Capital on Tap Business Card review: $1,200 sign-up bonus with no hard inquiry

Capital on Tap Business Credit Card overview

The Capital on Tap Business Credit Card is one of the newest no-annual-fee business cards on the block, and it doesn’t require a hard pull on your credit report. For a limited time, new cardmembers can earn $1,200 cash back after spending $50,000 on the card in the first six months.

Card rating*: ⭐⭐⭐

* Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

Capital on Tap launched in 2021, and it’s all about making it “easy” for business owners by streamlining the eligibility and application process. This is one of the card’s main distinguishing factors — though it also includes a welcome offer of $1,200 cash back when you spend $50,000 in the first six months. This is one of the highest welcome offers among business credit cards, but it also requires a much higher minimum spend.

On top of that, you’ll enjoy unlimited 1.5% cash back and benefits such as a car rental collision damage waiver and travel assistance, along with a simple-to-use online portal for managing your account.

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Here’s everything you need to know about the Capital on Tap Business Credit Card.

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Who should get the Capital on Tap Business Credit Card?

The Capital on Tap card is a fair choice for any small business owner looking for a general card with a simple earning structure. But to earn the card’s welcome bonus, your business would have to spend over $8,333 in each of the first six months, which could be challenging for smaller companies.

If your business expenses are more minimal, you may want to consider alternatives like the Ink Business Unlimited Credit Card, which offers a sign-up bonus of $750 cash back after you spend $7,500 on purchases in the first three months after account opening. While the bonus is lower, the required spending — which works out to $2,500 per month — may be more manageable.

In addition, unlike other small-business cards that are available to freelancers and sole proprietors, the Capital on Tap card is only available if the following criteria are met:

Your business has been active for at least six months.
You have at least $2,500 per month in revenue.
You make money mostly from selling goods and/or services.

That said, since the card has no annual fee and conducts a soft pull on your credit report, it can be a great option for businesses looking for a straightforward way to earn on business expenses.

The Capital on Tap card does not offer bonus categories but does earn unlimited 1.5% cash back on all purchases, making it ideal for business owners that don’t have focused spending categories — or who don’t want to worry about which card to use where. However, if you can’t meet the welcome offer’s spending requirement, it may be a good idea to consider alternative business cards.

Sign-up offer worth up to $1,200 through The Points Guy

If you apply through TPG by Sept. 28, 2022, with the code “GO1200-1,” you’re eligible for a limited-time sign-up bonus that allows you to earn $1,200 cash back after spending $50,000 in your first six months after account opening. (You can click this link to have the code automatically populate into your application.)

This offer is definitely on the higher end for business cards, especially those with no annual fee. For comparison’s sake, the Bank of America® Business Advantage Unlimited Cash Rewards Mastercard® credit card only offers a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days after account opening. This could be a better option if your business can’t meet the spending requirement on the Capital on Tap card.

However, note that there is a lower bonus available for the Capital on Tap card if you aren’t able to spend the full $50,000. You’d still receive $200 back when you spend $15,000 in the first three months.

Most Capital on Tap applications will receive a response within 48 hours.

Card benefits and perks

While the Capital on Tap card does not offer a lot of perks, there are certain notable benefits to the card. First, its credit limit can be as high as $50,000, which can be a great fit for small businesses looking for a lot of purchasing power. Capital on Tap also provides unlimited additional cards at no extra cost, which allows employees to make purchases on behalf of the company.

The card incurs no foreign transaction fees, making it a perfect travel card for your small business and employees who need to leave the country. That said, if your small business’ primary expense is travel, there may be better business cards for you than the Capital on Tap card.

In addition, as a Visa Corporate product, the Capital on Tap card comes with certain benefits built in, including secondary rental collision coverage (not to be confused with primary car rental insurance), travel assistance and more.

How to earn and redeem rewards with Capital on Tap

You can easily travel and redeem your cash-back rewards through an online portal. (Photo by DragonImages/Getty Images)

Ease of use is clearly a theme for Capital on Tap with the simple application process, and this holds true for the card’s earning and redemption structure as well. Eligible purchases earn unlimited 1.5% cash back, and redemptions are earned in the form of a statement credit.

To redeem, navigate to the rewards page of the online portal. Terms and conditions may apply.

Which cards compete with the Capital on Tap Business Credit Card?

There are a number of other no-annual-fee cards geared toward small businesses, so here are some that compete with the Capital on Tap card.

Ink Business Unlimited Credit Card

As stated earlier, another great no-annual-fee business card is the Ink Business Unlimited Credit Card. Like the Capital on Tap, you earn an unlimited 1.5% cash back on all eligible purchases, making it a great product for businesses without a targeted spending category or looking to fill in the gaps of non-bonus spending.

In addition, the card offers a perk that the Capital on Tap card does not: a 0% introductory annual percentage rate for the first 12 months after account opening (after that, a variable APR of 15.49% -21.49% will apply). Businesses looking to make a big purchase could greatly benefit from this introductory offer. However, it’s worth noting that the Ink Business Unlimited does impose foreign transaction fees on purchases made outside the U.S., so it may not be a great card if your business requires international travel.

The Ink Business Unlimited card offers a sign-up bonus of $750 after you spend $7,500 on purchases in the first three months after account opening. However, if you pair the Ink Business Unlimited with a card that earns transferable Ultimate Rewards points — like the Chase Sapphire Preferred Card — you can get even more value.

In order to combine these rewards in a single account (effectively converting them to fully transferable Ultimate Rewards points), the other card must be registered to the owner of the company or a member of your household. But once you combine them, the value of the Ink Business Unlimited’s sign-up bonus jumps to $1,500, based on TPG’s valuations.

While there is more potential value in the Ink Business Unlimited, it is subject to the restriction of Chase’s 5/24 rule. Prospective business card holders that have opened five (or more) new card accounts across all issuers in the last 24 months will likely not be approved.

Official application link: Ink Business Unlimited

Bank of America Business Advantage Unlimited Cash Rewards card

The Bank of America Business Advantage Unlimited Cash Rewards card is another no-annual-fee card that competes with the Capital on Tap card. It, too, awards 1.5% cash back on all purchases with no limit, but it does charge foreign transaction fees, making the Capital on Tap a better option for purchases outside the country.

However, the card is potentially more valuable if you are a part of Bank of America’s Preferred Rewards Program. Platinum Honors members can receive 75% more rewards, boosting the overall return on the card to 2.625%.

As stated earlier, the Business Advantage Unlimited Cash Rewards card currently offers a sign-up bonus of $300 when you spend $3,000 on purchases in the first 90 days. This is lower than the Capital on Tap’s offer, but it also requires lower minimum spending. For smaller-budget businesses, the Business Advantage can be a better fit.

Official application link: Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card

Bottom line

Overall, the Capital on Tap Business Card is a solid business card. It offers a quick and simple application process, no hard pulls and an attractive sign-up bonus. The card contains few benefits and isn’t available to all small businesses, but it offers unlimited 1.5% cash back.

Other cards certainly have the potential to be more valuable if you are already in a given rewards ecosystem (Chase Ultimate Rewards or Bank of America Preferred Rewards) or have a smaller-budget business that wouldn’t be able to meet the high minimum spend required for the full sign-up bonus. But for a simple, general business card, it’s hard to go wrong with Capital on Tap.

Capital on Tap Business credit cards are issued by WebBank.

Featured photo by Hero Images/Getty Images.