it last week.

[JimC]

CoT isn't a credit card. It's a charge card - 0% fees on it. I did it last week.

Thanks for that confirmation. So since the Gold Business AMEX is also a charge card, there's no fees either when paying on HMRC?

[ladymuck]

Thanks for that confirmation. So since the Gold Business AMEX is also a charge card, there's no fees either when paying on HMRC?

HMRC doesn't take Amex

Technically, CoT is a prepaid card. It functions to you, the account holder, like a credit card in that you don't have to settle every month and will pay interest on any remaining balance. HMRC see it as a debit card when you use it to make a payment, hence the lack of fees.

[JimC]

HMRC doesn't take Amex

Technically, CoT is a prepaid card. It functions to you, the account holder, like a credit card in that you don't have to settle every month and will pay interest on any remaining balance. HMRC see it as a debit card when you use it to make a payment, hence the lack of fees.

thanks for the explanation @ladymuck. I see a few people asking for the AMEX gold business card, is that just for normal business expenses and to get the initial 20K reward points?

[northernladuk]

thanks for the explanation @ladymuck. I see a few people asking for the AMEX gold business card, is that just for normal business expenses and to get the initial 20K reward points?

Depends on the reward levels of the card. It could still be worthwhile paying the charge if the rewards are actually worth more. If the charge is £150 and you get £200 cash back it's still worth it. Just have to work the figures out.

There is that service that allows you to pay anything with credit card and they pay the fee with a bank transfer but the charges don't really make it worth it. Nearly 3% last time I looked. I forget what it's called but it wasn't worth it.

[ladymuck]

Depends on the reward levels of the card. It could still be worthwhile paying the charge if the rewards are actually worth more. If the charge is £150 and you get £200 cash back it's still worth it. Just have to work the figures out.

There is that service that allows you to pay anything with credit card and they pay the fee with a bank transfer but the charges don't really make it worth it. Nearly 3% last time I looked. I forget what it's called but it wasn't worth it.

Billhop. It is quite expensive to use; last resort job if you're having cashflow issues and want to put a large bill onto a credit card. I looked at it for points earning but the fees outweigh the benefits.

[ladymuck]

thanks for the explanation @ladymuck. I see a few people asking for the AMEX gold business card, is that just for normal business expenses and to get the initial 20K reward points?

Amex rewards can be swapped for a variety of things so that has value to some people. Like NLUK said, you have to look at the fees etc and decide for yourself if its worth it.

[ladymuck]

For thems looking to get the Capital On Tap card to earn Avios on fee-free HMRC payments, you may be disappointed to learn that "due to Brexit" they are changing the card to a Visa Credit Card from 31 October. This means that payments to HMRC will now incur fees.

New applicants will receive a Visa credit card. Existing account holders can use their Mastercard until 31 October, by which time you will have received the new Visa card.

All other account benefits remain the same.

I do have to ask why they didn't change the card in March...

[b0redom]

Yeah I got that too.

[Spoiler]

For thems looking to get the Capital On Tap card to earn Avios on fee-free HMRC payments, you may be disappointed to learn that "due to Brexit" they are changing the card to a Visa Credit Card from 31 October. This means that payments to HMRC will now incur fees.

New applicants will receive a Visa credit card. Existing account holders can use their Mastercard until 31 October, by which time you will have received the new Visa card.

All other account benefits remain the same.

I do have to ask why they didn't change the card in March...

Oh
Was just about to sign-off and start using it for VAT payments. I won't bother now.
Working on getting the limits up on my Curve card ...