Capital on Tap promo code SETTINGUP: how the 7,500-point bonus works

What is the Capital on Tap 'SETTINGUP' Promo Code Offer?

If you are the director of a UK limited company looking for a business credit card, you may have come across promotional offers for new customers. The 'SETTINGUP' promo code for the Capital on Tap Business Credit Card is one such offer, designed to give your company's rewards balance a significant initial boost. This offer grants 7,500 bonus reward points to new customers who are successfully approved for an account and meet a simple spending requirement.

This promotion is exclusively for new applicants who have not previously held a Capital on Tap account. Capital on Tap provides business credit cards with a revolving credit facility, designed to help small businesses manage cash flow, track expenses, and earn rewards on their spending. The 7,500 bonus points are credited on top of the standard points you earn from your day-to-day business expenditure.

The value of this bonus is straightforward to understand. In its simplest form, it can be redeemed for £75 cashback, which is applied as a statement credit to reduce your card balance. Alternatively, for those who collect frequent flyer miles, the points can be converted at a 1:1 ratio into 7,500 Avios. As with any promotional offer, it's important to read the full terms and conditions, as offers can change or be withdrawn. This content is for informational purposes and does not constitute financial advice.

How to Claim the 7,500 Bonus Points: A Step-by-Step Guide

Claiming the welcome bonus is a straightforward process, but it requires careful attention to detail during the application stage. The most common pitfall is forgetting to apply the code, which unfortunately cannot be added once your application is submitted. Follow these steps to ensure you successfully qualify for the bonus points, subject to eligibility and approval.

First, you must begin your application through a qualifying partner website link. These special links often automatically populate the promo code field for you. When you are filling out the application form, look for a field labelled 'Promo Code' or 'Referral Code'. If you used the correct link, the code 'SETTINGUP' should already be visible. If the box is empty, you must manually type it in. Do not proceed without ensuring the code is there.

Next, complete the rest of the application form with your personal and business details. Capital on Tap's application is known for being quick, often providing a decision in minutes. It involves checks on your business with Companies House and credit reference agencies. Please be aware that credit is subject to status and a successful application is not guaranteed.

Once your application is approved and your account is officially open, the final step is to make a qualifying transaction. You must use your new Capital on Tap card to make at least one purchase of any amount within 30 days of opening the account. This can be a small online purchase with the virtual card (which is often issued instantly) or a transaction with the physical card once it arrives. After you've met this condition, the 7,500 bonus points will typically be credited to your rewards account within four to six weeks.

• Start your application using a specific partner link.
• Locate the 'Promo Code' field and ensure 'SETTINGUP' is entered.
• Complete the application and get approved (credit is subject to status).
• Make your first transaction of any value within 30 days of account opening.
• Allow 4-6 weeks for the bonus points to appear in your account.

What Are 7,500 Capital on Tap Points Worth?

Once the 7,500 bonus points are in your account, you have several options for redemption. The value you get depends on how you choose to use them. For many business owners, the most practical option is cashback, which offers a clear and immediate benefit by reducing the amount your company owes.

The standard redemption rate for cashback is 100 points for £1 of statement credit. Therefore, 7,500 points equate to exactly £75. This is not paid out in cash to your bank account but is instead applied directly to your Capital on Tap card balance, lowering your next payment. This is a simple and effective way to realise the value of the bonus.

For those who participate in the British Airways Executive Club programme, the points can be converted to Avios. If you have the Capital on Tap Business Rewards Credit Card (which may carry an annual fee, check terms at the time of application), you can transfer your points to Avios at a 1:1 rate. This means your 7,500-point bonus becomes 7,500 Avios. The 'cash' value of an Avios point is not fixed; its value is determined by how you redeem it. A low-value redemption, such as on a short-haul economy flight, might yield a value of around 0.5p per Avios (making your bonus worth ~£37.50). However, if saved and used strategically for a long-haul business or first-class flight upgrade, the value can exceed 1.5p per Avios (making the bonus worth £112.50 or more).

A third option is to redeem your points for gift cards with various UK retailers. The value is generally similar to the cashback rate, where 7,500 points would get you a £75 gift card for supermarkets, restaurants, or online stores. This can be a good option if you want to treat yourself or your staff, but cashback remains the most flexible choice for direct business benefit.

• Cashback: £75 (applied as a statement credit).
• Avios: 7,500 Avios (requires the Business Rewards card, value varies from ~£37 to £112+ depending on redemption).
• Gift Cards: Typically £75 in vouchers for various retailers.

Who is Eligible for a Capital on Tap Business Credit Card?

Before applying for the bonus, you a need to ensure your business meets the fundamental eligibility criteria for the Capital on Tap Business Credit Card itself. This card is specifically designed for certain types of UK businesses, and meeting the criteria is the first hurdle in the application process.

