Managing business expenses can be a challenging task, especially for companies with multiple team members handling purchases. The Tide Prepaid Business Card offers a streamlined solution for businesses, ensuring expense management is efficient, secure, and transparent. Designed to simplify financial administration, this card empowers both business owners and employees to handle company expenses without the hassle of paperwork.
With the Tide Prepaid Business Card, businesses can easily allocate funds, track spending in real-time, and maintain control over expenses. It’s an ideal solution for small businesses, sole traders, and limited companies looking to optimize their financial operations while empowering their teams.
Key information about the credit card
How does the annual fee work?
One of the most appealing aspects of the Tide Prepaid Business Card is its cost-effective approach. While some business cards come with annual fees that can add up over time, Tide keeps things simple and affordable. The card itself costs just £5 + VAT per card, with no additional annual fee. This makes it an attractive choice for businesses looking to equip multiple team members with expense cards without worrying about recurring charges.
The low-cost structure allows businesses to issue up to 50 cards per account, ensuring every team member who needs access to company funds can have a card. This affordability, combined with the card’s robust features, makes it a valuable tool for businesses aiming to streamline their expense management.
How is the credit limit determined?
Unlike traditional credit cards that determine limits based on credit scores and income levels, the Tide Prepaid Business Card operates differently. Since it’s a prepaid card, the credit limit is entirely controlled by the business owner. The company deposits funds into the business account, and these funds act as the spending limit for each card.
This structure gives businesses complete control over their expenses. Each card can have individual spending limits, ensuring team members can only spend within their allocated budget. This not only prevents overspending but also simplifies budgeting and financial planning. Moreover, the absence of credit checks means faster approval and easier access to the card.
Advantages of the credit card
- Expense control: Business owners can set individual spending limits for each card, ensuring team members stay within budget.
- Real-time tracking: All transactions are visible in the Tide app, providing instant insights into company spending.
- Receipt management: Team members can scan and upload receipts as they go, reducing paperwork and simplifying expense reporting.
- No credit check required: Since it’s a prepaid card, there’s no need for a credit check, making it accessible to a wider range of businesses.
- Automatic categorization: Transactions are automatically categorized, making accounting easier and more organized.
- Integration with accounting software: The Tide app syncs seamlessly with popular accounting platforms, simplifying bookkeeping.
- Secure and flexible: Business owners can freeze, cancel, or order replacement cards directly through the Tide app.
Standout advantage
The standout advantage of the Tide Prepaid Business Card is its powerful expense management features within the Tide app. Business owners can set individual spending limits, track expenses in real-time, and automatically categorize transactions, all from one platform. This centralized control not only simplifies expense management but also ensures greater transparency and accountability across the business.
Disadvantages
- No credit facility: As a prepaid card, it doesn’t offer a credit line, which might be a disadvantage for businesses needing short-term financing.
- Card fee: There is a £5 + VAT fee per card, which could add up if a company needs multiple cards.
- Limited to Tide account holders: The card is only available to those with a Tide Business Account, limiting its accessibility for users of other banks.
A standout disadvantage
The primary disadvantage of the Tide Prepaid Business Card is its limited use outside of the Tide ecosystem. Since the card is tied to a Tide Business Account, businesses using other banking platforms cannot access its benefits. This dependency can be restrictive for companies that prefer multi-bank operations or already have established accounts elsewhere.
Who can apply for this card?
The Tide Prepaid Business Card is available to businesses registered in the UK, including sole traders, freelancers, and limited companies. Applicants must have an active Tide Business Account, as the card operates through the account’s balance. There are no strict credit requirements, making it accessible to businesses with varying financial backgrounds.
To apply, business owners must provide basic company information, proof of identity, and verification of business activities. There is no minimum income requirement, and the card is available even for businesses with limited credit history. However, since it’s a prepaid card, users need to deposit funds into their Tide account to set their spending limits.
How to apply for the Tide Prepaid Business Card
For the website
To apply for the Tide Prepaid Business Card via the website, start by visiting the official Tide website and navigating to the “Expense Cards” section. If you’re not already a Tide account holder, you’ll need to open a Tide Business Account first. The registration process involves providing your company details, verifying your identity, and linking your business bank account.
Once your account is active, you can order Expense Cards directly from the website. Simply log into your Tide account, select the “Expense Cards” option, and choose how many cards you need. Each card costs £5 + VAT, and you can order up to 50 cards per account. After completing the order, the cards will be shipped to your registered business address within a few business days.
Through the app
Applying through the Tide app is even more convenient. Start by downloading the Tide app from the App Store or Google Play, then sign in to your Tide Business Account. If you don’t have an account, you can complete the registration directly through the app.
Once logged in, navigate to the “Expense Cards” section within the app. Here, you can order new cards, set individual spending limits, and manage existing cards. The app also allows you to track spending in real-time, making it easy to monitor company expenses as they occur. After placing your order, the cards will be delivered to your registered address within a few business days.
At the branch
Currently, Tide operates entirely online, meaning there are no physical branches for in-person applications. All applications for the Tide Prepaid Business Card must be completed through the Tide website or mobile app. This digital approach ensures faster processing and eliminates the need for paperwork, aligning with Tide’s mission to simplify business banking.
