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Business Credit Card News

Tesco Personal Finance has today launched the Tesco Business Card, which is specifically targeted at the UK"s 2.5 million sole traders. This is the company"s first move into the business market, offering an interest-free period of up to eight weeks, a rate of 13.9% and a unique fuel scheme, which rewards small business owners with money off petrol when filling up at Tesco. Cardholders will even earn the fuel bonus on balance transfers. Tesco Business Card estimates that the country"s 2.5 million sole traders could drive 379 million miles for free just by using the card for their everyday business expenses. Colin Robertson, head of Tesco Business Card, says: “We understand the business pressures sole traders face and wanted to offer a card that could help. We have offered a fuel reward scheme as they told us the cost of petrol is placing an increasing demand on their finances." "The growing band of enterprising individuals who have struck out on their own spend an estimated £1.3bn of business expenses on credit cards each and every month, with a staggering 90% using their personal card. "Many sole traders don"t keep their work and personal spending separate. It may seem simple to put them both on the one card but it can be tricky trying to untangle them when the tax return is due." Cardholders can also access and manage their account online 24 hours a day, 365 days a year. Robertson adds: “Many of our existing credit card customers are also sole traders. We spoke to them over a number of months and they told us they wanted a business card that gave them something back. We believe we have done just that. ”

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