Both pay 1% — what's the real difference?

Capital On Tap charges 0% FX vs Santander's 2.95%, has no annual fee vs Santander's £30, offers a £75 welcome bonus vs Santander's none, and doesn't require you to switch business banks. On a £50k UK + £10k overseas spend year, Capital On Tap is ~£430/year better off.

Independent comparison · May 2026

Capital On Tap vs Santander Business Cashback Credit Card (2026)

Santander's Business Cashback credit card pays 1% on UK spend, similar to Capital On Tap. But Santander requires a Santander business account and charges FX fees. Capital On Tap is independent and 0% FX.

Side-by-side specification

	Capital On Tap	Santander Business Cashback
Annual fee	£0 (Business) / £99 (Rewards)	£30/year
Rewards	1 point per £1 (= 1% cashback or 1 Avios 1:1)	1% cashback on UK spend
Foreign-exchange fee	0% FX fees worldwide	2.95% non-sterling fee
Credit limit	Up to £250,000	Subject to assessment
Eligibility	UK Ltd / LLP / PLC, £24k+/yr turnover, no unsatisfied CCJs (last 12 months). Sole traders not eligible. No published minimum trading-period rule.	Santander business banking customer required
Representative APR	34.65% representative variable	~23.7% representative variable
Application	~2 minutes, soft credit check first	Branch or online, hard credit check
Card type	Visa Business credit card	MasterCard Business

Where Capital On Tap wins

✓ No annual fee (Santander charges £30/year)
✓ 0% FX vs Santander's 2.95%
✓ No bank relationship required
✓ £75 welcome bonus with code 2REFY893A52
✓ Cashback redeemable as Avios 1:1 (Santander is cashback only)
✓ Faster application (soft check)

Where Santander Business Cashback wins

✓ Lower APR if you carry a balance
✓ Integrated with Santander business banking
✓ Established high-street brand

Who should pick which

Pick Capital On Tap if

You want cashback + 0% FX with no annual fee and no bank relationship.

Pick Santander Business Cashback if

You already bank with Santander business and want consolidated statements.

FAQs: Capital On Tap vs Santander Business Cashback

Both pay 1% — what's the real difference?: Capital On Tap charges 0% FX vs Santander's 2.95%, has no annual fee vs Santander's £30, offers a £75 welcome bonus vs Santander's none, and doesn't require you to switch business banks. On a £50k UK + £10k overseas spend year, Capital On Tap is ~£430/year better off.