The primary requirement is that you must be a director of a limited company that is actively trading and registered with Companies House in the United Kingdom. Applicants must be listed as a 'person with significant control' (PSC) on the company's official record. This means sole traders and partnerships are not currently eligible to apply for this particular product, though other providers like Tide offer business accounts that may cater to these structures.

Capital on Tap also has commercial eligibility criteria. While these are not always published as rigid rules, they typically look for businesses with a minimum annual turnover; this is often indicated as being at least £24,000, though this is subject to their internal assessment. They also generally require your business to have been trading for a minimum period, for example, three months or more. Your application is more likely to be successful if both the business and its directors have a clean credit history with no County Court Judgements (CCJs) in the last 12 months.

Ultimately, all applications are assessed on a case-by-case basis. Meeting the basic criteria does not guarantee approval. Capital on Tap will conduct its own affordability and risk assessments to determine if it can offer your business a credit facility and at what credit limit. Always ensure the information you provide is accurate and matches public records to avoid delays or rejection.

Troubleshooting the Promo Code and Application Process

Even with the best intentions, issues can arise during an application. The most critical one relates to the promo code. If you have progressed through an application and realise you forgot to enter 'SETTINGUP', there is little that can be done. It is not possible to add a promo code retrospectively once an application has been submitted. The only potential remedy, which is not guaranteed, would be to withdraw your application before it's processed and start again using the correct link and code, but this may not always be feasible.

If you use a partner link and the code does not automatically appear, you should pause and double-check you are on the correct application page. If it looks right, manually and carefully type 'SETTINGUP' into the promo code field before continuing. If another code is pre-populated, you will need to decide which offer is better for you and replace it if you wish to proceed with the 7,500-point bonus.

It can also be disheartening to have your application declined. While Capital on Tap may not always give a specific reason due to commercial policy, common causes for rejection include the business not meeting the undeclared minimum turnover threshold or having too short a trading history. Other factors could be a poor credit score for either the director or the business, information on the application that conflicts with Companies House records, or the presence of adverse credit events like CCJs.

If your application is declined, it is wise to take some time to understand the potential reasons. You can check your personal and business credit reports with agencies like Experian, Equifax, or Credit Karma to ensure there are no errors. Improving your credit profile and ensuring your business records are fully up to date before reapplying in the future may increase your chances of success. Note that multiple applications for credit in a short period can negatively impact your credit file.

Combining Your Bonus with Everyday Business Spending Rewards

It is important to view the 7,500-point welcome bonus not as the sole reward, but as a head start. Once the bonus is secured, your Capital on Tap card transitions into a powerful tool for earning rewards on all your eligible business spending. It complements, rather than replaces, the card's standard rewards programme.

The standard earning rate on the Capital on Tap Business Credit Card is simple: you earn 1 point for every £1 you spend on the card. There are no complicated earning tiers or category restrictions, and crucially, the number of points you can earn is uncapped. This makes it a straightforward way to accumulate rewards, whether your monthly business spend is a few thousand pounds or significantly more.

For example, if your limited company spends £10,000 on stock, software, and fuel in a given month, you would earn 10,000 points. This is equivalent to £100 in cashback or 10,000 Avios, earned just from your normal business operations. The initial 7,500-point bonus is a one-off injection, while the ongoing spend provides a steady stream of rewards thereafter.

A sober note of caution is essential here. Rewards should always be a secondary benefit of using a credit facility. Never take on debt your business cannot comfortably repay, and do not spend more than necessary simply to earn points or hit a bonus target. The interest rates charged on an outstanding credit card balance will almost certainly be far higher than the value of any rewards you earn. The card is a tool for cash flow management and expense tracking; the points are simply a pleasant benefit of using it responsibly.

Offer Checklist: Securing Your 7,500 Point Bonus

To make sure you secure your welcome bonus, run through this final checklist before and during your application. Getting it right at the point of application is key, as mistakes often cannot be rectified later. Please remember this information is a guide and does not constitute financial advice. Always check the current terms and conditions on the Capital on Tap website.

By following these steps, you put yourself in the best possible position to receive the 7,500 bonus points after a successful application. This can provide a valuable initial return, whether you choose to reinvest it into the business as cashback or save it for future travel with Avios.

• Confirm you are a new Capital on Tap customer and your limited company meets the general eligibility criteria (UK registered, minimum turnover etc.).
• Use a specific partner link to navigate to the Capital on Tap application page.
• Check that the promo code 'SETTINGUP' is correctly entered in the relevant field before you submit.
• Upon approval, use your virtual or physical card to make at least one transaction of any amount.
• Ensure this first transaction happens within 30 days of your account being opened.
• Patiently wait for the bonus points, which can take approximately 4–6 weeks to be credited to your account.