Star Rating Business Current Account and Credit Cards | moneyfacts.co.uk

nigel woollsey

Nigel Woollsey

Online Writer
Published: 18/05/2020

Moneyfacts is pleased to announce that our 2020 Star Ratings for Business Current Account and Business Credit Cards have just been released.

The Moneyfacts Star Ratings are respected by both providers and consumers who are looking for the best current accounts and credit cards for businesses in the UK marketplace. Those who value an impartial, expert opinion can now see for themselves which products and providers have achieved the coveted Five or Four-Star Ratings.

As part of our 2020 Moneyfacts Annual Star Ratings, thousands of products across 17 categories, from business and personal finance products to insurance and investment products, are carefully assessed.

Among the many factors we look at to determine star ratings are:

Business current accounts

Flexibility
• Account management
• Card availability
• Services from other banks and branches.

Benefits
• Introductory offers
• Loyalty bonus
• Exclusive offers
• Satisfaction guarantees
• Emergency card
• Preferential deals on other financial products.

Features
• Introductory offers
• Credit interest
• Overdraft availability
• Standing charges
• Cash withdrawal facilities and charges
• Debit transaction charges
• Credit transaction charges
• Statement fees
• Transfers and faster payments
• Facilities and charges
• Cash exchanging facilities and charges.

Business credit cards

Flexibility
• Opening and operating options
• Payment options
• Balance transfer availability
• Contactless
• Number of additional cards.

Charges
• Card fees
• Balance & money transfer fees
• Cash withdrawal fees
• Late payment charges
• Foreign usage charges
• Trace fees
• Minimum interest charges
• Dormancy fees.

Benefits
• Airport lounge access
• Free emergency card
• Free emergency cash
• Interest-free days
• Enhanced purchase protection
• Luggage insurance
• Free text alerts
• Cashback
• Travel accident insurance
• European/worldwide travel insurance
• Flight cancellation/delay insurance
• Medical insurance
• Personal liability insurance

Lee Tillcock, editor of Business Moneyfacts, said: “Vital products for any commercial enterprise, it is pleasing to see continuing innovation and growing choice in the business current account and credit card sectors. Given the impressive range of features offered to meet the needs of modern-day businesses, there are plenty of options to consider when choosing a business current account— something that the sector and regulator are clearly keen to promote. Indeed, the CASS Dashboard figures for the first quarter of 2020 show that business switching volume totals were up 52% compared to the previous quarter. The annual Moneyfacts Business Current Account Star Ratings provide businesses with valuable insight into the quality of the features on offer, before assessing the individual costs.

“It is also encouraging to see providers innovate and increase competition across the business credit card sector. However, as more businesses utilise business credit cards to assist them with keeping in control of expenses and keeping cash flow moving, it is still not easy for business customers to identify which deal will offer the best quality for their specific business needs. The annual Moneyfacts Business Credit Card Star Ratings look at the underlying features of a product, ensuring the business customer finds the most complete product in terms of flexibility and added extras, which will reward them over the longer term.”

To see the full list of awarded products, please click here.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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