Learn how Cape stacks up to a traditional Business Credit Card
Both cards can offer a line of credit to your business.
The key difference is that a credit card will allow you to carry a balance forward each month. This means your business can pay off the balance at a time that suits, provided the minimum monthly payments are made on time. However, this does come at a cost - credit cards charge interest each day that you hold a balance on the card, often as high as 24% p.a. This can add up significantly over time.
A charge card, like Cape offers, requires you to repay your balance in full each month. Using a charge card will often work out cheaper for your business, because you won't be charged interest on your balance, making it a great option if your business has steady cash flow, or you're looking for a safety net to keep thing flowing smoothly.
The key benefits of a Cape card are:
- You won't be changed any interest as long as you repay your balance by the due date
- We regularly review your credit limit to see if can offer you an increase
- Your application will be reviewed quickly - usually hours, not days or weeks like some of the big banks
- You won't be charged any fees for international transactions, subject to any limits in your pricing tier
Yes, like a traditional business credit card, a Cape charge card comes with a credit limit. We offers limits up to $500,000.
While all providers are different, Cape cards are available to Small Businesses.
Cape cards (on our essential and scale plans) come with free access to over 1300 Airport lounges globally, along with discounts on airport dining. We'll soon be offering more rewards like Travel insurance, airline points and cashback.
A company's financials are usually verified by assessing bank account statements and accounting records. The easiest way to provide this information to Cape is by utilising our state-of-the-art integrations with Basiq (for bank statements) and Codat (for accounting records) to sync your financial statements securely with our underwriting system. Alternatively, you can upload PDF statements to our review platform for manual verification.
No, applying and getting approved for a Cape card does not require a personal guarantee.